The Colonial Period (Before 1776)
Rural and agricultural production. Towns were small,served as marketplaces for farmers. Economic focus centered on rural areas.
The Industrial Revolution (~1760 to 1850)
Business operations shifted from independent skilled workers who specialized on building products one by one to a factory system that mass produced items by bringing together large numbers of semi-skilled workers. Factories profited from savings created by large scale production and increasing assistance from machines. Specialization of labor, limiting each worker to a few specific tasks in the production process, also improved production efficiency.
The Age of Industrial Entrepreneurs (late 1800s)
The entrepreneurial spirit of the "golden age in business" did much to advance the American business system and raise overall standard of living of its citizens. This market transformation, in turn, created new demand for manufactured goods.
The Production Era (through 1920s)
More goods were made due to the increasing demand for manufactured goods. Assembly lines were created and efficiency in production was emphasized.
The Marketing Era (starting 1950s)
Consumer orientation was discovered and businesses began to advertise to appeal to certain groups or people; analyze consumer desires before beginning actual production.
The Relationship Era (since 1990s)
A significant change has been taking place in the ways companies interact with customers, taking a longer term approach to their interactions with customers. Firms seek ways to actively nurture customer loyalty by carefully managing every interaction.
*Taken from Boone & Kurtz, Contemporary Business, 14th Edition
Rural and agricultural production. Towns were small,served as marketplaces for farmers. Economic focus centered on rural areas.
The Industrial Revolution (~1760 to 1850)
Business operations shifted from independent skilled workers who specialized on building products one by one to a factory system that mass produced items by bringing together large numbers of semi-skilled workers. Factories profited from savings created by large scale production and increasing assistance from machines. Specialization of labor, limiting each worker to a few specific tasks in the production process, also improved production efficiency.
The Age of Industrial Entrepreneurs (late 1800s)
The entrepreneurial spirit of the "golden age in business" did much to advance the American business system and raise overall standard of living of its citizens. This market transformation, in turn, created new demand for manufactured goods.
The Production Era (through 1920s)
More goods were made due to the increasing demand for manufactured goods. Assembly lines were created and efficiency in production was emphasized.
The Marketing Era (starting 1950s)
Consumer orientation was discovered and businesses began to advertise to appeal to certain groups or people; analyze consumer desires before beginning actual production.
The Relationship Era (since 1990s)
A significant change has been taking place in the ways companies interact with customers, taking a longer term approach to their interactions with customers. Firms seek ways to actively nurture customer loyalty by carefully managing every interaction.
*Taken from Boone & Kurtz, Contemporary Business, 14th Edition
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