Better Business, 5/e

Chapter 12 Summary

1. 12-1 Describe how marketing has evolved over time, and outline the benefits and criticisms of marketing.

• During the production concept era (from the industrial revolution until the 1920s), most companies focused solely on production. Demand was often greater than supply, and the prevailing mind-set was that a good-quality product would simply sell itself.

• During the sales concept era (from the mid-1920s through the early 1950s), technological advances meant that production increased more sharply than demand for goods and services. “Push” selling and heavy advertising in all available forms of media became prevalent.

• During the marketing concept era (from the 1950s through the 1990s), production continued to expand more ...