All of us are born with talents and skills that are unique to each other. It sets us apart and also creates our identity. This also implies that not all of us are expected to strictly follow protocols or perform mundane tasks on a daily basis. That’s why we have something called ‘marketing’ in every organisation.
If you are a creative person who has a knack for bringing innovation to the table every morning, marketing is the place to be. Marketing is a dynamic field that allows individuals to identify the needs of consumers and develop unique strategies that can help fulfil those needs. It sounds intriguing, but it is also difficult. That’s why people undergo professional training in this aspect, commonly referred to as an MBA (Masters in Business Administration) in Marketing.
Master in Business Administration is the most opted course among student. The reasons are obvious; lucrative careers, high salaries and endless opportunities. However, we have listed here six ways in which doing an MBA will change your life for good.
Impressive Job Titles and Corporates Giants to Work for
Look at the below titles
Do they excite you? Or are you excited to work for an organization like Boston Consulting Group, Accenture, FedEx, Blue Dart, ONGC, Johnson & Johnson, Microsoft Corporation, Deutsche Bank, Morgan Stanley, and Pepsi, etc.? All the above-mentioned job titles and corporate giants have a huge requirement of marketing professionals who can make strategies at a global level. Lucrative salary and employee benefits are the additional things that you will enjoy with such respectable job titles.
Understanding Consumer Behaviour and Market Research
Consumer behaviour, also known as customer behaviour is the study of customers or consumers, especially those in a target market. It comprises recording and assessing the consumer’s behavioural, mental, and emotional responses to a product or service. This type of behaviour examines how a customer chooses a product, avoids a product, or has other specific buying habits. Thus, this concept transcends looking at what customers want and don’t want.
Factors that can affect the consumer behaviour:
What is the significance of Market Research in understanding Consumer Behaviour?
Performing market research helps businesses understand all the important components that can impact consumer behaviour. Market research is like an ocean; it progresses from primary to secondary research, and from qualitative to quantitative research. These can take the form of industry news sites, statistics sources, published studies, and more.
Surveys are an important component of market research. Several researchers use this method to understand where their target market lies and what influences consumer behaviour. It also allows them to make sound decisions and can help create a customer behaviour analysis report. This report consists of:
Digital Marketing and E-commerce Strategies
Whether it’s your birthday shopping on Myntra or ordering your favourite food from Zomato, we have come a long way in implementing digital marketing in our daily lives. Gone are the days when we would put up posters and do field-level activities as the only form of marketing. With time, we have surpassed the traditional means of marketing initiatives and adopted technologies in the process. That has led to the evolution of digital marketing, also known as online marketing, which is the promotion of brands to connect with potential end-customers with the help of the internet and other forms of digital communication. Digital marketing is comprised of not only social media, email, and web-based advertising, but also text and multimedia messages as marketing channels.
Nowadays, digital marketing has conquered every field. This is because of the rapid globalisation that has caused organisations to adopt digital means of communication for branding and promotion. One such industry that has reaped the benefits of digital marketing is the e-commerce industry. E-commerce allows you to shop, buy, order, or purchase anything and everything that is available online. So, here are some recommended e-commerce strategies that every retail business should adopt for its growth and development.
Sales and Distribution Management
Sales and distribution management (SDM) is the process of planning, organising, and controlling the activities and processes of a company's sales force and distribution network. SDM's primary goal is to ensure that the company's products and services are available and accessible to customers when and where they require them.
Objectives of Sales and Distribution Management:
4 Important Channels of Sales and Distribution Management
Product Development and Brand Management
The process of generating and differentiating your company's image, goods, and services from those of its rivals is known as brand development. As part of brand development, one’s brand must be in line with their company's goals, communicate with its target audience, and be updated or strengthened as needed.
Goals serve more or less as benchmarks for brand development, representing new concepts and items as the business expands. So, as culture develops and one reaches out to new audiences, its strategy may vary over time. It is very important to distinguish the brand from others by giving it a unique identity. The first step towards this is to understand what consumers want and how the brand can fill that gap!
Here are some of the ways in which you can specify your target audience:
Pricing and Promotion Strategies
Pricing and promotion strategies comprise sales tactics where a company lowers the price of a product or service temporarily or artificially to attract customers and increase revenue through bulk sales. The objective of doing this is to foster a sense of scarcity amongst the consumers, thereby inducing frugal customers to purchase the item.
Following are four common pricing and promotional strategies used worldwide:
Advertising and Media Planning
In today’ competitive world, it is very important that marketers thoroughly plan he most efficient way to communicate a message to the targeted audience.
Types of media planning:
The main objectives of advertising and media planning:
Benefits of advertising and media planning:
Market Segmentation and Targeting
The processes of identifying a company's potential consumers, selecting the customers to pursue, and producing value for the targeted customers are referred to as market segmentation and targeting. It is achieved through segmentation, positioning (STP), and targeting procedures.
To put it in a nutshell, segmentation is the process of grouping customers with similar needs and then determining the needs of the customers. Targeting allows the company to select the customers that they want to focus on.
Types of market segmentation:
Types of markets targeted:
Customer Relationship Management (CRM)
Customer relationship management, or CRM, is the combination of methods, strategies, and technology that businesses employ to manage and analyse customer interactions and data throughout the customer lifecycle. CRM's goal is to improve customer interactions in order to increase client retention and sales.
