MANAGEMENT

Detailed explanation-1: -According to Keith, marketing evolved into its present-day prominence within firms during four distinct eras throughout American history. These eras include the production era, the sales era, the marketing era, and the marketing company era.

Detailed explanation-2: -Marketing Concept Era In the 1950s, the marketing concept came to life. Companies recognized that they were in business to satisfy the needs and wants of consumers. Marketing was not about trying to sell what the firms can produce. It was about figuring out what to produce to satisfy consumers’ needs and wants.

Detailed explanation-3: -Mass Production Era (1860s-1920s): The production era began during the Industrial Revolution. Products were produced in mass and at a low cost. Typically businesses only produced one product at a time. Also during this era, businesses had the mindset of, “if produced, someone will buy” and thus increase profitability.

Detailed explanation-4: -Societal Orientation (1970s-Present) In this era, a marketing theory called societal marketing came into existence. It’s a concept that emphasizes an organization’s responsibility to develop strategies that positively impact the consumers’ well-being and the environment.