Seven Eras in the History of Business
1. Colonial (Prior to 1776)
Primarily agricultural
2. Industrial Revolution (1760-1850)
Mass production by semiskilled workers, aided by machines.
3. Industrial Entrepreneurs (Late 1800s)
Advances in tech and increased demand for manufactured goods, leading to enormous entrepreneurial opportunities.
4. Production (Through the 1920s)
Emphasis on producing more goods faster, leading to production innovations such as assembly lines.
5. Marketing (Since the 1950s)
Consumer orientation, seeking to understand and satisfy needs and preferences of customer groups.
6. Relationship (Began in 1990s)
Benefits derived from deep ongoing links with individual customers, employees, suppliers, and other businesses.
7. Social (Since 2000s)
New ways for businesses and consumers to communicate and share information through the Internet and social media.