In marketing a product with its specific features and benefits, prices are created, promotional strategies are developed, and then overall supervision of the method that will bring the product to the market is done. This market is called place. Based on manufacturing specifications and prices and keeping in view whether the product is high-end or low-end, a marketing team creates a selling approach involving advertisement, public relations, and other promotional methods. The head of this team is known with the title of marketing manager or any other title also coordinates with the sales team to decide the channel to make the product available to customers.
A Marketing Manager is a highly challenging and coveted position that could have the job title of marketing manager or marketing director depending on the size of the firm. At times, all these responsibilities are accomplished by a brand manager also. So next time when you see an eye catching billboard or a flashy commercial campaign, keep in mind that it is a by-product of the complicated process accomplished by a specialized and expert team after spending months in this process.
Job requirements of a marketing manager involve the creation, management, and enhancement of product and services so that they reflect well on the brand of the company. It is the responsibility of a marketing manager that the consumers feel its product as the only best and trustworthy without a question in mind. In marketing terminology it is called owing mindshare. One of the important job functions of a marketing manager includes understanding the constraints, preferences, and needs of the targeted group of consumers, i.e., common geographic region, income level, lifestyle, interest group, and age range of the consumers corresponding to the brand. He has also to aggressively expand its market share while keeping the customers satisfied.
Larger organizations typically prefer an MBA for positions of chief marketing officers, vice presidents, and marketing directors. There are people in marketing from different academic backgrounds. Mostly a degree in advertisement, communication, or graphic design provides more opportunities for the marketing profession. A person having specialization in brand management which focuses particularly on management of a particular line of product or brand of a company, or a person having specialization in market research which focuses on groups, surveys, interviews, and other testing tools to evaluate market trends and opinions of customers are preferred in marketing profession.
The other skills required for a marketing manager include a sharp and analytical mind, strong oral and written communication skills. He should have a keen interest in business and consumer behavior.
An internship is the best method of getting into the highly challenging and coveted position in marketing profession regardless of what you have studied. There are many high tech and internet companies that are offering marketing internships. A student enrolled in an MBA gets internships easily.
Usually the large consumer products companies adopt the method of recruitment at selected schools and this on-campus recruitment is the best method to get hired. A direct contact to the firms or internet is also another good method of searching job in the marketing profession.
The Median yearly income of marketing managers in the year 2007 was estimated to be $104,000.
Compensation to the marketing managers is determined by industry, size of the company, experience, and job responsibilities. A marketing assistant typically earns between $30,000 and $60,000 per year in smaller size companies. In bigger companies and research firms, these earnings can reach into six figures. The salary of an experienced marketing manager could be in the range of $50,000 to $90,000 and that of a director could be between $90,000 and $200,000 in big companies. In big companies the salary of a marketing vice president could even go up to $300,000 per year.
In the year 2006, there were 167,000 jobs of marketing managers in US. The Occupational Outlook Handbook from the US Bureau of Labor Statistics predicts 18 to 26 percent growth in overall employment in the field of marketing which is faster than average. Key reason for this growth is the growing domestic and global competition in consumer products and services. This growth, however, is expected to vary widely by sector. Scientific, professional, and technical services fields are likely to record robust growth while in manufacturing sector it is likely to record a decline. As per prediction of Bureau of Labor Statistics there will be key competition for available full time opportunities in marketing.