Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Who holds most of the power in today's economy?
Who holds most of the power in today's economy?
- Manufacturers
- Wholesalers
- Customers (correct)
- Retailers
- Market research firms
How have marketers reacted to the reduction of entire sections of retail stores due to smartphone and mobile technology?
How have marketers reacted to the reduction of entire sections of retail stores due to smartphone and mobile technology?
- Marketers no longer sell consumable and household goods.
- The varieties of products available have decreased.
- Marketers now focus efforts on goods not easily replaced by digital and technology-enabled products. (correct)
- Companies avoid a digital-first strategy.
- Efforts are now focused on targeting a true mass audience.
Which of the following changes occurring in today's economy has NOT been caused by the growth of the Internet?
Which of the following changes occurring in today's economy has NOT been caused by the growth of the Internet?
- Rising prices for most products (correct)
- Audience and media fragmentation
- Shifting demand patterns
- Increase in product selection
- Privacy, security, and ethical concerns
What is the major advantage of media fragmentation despite its challenges for marketers?
What is the major advantage of media fragmentation despite its challenges for marketers?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Consumer Power
- Consumers now have more power in the economy due to the increase in information access and the rise of online shopping.
- The ability to easily compare prices and product offerings across various retailers empowers consumers with more choices.
Impact of Technology on Retail
- The rise of smartphones and mobile technology has changed retail by replacing some traditional retail stores.
- Marketers are now focusing on goods that aren't easily replaced by digital products. and implementing digital-first strategies.
Internet's Influence on Economy
- The growth of the internet has led to an increase in product selection, shifting demand patterns, and raised privacy, security, and ethical concerns.
- It has not caused rising prices for most products.
Media Fragmentation
- Media fragmentation makes it difficult for marketers to reach a true mass audience.
- It also allows marketers to reach small, highly targeted audiences more easily.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
