Rethinking the value concept in marketing

Abstract

In this chapter, a new approach to the value concept in marketing is proposed. A number of trends in the marketing environment are forcing marketing to rethink its position and future. Consumer needs and wants change and they are seeking new aspects in brands, products, services, and corporate entities. But modern consumers are unable or unwilling to maximize their utility for all aspects of their expenditures. They often prefer pre-selections by retailers and all-in-one solutions to ‘problems’ such as insurance and finance needs. Thus technology and interactive media will have a growing impact on consumers. And yet, at the same time, proliferation of products and brands and their advertising create information overload with consumers. Product innovations can often easily be imitated by others suppliers. With an unchanged approach, marketing will create its own decline. We propose a future scenario with three aspects:

• (a) an integration of products and services into cross-domain packages;

• (b) long-term relationships of suppliers and customers; and

• (c) information technology to create databases and interaction between suppliers and customers and to create customization of products and services to individual characteristics and desires.