sutudent
MASENO UNIVERSITY
R.I.B.M CAMPUS
NAME: VICTOR WANGILA WAMBEO
ADMISSION NO: BE/05154/2013
LECTURER: LYDIA MWAI
YEAR ONE, SEMESTER 2-2014
SCHOOL OF BUSINES: BBA WITH
COURSE UNIT: BUSINESS ENVIRONMENT
COURSE CODE: ABA 105 SUBMISSION DATE: 6TH OCTOBER, 2014
Q1.
Marketing is an organizational function and a set processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Describe the major trends and forces changing the marketing landscape.
The forces that are changing the marketing landscape can be described into five major factors:
Changing economy Consumers are daily changing their spending habits and buying habit due to the great recession affecting the daily economy. This behavior presumes into the future supply and demand.
Therefore marketers have to change their marketing strategies and emphasize the value of their product. The challenge is whether companies can balance their value proposition with current times, as well as enhancing its long-term equity.
Digital/Technology age
Current advancement in technology has an advantage in the marketing landscape as it creates new ways for companies to learn and connect to their customers. The development and rapid diffusion of information and communication technology (ICT) have significantly affected the array of goods and services that people buy and the manner in which they buy these products. Not only have the attributes of a typical consumer market basket in the OECD countries changed profoundly, but new technologies are being brought to market sooner and are being adopted faster by consumers. For example, whereas it took 71 years for the telephone to be adopted in over half of American households, it took a bit less than ten years for this penetration to occur with Internet access. It helps marketers to target consumers more effectively on
R.I.B.M CAMPUS
NAME: VICTOR WANGILA WAMBEO
ADMISSION NO: BE/05154/2013
LECTURER: LYDIA MWAI
YEAR ONE, SEMESTER 2-2014
SCHOOL OF BUSINES: BBA WITH
COURSE UNIT: BUSINESS ENVIRONMENT
COURSE CODE: ABA 105 SUBMISSION DATE: 6TH OCTOBER, 2014
Q1.
Marketing is an organizational function and a set processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Describe the major trends and forces changing the marketing landscape.
The forces that are changing the marketing landscape can be described into five major factors:
Changing economy Consumers are daily changing their spending habits and buying habit due to the great recession affecting the daily economy. This behavior presumes into the future supply and demand.
Therefore marketers have to change their marketing strategies and emphasize the value of their product. The challenge is whether companies can balance their value proposition with current times, as well as enhancing its long-term equity.
Digital/Technology age
Current advancement in technology has an advantage in the marketing landscape as it creates new ways for companies to learn and connect to their customers. The development and rapid diffusion of information and communication technology (ICT) have significantly affected the array of goods and services that people buy and the manner in which they buy these products. Not only have the attributes of a typical consumer market basket in the OECD countries changed profoundly, but new technologies are being brought to market sooner and are being adopted faster by consumers. For example, whereas it took 71 years for the telephone to be adopted in over half of American households, it took a bit less than ten years for this penetration to occur with Internet access. It helps marketers to target consumers more effectively on