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Marketing: The Wharton Challenge - Essay Example

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Marketing: The Wharton Challenge

In order to serve their customers better, businesses have initiated Internet programs that integrate Web users, mobile phone users (the consumers) and the products and services providers (the businesses). Neuroscience has also found its place in marketing and it has been used to study the behaviour of consumers in regard to the technologies they use. Despite the enormous benefits of these technologies, there are risks associated with them such as high cost and difficulty to implement (Anderson and Stang 2000, p7). There are future prospects that these technologies will enhance how consumers and businesses interact. The Wharton Challenge  Wharton challenges marketing and he suggests that marketing closes the gap created by academic marketing; it is also challenged to get more involved with the academic marketing practitioners. Marketing is further challenged deal with the problems of great relevance such as main societal concerns, looking for the best ways for innovation, promoting the worth of marketing in the company, and understand the new marketplace (Day, Reibstein, and Wind 2009). These issues are of great importance since they have emerged with the advancement in technology. Technology has brought both benefits and challenges to marketing and thus, marketing is required to deal with these issues or challenges in the best way. What Marketing can do now that it could not do before The advancement in technology has affected the evolution of advertising (advertising is one of the key components of marketing) and it has considerably changed the manner in which organisations communicate with their clients. However, none of these developments are superior to the ones that existed before. Instead, they enhance these developments and they provide marketers with more diversity. This permits them to connect with a wide variety of consumers in the market. The earliest forms of advertising still exist in today’s complicated age of social networking, keyword-targeted pay-per-click, and paid search placement advertising (Jones and Ryan 2009, p4). For a business to accomplish superior performance, it is supposed to create and sustain a competitive advantage. Previously, competition was based on the structural features such as economies of scales, broad product line, and market power. Presently, the trend has changed to abilities that facilitate consistent delivery of superior value to the consumer by the business. Market orientation is achieved by the business when its culture is systematic and wholly committed to the development of better customer value. There are three main elements of market orientation and they are competitor focus, cross-functional coordination, and customer orientation. The core of market orientation is the consumer focus. In order to develop a better value for the buyers in a continuous manner, the seller is required to understand the buyer’s whole value chain in the present time and as the value chain evolves (Narver and Slater 1994, p22). Focusing on the customers is not the only thing that can create a better customer value; the business must also take note of the competitor. The business ought to know the types of competitors and the technologies they are using (Narver and Slater 1994, p23). Technologies such as viral marketing are beneficial and they offer a way in which products and services can be promoted or ...Show more

Summary

The Wharton Challenge Introduction Technology has been in existence for many years and during that period, it has advanced in a remarkable manner. Inventions such as the steam engine mark the beginning of technology advancement (Downes and Mui 1998, p1). Today, communication has made it possible for individuals to communicate and make business transactions at the comfort of their homes and workplaces…
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Marketing: The Wharton Challenge essay example
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