When businesses developed mass-production techniques and capacity exceeded immediate demand, the:Multiple choice question.economic equilibrium occurredselling era beganmarketing concept era beganproduction era began
Question
When businesses developed mass-production techniques and capacity exceeded immediate demand, the:Multiple choice question.economic equilibrium occurredselling era beganmarketing concept era beganproduction era began
Solution
The correct answer is: selling era began.
Here's why:
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Economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. This is not the case here as the capacity exceeded immediate demand.
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The selling era in marketing history is a period when businesses focused on selling as many products as possible, without much regard for customer needs or wants. This era typically comes after the production era, when businesses have developed mass-production techniques and capacity exceeds immediate demand.
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The marketing concept era is a more recent period in marketing history, when businesses started to focus on meeting customer needs and wants. This era typically comes after the selling era, when businesses realized that simply selling as many products as possible is not a sustainable strategy.
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The production era in marketing history is a period when businesses focused on producing as many products as possible. This era typically comes before the selling era, when businesses have not yet developed mass-production techniques and capacity does not exceed immediate demand.
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