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.

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.

Product Life Cycle Strategies

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.

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