Question

Which of the following statements is true about production era?

Supply creates its own demand

Consumer is the king

Focus only on selling products to consumers

None of the above​

Answer 1

Answer:

I think the answer is none of the above

Answer 2

Answer:

The consumer is the king is the right answer because:

If consumers are buying their products they get profit more and more then they produce more and more products as consumer demand but if the consumer does not buy their product then how do they get profit and their product value come down. So, according to my opinion consumer is really the king in the market.

The production era is the era in which marketing have started evolving. It is the oldest era, in this era consumers were favoring those products which are widely available and that too at minimum cost.

Explanation:

Harry Gordon Selfridge, founder of the luxury store that bears his name, summed up the importance of flawless service when he reportedly coined the phrase “the customer is always right” at the start of the 20th century, but it has taken more than 100 years to make a link between customer experience and the bottom line.

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.

A production orientation business dominated the market from the beginning of Capitalism to the mid-1950s. The prevailing mindset was that a good quality product would simply sell itself.

Mass Production Era (the 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.

"Consumer is the King of the market, nevertheless he is exploited."