First, as we mentioned, it facilitates trade. Or, some critics argue, prices could be lowered. Marketing explores human interaction as an important function of a business. So when we say that marketing delivers value, marketing delivers value to both the customer and the company. Who will they call? Principles of Marketing by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Marketing examines relationships from both the standpoint of the business and the customer. And that means companies must be closely attuned to their customer base if they want their brand to grow. At the beginning of each chapter in this book, we profile a person in the marketing profession and let that person describe for you what he or she does. As you will learn, theres a great variety of jobs available in the marketing profession. Why should you study Marketing: Why Should You Earn a Marketing Degree? Marketing allows the opportunity to examine that process alongside the intricacies of design, promotion, and branding. Marketing teaches that customer/employee/stakeholder/patient insight is a large factor in determining success. Marketing Careers Growing 2.2 Components of the Strategic Planning Process, 2.3 Developing Organizational Objectives and Formulating Strategies, 2.4 Where Strategic Planning Occurs within Firms, 2.5 Strategic Portfolio Planning Approaches, Chapter 3: Consumer Behavior: How People Make Buying Decisions, 3.1 Factors That Influence Consumers Buying Behavior, 3.2 Low-Involvement Versus High-Involvement Buying Decisions and the Consumers Decision-Making Process, 4.1 The Characteristics of Business-to-Business (B2B) Markets, 4.4 Stages in the B2B Buying Process and B2B Buying Situations, 4.5 International B2B Markets and E-commerce, Chapter 5: Market Segmenting, Targeting, and Positioning, 5.1 Targeted Marketing versus Mass Marketing, 5.3 Selecting Target Markets and Target-Market Strategies, 5.4 Positioning and Repositioning Offerings, 6.3 Types of Business-to-Business (B2B) Offerings, Chapter 7: Developing and Managing Offerings, 7.2 Managing New Products: The Product Life Cycle, Chapter 8: Using Marketing Channels to Create Value for Customers, 8.1 Marketing Channels and Channel Partners, 8.3 Functions Performed by Channel Partners, Chapter 9: Using Supply Chains to Create Value for Customers, 9.2 Demand Planning and Inventory Control, 9.4 Track and Trace Systems and Reverse Logistics, Chapter 10: Gathering and Using Information: Marketing Research and Market Intelligence, 10.2 Steps in the Marketing Research Process, Chapter 11: Integrated Marketing Communications and the Changing Media Landscape, 11.1 Integrated Marketing Communications (IMC), 11.3 Factors Influencing the Promotion Mix, Communication Process, and Message Problems, Chapter 12: Public Relations, Social Media, and Sponsorships, 12.1 Public Relations Activities and Tools, 13.1 The Role Professional Salespeople Play, 13.2 Customer Relationships and Selling Strategies, 13.4 Ethics in Sales and Sales Management, Chapter 14: Customer Satisfaction, Loyalty, and Empowerment, 14.4 Ethics, Laws, and Customer Empowerment, Chapter 15: Price, the Only Revenue Generator, 15.1 The Pricing Framework and a Firms Pricing Objectives, 15.2 Factors That Affect Pricing Decisions, 16.4 Ongoing Marketing Planning and Evaluation. Franklin D. Roosevelt, the U.S. president with perhaps the greatest influence on our economic system, once said, If I were starting life over again, I am inclined to think that I would go into the advertising business in preference to almost any other. At the bottling and retailing level, the expenses involved in marketing a drink to consumers like you and me make up the largest cost of the product. So, why study, Want to explore other majors and options? When in Marketing do like the Marketers do., Career Goals: Setting Career Goals and Career Objectives, Career Goals: Examples of Career Goals and Objectives, Fun Jobs That Pay Well: List of Cool Jobs That Pay Well, Job vs. Career: The Difference between a Job and a Career, Career Choice Quotes and Career Goals Quotes, Goal Setting: The Importance of Setting Goals for Career Advancement, The Effects of Unemployment on Society and the Economy. As a graduate, you will possess strong computer skills; have an understanding of traditional marketing, online marketing, and posses the skills to work in a global market. Read also:Why Choose Marketing as a Career? Some people argue that society does not benefit from marketing when it represents such a huge chunk of a products final price. Lets learn the strengths of the marketing career. At the broader level, this process creates jobs and improves the quality of life in a society. A growing number of CEOs are people with marketing backgrounds. If you think this may be a career opportunity for you, speak to a career counselor about your many options. https://www.internationalstudent.com/study-marketing/is-marketing-right-for-you Why does marketing cost so much? http://www.famousquotesandauthors.com/authors/franklin_d__roosevelt_quotes.html, Next: 1.4 Themes and Organization of This Book, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Some legendary CEOs like Ross Perot and Mary Kay Ash got their start in marketing. In addition those who possess strong leadership skills, and who are willing to work long hours under stressful conditions will have the opportunity to advance into upper management and executive positions. There is more to marketing, however, than simply understanding its role in the business. Marketing is the interface between producers and consumers. Is marketing worth it. Yet that cost is precisely why some criticize marketing. A degree in marketing prepares students for more than just a career in business. As you have learned, or will learn, in economics, being able to trade makes peoples lives better. Perceptions of truth largely dictate the decision-making process for many consumers. For example the food