The conventional view of the value‐creation chain suggests offering high‐value propositions at the product level (in terms of benefits provided by elements of the product) to attain high‐value perceptions at the customer level, which should ultimately result in high‐value appropriation at the firm level (i.e. relationship, volume, pricing and financial success). This study challenges this view and provides a differentiated understanding of the value‐creation chain. With a multi‐industry sample of 339 companies and a sample of 626 customers to validate managerial assessments, the authors apply a configurational approach to identify whether and to what extent offering high‐value propositions at the product level is necessary or sufficient for achieving superior value perceptions at the customer level and high‐value appropriation at the firm level. Taking into account the company‐internal and company‐external environment of the value‐creation chain, the study identifies seven value‐creation chain constellations.