This article reports on the progress of a research based on a conceptual analysis of consumer's competencies, as defined in 'Knowledge Marketing' research and aims at proposing a new model of competencies for a better understanding of the value created by the consumer and the firm. The conceptual framework is illustrated by the use of the Smell Web (Exhalia Project). This illustration is elaborated from a secondary exploitation of a qualitative research. This article takes into account the polysemy of the notion of competency and tries to contribute to the enrichment of current theoretical and managerial works on value co-creation.