The dimensions of marketing that are given particular attention are product, price, placement, and promotion. This marketing mix serves to guide the thinking of the marketer, to channel energies into specific areas, and to address the needs and wants of the consumer.
Today, we live in a customer-driven economy, and satisfying customer needs is the means to success. The marketing concept has changed over the years in response to shifts in the consumer base and in other economic factors. The marketing concept was first developed in the 1950s at a time of consumer growth after World War II, and at that time manufacturers were poised to dominate packaged goods industries. The emergence of the mass middle class market with relatively homogeneous tastes and lifestyle aspirations served as an additional incentive for manufacturers to boost volumes. Two other features contributed to this trend. First, retailing groups were not as powerful and did not have as much influence in the market as they do today (and in any case they did not have the management skills to exploit the situation). Second, mass television advertising made a lasting impression on customer perceptions as a medium that was to become the most powerful element of the marketing mix. Changes were brought about by the early 1970s for a number of reasons, among them the following:
* Changes in consumer needs came about because of dual earner households, more leisure time, and increased levels of real income.
* Rapid technological developments provided cheap computing power, enabling reduced set up costs for many production lines and making shorter runs no more expensive than long runs.
* Shifting demographics were characterized by falling birth rates, a higher proportion of the population over 65 years of age, and a baby boomer market reaching its middle age.
* Worldwide shortening of product lifecycles was accompanied by massive growth in retail power, es...