explain the evolution of markets in a few sentences
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Answers
Market inflation has noticeably changed over the years.
Production system systematically changes over the period and specializations has came out as sales vs marketing and advertising vs retailing.
Net evolution of marketing has grown to the concept of business development.
Marketing has taken modern shape after going across different stages since the end of 19th century.
The evolution of Markets examines the development of markets based on Western Economies and from the post-socialist economies of Eastern Europe.
It provides an historical dimension to the present problem of transition.
The Market economy in present era is characterized by the production and sale of new products and advertising to persuade markets for product benefit.
The present market is mainly characterized by a focus on the customer’s latest and existing needs.
A large market allows an economy to sustain a greater variety of consumer goods, making them more sub stitutable and raising their price on demand.
Therefore, innovation endogenously takes off and living standards start to rise only after the market reaches a critical size and competition becomes intense.
The evolution of markets is thus precondition for the revolution of industry.