Black Friday’s Influence on Retail: A Historical Perspective on Sales, Marketing, and Business Strategies.
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Overview:
Everyone wants to buy things at discounted prices. And in the USA people wait for Black Friday to buy as much as they can. Because on Black Friday almost every brand reduces their prices. And offers discounted prices with multiple offers. So, that is why everyone loves to shop on this sale. But what exactly is Black Friday and what are its benefits to the economy of the country? The sales and business strategies will be covered in this post. So, let’s dive into it.
What is Black Friday?
Black Friday is the sale that starts after Thanksgiving day in the USA. And on that day almost every brand reduce their prices. Or start new offers and deals to attract customers on the holiday. And the Americans for this sale get the biggest discounts on the things they want to buy. And they save money to spend at this sale. But is it good for the economy and how does it affect the economy of the country? Also, what is the historical perspective of sales and marketing strategy behind this? So, firstly, let’s understand black Friday a bit more.
The concept of Black Friday:
It was in the early 2000s when Black Friday became one of the biggest days of shopping for Americans. Until then the Saturday before Christmas was the biggest shopping event in the nation.
Store owners usually plan the black friday sale the whole year and usually start when there are few months left in the day. They gather the data of their overstock things that need to be sold. And to attract more customers to the store they also have to reduce prices on their hottest-selling items. Like TV, smartphones, Electronics items, and much more.
Economists see black Friday as a very significant day for analyzing the economy and its growth. As due to this day and collecting the data like how much people buy on this day. And how much profit do the shopkeepers make? And by analyzing the buying power of the people it became easy to understand the growth or decline of the economy.
A Historical Perspective on Sales, Marketing, and Business Strategies:
Industrial Revolution Era:
3 eras show the significant change in the perspective and strategies of sales and marketing. The first era is known as the Industrial Revolution which was from the 1860s to 1920. And at that time many countries around the world started building industries of many goods. which has made the economy boom. And all over the world industries have begun to create opportunities for a lot of people and this benefits the growth of the country and those businesses.
The Era of Sales (1920 – 1940):
In this era, new competitors started trying to take the market and gain as many customers as they could. The main motive and priority of the company was to sell the products more in every way possible. For that, the companies use different strategies like Radio announcements, TV ads, Billboards, Door-to-door approach, and many other things like calling customers and attractive taglines and promotions to attract as many customers as they can. This type of study is being taught in businesses and you should get a proper CIPD Assignment Writing Service UK for writing and researching it perfectly. The Era of sales is when businesses started finding new strategies and options to grab customers.
The Marketing Era:
The marketing era started in the 1990s and still we are living in this era. Where we see and use different strategies to promote business. But this era is not just all about selling the product. But it largely depends on the customer experience, the trust of the customer, the target audience, and target marketing. So, this is all about promoting your business to only the ones who might be interested.
For example, if you have an online business today. And you want to market your products and business. So, you can use Facebook target marketing where you can select genders, areas of marketing, age groups, and interests of the people. By using this you can grab more responses than the marketing without targeting. Although the techniques are usually the same as marketing like before black Friday the shop owners release an attractive poster in which a certain percentage of discount is mentioned. An appealing headline is still in the market trends and working just fine for businesses.
The Evolution of Marketing and Business Strategies:
Marketing was very simple back then when there were no computers and smartphones. Companies showcase their brands on TV ads, billboards, and door-to-door marketing to aware customers of the product. But after the computer and smartphones and when the internet came into existence the whole term and strategies of marketing have evolved and changed. And to get the perfect data about it you can contact My Assignments Help UK. When the internet was becoming the daily need of everyone. So, marketers see new opportunities to get a lot of customers by not just spending the same amount of money as they have to for giving Ads on TV.
And the big push in this era that has changed everything upside down is social media. And that is when the strategies of business change are Social Media.
Social media is the biggest evolution for businesses and marketing strategies. So, that every business has a fair chance to market to their audience. And that is why more businesses can publish marketing campaigns on social media and get more customers on black Friday.
Key Take Away:
Black Friday is the biggest shopping day for Americans after Thanksgiving Day. Brands and businesses reduce prices and offer discounts to attract more customers and sell more. There are three eras in marketing, sales, and business strategy. Firstly, it is the era of the industrial revolution, Secondly, the era of sales from 1920-1940, and Lastly, the era of marketing from the 1990s till now. In between this, there have been a lot of changes in marketing strategies due to evolution like social media.
