As consumers have gained more control in the marketplace, Marketing and Market Research has become central to critical business decisions. Many CEO's are now demanding their organizations understand and leverage consumer knowledge for competitive advantage. As a result, demand for marketing researchers has grown and the profession has gained national recognition. In 2006, Money Magazine rated marketing research analyst as the #6 best jobs in America, based not only on its growth and salary potential, but also flexibility, stress levels and ease of entry/advancement.
What is Marketing and Market Research?
Most people think that marketing is only about the advertising and/or selling of goods and services. Advertising and selling, however, are just two of the many marketing activities. In general, marketing activities are all those associated with identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competition.
The first step in successful marketing is conducting market research. By gathering statistical data on competitors and examining prices, sales, and methods of marketing and distribution, market researchers analyze data on past sales to predict future sales. Market research analysts devise methods and procedures for obtaining the data they need. Often, they design telephone, mail, or Internet surveys to assess consumer preferences. They conduct some surveys as personal interviews, going door-to-door, leading focus group discussions, or setting up booths in public places such as shopping malls. Trained interviewers usually conduct the surveys under the market research analyst's direction.
After compiling and evaluating the data, market research analysts make recommendations to their client or employer on the basis of their findings. They provide a company's management with information needed to make decisions on the promotion, distribution, design, and pricing of products or services. The information also may be used to determine the advisability of adding new lines of merchandise, opening new branches, or otherwise diversifying the company's operations. Market research analysts also might develop advertising brochures and commercials, sales plans, and product promotions such as rebates and giveaways.
Marketing Management and the MBA
Marketing is a growing business that is constantly evolving, and the competition for marketing posts has become quite fierce in recent years. Since many companies are now seeking Chief Marketing Officers, you need to know more about marketing than just the basics of the "four P's" (in standard marketing lore, the four "P's" are Product, Pricing, Promotion, and Placement).
In order to have the edge in the marketing workplace, you need additional credentials, and that is why you need the Marketing MBA.
If you already work in a Marketing environment, you may be looking for a way to move into management. A Marketing MBA is the perfect way to speed up that corporate ladder, and with a Marketing MBA you can look forward to a long and successful career. Because of the cutting edge nature of this area of business, you need to be able to rise to the challenge of a senior or managerial role within marketing, and the Marketing MBA will equip you with the skills, qualities, a confidence to rise to this challenge.
The first year of the MBA course normally covers core MBA areas such as economy, strategy, and leadership skills. Then you begin the in-depth study of your specific field. Some of the areas you may cover as part of the Marketing MBA include development of consumer audiences, consumer behavior, market research, the analysis of demand, strategic planning, marketing campaigns, consumer relations, advertising, studying the market, cost volume and profits, and a range of other areas involved in marketing.
Marketing MBA Job Outlook
There has never been a better time to get your MBA. According to a recent article featured on CNN.com, "MBA graduates can look forward to rosier job prospects and higher starting salaries…as an improving global economy lifts the spirits of employers."
The beauty of a marketing MBA is that it can be used across the whole spectrum of industry sectors. Commercial, not for profit, educational and governmental institutions would all find this qualification of value. Even if an organization is not profit making, an employee well versed in economic and efficient business practices would be of benefit.
A marketing MBA may allow you to prove your business credentials without having to go through the process of working in junior level positions. Since this qualification can be used in any area related to business, you become highly, pardon the pun, marketable.
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