Concept explainers
To determine: The task performed, skills needed, pay, and opportunity outlook of the career.
Introduction:
Marketing managers are responsible for the marketing strategy of the company. Marketing strategy is used to attract and retain the customer for the company.
Answer to Problem 1CE
Marketing manager handles the marketing strategies of the company and also handles the pricing strategy. Some of the skill sets required are like marketing manager should be creative, problem-solving ability, and good communicational skills. The median hourly wage rate in this career is $62.20 and median annual wage rate is $129,380. The opportunity outlook for the career is that is projected to grow 10% from 2016 to 2026.
Explanation of Solution
Marketing managers estimates the demand for a particular product, think and execute its pricing strategy and promotion strategy. The skill set which a marketing manager requires is mentioned below:
- Creativity.
- Problem-solving ability.
- Conceptual knowledge of the field.
- Can perform under pressure.
- Good critical thinking skills.
- Passion for details.
- Communicates well with others.
The wage rate of an employee working in this career is:
- Median hourly wage rate is $62.20.
- Median annual wage rate is $129,380.
The opportunity outlook for the career is that it has chances to grow 10% from the year 2016 to 2026. The growth rate of occupation is more than the average growth rate of other occupations. This job will continue to hold importance in the future world, as the company will keep on their focus for market share and more profit.
Thus, these are the details of career exploration on the top executive.
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Chapter 14 Solutions
UNDERSTANDING BUSINESS (LL)-W/CONNECT
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- Which pricing objectives will you use for your product? Consider the product life cycle, competition, and product positioning for your target market during your discussion. PlayStationarrow_forwardCan you offer different levels of products or services at different price points? Please identify pricing strategy and how would the customer react to it.arrow_forwardYou have recently been appointed as the Marketing Manager of a Dog Grooming Business. The leadership team has asked you to ‘price’ a new service – a ‘Mobile’ Dog Grooming service. Explain, with examples, the five factors you should take into consideration when developing a pricing strategy?arrow_forward
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- In what situations is cost-based pricing most suitable for businesses?arrow_forwardDoes "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.arrow_forward
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