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Marketing Strategy, Text and Cases 6th Edition by Ferrell,Michael Hartline
Edition 6ISBN: 978-1285073040Marketing Strategy, Text and Cases 6th Edition by Ferrell,Michael Hartline
Edition 6ISBN: 978-1285073040 Exercise 1
Increasing customer power is a continuing challenge to marketers in today's economy. In what ways have you personally experienced this shift in power; either as a customer or as a business person? Is this power shift uniform across industries and markets? How so?
Explanation
Verified
Verified
Modern consumers have greater access to information online. This gives them greater power relative to marketers. Customers compare various options available in the market before making purchase decisions. Thus they control the market. For example, when searching for hotel rooms, travelers can often find detailed information about dozens of local hotels in minutes on a single consumer resource site.
Consumers share notes and reviews about the product or service through the use of websites. These reviews affect the buying decision of other customers.
Thus, one can say that power has shifted from marketers to the customers.
Power shift is not uniform throughout the market rather it varies from industry to industry. Few industries or markets have been shielded from this rise in consumer power.
Power is in the hands of manufacturers/sellers in monopolistic markets, i.e. when they are no competitors for the product or service.
On the other hand, when there are many competitors in the market power lie with the customer as they have varied options to choose from.
Consumers share notes and reviews about the product or service through the use of websites. These reviews affect the buying decision of other customers.
Thus, one can say that power has shifted from marketers to the customers.
Power shift is not uniform throughout the market rather it varies from industry to industry. Few industries or markets have been shielded from this rise in consumer power.
Power is in the hands of manufacturers/sellers in monopolistic markets, i.e. when they are no competitors for the product or service.
On the other hand, when there are many competitors in the market power lie with the customer as they have varied options to choose from.
Marketing Strategy, Text and Cases 6th Edition by Ferrell,Michael Hartline
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