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BACKGROUND
The term "marketing" is derived from the word "market," which refers to a group of
sellers and buyers that cooperate to exchange goods and services. The modern concept
of marketing evolved during and after the industrial revolution in the 19th and 20th
centuries. During that period, the proliferation of goods and services, increased
worker specialization, and technological advances in transportation, refrigeration, and
other factors that facilitated the transfer of goods over long distances resulted in the
need for more advanced market mechanisms and selling techniques. But it was not
until the 1930s that companies began to place a greater emphasis on advertising and
promoting their products and began striving to tailor their goods to specific consumer
needs. By the 1950s, many larger companies were sporting entire marketing
departments charged with devising and implementing marketing strategies that would
complement, and even direct, overall operations. Since the 1970s, the primary
marketing trend has been a greater focus on providing benefits, rather than products,
to customers.