Josiah Wedgwood's First Industrial Revolution
The Industrial Revolution, which took place from the 18th to 19th centuries, lead the economy of England changed from agricultural to industrial production. The economic developments and industrialization brought significant improved transportation technology, special-purpose machinery, factory system, and cultural changes. During that period, there were an increase in population, the phenomenon of urbanization, and growing demand for luxury goods.
In the first industrial revolution, some industries had hard time adjusting to the new economic environment and developing their business. However, Josiah Wedgwood stood out from the crowd and became one of successful entrepreneur with his pottery business during that time. The nature of Josiah’s competitive advantage is his product innovation, new sales and marketing techniques and his ability to induce people to purchase more pottery products.
Wedgwood’s first mover advantage is differentiator. He applied new processing to shape useful earthenware, and experimented for cream colored pottery with new glazing processes that he learned from Whiddon's workshop. He further introduced many important marketing innovations such as inertia selling, brand …show more content…
Wedgwood devoted himself to develop and improve pottery manufacturing that lowered his costs. This optimizations in pottery production also appeal to a much border market. When doing his business to international markets, Wedgwood expanded factory and planned division of labor to organize factory. He decided to develop, motivate, and train his own skilled workers and hire good managers to do the international management. Moreover, Wedgwood used good distribution strategy selling products to wholesales, purchased showroom space in London and Bath, and paid salesmen in commissions of sales to increase sales revenue and cost reduction by ensuring stock was not
In the first industrial revolution, some industries had hard time adjusting to the new economic environment and developing their business. However, Josiah Wedgwood stood out from the crowd and became one of successful entrepreneur with his pottery business during that time. The nature of Josiah’s competitive advantage is his product innovation, new sales and marketing techniques and his ability to induce people to purchase more pottery products.
Wedgwood’s first mover advantage is differentiator. He applied new processing to shape useful earthenware, and experimented for cream colored pottery with new glazing processes that he learned from Whiddon's workshop. He further introduced many important marketing innovations such as inertia selling, brand …show more content…
Wedgwood devoted himself to develop and improve pottery manufacturing that lowered his costs. This optimizations in pottery production also appeal to a much border market. When doing his business to international markets, Wedgwood expanded factory and planned division of labor to organize factory. He decided to develop, motivate, and train his own skilled workers and hire good managers to do the international management. Moreover, Wedgwood used good distribution strategy selling products to wholesales, purchased showroom space in London and Bath, and paid salesmen in commissions of sales to increase sales revenue and cost reduction by ensuring stock was not