Through the customer's eyes, wireless telecommunications are a typical example of a so‐called consumption system, comprising a product and a service subsystem. People consume an entity in which multiple value perceptions from both subsystems (wireless service and cell phone) are gained and affect attitudes, intentions and future behaviour within and across the subsystems. Value perceptions are gained along the dimensions of functionality, economic aspects, emotions and social facets, regarding both service and product. Some of those value perceptions spill over, from product to service and vice versa, while others do not. Those that spill over affect value perceptions and loyalty intentions in the other subsystem. These results provide the basis for deriving practical implications for the marketing management of firms operating in such a consumption system. Given the presence of spill‐over effects, both parties involved are advised to revise their marketing activities accordingly. Copyright © 2017 John Wiley & Sons, Ltd.