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The Industrial Revolution
This era sparked a change in manufacturing processes for the better. Rather than simply doing things manually by hand, Americans were now beginning to use machines to get their work done. Business is better today because we outsource to other countries that can do the same work and labor for much less than what it would cost if we did so here in America. Technology has also increased greatly, so that thousands of products can be manufactured at a time. -
The Entrepreneurial Era
Entrepreneurs.The late nineteenth century saw the concept of Laissez-Faire reach full affect. This was the idea that governments would not infefere in dealings of the economy. People were encouraged to follow a "free market" economy, and this still exists today. Entrepreneurs still try to run their business without too much inteference from the government. Additionally, banks were made seperate from Europe. -
The Production Era
Henry Ford gave birth to this era with his famous line of cars. Businesses were beginning to use scientific methods to determine how to handle various forms of production. This included using statistics and different specialists to determine how to utilize mass production. Businesses today constantly look for ways to make proudction more efficent, particularly in office and medical work. -
The Marketing Era
This era caused businesses to use the tactic of aiming to satisfy the needs and wants of a customer. By doing that, they were able to create profit, and this is what primarily drives modern-day markets. Businesses use commericials, ads, and word-of-mouth techniques to get their products out there. Also, because of this era, businesses spend millions of dollars on advertisements today. -
The Global Era
During this particular era, there were increases in communications globally, as well as with international trade, and moving capital around. This paved the way for many practices that businesses use today, such as outsourcing to underdeveloped countries to save costs and also creating new markets. -
The Information Era
While incorporating global trade was big step in American economy, it is quite clear that this era has dramatically changed and improved the way that we do business. By using computers and the internet, even the smallest business can compete with much larger and successful brand names. Additionally, advertising is used in various forms, whether on the television, or that 15 second ad right before you watch a youtube video. Everything is now out in the open for businesses of all sizes.
