What is the major difference between the traditional version of value chain and the new perspective of value chain?

What will be an ideal response?

The traditional version of the value chain dictates that the company starts with its core competencies and assets to decide what products to make or services to sell. This then dictates the selection of inputs and raw materials, which are then made into a product and sold through channels to the end customer. This is clearly a company-centric approach. The new perspective is to change the thought process by starting with the customer rather than the firm. This will result in a company that is structured around the customer.