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Period: to
18th Century
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Industrial Revolution
This is the era where people were able to start using machines (that could have been powered with water or steam)to help them with labor work. This increased labor production which lead to higher wages. Internal combustion engines and electricity were also introduced in this era. -
Period: to
19th Century
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Laissez-Faire & The Entrepreneurial Era
This is the era when businesses started to get out from underneath the governments thumb or "Free Market Economy." They regulated their own pursuits of improving industry. Labor unions were also put into use to help protect the worker and help improve working conditions. -
Production Era
This is the era when the moving assembly line was put into use by people such as Henry Ford. He was able to create affordable automobiles that an average American could purchase. Around this time, businesses tried to lower their manufacturing costs but at the same time reduce the cost for their customers. Scientific management research and statistics came into play. -
Period: to
20th Century
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Marketing Era
This is the era where businesses realized how important it was to market their product to customers by using colorful and interesting advertising. Also, the marketing concept help them understand that satisfying a customer is essential to having a successful business. -
Global Era
This is the era when American companies had to start worrying about competition form around the globe. Many businesses had to outsource goods or services to outside businesses to keep costs down. That was actually a good thing because it created more markets and jobs. Businesses learned to be more efficient by cutting costs and at the same time improving quality. -
Period: to
21st Century
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Information Era
This is the era where the internet completely changed the ball game for the business world. Having a computer at our fingertips makes the business world exciting because not only do big businesses have a chance but now small businesses have just as much of a chance to make it big. Also, education can be obtained through the internet which can also contribute to the business world. It can only get better from here!
