The managerial side of marketing involves finding the behaviors in the market that have the potential to be part of a marketing strategy, and ways to manipulate the market using marketing research. The goal is to find profitable methods to influence consumers by the principles of management.
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.
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.
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.
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.
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.
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.
After a product has already been commercialized, several strategies are applied to it in hopes that consumers will stay interested. These can be quality improvements, price management, upgrades, new features, etc.