Coming up with new and effective ways to market a product in such a competitive economy is a tough challenge. Keeping up with technological developments and trends is another challenge. Customers have more power than ever and marketing initiatives have to meet these new customer demands and give the customer what they want.

There is enormous accountability for marketing managers to ensure that the marketing operation is efficient and cost-effective and to show how marketing spend translates into growth and profitability for the company. In such a highly competitive market standing out from other organizations is an ongoing challenge.