Which era is characterized by demand exceeding supply?

The Product Era is characterized by a situation where demand exceeds supply. During this time, businesses focused primarily on creating and distributing products, believing that a good product would practically sell itself. In this era, consumer needs were not as thoroughly researched, and companies often operated under the assumption that simply having a product available would satisfy demand.

This understanding was particularly relevant as industries often found themselves unable to keep up with consumer interest and demand for goods, leading to a market environment where the availability of products was less than what consumers wanted. This scenario laid the groundwork for businesses to improve their production techniques and increase supply in response to the high consumer demand.

In contrast, the other eras mentioned each reflect different business dynamics. For example, the Service Era emphasizes the importance of customer service and relationships, indicating a shift from merely selling products to providing valuable services to meet customer needs. The Subscription Era focuses on recurring revenue models, where companies aim to keep customers engaged over time rather than simply selling a one-time product. Lastly, the Online Sales Era highlights the digital transformation of sales processes, which also centers around consumer choice rather than the constraints of supply. Thus, while demand dynamics evolve, the Product Era distinctly stands out for its characteristic imbalance between supply and demand.