Marketing Management: Definition and Career Outlook
From small companies to worldwide corporations, marketing is a vital element that all businesses need to be successful.
According to the American Marketing Association, marketing involves the processes for creating, communicating, delivering and exchanging offerings that have value for customers. Without it, businesses cannot effectively build lasting client relationships, establish a positive reputation or achieve a steady flow of inventory and profits.
While the field of business coincides with marketing, so do the educational routes for professionals in both industries. Earning a bachelor’s degree in business management at the University of Findlay is sure to present the opportunities you’re looking for when pursuing a leadership career in business, and it may also be the right degree choice for those pursuing a marketing management career. In addition to extensive business knowledge and management skills, business management students at Findlay also study the fundamentals of marketing and are given opportunities to gain hands-on experience in the field.
Defining Marketing Management
Combining creative processes with communication and presentation, marketing management professionals organize the development of strategies that businesses can use to sell products and services. Because these strategies are created to maximize audience engagement, client retention and overall profits, it’s vital that marketing research is carefully conducted to reach the business’s full potential. However, as there are several effective methods of conducting marketing research, it’s crucial that marketing managers understand the results each will yield.
Qualitative Market Research
Qualitative market research is gathered to compile extensive information regarding the perceptions and behaviors of a specific group of people. This type of market research ultimately allows businesses to adjust products and services to better fit the needs of consumers. Better products and services contribute to increased sales and higher profits while providing the company with the opportunity to enhance its reputation.
Marketing professionals often approach this type of research by conducting trials of certain products and services. Typically done within a small group of people, these trials require participants to use a specific product for a set amount of time. Marketers will then record the results each participant experienced after using the product in order to determine its quality and if the business can successfully offer the product in larger markets.
Quantitative Market Research
Conducted to provide businesses with insights on consumer opinions, quantitative market research relies on survey analysis. By utilizing customer surveys and interviews, businesses can discover ways to improve current products and services and to attract potential customers in the future.
When choosing this method of research, marketing professionals may contact consumers within a specific demographic by phone or mail to ask to answer a series of opinion-focused questions. Ranging from the appeal of a product’s appearance to its price, these questions are designed to gain specific information about the way consumers perceive products. The company then examines information provided by the consumers to determine if certain products and services should be changed or eliminated.
Experimental techniques in marketing research come in handy when testing the success of new products and services. Similar to qualitative market research, experimental techniques often involve offering a product to a small community for a limited amount of time before making it available to a larger market. This low-risk method allows businesses to produce a product in small amounts and observe its popularity among consumers before investing in its mass production for larger markets. As a result of this research, companies can confidently set long-term business plans into motion.
Experimental research techniques are often used by entrepreneurs in the food service industry. Many new restaurant owners may open a first location in a small area to determine if opening a second location in a larger city would be profitable. The restaurant owner may also conduct experimental research to determine which menu items are most popular. By adding additional items to the menu for limited amounts of time, the owner can better understand which items are in high demand and which are contributing to excess supply waste.
Observational research is based on consumers’ engagement with a business’ products or services. By observing consumers’ interactions with a product, marketing professionals can pinpoint which aspects of the product may need to be eliminated or altered to achieve higher profits.
When using this research technique, many marketers turn to social media. By starting a social media thread about a specific product, researchers can gather information based on what consumers post about it. In other cases, marketers may approach this research method with a staged event. Often taking place at product expositions or fairs, businesses can place their products in the hands of consumers and directly observe their reactions.
Marketing Management Careers
Earning a business management degree from the University of Findlay can earn you endless career possibilities. The following are a few marketing management careers for which your business management degree could help you qualify:
- Marketing Research Analyst
The professional in this role is responsible for determining the most effective methods of marketing research and analyzing collected data. In addition, this career also requires a thorough understanding of business strategies to properly determine a business’s best method of action when it comes to creating new products and services, as well as altering existing inventory.
Median Annual Salary: $50,274
- Advertising Sales Agent
Striving to generate profits through advertising sales, this marketing professional is responsible for matching a variety of companies with the appropriate method of advertisement. Often handling print, digital, outbound and inbound methods of marketing, advertising sales agents must conduct research to determine which type of advertising a company should choose to most effectively reach its targeted demographic.
Median Annual Salary: $37,500
- Marketing/Advertorial Manager
Starting with market research and ending with profit reports, marketing managers are responsible for supervising every aspect of a marketing campaign. Depending on the size of the business, this marketing professional may be placed in charge of the campaign for a single product, or he or she may be responsible for overseeing all campaigns organized by an entire department.
Median Annual Salary: $62,650
Gain the Right Skills at the University of Findlay
Whether you’re pursuing a career in business or are interested in advanced marketing opportunities, Findlay’s fully online business management degree program can offer you the flexibility you need to achieve success. Make strides to enhance your career as you access your coursework online on your own time.
Contact an enrollment counselor to learn more today.