Final answer:
Robinson Products, Inc., led by Kaitlyn Sims, is reevaluating its marketing strategy in response to market uncertainties and changing consumer preferences. They are considering production adjustments, pricing strategies, and changes in their operational footprint. With the influence of technology and globalization, local markets now compete on a global scale, and innovation is crucial for maintaining a competitive edge.
Step-by-step explanation:
Changing consumer tastes and unprecedented uncertainty in the marketplace have posed challenges for Robinson Products, Inc. Kaitlyn Sims, who leads the sales team, is in the midst of reevaluating the company's long-term marketing strategy. As the team endeavors to adapt, they must consider various strategies such as whether to expand or reduce production, set the price they choose, open new factories or sales facilities or close them, hire workers or to lay them off, and decide whether to start selling new products or stop selling existing ones.
In the competitive landscape, firms often confront significant shifts impacting market definitions, with technology and globalization at the forefront. The rise of the internet and global communications has broadened the scope of competition, allowing consumers to interact with businesses worldwide. As a result, firms may encounter increased competition even within local retail spaces. This effect is even more pronounced in business supply markets, as business-to-business platforms facilitate global supplier and buyer interactions.