Marketing

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This page contains all notes on marketing over and above what we put in our career profile. Read the profile first, here.

Profile type

Exploratory

What is this career path?

2 minute video which explains what marketing is.

"A single purpose underlies the diversity of opportunity in various marketing roles: to create something customers will want and to help them understand why it meets their needs (or wants)."WetFeet

"Marketing is communicating the value of a product, service or brand to customers, for the purpose of promoting or selling that product, service, or brand." Wikipedia

"The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing: (1) identification, selection and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy." BusinessDictionary.com

"Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably." The Chartered Institute of Marketing

"Marketing is implemented through a marketing strategy, which starts with the setting of objectives that will support the overall aims of the business. Next, a company needs to decide on a strategy that will allow these objectives to be achieved. The strategy may involve research into product or service development, how the product or service will reach the market (channels) and how the customers will find out about it (communication). It will also attempt to define a unique positioning for the product or business to differentiate it from its competitors."[1]

What does the work involve?

"Broadly speaking, marketing is the strategic function between product development and sales. The four components of marketing are product, price, promotion and place. Marketing takes a product with specific features and benefits, creates pricing and promotional strategies, and oversees the methods that will be used to bring it to market (that's the "place" part). Based on whether the product is high-end or low-end, based on its manufacturing specs and its price, the marketing team creates a selling approach that includes strategies for advertising, public relations, and other types of promotion, and the head of this team also coordinates with the sales team to determine how they will make the product or service available to customers. Depending on the structure of the company, this position may be called a marketing manager or marketing director. Other times, these responsibilities fall under the brand manager's domain."[2]

"The uninitiated may mistakenly equate marketing with peddling household products, but marketers know that their roles are far more complex and engaging than that. They help their organizations anticipate the public's needs and position them to satisfy those needs. In this way, marketing is the necessary link between an organization and its target audience, which is now more broadly defined to include customers, clients, investors, and partners." [3]

What are the major stages of this career?

What are the major sub-options within this path?

What is it like day-to-day?

A Day in the Life: Director of Marketing at HumanaVitality, LLC

What are the daily activities of a marketing employee? - Quora

What are the people like?

Personal fit

Entry requirements.

"Jobs are open to graduates of any degree, though a qualification in marketing or communications may give you an advantage."[4]

What does it take to progress?

Who should especially consider this option?

Barriers

Career capital

Common exits

Culture

Exploration value

Role impact

Direct impact potential

"There is an extensive theoretical literature arguing that the welfare effects of adver- tising can be positive or negative, depending on whether the advertising is informative or persuasive in nature (Bagwell, 2007). The former theories imply that advertising will tend to be under-supplied in most cases (Becker and Murphy, 1993), while the latter theories suggest it will be over-supplied (Dixit and Norman, 1978). But while there have been empirical efforts to quantify the welfare effects of advertising in particular markets, such as pharmaceuticals (Rizzo, 1999) and subprime mortgages (Gurun et al., 2013), we are not aware of any work at- tempting a comprehensive, industry-wide estimate of spill-overs, and therefore as with Doctor we assessed the externality share to be 0." [Lockwood, Benjamin, Charles Nathanson, and E. Glen Weyl. "Taxation and the Allocation of Talent." Available at SSRN 1324424 (2014).]

It is possible that marketing, by making people think that products are better, could actually make them enjoy the products more (e.g. Coke would actually taste better because you have been told how good it tastes).

Earnings potential

"Salaries for graduate entry range from £18,000 (charities/education) to £27,000 (FMCG/financial services) (source: Marketing Week, January 2013)."[5]

Advocacy potential

Job satisfaction

Outlook

Tyler Cowen on EconTalk: "Russ: One area you do see a lot of potential for is coaching and marketing. Explain first what you mean by marketing. You don't mean what I think what everybody else might mean by it. So, talk about what you mean by marketing and coaching and why they are both likely to be very useful. Guest: Coaching and marketing, they are both forms of motivation, and one thing I think computers are not good at is motivating us. So you can write a program to send yourself text messages and that does a bit, but what really motivates us is what inspires us, human role models, examples, stories, narratives--things that are quite powerful emotionally. Teachers we met when we were young. And I think those will be big growth sectors. And in terms of marketing, imagine, say, that 20% of America is millionaires or even richer. There will just be that much more competition for their attention, because attention is still scarce. But they'll have a lot more money. So in competing for their attention, basically in different ways we'll all be doing more marketing. And I see marketing as really the single biggest growth sector of the future, viewed in these somewhat unusual terms. Russ: Of course, we're all marketing these days in all kinds of unusual ways already. Because attention is scarce. Guest: That's right. And that will become more scarce, because the number of hours in a day will not really go up. Russ: And the two eyes problem--you only have two. Awkward. You can't see behind you. Guest: You'll get that extra hour in your driverless car. So in that sense we'll augment the supply of attention somewhat. But I think the supply of goods and services will outrace that effect." [6]

Alternatives

Past experience

Take action

Learn more

Next steps

"The best way to get into marketing, regardless of what you've studied, is by taking an internship. Many high-tech and Internet companies offer marketing internships. Unless you're enrolled in an MBA program, internships are harder to come by at consumer products companies. The large consumer-products companies recruit at select schools, and the best way to get hired by one of them is through on-campus recruiting. For marketing positions in other industries, your best bet may be to network or to contact firms directly."[7]

Best resources

Remaining issues

Research process

Old profile

Sources

Wetfeet Insider Guide: Careers in Marketing (2011)

Wetfeet Career Overview: Marketing

A Day in the Life: Director of Marketing at HumanaVitality, LLC

Lockwood, Benjamin, Charles Nathanson, and E. Glen Weyl. "Taxation and the Allocation of Talent." Available at SSRN 1324424 (2014).

Tyler Cowen on Inequality, the Future, and Average is Over

Marketing Executive - Prospects

MARKETING & SALES - Oxford University Careers Service

Entry-level routes into marketing - Target Jobs

How do I get a graduate job in marketing? - Target Jobs

Behind the job title: What it takes to be a marketing consultant - The Guardian

Marketing Salaries 2013 Survey Executive Summary

What's the difference between marketing, advertising and PR? - Target Jobs

Overview of the marketing, advertising and PR sector in the UK - Prospects

What is marketing? - Chartered Institute of Marketing

I Want to Work in ..... Marketing and Market Research - University of Kent Careers Service