Redefining Marketing 21th Century

The 21th century has seen the advent of the new economy, thanks to the technology development. To understand the new economy, it is important to understand characteristics and features of the old model.

Industrial revolution was the start point of the old economy with focus on producing massive quantities of standardized products. This mass product was important for cost reduction and satisfying large consumer base, as production increased companies expanded into new markets across geographical areas. The old economy had the organizational hierarchy where in top management gave out instructions which were executed by the middle manager over the workers.

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