hartheehanes
New member
Previously, on my past blog entitled Marketing Fundamentals: The Perfect Way, an organization's primary interest was the manufacturing of goods.
It used to be focused on mass production and paid little or no regard to product quality or consumer demand.
After a period of time, the organization's concentration switched from product production to product sale.
After the production and sales era, the concept of marketing progressively emerged in the 1970s.
Organizations took a long time to recognize that a customer is the key to long-term profitability.
The marketing concept goes through several stages of development.
The following stages are described in detail:
1. The Production Period:
The production era began in the 17th century with the Industrial Revolution and lasted until the 1920s.
In this era, Say's law — supply creates its own demand – was valid.
The market's demand for products was greater than its supply, making it a seller's market.
During the production era, an organization's primary goal was to produce items more quickly and at a lower cost.
Customers in this era were solely concerned with product availability and paid no attention to product characteristics or quality.
2. Sales Era:
The sales era began in the 1920s and lasted until the mid-to-late 1950s.
The Great Depression of 1923 ushered in this period.
The Great Depression demonstrated that producing items was not enough; companies needed to sell their products in order to make a profit.
As a result, building advertising and distribution techniques to sell products became necessary.
To enhance sales, the organizations began advertising their products.
Many businesses established specialist market research divisions to gather and analyze market data.
3. The Age of Marketing:
The sales age was solely concerned with selling items, ignoring the needs and wants of customers.
In the year 1970, the marketing era began.
During the marketing period, companies realized the value of customers and began producing products to meet their requirements.
As a result of the marketing period, customer-centered activities have taken precedence over production and sales.
Different tools, such as customer surveys, have been developed to collect and evaluate data in order to better understand the customer's expectations, needs, and desires.
