Factors of Production Essay Sample
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Discuss how the factors of production (natural resources, capital, human resources and entrepreneurship) have changed throughout the four eras of business. Analyze the four eras of business and make a prediction for what the next era will be like. Explain the rationale behind your prediction. I think the factors of production have made necessary adjustments to accommodate each era of business. The Entrepreneurship era speaks for itself. Individuals taking risk to launch and operate their own business is what made this era. The industrial revolution laid a footprint for the entrepreneurship era allowing many entrepreneurs the resources to take those risks to operate their business. Following in the early 1900’s was the Production era. While entrepreneurship was still very much alive and powerful; along came the significant era of Production. Again, improving on the landscape of the industrial revolution entrepreneurs understand the importance of effective production and the value of further refining process and production.
Using fundamental resources was key for this era. Business’s figuring out key elements and using natural resources such as land and water to locate their business is proof. Also synthetic resources play a valuable role. I don’t think it is any mistake that we seen most of the older mills built by rivers and railroads. Following the Production Era is the Marketing era. Post WWII this era focuses on the consumer. The contributions
of human resources begin to develop as a very important product in itself. Understanding the demand
of the consumer’s needs or necessities and marketing to those elements we all know has been very crucial. Understanding the demands, marketing and delivering the goods are great but now how do we continue this process and make sure we have succeeded and keep that consumer happy? How do we know if the consumer needs more or less? Answer: The Relationship era. This era the business concentrates on building that long term relationship with the consumer.
Looking ahead of each transaction they look at how they can not only build but better the consumer experience. Using many factors of production and research businesses analyze how they can build and better these relationships. Being able to establish these consumer relationships and having the opportunity to receive this valuable feedback at times can be very daunting work. That is why I truly believe the next era will be the Social Era. Understanding that technology has played a significant role in some of the latter era’s we have most recently seen computers and the internet become a big piece of this technology. As we have seen history would suggest that the previous era would be a nice blue print to the next. I believe the Social Era would proceed and compliment the Relationship era fittingly. Like the relationship era the social era concentrates on building and improving on the consumer relationship.
However, it adds many key and effective elements. Previously business had to rely on one way communications and marketing via technology. Often responses, changes, and implementation lacked effectiveness via the time it took to get information. With the social evolution upon us business’s can make real time changes, implementation, and communicate more effectively via real time information received by social outlets from the costumer. I have seen business’s recently change a product, marketing campaign, strategy, etc… in real time to help better the customers experience. How about crisis control? Look at what businesses have been able to succeed by social outlets. Crisis or mistakes that could have taken weeks, months and even years previously now can be identified and corrected in real time thanks to the real time response it can gain from the customer in this social evolution.
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