However, the fundamental difference between the traditional marketing mix and the value-based approach is the focus on the customer and the idea of creating value for the customer. It can be said that companies today are working harder than ever to create value for customers. Companies are now operating in the value era: “a time when companies emphasize creating value for customers” (Tanner, & Raymond, 2011, p.7), or even in the “one to one” era : “building relationships with customers one at a time and trying to meet each customer's needs individually” (Tanner and Raymond, 2011, p.7). A company that uses the value approach to marketing is likely to be market-oriented, meaning that it follows the marketing concept of meeting (and exceeding) customers' wants and needs. This contrasts with a company that may take the traditional marketing approach (4ps), and is likely to be more product oriented, meaning the focus is more on product innovation rather than customer needs and
tags