Marketing 0

Marketing 2.0: Customer Centric

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Following the counterculture—and anti-consumerism—movements
between the mid-1960s and the mid-1970s, marketing evolved into a
more customer-centric formula. It was further strengthened by the
early 1980s recession, which led to significantly lower consumer
spending power. The frugality of the late Boomers and Generation X
became the major challenge for marketers.
Thus, in this Marketing 2.0 era, it centered around understanding
segmentation, targeting, and positioning. Companies no longer
created the perfect products and services for everyone. They learned
more about their target market and sharply defined their market
positioning. Companies removed bells and whistles and focused on
select product features based on consumer needs and wants. It was
reflected in the right level of pricing for the intended target market.
Companies also made a stronger effort to build a relationship with
customers over time. Marketers applied the customer relationship
management approach to retain customers and prevent them from
switching to competitors. The objective shifted from customer
satisfaction to retention.