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Advancements in manufacturing led to increased supply of goods, driving the need for expanded markets and advertising. Department stores and chain stores emerged, changing the retail landscape. The success of entrepreneurs like Rockefeller and Carnegie was attributed to market insight and strategic decisions. Contrasting modern-day entrepreneurs like Bill Gates and Steve Jobs with historical figures reveals shifts in required skills and innovation. An essay prompt explores the evolving nature of wealth creation from steel and oil industries to finance and investments, sparking discussion on economic impact.
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Selling the Product • Supply and Demand Advances in manufacturing resulted in large supplies of goods for sale. Markets had to be expanded to draw in consumers and increase demand. • Advertising The need to draw in consumers led to the development of advertising companies. Large ads appeared in magazines and newspapers to attract customers to both products and to retail stores where those products were sold. • Department Stores These retail stores offered many different types of goods in one large building and made shopping an activity that appealed to a wide range of consumers. • Chain Stores These retail stores were owned by a single company and had multiple locations. The stores advertised through catalogs and offered goods at lower prices than department stores.
Advertising • How did the development of modern manufacturing create the need for advertising and retail sales? • Modern manufacturing made large numbers of products quickly, which increased the supply. This created a need to convince consumers to buy these products. Advertisements that contained both descriptions of products and locations where the products could be purchased increased demand.
Rockefeller and Carnegie • What qualities enabled Carnegie and Rockefeller to become successful entrepreneurs? • They were able to read the market and make the right moves at the right time to ensure that their companies were efficient and profitable. They began work as boys. They were competitive and to some, ruthless.
Entrepreneurs • How do the qualities of modern-day entrepreneurs, such as Bill Gates, Steve Jobs, or Donald Trump, compare with those of the era of industrialization? • Entrepreneurs today have to be computer and Internet savvy; they have to think in terms of international business. Modern entrepreneurs also may have to be more innovative than men such as Carnegie and Rockefeller were in the 1800s.
Activity • Write a 5 paragraph essay about how many of the wealthiest businesspeople in modern times are not people who make steel or refine oil. The new wealthy are people who work in banking and investments. Discuss with students whether this is good or bad for a nation’s economy.
