Changes in Consumer Behavior

There have been various major marketing shifts in the last few decades that have shaped the marketing in 21st century. There is a vision among professional marketers that there is no longer substantial product loyalty that existed over last few decades.  Brand and product loyalty, many argue, has been replaced through something more akin to a consumer decision that is based on absence of a better service or product.  Additionally, there are chief changes in way customers look at market offerings. During the year 1980s customers were optimistic, and in the early year 1990s they were gloomy.  Later in the year 1990s, consumers appeared rather optimistic, but still careful at times. The following chart demonstrates some of the main shifts that have occurred to the present: Increasingly it is apparent that while the 4 Ps (product, price, promotion, and place) have value for consumer, marketing strategies of the 21st century will utilize the four "4 Cs" as added critical marketing variables:

Care: It has replaced service in significance. Marketers have to care about the way they treat customers, meaning that customers are actually everything.

Choice: Marketers need to reassess the breadth and diversity of their offerings into a manageable good-better-best choice.

Community: Even national marketers ought to be affiliated, attached to neighbourhoods wherever they operate stores.

Challenge: Task of dealing with the ongoing reality of demographic change.