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The Industrial Revolution
With this revolution the manufacturing process changed for the better. Instead of workers doing everything by hand, machines were being made to do the same things, except quicker. This led to more products being made faster, and without as many human workers companies are able to save on money that would normally go to paychecks. -
The Entrepreneurial Era
Laissez-Faire was a concept incorporated into the economy that stated that the government could not intervene in the dealings taking place in the economy. People and business owners were also encouraged to follow a ‘free market’ which is also what we use in today’s economy. -
The Production Era
Companies and businesses started using statistics and specialists to decide how they would take part in specific forms of production. Henry Ford during this time created the model T and for this car he used an assembly line. After his success many other companies began to use the assembly line for food products and other types of goods (we still use them today). -
The Marketing Era
Starting with simple techniques such as word-of-mouth and also more complex schemes that specifically target groups of people. This allowed companies to aim their products towards the fitting groups and potentially make more money off of it. -
The Global Era
In this era there were increases of global communication and trade between countries. A practice that became well known is outsourcing – sending products to be made overseas in underdeveloped countries to cut costs for companies. This also helped to create new markets around the world. -
The Information Era
This era definitely changed the way companies do their business in the U.S. as well as in other countries. The internet and computers boosted small and large companies and lead too many successful names. With computers, companies can even advertise online, special algorithms also help to direct users towards specific sites and specific ads that might fulfil their needs.