Article: Marketing Success Defined
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Marketing Success Defined
How do you personally define success? High income? Substantial net worth? A fine home? Peer recognition?
On a personal basis, there are likely almost as many definitions of success as there are people in the world.
In marketing, though, there are just four measurable elements of success:
Profitability, Market Share, Customer Satisfaction and Customer Retention.
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 sale...
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