Business Finance
MARKETING - WK5

Question Description

Can you help me understand this Marketing question?

DUE THURSDAY 3/20/14


Post a 150-200-word response to the following discussion question

How has technology affected marketing? 

What types of new technologies are organizations using to market their products and services to both buyers and sellers?


Unformatted Attachment Preview

MKT 421 Week Five Lecture The Dynamic Environment of Marketing Introduction As a result of the business environment, modern-day organizations face many challenges and opportunities--challenges and opportunities that have changed the way in which many organizations conduct the marketing of their products and services. Recently, there have been many important changes in the marketing macro environment (including innovation, globalization, technological advances, and diversity). Week in Relation to the Course Week Five examines the dynamic environment of marketing. Now that you have established a basic comprehension of marketing concepts, it is important for you develop an understanding of the impact of modern-day trends and environmental factors on marketing. During Week Five you will also explore the importance of social responsibility and ethics in marketing. Environmental Factors In a global environment that operates 24/7, marketers must keep constant vigil concerning the changes happening in the world. There are seven major areas of which marketers need to be aware: • Rapid Change and Innovation: think about how fast things are changing these days. It used to be fax machines and Fed Ex were the latest and greatest way to exchange information. Think about just 10 -15 years ago, how different the pace of business was! Now, think of it in terms of how it affects your business – or your customers? Advancements in a whole host of areas, ranging from bio-tech to space and from environment to agribusiness, have revolutionized our world--and it just keeps on changing. How should you change some of your services to better accommodate your customers’ needs? • Globalization: globalization used to be just for the big boys: the major power players of industry. But today even small to midsized businesses, with the right expertise, financial stability and capabilities are taking their knowledge and products and sharing them with the world. Is there a market for your company’s product or service? Maybe global expansion is right for you? Are your competitors going global and growing their profits? • Technology: Remember when a Personal Computer (PC) with a “386” chip was “high tech?” Or when typewriters were common business tools? Remember life before email? The web? Microsoft? Technology has fueled the demand for rapid change, and fueled entire new industries, vocabularies, and jobs. Is your firm as productive as it could be by taking advantage of all the tech world has to offer? Does your company have a presence on the web? The web has become the premier way of providing 24/7 service, information, and shopping access for our organizations’ clients, customers, and supporters. Customers are using technology to find new vendors and services. Can they find your organization? • Diversity: Our workplaces, our neighborhoods, our customer bases are becoming more and more diverse by the day… and with that, a whole host of new challenges and opportunities abound. Think about the influx of Mexican immigrants to California and Colorado. The multitudes of people from the eastern block nations, coming to the US, looking for a better way of life. How many people do you know who are not “American born” citizens? When these people come here, they don’t simply leave their languages and cultures behind; they 1 bring them with them, adding a new dimension of flavor – and complexity – to the American fabric. And as managers, not only must we learn how to manage in such a culturally diverse environment, but also how to serve our customers who are different than ourselves. Of course, ethic and cultural diversity is only just the tip of the iceberg; we also have diversity among ages, gender, religious/ethnic beliefs, physical abilities, and the list goes on. • Social Responsibility and Ethics: Ethics was always an issue, even before the Enron scandals. Several forces are now driving companies to practice a higher level of corporate social responsibility: rising customer expectations, changing employee expectations, government legislation, the inclusion of social criteria by investors, and changing business procurement practices. There is no easy way to perfectly distinguish between some ethical and questionable behavior. Modern-day businesses should take into consideration ethics on all levels of marketing practices. Summary to Encourage Learning Think about the level of detail professional marketing managers have to address in their marketing plans… how much they must know about their marketplace, their product, and their competition. There is a tremendous amount of knowledge a marketer must have to be successful, and to make their product successful. In essence, marketing is the glue that holds an organization together, embodying the spirit, value and ideals represented to the customer. So the next time you run into one of those wacky marketing folks at your firm, ask them to go to coffee or lunch sometime. You might be surprised at just how much they do know! 2 ...
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