Up until the 20th century, buying and selling was simple. Businesses were largely local which allowed for a close relationship between suppliers and consumers. Competition was non-existent and the opinion of consumers was felt to be irrelevant.
The rapid advancements during the Industrial Revolution quickly changed business operations from a sellers market to a buyers market. Early marketing students had been educated as economists, schooled in the principle that demand was relevant to purchasing power. However, it became apparent that demand was much more complex than the financial ability to buy and that desire had become a factor in business.
New concepts in advertising proved that purchasing desires could be magnified and shaped by elements beyond mere availability of products. Extended markets allowed greater production of goods and transportation options quickly taught businesses that they needed to know specifics about customers to be able to compete.
With the modern marketplace being fiercely competitive, companies today have a greater demand than ever to monitor the pulse of consumers. However, the busy lifestyles of consumers in general made it...
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