Studying marketing gives you the opportunity to gain a significant amount of knowledge and experience that could help you with any business Job; it makes It possible for business professionals to work across all area of business. The skills you learn In marketing help you gain the ability to sale products. There is a significant amount of job available for people with good business education. Demand for people with marketing degrees will most likely always be high. People with training to manage, organize, and plan are a great asset to many companies and employers.
Most people majoring in marketing pursue a degree in business administration with a concentration In marketing. With a degree In marketing, you will have many careers to choose from, because of this, salaries vary. Salaries for marketing related careers varies from job to job but most are at or above average median income for individuals in the united States. Brand management, sales, market research, pharmaceutical marketing, retail marketing, advertising are some of the occupations people with marketing degrees pursue. Marketing is something we all use in our everyday lives; it is familiar to everyone whether they realize It or not.
The professional side of marketing Is all about satisfying customer needs and wants and It helps create value. Business marketing Is a very promising major. Business marketing is an excellent major to study because marketing skills are used in a variety of different Job fields. Furthermore, you will have a wide variety of careers to choose from. The American Marketing Association describes marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing involves the transfer of goods and services from a seller or reducer to a buyer or consumer; it also involves advertising, shipping, selling, and storing (Grew 4). Marketing’s fundamental purpose is to create value by developing goods, services, and ideas to satisfy customer needs; its main function is to promote and facilitate exchange. Early marketing economists examined agricultural and Industrial markets and described them In way more detail than the classical economists (Marketing).
Afterwards, they came up with three separate approaches to analyze marketing. The first approach was the commodity analysis which studies the ways in which a product r product group is brought too market. The second was the institutional analysis that describes the types of businesses that play a prevalent role in marketing, such as wholesale or retail institutions. Lastly, the third was the functional analysis, which formal business discipline that originated in the United States (Doyle). It was taught as a separate business subject and started as a descendant of economics.
It first began being taught to students in Midwestern universities at the beginning of the 20th century. It is known that it passed through three phases: the era of production here marketing was constrained only by limitation on production; the era of sales where marketing pushed whatever a company produced; and the era of the customer in which the customer is placed at the center of all marketing activities. The first phase took place up to the sass’s, the second took place up to the sass’s, and the third is still taking place today (Doyle). Today in marketing, the consumers have all the power.
Before, early marketers assumed that the producers controlled the market but this is no longer true (Doyle). Today marketing has a successful and accepted new model, one that takes account of the activity of global markets, capricious and unpredictable customers that defy classic analysis, purchasing patterns, and market forecasts. It also takes account the rise of services and intangibles, the fragmentation and new combinations of markets beyond the old industrial classifications, the increasing power of customers, and the new tools and techniques of interactive marketing (Doyle).
Like 21st century markets, marketing has become more global and complex over the years. Marketing academicians and business experts believe that market growth in upcoming decades will occur in many merging markets due to people who are in good financial standing trying to better their lives. Companies are dependent more and more on the talents and energy of marketing officials to come up with effective marketing strategies (Rosa 2). Many companies confuse marketing and selling.
Selling should be seen as a subset of marketing or they should be seen as separate management disciplines (Marketing). Some companies separate marketing and communications professionals from each other; other companies integrate all sales, communication, and direct and indirect marketing together under one management system (Marketing). If you are thinking of studying marketing, first you need to figure out if it is right for you and your future. Marketing professionals come from many different backgrounds; however, there are some personality traits that they have in common.
Some qualities that marketers have in common are being creative, self-motivating, able to work well in groups, have good planning skills, detail oriented, know how to be a leader, be open to last minute changes, be optimistic, understand your consumers, etc. (Grew 6). Marketing professionals need to have a combination of good traits and skills. There are a few eons to pursuing careers in marketing. Marketers are required to work long hours and sometimes nights and weekends. You have to be able to work under pressure and meet deadlines. Travel is also common in some marketing Job positions.
Marketing is very important for business firms and performed by governments, educational, religious, social service, and nonprofit organizations (Marketing). Marketing requires product, price, place, and promotion decisions, also known as the four As. Product is creating value, promotion is communicating value, place is delivering value, and price is capturing value (Grew 7). With product, you have to figure out what the customer might want from a product or service. Price does not always have to be monetary; it is everything a buyer gives up such as money, time, or a product to the right customer when the customer wants it.
Promotion is communication by a marketer that informs, persuades, and reminds potential buyers or consumers about a product or service to influence their opinion and evoke a response (Grew 7). There are also four Co’s in marketing that are sometimes used instead of the four As. The four Co’s include customer needs and wants, cost, convenience, and communication. What makes marketing such a great major is the fact that it covers so much material. You have the opportunity to gain a lot of knowledge and experience that could help you with any business Job. People in the marketing field study many other important subjects.
This makes it possible for marketing professionals to work across all areas of business. You will study the distribution of goods and services, consumer behavior, pricing policies, channels of retail and wholesale distribution, advertising, sales, research, and management. Other subjects you might study in the marketing field include management, operations, statistics, finance, etc. Business management deals with coordinating the efforts of people to accomplish desired goals and objectives by using available resources efficiently and effectively (Marketing).
