Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably. In pre modern economies, the predominance of small enterprise and there was monopoly and there was no recognition of marketing as a separate field of expertise. Marketing emerged as a separate technical field only in the late 19th century.
In the present scenario, the changing needs and wants or taste and preferences among the customers leads to paradigm shift in marketing. This is due to changing attitude and behaviour of the customers, globalization, increasing purchasing power and changing life style of the customers.