Understanding Business Economics—The Value Equation
Now that you know marketing is more than just advertising and messaging, let’s look at how it contributes to the overall success of a business.
One of the most significant things to understand about strategic marketing is the importance of balancing the needs and wants of the customer with the needs and wants of the business. A company can create incredible products with lots of bells and whistles, but if the customer doesn’t find value in additional features, then the company is adding costs to products that customers don’t want or expect to pay for.
By the same token, it is important to be aware of the trap of reducing the price simply to satisfy the customer. Doing so could result ...
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