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Marketing in the 21st century

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1. Define what is meant by "brand equity" and discuss what a company can do to maintain brand equity.

2. Discuss the Product Life Cycle Concept and include the relative amounts of sales and profit during each stage.

3. How are innovations in interactive television and online services expanding the strategies and tactics marketers employ today?

4. What are some of the personal and business-related privacy issues associated with the growth in database marketing and how should they be addressed?

5. Define direct marketing and give some real world examples.

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http://smallbusiness.chron.com/concept-product-life-cycle-1433.html

1. Define what is meant by "brand equity" and discuss what a company can do to maintain brand equity.

Brand equity represents the value premium that a company such as Polo Ralph Lauren realizes from a product that is widely recognizable in comparison to generic equivalent brands. The most successful strategy for creating brand equity entails making them memorable, easily recognizable and superior in quality and reliability. Mass marketing campaigns can also help to create brand equity.

Polo Ralph Lauren has effectively created a brand that is world renown by establishing themselves as the luxury brand of clothing that can also resonate with normal people. Unlike it's affluent competitors in the clothing market such as Burberry or other high-end fashions, Polo Ralph Lauren is seen by those within less affluent socioeconomic situations as a standard of quality, and Kings and Queens as well as average "Joes" can be seen sporting Polo Ralph Lauren worldwide because of their brand image.

2. Discuss the Product Life Cycle Concept and include the relative amounts of sales and profit during each stage.

The product life cycle concept is predicated upon applying the framework of introduction, growth, maturity and decline ...

Solution Summary

This solution discusses marketing, and covers concepts such as brand equity, sales, profits, and innovations.

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Changes that managers must focus on to stay competitive; Management response to 21st century changes in global market

Number 1 Please provide two peer reviews in a substantive manner.

With the world ever changing from outsourcing jobs, to newer and faster technology being implemented in every aspect of a company, the job of managers is to be able to react and manage efficiently regardless what happens. Daft (2009) states that the four types of changes that managers can focus on to stay competitive in their market. The types include technology, product and service, strategy and structure, and culture changes each of which are interdependent of each other.

Diversity in the workplace is a cultural change and is a major one for the 21st century. When dealing with a diverse workforce the focus is, ââ?¬Å"to get from a diverse work force the same productivity we once got from a homogeneous work forceââ?¬Â? without making any drastic changes. (Barrett, 2005) This is hard to do being that the standards for one country might be drastically different than another based on the countryââ?¬â?¢s culture and laws, management must take these into consideration and adapt. This doesnt mean that every store has to be different on the contrary having a uniformity of certain aspects of a company helps dealing with a diverse work place.

Being that these four changes are interdependent cultural change may cause another change, but change in technology can cause the other three changes. The largest challenge to both large and small companies is to stay updated with innovative technology. Since the beginning of the 21st century technology has constantly changed, causing organizations to continually adapt and update to stay competitive. The challenge associate with this is deciding if the new technology is worth the cost of integrating it. ââ?¬Å"Many traditional managers feel particularly awkward in todayââ?¬â?¢s technology-driven workplace. Organizations have been engulfed by information technology that affects how they are designed and managed.ââ?¬Â? (Daft, 2009, p.9) A managerââ?¬â?¢s job is to implement this new technology, while adapting to the changes that are associated with it. A few of the challenges face include the implementation of the technology rearranging a companyââ?¬â?¢s strategy, how the country's laws might hinder the implementation of the new system, or deciding how and where to use this technology to perform a service faster and more efficiently.

Barrett, G.J. (2005). Managing diversity. In C.J. Mann & K. Gotz (Eds.), The development of management theory & practice in the United States, (pp. 117-138). Boston: Pearson.
Daft, R. L. (2009) Organizational theory and design, Mason, OH: Cengage.

Number 2: Please provide two peer reviews in a substantive manner.

Since, the beginning of time one of the major questions that professionals have asked, but have yet found a concrete answer to is ââ?¬Å"how to manageââ?¬Â?. Everyone has a different perspective and answers vary depending on individual personalities, but environmental factors consistently change in which alters the business atmosphere and the way professionals manage. Administrators focuses on two types of changes incremental which includes advancing a current structure and radical changes in which includes introducing new products, strategies, objectives, etc (Daft, 2009). Management must adjust their tactics conductively to the changes in the environment. For example culture in the workforce is continuously becoming diverse. Managers must accommodate for these changes by creating a work environment that makes all employees for different backgrounds feel comfortable in order to gain the upmost productivity. Also, since the beginning of the 21st century more women are in the workforce and are not just stay at home mothers anymore. Management has created day care centers from within and offered maternal leave to employees to accommodate these individuals.

The idea that there is only one right way to manage people is a historical perspective of ââ?¬Å"how to manageââ?¬Â?. In the book ââ?¬Å"Management Challenges for the 21st Centuryââ?¬Â? Peter Drucker suggest that different people need to be managed differently, but he replaces the old belief with a new assumption that says: "One does not Ã?«manage' people. The task is to lead people. The goal is to make employees productive and focus on specific strengths and knowledge of each individual (Lauer, 2008)." Though this might sound simple enough it becomes difficult with all the changes in the business environment such as social and political realities, global competitiveness, shifts in the distribution of disposable income, technological transformation, etc. ââ?¬Å"Modern organizations also struggle with staffing challenges stemming from increased knowledge work, labor shortages for technological based jobs, competition for applicants in the general workforce, and workforce diversity (Polyhart, 2006).ââ?¬Â? Another concern management in the 21st century faces is understanding the global market. Management needs to comprehend what shifts the global business environment and how these changes need to be addressed through management skills. This becomes difficult with the rapid changes and the unpredictability of environmental factors.

Daft R. L. (2009) Organizational Theory and Design, Mason, OH: Cengage.
Lauer, C. (2008, June 08). Management challenges for the 21st century. Bloomburg Businessweek . Retrieved form http://www.businessweek.com/managing/content/apr2008/ca20080415_859407.htm
Ployhart, R. (2006). Staffing in the 21st century: New challenges and strategic opportunities. Journal of Management, 32, 868. Retrieved from http://jom.sagepub.com/content/32/6/868.full.pdf html

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