The Five V's for Marketing Mix
Value, Viability, Volume, Variety, Virtue.
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Jaap de Jonge
Editor, Netherlands
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The Five Vs of Marketing (Bennett)
Bennett (1997) advanced the case for a new marketing paradigm, driven by the needs of the market rather than the organization. He examined 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.
According to Bennett 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.
He 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. A proper 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.
Bennett, A.R. (1997), "The five Vs ‐ a buyer's perspective of the marketing mix", Marketing Intelligence & Planning, Vol. 15 No. 3, pp. 151-156.
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Leigh Cowan