and drink industry. Marketing is more than a concentration within a business major. Consumers make purchases based on how products and services are packaged. On a broader scale, marketing skills transcend the business world and are used in many careers. In addition, because marketing can be such an expensive part of a business and is so critical to its success, companies actively seek good marketing people. More accurately, it describes a collection of skills that are useful in any career. In this way, marketing helps facilitate exchanges between buyers and sellers for the mutual benefit of both parties. The ability to influence decision and buying habits is a useful skill, even outside of a conventional marketing role. Another criticism is that marketing creates wants among consumers for products and services that arent really needed. We already mentioned that one reason to study marketing is because it is costly, and business leaders need to understand the cost/benefit ratio of marketing in order to make wise investments. Entry-level positions for new college graduates are available in many of the positions previously mentioned. In other words, it is the one function in the organization in which the entire business comes together. Marketing can be costly, so firms need to hire good people to manage their marketing activities. Products dont, contrary to popular belief, sell themselves. Good marketing educates customers so that they can find the products they want, make better choices about those products, and extract the most value from them. Founded in 1857, William Peace University is a nationally ranked, award-winning educational institution. Online Marketing Degree Program. A student can choose to do an internship, which is a academically graded providing you the opportunity to put what youve learned in the classroom to practice in the real world. Check out our, Community Service and Leadership Scholarships, William Peace Pathways Scholarship for WTCC Transfers, William Peace University Summer Courses 2020, Sexual Assault Prevention Training for Students, Not Just a Number: Exercise and Sport Science Major Bill Ryan on Why WPU, Not Just a Number: Biology Major Isaiah Davis on Why WPU, Not Just a Number: Business Analytics Major Cagney OBrien on Why WPU. Even outside of a traditional marketing role, people benefit from knowing the fundamental values that connect people, brands, and businesses. That insatiable drive for mindfulness can prove useful in any career, most especially where close relationships determine success. They drive brand equity through their various perceptions and journeys. Marketing has tremendous impact on society. Not only does marketing deliver value to customers, but also that value translates into the value of the firm as it develops a reliable customer base and increases its sales and profitability. By facilitating transactions, marketing delivers value to both consumers and firms. If that money could be put into research and development of new products, perhaps the consumers would be better satisfied. Marketing is the interface between producers and consumers. Even outside of a traditional marketing role, people benefit from knowing the fundamental values that connect people, brands, and businesses. This generates wealth for people, who are then able to make purchases, which, in turn, creates more jobs. Company A has developed a new widget that they want the world to purchase. Even with the most robust business plans, its the customers who make the rules. Marketing executives, though, are always on the lookout for less expensive ways to have the same performance, and do not intentionally waste money on marketing. Located in the heart of Raleigh, North Carolina, Peace is proud to call one of the best cities in America its home. There are a number of interesting careers in the marketing field including, but not limited to: Marketing graduates develop terrific communication, social, analytical, and interpersonal skills all of which are key to careers in this area. Similarly, the ability to understand the wants and needs of different groups of people is useful in any job. In some cases, that argument is justified. Check out our undergraduate and adult degree programs today! This exposure can then be used in any job that relies on customer feedback, data, or metrics to inform success. In the United States, marketing is the single largest employment category and it is anticipated growth will accelerate, growing faster than any other occupation. Of course, all business students should understand all functional areas of the firm, including marketing. For example, fashion marketing creates demand for high-dollar jeans when much less expensive jeans can fulfill the same basic function. First, it facilitates trade. In addition, because better marketing means more successful companies, jobs are created. There are a number of careers one can choose from, and marketing is one of those careers. Being responsible for both making money for your company and delivering satisfaction to your customers makes marketing a great career. On a broader scale, marketing skills transcend the business world and are used in many careers. Marketing is not without its critics. This website provide initial information about marketing degrees, Refer to: Marketing benefits society in general by improving peoples lives in two ways. Even outside of a traditional marketing role, people benefit from knowing the fundamental values that connect people, brands, and businesses. Even if it is just a course or two, foundational knowledge in marketing makes savvier professionals no matter what the industry. Not only do marketers present impeccable skills in data interpretation, but they also offer the higher-level thinking that turns analytics into strategy. Want to explore other majors and options? Not only are marketers tasked with understanding customer experiences, but they are also expected