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The Industrial Evolution
Sparked a change in the manufacturing process in several beneficial ways. Switched from completing tasks by hand to machines. Now businesses outsource to other countries. Technology has increased significantly allowing hundreds of thousands of products to be manufactured at once. -
The Entrepreneurial Era
Concept of Laissez-Faire reached full potential. The government no long was able to interfere in economy affairs. The idea of a free market economy was becoming popular. Today entrepreneurs strive to run their businesses without the government interfering with their work and production. -
The Production Era
Businesses began using scientific methods to figure out the different forms of production. Specialists were studying using statistics to figure out how to use mass production. Making production more efficient is something that is constantly working towards improvement. -
The Marketing Era
The customers were treated with utmost care during this era and as the goal was to satisfy both the wants and needs of the person interested in such products. Profit was being developed, which is known to be what encouraged modern day businesses and markets. Today the common tactic to influence individuals to purchase their products is commercial and ads whether that be on tv's, social media, magazines, billboards, etc. -
The Global Era
Global communications increased during this era. International trade continued to grow as well. The practice of outsourcing within underdeveloped countries also began which worked to create new market and saved a good amount of costs. -
The Information Era
This era particularly paved the way for business in modern day. Using technology such as the internet and computers smaller businesses are now able to compete or at least be in the running with bigger brand names. Businesses are now taking advantage of technology in several ways including tv, youtube videos, social media networks, etc.