Any organisation that is customer-oriented must focus on organising and understanding CRM data insights. This is significant because it helps you understand your own customer and helps you to engage with them via different tools and technologies. This is one of the primary reasons why several businesses and industries are using CRM tools to create a central hub for audience reports. Moreover, CRM software enables them to interact with new clients, save time and effort through automation, boost customer engagement, and get more deals.
Components of CRM:
Supply Chain Management and Logistics
Supply Chain Management (SCM) and logistics is the process of overseeing the storage and shipping of goods and services across the supply chain. It begins with the acquisition of raw materials and concludes with the delivery of finished goods to the customer or final destination.
Are Supply Chain Management and Logistics the Same Thing?
This is a very debatable topic because while logistics is all about the storage and movement of items in the supply chain, SCM is a more comprehensive approach. It addresses the coordination of all channels and partners involved in this network, including procurement, manufacturing, transportation, storage, and selling. SCM uses logistics to get products to customers. It aims to improve financial performance and strengthen a company's competitiveness. To put it in other words, SCM establishes the strategy and oversees the daily logistical operations that take place in manufacturing plants, distribution centres, and other facilities.
Similarities between Supply Chain Management and Logistics
Data Analytics and Business Intelligence
The organisations that are into the game of data management utilise the benefits of data analytics and business intelligence (BI). BI uses technology, data, and applications to make sound business decisions. Data analytics is the examination of unprocessed data to provide inferences about such information.
Here are some common differences between data analytics and business intelligence.
|Sl. No.||Particulars||Business Intelligence||Data Analytics|
|1||Purpose||Support decision making process||Conversion of raw data and its cleansing|
|4||Type of Analysis||What happened and why it happened? – Descriptive Analysis||What will happen in the future? – Predictive Analysis|
|5||Used by||CEOs, CFOs, COOs (C-suite executives)||IT professionals, data scientists, data engineers, etc.|
Leadership and Team Management
John Maxwell once said, "A leader is the one who knows the way, goes the way, and shows the way." Teamwork is important in achieving an organization's goals, but it is the leader who fosters a positive work culture and motivates employees to deliver the best results possible.
Times have changed, and gone are the days where strict, heartless managers evaluated the productivity of an employee by the number of hours he served at the company. Nowadays, it’s all about creating a healthy workspace where each team member feels motivated enough to reach their optimum potential. In order to do that, a leader must possess the qualities of charisma, creativity, consciousness, empathy, and integrity.
For every leader, it is very important to focus on team management, as unified efforts lead to the accomplishment of goals faster and easier. It also promotes critical thinking, solves problems rationally, encourages open communication, and builds a strong team bond among the members.
So, here are some tips for team management that every leader must follow:
Corporate Social Responsibility (CSR) and Ethics in Marketing.
Corporate Social Responsibility (CSR) and marketing ethics are moral actions that are taken to instil a positive energy and impact on all of the company's stakeholders, including employees, clients, shareholders, and the community. These decisions are socially and morally conscious with respect to the environment, human rights, and society as a whole. Marketers use this strategy to create a positive brand value through their philanthropic activities, without any hidden intention.
According to the concept of CSR, organisations should balance their profit-making operations with endeavours to benefit society at a local, state, national, or global level. This imbibes an optimistic approach in the brand’s consumers who want to associate with it for its social contribution and impact. Several businesses have incorporated socially conscious components into their marketing strategy in an effort to benefit the community through useful services and goods.
Ethical marketing is all about brand positioning with respect to honesty, integrity, impartiality, and moral responsibility. The principles of ethical marketing are as follows:
Conclusion – Should you opt for an MBA in Marketing?
Numerous job opportunities and Scope of further education
PGDM provides you ample job opportunities, some of which we have mentioned above, however, while completing the course you can explore your fields of interest and make a career in the respective field. This course additionally provides you a scope of further education or professional education if you are willing. Management institutions provide some value-added courses with this MBA course so that you have a competitive advantage over others in the job market.
Scope of Earning Handsome Salaries
On completion of this two-year formal degree in Business Administration you will be capable of earning jobs with lucrative salaries and excellent benefits. However, a lot will depend on the organization you choose to work with but be assured that with an MBA you are already holding a poised position. In case you have prior experience, accomplishing this course will open to you more career-enhancing opportunities.
Scope of Working and Travelling Abroad
While pursuing your studies in International Business, and even after that you will explore multiple opportunities for traveling to all parts of the world both for academic and professional reasons. Additionally, pursuing your MBA in marketing course you will come in touch with collaborators, scopes of internships, and training providing you enough scope of traveling to domestic and international destinations.
Self Enhancement and Great Interpersonal Skill
MBA is a comprehensive amalgamation of management, trade, sales, marketing, and aspects related to international law and economics. You will also get acquainted with principles and techniques of ethical negotiation and distributive justice, theories of negotiation, signalling, argumentation, and real options. The course further will groom you with a distinctive personal negotiation position and style.
Enhance your Entrepreneurship skills
As this course equips you with skills and perceptions of international business, it will pave a smooth path for your entrepreneurial dreams as well. However, every international business has a huge customer base, fluctuation in revenues, various product cycles, and a lot more. With an MBA in marketing, you can acquire a critical role in an organization.
22 May 2023