How can marketing managers enhance the value-and then capture some of that value with appropriate pricing?

Enhancing the value of a product is crucial for marketing managers, and improving product features is a significant way to achieve this. When product features are enhanced, they typically increase the utility and satisfaction that customers derive from the product. This can lead to a stronger competitive advantage, as customers are more likely to perceive the product as superior compared to alternatives on the market.

When customers perceive higher value, they may be willing to pay a premium for that product, allowing the company to capture more value through appropriate pricing strategies. Effective improvements could include adding innovative technologies, increasing durability, or offering additional functionalities that meet customer needs better than existing products.

This approach aligns with the principle of creating customer value, which is central to successful marketing strategies, as it not only fosters customer loyalty but also justifies stronger pricing positions in the marketplace.