EXAM1 MAR4480 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++
Power shift to customers
•Consumers have tilted the influence they have on markets due to instantaneous
comparison shopping, technology, and access to information via the Internet
•Comparison shopping and broader purchase options
•Creates price match pressure on retailers
•Companies are striving to:
•Regain power
•Focus on unique customer experiences
•For example, REI rock climbing wall in the store
•Understand how macro factors (e.g., weather) affect buyers
•Greater anticipation and forecasting of customer needs
Audience and Media Fragmentation
•Broadcast TV and streaming have created mass channels and uncertain targeting
•Consumers are fragmented
•We multitask
•We use multiple media
•Our attention span is very limited
•Niche marketing and targeting is enhanced
, •Mass market reach is much more difficult
Selective retention
Commoditization and what it leads to
•When there is no perceived difference in products, price decides which is bought
leads to price vulnerability;
•Pandemic and climate change challenge "value"
•Value is the benefits you receive when you buy a product
Market
collection of buyers and sellers
marketplace
physical location where buyers and sellers meet to conduct transactions. Ex: grocery
stores, malls, flea markets
marketspace
electronic marketplaces unbound by time or space; online markets or e-commerce;
•While giving consumers the ability to shop anytime, it also loses passing along
information to them when they deem fit (e.g., planned sales, special promotions, etc.)
•Firms must stay connected to customers via social media, email, and other means to
provide offers, information, and to remind them to shop with them
Exchange
process of obtaining something of value from somone by offering something of value in
return
COMPLETE SOLUTIONS GRADED A++
Power shift to customers
•Consumers have tilted the influence they have on markets due to instantaneous
comparison shopping, technology, and access to information via the Internet
•Comparison shopping and broader purchase options
•Creates price match pressure on retailers
•Companies are striving to:
•Regain power
•Focus on unique customer experiences
•For example, REI rock climbing wall in the store
•Understand how macro factors (e.g., weather) affect buyers
•Greater anticipation and forecasting of customer needs
Audience and Media Fragmentation
•Broadcast TV and streaming have created mass channels and uncertain targeting
•Consumers are fragmented
•We multitask
•We use multiple media
•Our attention span is very limited
•Niche marketing and targeting is enhanced
, •Mass market reach is much more difficult
Selective retention
Commoditization and what it leads to
•When there is no perceived difference in products, price decides which is bought
leads to price vulnerability;
•Pandemic and climate change challenge "value"
•Value is the benefits you receive when you buy a product
Market
collection of buyers and sellers
marketplace
physical location where buyers and sellers meet to conduct transactions. Ex: grocery
stores, malls, flea markets
marketspace
electronic marketplaces unbound by time or space; online markets or e-commerce;
•While giving consumers the ability to shop anytime, it also loses passing along
information to them when they deem fit (e.g., planned sales, special promotions, etc.)
•Firms must stay connected to customers via social media, email, and other means to
provide offers, information, and to remind them to shop with them
Exchange
process of obtaining something of value from somone by offering something of value in
return