to know how to communicate with diverse audiences with varying levels of cooperation. On a broader scale, marketing skills transcend the business world and are used in many careers. This is untrue. No matter what the field or industry, the ability to read and understand data is integral to making strategic decisions. This dual perspective is the key to making insightful decisions. A degree in marketing will give you the skills to thrive in both marketing and sales fields. Otherwise people wouldnt do it. 1Famous Quotes and Authors, Franklin D. Roosevelt Quotes and Quotations, http://www.famousquotesandauthors.com/authors/franklin_d__roosevelt_quotes.html (accessed December 7, 2009). Marketing can sometimes be the largest expense associated with producing a product. Marketing is the process of planning and executing the start, pricing, and promotion of an idea(s), goods, or service, and the organization and creation of events necessary to maintain relationships that satisfy both individuals and company objectives. But why study marketing? Please share your supplementary material! When marketers target their messages carefully so an audience that can afford such products is the only group reached, such extreme consequences can be avoided. So, whether its a doctor in a hospital or a lawyer in an office, understanding how to communicate with different people is invaluable in the workplace. In other words, marketing imparts communication tactics that are useful in dealing with different groups of people. Taken to the extreme, consumers may take on significant credit card debt to satisfy wants created by marketing, with serious negative consequences. A marketing degree, even if it is not utilized in a traditional business setting, equips students to act as well-rounded, critical thinkers. William Peace University wasmentioned in TopMarketingCompanies.com about being named one of the best marketing schools in the US to hire from in 2020. Marketing is the place where you learn and earn ,marketing plce you sell any product by online. So, why study marketing? In the United States, marketing is the single largest employment category and it is anticipated growth will accelerate, growing faster than any Being responsible for both making money for your company and delivering satisfaction to your customers makes marketing a great career. Marketing finishes the job by ensuring that what is delivered is valuable. More recently, CEOs like Mark Hurd, CEO of Oracle, and Jeffrey Immelt at GE are showing how marketing careers can lead to the highest pinnacles of the organization. A common mistake is the belief that marketing applies only to large companies that operate in fast moving consumer markets. In the soft drink business, marketing expenses account for about one-third of a products priceabout the same as the ingredients used to make the soft drink itself. From an economic perspective, more choices and smarter consumers are indicative of a higher quality of life. When you add all the marketers together who are trying to deliver offerings of greater value to consumers and are effectively communicating that value, consumers are able to make more informed decisions about a wider array of choices. Marketing teaches valuable skills in data interpretation. Marketers stay in the know because awareness keeps them close to their customers. Being responsible for both making money for your company and delivering satisfaction to your customers makes marketing a great career. Likewise, good social marketing provides people with information and helps them make healthier decisions for themselves and for others. It explores customer perceptions and journeys as primary sources of profit. The second way in which marketing improves the quality of life is based on the value delivery function of marketing, but in a broader sense. So, why study marketing? Generally, the build it and they will come philosophy doesnt work. In other words, it is the one function in the organization in which the entire business comes together. Yet when marketing results in more informed consumers receiving a greater amount of value, then the cost is justified. Theyll call a marketing professional and that could be you. It also utilizes various data to make smart and insightful business decisions. It is not a decision based on truth, but rather the perception of truth. Marketing Offers People Career Opportunities. These positions represent only a few of the opportunities available in marketing. Marketing careers are in abundance with online and global career opportunities on the rise. (Imagine what an awful life you would lead if you had to live a Robinson Crusoelike existence as did Tom Hankss character in the movie Castaway.) The general raising of the standards of modern civilization among all groups of people during the past half century would have been impossible without the spreading of the knowledge of higher standards by means of advertising1. Roosevelt referred to advertising, but advertising alone is insufficient for delivering value. Though not always stated as a job function, many companies delight in having candidates who know how to read data. Marketing experience, even if its just a course or two, can lend to foundational knowledge in data interpretation and analytics. Marketing Definition Marketing is considered one of the broadest fields, and today it is still highly misunderstood. Marketing is a thorough exploration of customer perceptions, buyer personas, messaging, communication, data, and much more. Get to Know the Customer Marketing benefits society in general by improving peoples lives in two ways. Marketing Careers Growing Marketing is considered one of the broadest fields, and today it is still highly misunderstood. As a professional discipline, marketing is a vital function of any business operation. A career in marketing can begin in a number of different ways.
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