This paper identifies major shifts in advertising and marketing addressed to the female audience between 1940 and 1980 in terms of women's labor, lifestyle, and leisure, and analyzes various popular and publicized conceptualizations of female identity and feminism from the point of view of business and marketers. The first period is identified as 1940 to 1950, which was characterized by a major shift in the workforce immediately following the war with the displacement of "Rosie the Riveter," and the subsequent shift from the "womanpower campaigns" to campaigns on domesticity and rigidly defined marital and motherhood roles. Another shift in the popular conceptualization of female identify occurring with the rise of the "women's liberation movement" in the early 1970s and the new markets which emerged during this period are also discussed. Three major topics are addressed: (1) Marxism Is Marketing Theory's Target Segmentation and Vice Versa, which includes women's role in the process of reproducing the means of production, the connection between capitalism and women's oppression, and how the interests of the patriarchal ruling class are maintained as the dominant ideology; (2) Marketing, the Market and the Social Subject, which analyzes the interaction between the advertiser and marketer and the viewer/audience/consumer in terms of full social exchange; and (3) I am Woman, I Am Market Segment, which discusses a tripartite, "segmented" model of identity as applied to the female audience from the standpoint of its importance to Marxist theorists, who are interested in achieving social change void of oppression, and to marketers, who need to objectify attitudes toward the stabilization or destabilization of society. Appendixes include lists of organizations affecting advertising and marketing; a list of laws affecting advertising in the United States; and a list of laws affecting advertising in the United Kingdom. (138 references) (CGD)