Studying consumer behaviour and usage of environmental determinants in the mobile services domain contributes to the identification of context information which is critical for the effective operation of mobile commerce applications. Exploiting this information towards providing enhanced and innovative mobile services offers a competitive advantage within the highly demanding domain of m-commerce applications. However, in order to effectively exploit such context information, there is a need to design the necessary methods, software tools and information systems that will be employed for collecting, processing and disseminating this information. In this paper we develop a theoretical framework which defines the context information necessary for m-commerce applications, taking into account relevant marketing dimensions as well as privacy protection perspectives. Then, this framework is operationalized through the design of an appropriate software architecture which enables the standardization and management of context information.