The fundamental objective of any firm is to market its products or services profitably. In small firms, all marketing responsibilities may be assumed by the owner or chief executive officer. In large firms, which may offer numerous products and services nationally or even worldwide, experienced marketing, advertising, and public relations managers coordinate these and related activities. The executive vice president for marketing in large firms directs the overall marketing policy-including market research, marketing strategy, sales, advertising, promotion, pricing, product development, and public relations activities. These activities are supervised by middle and supervisory managers who oversee staffs of professionals and technicians.
Marketing managers develop the firm's detailed marketing strategy.
With the help of subordinates, including product development managers and market research managers, they determine the demand for products and services offered by the firm and its competitors and identify potential consumers-for example, business firms, wholesalers, retailers, government, or the general public. Mass markets are further categorized according to various factors such as region, age, income, and lifestyle. Marketing managers develop pricing strategy with an eye towards maximizing the firm's share of the market and its profits while ensuring that the firm's customers are satisfied. In collaboration with sales, product development, and other managers, they monitor trends that indicate the need for new products and services and oversee product development. Marketing managers work with advertising and promotion managers to best promote the firm's products and services and to attract potential users.