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Monday, 1 October 2018

The Concept of Marketing at Different Stage of Economic Development

1.Stage of economic self sufficiency : This is the stage of early men. It is the stage of economic self-sufficiency comprises of small family units. Members of the family go from place to place to search for what to eat without involving anybody else. The period witnessed the family unit engaged in hunting, fishing just for their uses, no exchange relationship and so no marketing.

2. Stage of primitive communism : The stage of primitive communism entail different family units coming together and performed a task leading to their needs and share amongst themselves. This was achieved by different family unit providing for each unit men of different talents who performed required duty leading to their needs. Then when this was accomplished, the proceeds were shared. Still no exchange took place, so no marketing.

3. Stage of simple Barter : Barter can simply be described as exchange of goods for goods. It was the period noted for such and negotiation. It can be regarded as the beginning of marketing they witnessed a lot of setbacks.

4. Stage of local market : As a result of increase in production, due to specialisation and problems from batter, local market emerged. The local market became a meeting point for exchange. Its solved the problem of lack of coincidence of barter stage.

5. Stage of money economy : Still due to problems as equation of values, double coincidence invisibility, time-consuming et c, a common medium of exchange was introduced. Things like cow, gold, silver, e.t.c. were used. To a reasonable extent is solved a good number of problems inherent in other stages discussed earlier.

6. Stage of early capitalism : due to specialisation, local market and money economy, for sighted persons then produced not only for personal needs or survival but for profit. The. Involves searching for customers and markets and moving goods to them from the producer at a profit to the seller.

7. The stage of mass production :  Due to world population, improved transportation and communication, specialisation and quest for wealth, there was mass production of goods. Good so produced was not completely consumer focused.

8. Stage of affluent society. The stage of affluent society explains that the societal basic biological needs have been satisfied. People wonder this stage have gotten off to spend to place themselves as being able to obtain such costly or expensive materials.