chapter  3
6 Pages

Overview of the 5S's

About ten years ago, markets in the industrialized nations underwent a change. Consumers began reaching the satisfaction point with regard to functional features in products and were becoming more interested in distinctive ("personalized") features. With this shift in demand, markets that had previously been "seller's markets" (geared toward manufacturer preferences) became "buyer's markets" (geared toward consumer preferences). This same trend has caused the emphasis in supply-side activities to shift from supplying goods to supplying services.