The purpose of the study is to show interconnection between customer satisfaction and shareholder value, understand the mechanism of value creation management. In the study the theoretical frame of value creation process was used. The methodical approach was based on assessment of such indicators as Operation Value, Economic Value and Social Value, which form integrated indicator of Value Stream Effectiveness. The model of Value Stream Management consists of value positioning, diagnostic, assessment, regulation, development and organizational support subsystems. Set of its instruments creates an opportunity for effective execution of their tasks which lead to accomplishing the aim of value-oriented management – to form and improve operations system parameters that secure value creating for customer and producer. The results of examining at the confectionary companies approved that value stream management facilitate continual improvement of the value stream and development of operations system of a company .