Marketing

Today, firms have two generic strategic choices when pursuing profit maximisation: sell at low price to secure high volume, or produce distinctive goods in smaller volumes but with a large margin. In addition to these broad strategic options, branding is becoming more significant, opportunities to pursue niche strategies are more widely available, and greater attention is being devoted to quality of service and loyalty schemes. None of these developments is new. They have been evident to varying degrees and in different forms since a recognisably modern form of consumer society arose in the USA, Britain and Australia early in this century (consumerism appeared in Japan after 1950).