'Marketing has gone through three distinct stages.' Explain them in brief.

Marketing has evolved through three distinct stages as follows:

1. Production-oriented Stage (1869–1930):

• Motto was 'sell what can be produced.'
• Demand exceeded supply, so the focus was on mass production and wide distribution.
• Based on Say's Law: 'Supply creates its own demand.'
• There were no separate marketing departments; marketing was treated as mere distribution.

2. Sales-oriented Stage (1930–1950):

• After the Great Depression, supply began to exceed demand.
• The motto became 'get rid of what you have.'
• The focus shifted from production to selling using aggressive sales and promotional efforts.
• Hard selling was the main characteristic; customer satisfaction was secondary.

3. Marketing-oriented Stage (1960–1980):

• Keen competition and consumer awareness forced producers to focus on customer satisfaction.
• The aim was to know and understand the customer so well that the product fits him and sells itself.
• The consumer was considered the 'king'.
• Marketing became the heartbeat of business.