Why is monitoring the technological environment crucial for marketing professionals?
What will be an ideal response?
(Students' answers may vary. The answer given below is indicative.)
The technological environment is perhaps the most dramatic force now shaping our destiny. The technological environment changes rapidly. New technologies create new markets and opportunities. However, every new technology replaces an older technology. Transistors hurt the vacuum-tube industry, digital photography hurt the film business, and MP3 players and digital downloads are hurting the CD business. When old industries fought or ignored new technologies, their businesses declined. Thus, marketers should watch the technological environment closely. Companies that do not keep up will soon find their products outdated. If that happens, they will miss new product and market opportunities.
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When considering reorder points and inventory position, if an item has an inventory position of 200 units, an order will be placed only if the reorder point is ________
Fill in the blanks with correct word
Which of the following is considered a decision variable in the production mix problem of maximizing profit?
A) the amount of raw material to purchase for production B) the number of product types to offer C) the selling price of each product D) the amount of each product to produce E) None of the above