Big Data

Marketing Success Defined

Date Added: Jan 2010
Format: HTML

Profitability requires little explanation. The very reason businesses exist is to make a profit, or generate more revenue than they pay out. Profitability may be increased by reducing overhead and the cost of goods sold - or by increasing the price to the buyer. But prices can only be raised so much. Per the laws of price elasticity, as prices rise, unit sales tend to decline, as does Market Share; which brings one to the next measure of marketing success. Market Share, as a measure of success, is important to marketers since the greater the share, the more stable the brand's performance is in the marketplace. A product with 65% market share is a force with which to be reckoned.