Marketing 0

Generation Gap and Marketing Evolution
We always believe that marketing should be rewritten as market-ing
as it continuously evolves to adapt to the ever-changing market (see
Figure 2.3
).

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FIGURE 2.3
 The Five Generations and Marketing Evolution
Marketing 1.0: Product Centric
Marketing 1.0 or product-centric marketing, which began in the
United States in the 1950s, was primarily developed to serve the
wealthy Baby Boomers and their parents. The main objective is to
create the perfect products and services which produce the highest
value in the minds of the customers. The winning products and
services were the ones with full features and advantages over
competitors. Having the best benefits for the customers, companies
demand higher prices for these products and services over a long
period. Thus, the essential marketing concepts created during this
era focused on product development and lifecycle management as
well as creating the best Four Ps (product, price, place, and
promotion). Customer satisfaction became the primary goal.
The biggest drawback of the Marketing 1.0 era, however, was that
companies often make consumers consume what they do not need,
which in turn created the culture of consumerism.