2- What does the new economy and the old one based on?
3- To know what the new economy and the old one aim to and more
- The old economy seemed simpler. Manufacturers standardized products to bring down costs.
- The new economy based on the digital revolution and information management. Information can be differentiated, customized, and personalized. It can be collected by a great number of people who are in a network and it can reach them with a great speed which makes people better informed and able to make a great choices. The old one based on the industrial revolution. They applied standard principles for the successful operations of their factories.
- The new economy aims to discover new technology to adapt with consumer desires and any other changes. The old one aimed to expand the market to achieve economics of scale and manufacturer's goal was efficiency and to achieve this goal the firm was managed hierarchically with a boss order to middle managers who are in turn guided the workers.
References:
Marketing management by
Philip kotler
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