What is a typical responsibility of marketing management?

Setting prices is a fundamental responsibility of marketing management because it directly impacts a company's revenue and market competitiveness. Effective pricing strategies consider the perceived value of products or services, the costs involved in production and delivery, and the pricing strategies of competitors. Marketing managers analyze market trends, customer behavior, and economic conditions to establish optimal pricing that aligns with the overall marketing strategy and business objectives. By strategically setting prices, marketing management can drive demand, enhance profitability, and position the brand effectively in the marketplace.

In contrast, activities such as recruiting new employees, managing production lines, and conducting performance reviews fall under human resources and operations management roles, rather than the purview of marketing management.