Marketing is an exciting and sometimes lucrative industry that is changing rapidly as the pace of innovation in computer technology and the mobile internet ramps up. There are many different routes towards a career in marketing. A Master of Business Administration in marketing is a fantastic tool for obtaining a high paying, rewarding career after putting in a lot of work. MBAs are fairly common in the world of marketing, so don’t expect this to be your ticket to the top upon graduating. People who excel in marketing usually start at the bottom of the ladder at a successful firm, and work their way up to a leadership role. Networking with others in the industry, outgoingness, and tenacity are crucial to rising in the ranks of the marketing elite.
Many who pursue an MBA in marketing have backgrounds in business, marketing or advertising. An MBA is a way to increase your earning potential and improve your leadership skills so you can take on more advanced or complicated projects in the advertising world. A MBA in marketing usually involves several large projects on existing companies or products. Depending on how advanced the program is at your school, you may work with those companies or work with real prototype products to show off your marketing skills. It is fast-paced and involves a lot of teamwork. It is essential that you’re able to work with people and adapt to change when working in marketing. It is an industry that is constantly changing. You must also be comfortable working with clients, taking criticism and going back to the drawing board should an idea be shot down. The marketing industry is wearing on some, but for others it is a high pressure environment that causes them to thrive. It all depends on what you’re looking for in a career.
The Hours Marketers Work
The intensity of the work at an advertising firm depends largely on the size and corporate culture of the firm. Some companies are adamant about squeezing every moment of productivity from their employees, where others are more lenient. Sometimes working for a small company can require long hours for projects that have tight deadlines, while working as part of a larger team for a major corporation can require standard office hours. You should expect to work nights and weekends from time to time with a career in marketing or advertising.
A MBA in marketing now focuses a large part of studies on web media marketing and branding. This is a large portion of marketing budgets for major players in various areas from food to fashion. We are still learning a lot about online marketing and what drives people to buy. Online marketing is different from conventional marketing because it tailors to a niche audience, allowing marketers and advertises to zero in on their target consumer. A background in the web and social media are appreciated in the modern world of marketing, as technology has proven to vastly change the landscape of this industry.
Career Paths to Follow with an MBA in Marketing
A MBA in marketing sets you up for many different types of careers. Marketing skills can be applied to any sort of business, so whether you’re interested in retail, restaurants, or internet entrepreneurship, the skills you pick up with your MBA will be applicable. While marketing involves coordinating with producers of various kinds of media, the real crux of successful marketing is an understanding of the customer. Knowing people’s behavior, and why they buy what they do, is the only way to appeal to their needs and successfully market a product or service. You are not working in public relations to get the name out there, but rather building the image of the product, brand or person and overseeing how it’s presented to the public. Employment in the fields of advertising and marketing is slated to grow by around 13% between 2008 and 2018.
Project managers allocate tasks and monitor the overall progress of projects within a company. People in this role may be full time employees or contractors brought in to make a specific change within an organization. This is a demanding position that can last anywhere from several months to a couple of years depending on the size of the project and the budget the company is working with. Project managers almost always have an MBA in marketing or advertising. This is a very competitive position that is usually obtained with a combination of seniority and experience. While these positions are not rare, it is difficult to get a high paying job as a project manager. Project managers usually specialize in marketing one particular type of product and develop expertise in certain types of marketing through years of experience.
Advertising agencies often work with several different clients at once, and may even outsource some of their marketing needs to a third party. Marketing managers have the job of maintaining a consistent marketing plan and message for a given division or product, even when multiple companies or agencies are involved. This involves working with a team of people, pleasing the client and coming up with new, innovative ideas to keep the client coming back for more business. Working for an agency, you are expected to be on call for the client at any given time, especially if you are in charge of the project. Companies who are pleased with the end result often go on to create long lasting relationships with the agency. Many agencies have marketers in tiers, with the best and brightest handling the largest accounts thus earning the most pay. Marketing managers earn high wages even by the high standards of the advertising industry.
Topics Covered in Marketing Programs
From technological innovations to classic supply and demand principles, there are many staples of marketing knowledge that should be covered by any good institution of higher learning. Some standard information that marketing programs cover includes:
- Public Relations Strategy: Companies that sell goods or provide services have to communicate that they are in tune with the values of their customers. Public relations workers manage a company’s public image, and attempt to influence the public’s perception of the company positively.
- Market Research: Identifying gaps in a market where customer need is not being fulfilled is an entire industry. Market researchers conduct focus groups, surveys, and use other polling tactics to generate ideas for new products and services that may be in demand. Learning to analyze the market for new directions a company can move in to make profit is a useful skill for any aspiring marketer or entrepreneur.
- Organizational Leadership: Most marketing efforts involve large teams of designers, artists, and increasingly programmers and web designers. Someone has to manage and coordinate all the gears in the marketing machine to successfully sell the image of the product or service in question. Coordination and group strategy are parts of any good marketing degree.
Finding a Great Marketing School
Two decades ago, an MBA was the golden key to a great career and a lot of upward mobility in the world of business and marketing. Now, companies are looking for innovative thinkers with experience in multiple fields and proven ability to successfully run a business or market a product. Getting an MBA is still a good idea for someone who wants to grow in a corporate setting, but it isn’t enough on its own. You have to get an MBA from a respected, accredited program, and you have to get work experience and prove your ability to be a leader if you want to rise to the top. The list below includes only accredited, top online colleges offering MBAs in marketing and other aspects of business, and you can get directly in touch with those schools to learn more about their program offerings and the time it takes to complete them.