Abstract: This article presents an integrated value system in which consumers are considered as the core of conveying and measuring value. The process of value creation is extended to one that includes input of firms and output of consumers. The article also describes the mechanism of value conveying and appropriation. Different from strategy positioning and resource-based view（RBV） which are producer-oriented, it focuses strategic view on the demand side and discusses new corporate strategy based on the control on the demand side to influence value creation and capture. In the article, a framework based on knowledge and ability to transform value is proposed to analyze consumers’ benefits, which is different from those researches concerning consumer decision-making and product attributes. This new perspective facilitates analysis of the role consumers play in value system and for firms to work out how consumers work in the process of value input and output in order to make strategies.

Key words: valuecreation, valuesystem, corporatestrategy, consumerorientation