List and define some of the important shifts that have taken place in business and marketing practices
What will be an ideal response?
1. Reengineering is the appointment of teams to manage customer-value-building processes and break down walls between departments.
2. Outsourcing involves buying more goods and services from outside domestic or foreign vendors.
3. Benchmarking is the study of "best practice companies" to improve performance.
4. Supplier partnering focuses on partnering with fewer but better value-adding suppliers.
5. Customer partnering entails working more closely with customers to add value to their operations.
6. Merging involves acquiring or merging with firms in the same or complementary industries to gain economies of scale and scope.
7. Globalizing focuses on increasing the effort to "think global" and "act local."
8. Flattening refers to reducing the number of organizational levels to get closer to the customer.
9. Focusing involves determining the most profitable businesses and customers and focusing on them.
10. Accelerating involves designing the organization and setting up processes to respond more quickly to changes in the environment.
11. Empowering means encouraging and empowering personnel to produce more ideas and take more initiative.
12. Justifying means becoming more accountable by measuring, analyzing, and documenting the effects of marketing actions.
13. Broadening involves factoring the interests of customers, employees, shareholders, and other stakeholders into the activities of the enterprise.
14. Monitoring involves tracking what is said online and elsewhere and studying customers, competitors, and others to improve business practices.
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