Although the product value is a central element in the competitive strategy, it has not been properly discussed in theoretical models. The authors have found no clear analysis of cause-and-effect relationships between the product value and the strategic decision issues in the literature. Regarding this theoretical gap, the present article proposes a theoretical model of the dimensions of the product value and relates these elements to the strategic decisions that should be taken in the context of competitive strategy elaboration. The related decisions are exploited, and guidelines for competitive strategy definition are structured. Thus, this theoretical essay has three main contributions. First, it extends the current concept of product value through an in-depth and detailed view. Second, it presents a direct link between product value forms and competitive strategy. Third, it outlines a comprehensive and integrative view of the process of competitive strategy elaboration based on product value.