Nada Essay

1672 Words7 Pages
1. Marketing Overview: (Chapter 1). This chapter provides an overview of marketing and an outline of the text. You should be familiar with the basic introductory material in this chapter including: a. AMA Definition of Marketing “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” ====================================================== b. Discussion: i. The challenges and opportunities facing marketers today. (We have touched on many of these ideas in our discussions. -A shift in power to customers caused by increased access to information (Location- Internet, Globalization, etc. from Marketplace to marketspaces (24/7) never break and never close. Examples, EBay, Amazon, Technology gives customers more power through comparison-shopping and price negotiations, (Discussions, review, blogs, etc info swap)) -A massive increase in product selection due to line extension and global sourcing (More options for products, soft drinks, cereal, online retailing, etc.) -Greater audience fragmentation as customers spend more time with interactive media and less time with traditional media (XM Radio, Various TV networks, the Internet) -Changing customer perceptions of value and frugality (Travelocity vs. Travel Agent, Amazon Kindle vs. Hard Copy) -Shifting demand patterns for certain product categories, especially those delivered digitally (Traditional newspapers vs. online and mobile news, digital music vs. cds) -Increasing concerns over privacy, security, and ethics (Credit card Information storage, other valuable info, unfair ads that target feeble consumers) -Unclear legal jurisdictions, especially in global markets (The

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