★ Must-know
The production era (1870–1930) prioritized producing more at lower cost when demand exceeded supply.
The selling era (1930–1950) emphasized selling accumulated product stocks as supply exceeded demand.
From 1950, the marketing era focused on studying customer needs and creating products that meet their expectations.
📌 Transactional marketing (1950–1980) focuses on products, short-term orientation, and sales, while relational marketing (1980–2000) focuses on customers and long-term relationships.
Further detail
Production gives way to selling, then to customer-focused marketing.
1. During the production era, why did firms prioritize producing more at lower cost?
2. A firm shifts from emphasizing individual product sales to maintaining long-term customer relationships; which marketing orientation does this shift represent?
3. A customer weighs a product’s perceived benefits against its perceived acquisition costs; what does the difference represent?
What did the production era prioritize when demand exceeded supply?
Producing more at lower cost.
What did the selling era emphasize as supply exceeded demand?
Selling accumulated product stocks.
According to Koster and Armstrong (2010), what is marketing?
The process of creating customer value and relationships to capture value in return.
What does marketing study and create for target customers?
It studies their needs, uses, desires, and wishes, and creates offerings for profit or nonprofit purposes.
What does technological innovation change in a product?
Its physical characteristics, such as ingredients, materials, or packaging.
What use does BlaBlaCar illustrate through radical innovation?
Using existing cars for car-sharing.
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