for the customers from the available resources. It shows all of the crucial activities and links between the company and its partners that are necessary to create value for the customers. Key activities can be divided as: Internal key activities are the activities that are made inside the organisation External key activities are the relations between the organisation and its partners Key resources are the main assets that are needed in the process of adding value to the product or process for the customers. Value appropriation: value can be created in this stage by developing, improving and facilitating customers' buying experience. This can be done in two steps. The first step is improving how transactions are made. In this step, companies are trying to facilitate buying for customers. An example for this can be Amazon.com's one click buying which allows customers to make a purchase using one click. Facilitating purchases of expensive goods can include innovative price negotiation mechanisms, contract management, convenient billing and payment or attractive financing mechanisms. The second step is improving fulfillment. For some companies, this step is very important and they adjust their whole value proposition to fulfillment. Value consumption: This is core to the value proposition. At this stage, customers see and feel the value through the actual use of the product or the service. Value is maximized when value proposition's aspects match the customer's needs. Value renewal: In some cases, it is possible to renew value during or after its consumption when value is used up, becomes obsolescent, is dysfunctional or when it expires. Value renewal also includes steadily updating value, where by adding new features to existing value preposition customer value is increased. Value transfer: At the last stage of the value cycle, there is a possibility that a customer transfers the acquired value after its consumption. Reason for this might be loss of value in value proposition, or because transfer of value will result in higher benefits for the customer. Value status Perceived value and willingness to pay are correlated. Customers are willing to pay in several circumstances, a few examples being; when they are faced with different offers, when they are in a partnership with the supplier, when the need to buy is urgent, when there aren't any substitutes, and when there is a high positive relationship between the value perceived and the price. Companies must choose the best pricing strategy