We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Factors of Production Essay Sample

  • Pages: 3
  • Word count: 637
  • Rewriting Possibility: 99% (excellent)
  • Category: factors marketing

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Introduction of TOPIC

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

Sorry, but full essay samples are available only for registered users

Choose a Membership Plan
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.

We can write a custom essay on

Factors of Production Essay Sample ...
According to Your Specific Requirements.

Order an essay

You May Also Find These Documents Helpful

Factors that affect a person's life

There are many factors that will affect a person\'s life. One of them is whether you have a college degree or not because It is important to go to college not just to study but also to gain more social experience and to gain more knowledge. There are many reason why getting a college degree has such a strong influence on one’s life. Everyone says college choice is a big decision,but i think i have done a great job in selecting a college that is right for me. I am fortunate enough to exposed myself to many different religions in the united state that i weren\'t familiar with. There is a many reason behind go to college and choosing the Russell Sage college. To me going to college is really important to get an education and it is an opportunity to learn what i love so i can do what...

To What Factors Make Topshop so Popular...

Introduction Topshop is a fast fashion brand which likes a fashion miracle and it is a successful story of fashion industry gradually. Lots of overseas Chinese young female students choose Topshop to be their favorite fashion brand among large number of high street brands. A number of studies have focused on why Topshop get succeed and become a fashion miracle. However, it seems that insufficient investigations have been took on the issue about why Topshop is so famous among Chinese young female students. Therefore, the following will explore the possible causes of why overseas Chinese young female students like Topshop so much. Background Topshop was founded in London in 1964 and it is owned by the Arcadia Group. At that time it only has a Shoppe in Sheffield. From 1974 Topshop become an independent retailer. Jane Shepherdson is a woman who wants to make Topshop become an authority fashion brand...

External Factors influences and Impact on The...

The external environment is categorized into seven actors: sociological, technological, economic, environmental, political, legal and ethical. These different aspects can have a huge influence on a businesses' objective and strategies. The 'STEEPLE' analysis is a useful way to assess the impact of the external environment and the opportunities and threats that lies within it. Thus, it allows the company to align positively with the powerful forces of changes in the environment when setting a framework for future development. I chose the body shop because is the second largest cosmetic franchises in the world and I like they way in which they encourage others to be environmental friendly. There motto is very inspiring, 'natural's way is to beautiful' and it creates a very positive image for the company. The business is known for its cosmetic products that are naturally made and environmentally-friendly which serves as a competitive advantage. The body shop...

Popular Essays


Emma Taylor


Hi there!
Would you like to get such a paper?
How about getting a customized one?