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MGT5173 Marketing And Management

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Question:

• What is a marketplace and balance of power?

Lecture 1 will help you in introducing the marketplace as a collection of buyers and sellers. You can discuss how ‘information is power’ in today’s marketplace. You could also discuss the idea of ‘information asymmetry’ wherein one market player (either the seller or the buyer) has more information about the other.

• Explain this phenomenon from a global perspective.

Lecture 2 will explore the internal factors that relate to a company as well as the external factors such as competition, environmental, cultural and societal changes, etc. in an international environment. This may be used to argue how global information environment is different and that may influence the balance of power.
You may choose to discuss how changes in the internal and external environments influence changes in the consumer needs and wants, their demand, culture, values, etc.

• Why should we focus on the consumer and how is the balance of power shifting?
 
Lecture 3 will highlight consumer differences, varying needs, wants, and motivations in addition to the stages of the decision making process. This may be used as a basis to argue why focusing on understanding the customer is the core to any marketing activity. This is an important lecture as it highlighted the basics of understanding customers, the decision making process, the differences between different groups of customers (segments) globally and so such points can be used to explain how such variations are extremely important and that without understanding the processes and stages that customers go through when making a decision, marketers run the risk of missing valuable information.

• The importance of market research in such situations

Lecture 4 will discuss concepts such as primary and secondary data, research problem and research planning. Based on this lecture, you should be able to focus on why is there a need for continuous market research to understand and satisfy consumer needs globally.

• Possible contextual examples

Lecture 5 will offer contextual luxury brand examples that may help you in arguing the case of how consumer tastes are merging and streamlining across the world and how it offers a possible standardization opportunity in a global world and thus bring another shift in the balance of power. 
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