The five Vs ‐ a buyer’s perspective of the marketing mix

Abstract

Advances the case for a new marketing paradigm: a paradigm that is driven by the needs of the market, rather than the organization. Examines the notion of targeting, from the perspective of the buyer, a concept labelled by the author as “buyer disposition” ‐ the process undertaken by buyers when sourcing a product or service. Argues that the disposition of the buyer towards a product or service, or supplier, during the sourcing process can be represented by five criteria, termed the “five Vs”: value, viability, volume, variety and virtue. Proposes that the five Vs can be used in conjunction with the marketing mix to enable a supplier or provider to achieve a more detailed understanding of the buying process, and ultimately of product/service adoption. Argues that a fundamental understanding of buyers’ needs and wants, through the eyes of the buyer, will help to generate a stronger and more strategic focus on the achievement of marketing objectives.