Category: Management
Analyzing Competitors
An important part of any marketing research involves the analysis of competing organizations, learning from their mistakes and be inspired by their successes. It is also useful to know their strengths and weaknesses.
Basics
The main objectives of marketing managers is to create the demand for a product, design it to cater to the consumer, develop a brand image, promote the product, generate revenue that is profitable, and support the consumer.
Business communication
The interaction and sharing of information between employees of a business and outside a business are important in understanding the marketing workforce. Traditionally described in the direction of communication: internal upwards, internal downwards, internal lateral, and external. Communication can be via a variety of means, with different objectives that have varying importance to a business’s overall success.
Evaluating Marketing Activities
It is essential to review and evaluate the effectiveness of marketing strategies and campaigns that were applied, to get better results and avoid unprofitable expenses of a failing marketing strategy.
Information
Data collected from marketing research, as well as from an organization's internal files, must be converted into useful information. This is done by observing patterns in the data and making logical assumptions to gain insight.
Market Differentiation
To market a product, specialists must find ways to give it distinguishable characteristics that can lure potential customers away from competitors. They must try to make it the better product, more suitable for their target market.
Marketing Communication
The ways a business communicates with its potential customers (the target audience/market) have a tremendous effect on the brand. It is also a very important way to drive sales.
Marketing Strategies
Several strategies are common to marketing teams, which are used to promote a business and the products or services it provides. There are many - innovative and new strategies, as well as conventional methods.
New Product Development
The complete process that businesses must go through to bring a new product to market; whereby an idea or concept is developed, tested,analyzed, tested on the market, before finally being released to consumers for purchase.
Pricing Strategies
The price at which a product is sold is inherently important; and marketing managers must carefully consider different strategies to decide on a suitable price so as to drive revenue.