Market Revolution

Examples of Market Revolution in the following topics:

• A Market Society

  • The Market Revolution of the early nineteenth century saw advances in technology, transportation, communication, and manufacturing.
  • During the Market Revolution in the first half of the nineteenth century, traditional modes of commerce were made obsolete by improvements in transportation, communication, and industry.
  • The new technologies and tools that arrived with the Industrial Revolution strengthened large-scale domestic manufacturing in the United States.
  • Construction of the Erie Canal connected western agricultural markets to the manufacturing centers of the Northeast, and the development of steamboats and railroads allowed for much greater mobility between markets.
  • American society became increasingly subject to broad market forces in the early nineteenth century.

• The Market Revolution

  • The Market Revolution of the nineteenth century radically shifted commerce as well as the way of life for most Americans.
  • The Market Revolution (1793–1909) in the United States was a drastic change in the manual-labor system originating in the South (and soon moving to the North) and later spreading to the entire world.
  • The 1825 completion of the Erie Canal was a tremendous engineering feat and opened the West for trade with markets on the east coast.
  • Eli Whitney's crucial contributions to the Market Revolution created a lasting legacy.
  • Summarize the key technological, political, and geographic factors that contributed to the Market Revolution in the United States

• The Limits of Prosperity

  • While the Market Revolution led to many improvements, prosperity in the United States was not without its limits.
  • The Market Revolution led to rapid expansion in manufacturing, new innovations in technology, and improvements in transportation.
  • The Market Revolution primarily benefited wealthy planters in the South, industrialists in the North, and bankers and businessmen.
  • Many traditionally skilled and artisanal modes of commerce were made obsolete by the improvements of the Market Revolution.
  • The Market Revolution created new regional demarcations in respect to economic specialization.

• Economic Booms and Busts

  • The Market Revolution produced an upsurge in speculative investments, which resulted in periods of economic boom and bust.
  • Growth of the United States economy during the Market Revolution produced an upsurge in investment in emerging financial sectors.
  • Millions also migrated to fertile farmlands of the Midwest and new roads and waterways opened up new markets for western farm products.
  • In 1837, the nation once again faced a financial crisis as a result of the speculative fever of the Market Revolution, known as the Panic of 1837.
  • Discuss the financial crises that accompanied the Market Revolution of the early 19th-century

• Modern Trends in Marketing

  • Modern trends in marketing include relationship marketing, business or industrial marketing, and societal marketing.
  • The tremendous growth and change in business marketing is due to three "revolutions" occurring around the world today.
  • First is the technological revolution.
  • Second is the entrepreneurial revolution.
  • The third revolution is occurring within marketing.

• Marketing Orientation

  • Kohli in the "Journal of Marketing", marketing orientation is the, "The organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments and organization wide responsiveness to it. "
  • From the beginning of the Industrial Revolution until the 1950s, companies focused on maximizing economies of scale and minimizing production costs.
  • Marketing-oriented companies revolve around internal business processes that gather, synthesize, and package market intelligence into integrated marketing communications programs (i.e., advertising campaign, new product launch, promotional offer, etc.).
  • Competitive analysis is also a significant component of market orientation.
  • Since its introduction, marketing orientation has been reformulated and repackaged under numerous names including customer orientation, marketing philosophy, and customer intimacy.

• The Industrial Revolution

  • The Industrial Revolution, which reached the United States by the 1800s, strongly influenced social and economic conditions.
  • The Industrial Revolution was a global phenomenon marked by the transition to new manufacturing processes in the period from about 1760 to 1840.
  • Subsistence farming declined, and more consumer goods arrived on the market.
  • The communications revolution that began in this period served to connect communities and transform business.
  • The Industrial Revolution marked a major turning point in history.

• A Halfway Revolution

  • The New Deal is often called the "halfway revolution," because many argue that the New Deal did not go far enough.
  • One of the reasons FDR only achieved a "halfway" revolution was because of the opposition he had from both ends of the political spectrum.
  • In this way, it is argued that the New Deal was only a "halfway revolution. "
  • The American welfare state was designed to address market shortcomings and do what private enterprises cannot or will not do themselves.
  • Instead, income redistribution has been defended on the grounds that the market cannot provide goods and services universally, while interventions going beyond transfers are justified by the presence of imperfect information, imperfect competition, incomplete markets, externalities, and the presence of public goods.

• The Second Industrial Revolution

  • The Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid industrialization in the final third of the 19th century and the beginning of the 20th.
  • The First Industrial Revolution, which ended in the early-mid 1800s, was punctuated by a slowdown in macroinventions before the Second Industrial Revolution in 1870.
  • A synergy between iron and steel, railroads and coal developed at the beginning of the Second Industrial Revolution.
  • Crop failures no longer resulted in starvation in areas connected to large markets through transport infrastructure.
  • Horses and mules remained important in agriculture until the development of the internal combustion tractor near the end of the Second Industrial Revolution.

• The Spread of Revolution