Business operations is the harvesting of value from assets owned by a business, the assets could be either physical or intangible. Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement, and marketing research. Finance is the management of all large amounts of money (Marketing). Marketing majors also benefit from courses in economics, communications, modern languages, and information technology.
There is also so much more knowledge to gain from business marketing. People who are pursuing degrees in business marketing learn an array of helpful skills. Some of the skills you will learn include identifying trends, researching customer needs, learning customer behavior, communicating with consumers, and developing outreach strategies. All of those skills will help you gain the ability to sale products, which is the main goal in racketing. Communication, logic, and creativity are a few skills you will acquire that help develop strategic thinking.
A few analytical skills you gain from marketing are market research, understanding business-to-business marketing, and global marketing strategies. Careers in marketing can take you in many different directions. Since there is a significant amount of Job opportunities for people with good business education, the demand for employees with marketing or business degrees will always be high. Majoring in marketing is a good choice because it is nice to have options. The reason why there are so many opened doors for people in the marketing profession is that marketing communication can be done in several different ways.
People with training to manage, organize, and plan are a great asset to many companies and employers. Individuals studying marketing will learn so many important skills and acquire tons of experience, especially if they participate in internships; they can hope for a promising career in a variety of different Job fields. Education is the key for anyone who wishes to pursue a career in marketing. The agree most marketing majors pursue is a degree in business administration with a concentration in marketing. An associates degree can help towards pursuing a distribution, advertising, buying, and promotions (Doyle).
Double majoring is a good choice for marketing majors who can handle it, the more skills and knowledge you acquire the more appealing you will be to employers. Advertising, retail, and public relations are other concentrations offered in business administration programs. While some people choose to further their education and pursue their MBA degree, a echelon’s degree is all that you need for most marketing related Jobs. The educational requirements for a degree in marketing vary from school to school. Most schools follow similar curriculums for bachelor degrees in business marketing.
The curriculum includes credits in arts and sciences courses as well as credits in marketing core courses. Accounting, statistics, and economics are a few of the courses included in the marketing core curriculum. Marketing is a good choice for an educational path for those who wish to pursue an entrepreneurial type of career; it is also a good choice those who wish to get into general management (Rosa 3). While studying marketing you will learn many important skills you will need to know to own your own business. Education is a very important factor for anyone who wants to pursue any type of business career, marketing especially.
Some people decide to further their education and pursue a graduate degree in marketing; it is not a decision to be taken lightly. Earning a graduate degree in marketing is the highest level of education you can attain. The two types of graduate degrees that marketing offers are a master’s and a doctorate’s degree. It usually takes two to three years to earn a master’s degree; in order to pursue a master’s degree you must first acquire your bachelor’s. A PhD or a doctorate’s degree are the highest degrees any student can earn; it is also the most difficult.
A doctorate’s degree in marketing requires long hours and about thirteen semesters of course work. You might also be required to teach marketing classes. The Bureau of Labor Statistics found that people who have a master’s degree earn twenty-one percent more money than people with bachelor’s degrees do. In addition, there is a lower unemployment rate for people who have aster’s degrees compared to those who have bachelor’s degrees Since there are many careers to choose from when you earn a degree in marketing, salaries vary. Most marketing professionals start in sales and move their way up.
Some of the most prominent careers marketing graduates pursue include brand management, sales, market research, pharmaceutical marketing, retail marketing, advertising, and many more. People with careers in brand management make a median income of $150,000 a year. Sales managers make a median income of $60,000 per year. Market researchers make a median income of $44,500 a year. Salaries for retail marketing, pharmaceutical marketing, and advertising differs greatly. Salaries for marketing related careers varies from Job to Job but most are at or above average median income for individuals in the United States.
Today, social media marketing is becoming more popular. Social media marketing is the process of gaining website traffic or attention through social media sites. Anyone with internet access has access to social media websites. The internet gives you the ability to interact with millions of people. Social media marketing is becoming more effective than rotational marketing tactics. This process usually centers on creating content that gets so much attention that people share it on their social media sites. Corporate when it comes from a trusted third party source rather than a business or company itself.
Social media is a relatively inexpensive platform for organizations to promote marketing campaigns. Participating in marketing internships can help you gain a lot of knowledge and industry experience; many college advisors recommend it. The goal of an internship in marketing is to apply knowledge acquired in the classroom to real-world situations. Internships are professional experiences that students participate in to gain professional skills and experiences. Internships are designed to combine in-class theory with real-world situations.
Industry experience can help you better prepare for when you start your professional career. The experience and connections you gain are a couple of the many reasons you should take on an internship. Marketing interns may work with product and brand management and/ or internal and external communications. Specific responsibilities for a marketing intern might include preparing brochures and materials, assisting in building a rejects database, performing sponsor recruitment, working in development and implementation, coordinating special events, etc.
Marketing is something that is very familiar to everyone whether he or she realizes it or not. We all use it in our everyday lives. The professional side of marketing is all about satisfying customer needs and wants and it helps create value (Grew 4). Since every market is changing constantly, a strategy that is effective today may not be effective in the future. If you have the self-motivation and dedication to pursue a degree, and possibly a career in racketing you should.