In a nutshell, there generally exists a direct connection between value and retail price, meaning that increased value generates increased price and vice versa, reduced value sells at reduced price.
3. Decisions and Actions Affecting the Marketing Manager
In order to ensure its overall success, each organization has to increase its efforts of integrating all features into the corporate culture and ways as to all lead to the achievement of the same formulated corporate goals. The marketing manager plays a vital role in aligning the strategies within his department to the overall objectives of the organization. The list of actions and decision that influence and challenge his actions is endless, including everything from market research to features of product development.
Market research is a major challenge to every marketing director and it is aimed at revealing facts about two features: customers' needs and wants and the strategies implemented by the competition. The identification of customers' needs and wants is vital for the complete satisfaction of clients - an objective of all companies. The marketing team will maintain constant communications with the customers as to identify any likes or dislikes in regard to a product and find means of improving the product as to create more utility to the buyer, increase demand and sales of that certain item and consequently increase the organization's revenues. A latest trend in analyzing customers' demands is that of identifying and satisfying the needs even before the audience has become aware of their existence. Also, the aim of the research is to identify the target market for the product in question. Then, the second practical application of marketing research is the identification of the strategies implemented by competing organizations. This approach is vital for the company to remain competitive.
Major challenges for the marketing director are also posed by the decisions he/she has to make in regard to the development and implementation of the promotional and advertising campaign. In this particular context, the marketing team has to present the audience with the benefits of the items...
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