What is Marketing Management?
Marketing Management is a business studies related to the management of marketing techniques and strategies of an organization. It involves exploring the ideas behind why people like a particular product and thereafter planning the marketing strategy accordingly to maximize profit.
Any TV commercials, social media memes, print ads, etc. are the results of long contemplated marketing strategies.
Prospects of Marketing Management
Deloitte’s research data has shown that the advertising industry is in a boom and will create many jobs in the future. This can underpin the fact that Marketing Management is growing inevitable as any product is introduced in the market to be seen by people in order to maximize the profit.
On another note, there will be always innovation and new products are going to make their way to the market, but not without marketing.
• For those who like challenges
Thus Marketing Management is a field where there is always a scope for innovation and competition as too many products will vie each other in the market. Hence, Marketing Management is for those who expect and accept challenging ideas.
To start as a Marketing Executive, a compensation between Rs. 2 and 3 lakhs per annum is what nominal in the market. Compensation of Assistant Marketing Manager may go upto Rs. 4.5 lakhs per annum and that of a Marketing Manager may float around Rs. 6 lakhs per annum.
How to become a Marketing professional?
There are several courses to begin and establish your career in Marketing. Both graduate and post graduate courses are available; graduate courses can be taken right after the higher secondary school course.
As mentioned above, if you are on the look out for a challenging and innovative career in Marketing Management then an MBA in Marketing Management from a reputed institute would definitely get you there.
Read through to know more about the institutes and examinations.
Marketing related courses
• Diploma and executive diploma courses
• Certificate courses
• Bachelors courses including Bachelor of Business Administration.
• Master of Business Administration (Marketing) and Executive MBA (Marketing)
• Post Graduate certificate courses
Marketing Manager Profile
A marketing manager is a person who makes sure that the customers like the product by constantly communicating with them or at least when required. The following are some more of the profile’s responsibilities.
• Identifying markets: One of the earliest responsibilities of a Marketing Manger is to identify potential market related to the product. It is also needed to identify the target market.
• Competitor analysis: The marketing manager needs to have a good eye on the competitors, their products and performance. A comparative study and analysis of the various competitors’ strategy with their own strategy is also the responsibility of the marketing manager.
• Customer relationship: A marketing manager helps taking the product much closer to the customer as possible. The profile also includes the responsibility of studying what the customer feels about the product and how much they like the product and why.
• Pricing strategy: Determining product price could be another responsibility. An understanding of competitors’ price, their product quality and its influence on customers’ buying decision will help the marketing manager fix the price of the product. How sensitive are customers to pricing changes will also help improve the profit ultimately.
Other functions include conducting surveys to understand customers, co-ordination with other departments like sales, leading a team to achieve goals etc.
What do marketing professionals learn?
• Marketing strategies
• Segmentation, Targeting and Positioning
• Marketing Mix
• Customer Relationship Management
• Brand equity
• Pricing Network and channels
• Quantitative research methods
• Qualitative research methods
Institutes & Examinations
• IIMs are the most preferred place for any MBA aspirant and through a good CAT score and soft skills, admission to MBA can be secured. IIMs also accept GMAT scores.
• To pursue MBA in Marketing Mangement in foreign universities, candidate should have both GMAT and TOEFL/IELTS score where the latter is a test of English proficiency. Funding could be a constraint that can be handled with educational loans.
• There are many other premiere institutes that accept either CAT scores or their own examination scores to admit students.
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