Change Of Business In The Last 40 Years

Business and Marketing Fundamentals
Business is the activity that makes a nation’s economy grow, and making business involves buying and selling merchandise. The way to achieve sales of products orservices is through marketing; by this activity, the customer knows the product and makes a buying decision. In addition, marketing gives customers reasons that make them choose this product insteadof one of the competitors. Both business and marketing have had important developments in the past 40 years through several changes. One of the most significant is the creation and expansion of theinternet because with this tool, the customers, the companies, and the suppliers are closer and can interact more frequently.
Business and marketing have experienced numerous changes in the last 40years. By definition, business is an activity, system, method or way to get money in exchange for providing some form of benefit to others. As Ferrell, Hirt, and Ferrell explains, “The primary goal of allbusinesses is to earn a profit, the difference between what it costs and sell a product and what a customer pays for [the merchandise]” (4). On the other hand, “Marketing is the science which isresponsible for meeting the wants and needs through the implementation of those important elements that form the essence of the space between producers and consumers” (Ferrell et al. 228). Therefore, wecan say that some of the most important functions of marketing are “buying, selling, transporting, storing, grading, financing, marketing, research, and risk taking” ( Ferrell et al. 229). However, themost important part is selling the merchandise. In the last four decades, the entire world has experienced different events that have changed the way to do business; the improvements of differenttools used in business drive the markets to different wants and needs. Through all these years, companies learned how to design strategies to meet the customer’s needs and have been very successful....