AACSB: Information technology
Skill: Concept
Objective: LO 1.5: Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
Difficulty: Moderate
151) How are local retailers affected by global competition?
Answer: A local retailer might have global suppliers and customers. The retailer's goods may come from abroad, or components of those goods may be produced or assembled abroad. In addition, a local retailer may also sell goods over the Internet to international customers.
AACSB: Diverse and multicultural work environments
Skill: Concept
Objective: LO 1.5: Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
Difficulty: Moderate
152) Discuss the challenges and advantages of new communication technologies for marketers as they work to build relationships with their customers.
Answer: Through the Internet and related technologies, people can now interact in direct and surprisingly personal ways with large groups of others, from neighbors within a local community to people across the world. With communication technologies such as e-mail, blogs, Web sites, online communities, and online social networks, today's marketers incorporate interactive approaches that help build targeted, two-way customer relationships. Marketers can create deeper consumer involvement and a sense of community surrounding a brand, making a brand a meaningful part of consumers' conversations and lives. However, while new communication tools create relationship-building opportunities for marketers, they also create challenges. They give consumers a greater voice, and therefore greater power and control in the marketplace. In fact, the marketing world is beginning to embrace customer-managed relationships. Today's consumers have more information about brands than ever before, and they have a wealth of platforms for airing and sharing their brand views with other consumers. This benefits companies when views of its products are positive, but can be damaging when customers share stories of negative experiences with a company's products.
AACSB: Information technology
Skill: Concept
Objective: LO 1.5: Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
Difficulty: Moderate