Question

1 Why is monitoring the technological environment crucial for marketing professionals?

2 Discuss several ways in which small organizations can conduct marketing research at little or no expense.

3 Describe the steps of the buyer decision process.

4 Identify and describe the stages in the adoption process of a new product.

Answer 1

1. The technological environment has a significant effect on how marketing is conducted. Marketing medium, message, and frequency are all affected by technological changes. For example, Internet-based technological developments, such as social media, virtual reality, etc. have completed changed the way marketing was traditionally done. Now, companies are relying more on social media tools than traditional mediums such as TV or print media to reach to the target audience. Also, technological developments such as Big Data Analytics, machine learning, etc. have empowered marketers to dig deeper into customer-related data, find important insights and design effective marketing strategies to reach to the audience and increase sales. Monitoring technological developments help marketers keep updated with the latest developments in technologies which can facilitate marketing.