Careers in Marketing Management
Typically, a marketing manager determines the demand for products and services offered by a firm and its competitors and identifies potential customers.
S/he also may be responsible for developing pricing strategies with the goal of maximizing the firm’s profits or share of the market while ensuring the firm’s customers are satisfied.
Those in this role may also oversee product development or monitor trends that indicate the need for new products and services.
Job Responsibilities
Marketing managers work in all types of industries from small firms on up to Fortune 500 companies where they handle multi-million dollar budgets. They develop marketing strategies for firms, estimating the demand for products and services their company provides as well as knowing information about the competition.
Managers identify potential markets including other businesses, wholesalers, government, and the public.
They oversee budgets and develop pricing strategy, keep track of trends, and oversee product development, along with supervising their marketing and sales staff.
Paths to Marketing Manager Jobs
After earning a bachelor’s degree, an MBA and work experience are important for moving into a management position. Experience in marketing is crucial and higher degrees will result in great pay. Related programs of study could be Consumer Merchandising/Retailing Management, International Marketing, Marketing Research, and general Marketing.
Many big companies looking for marketing employees recruit on campus for internships (top level schools are targeted with high numbers of slots), and MBA programs recruit for MBA Summer Associate programs. Other employees come in from other marketing companies, and experience is essential if you do not enter through a formal program.
Some companies hire through external website, and depending on the job level, networking to get in matters, depending on what level. “Relevant work experience, basic skills, track record, and personality” all matter to get in the door, and mini case studies and questions on how situations would be handled are all presented. Higher up positions tend to depend on time with the company, proven track record, relevant experience.
Coming in with an MBA can be helpful for getting a desired position and puts employees at a higher pay band. Once in the door, however, it is not necessarily beneficial to leave to get the degree if the company’s emphasis is more on time spent working with them.
Advice for newcomers: “Marketing is wide, don’t be too specific…every company specializes in different types [direct mail, internet, phone channels, advertising].”
An important part of the process toward becoming a marketing manager is gaining experience in different marketing departments. Managers need to know all the channels and functions or they won’t be viewed as effective, says the analyst.
For newcomers hoping to shoot to the top, work hard to pick up as much as you can to gain the wide experience that higher levels demand. Networking within your company can be important in order for higher-ups to remember you for plum positions. Many companies also run formal mentoring programs pairing employees with mentors at different departments and levels, establishing a relationship that could result in a future job.
The culture of the work in marketing depends upon the company you work with. Because marketing managers work with so many different groups, atmosphere can range from warm and fuzzy creative teams to cutthroat, fast-paced production types.
The daily routine of a marketing manager can vary as you meet with different groups and manage campaigns and people. Some companies place high value on loyalty, moving people up who have been there for years. So getting in and staying put can help you rise within your company. Personality, being a team player and experience all will propel you.
Location can be a factor in getting a top job, says one senior analyst. “If it’s a company that considers marketing one of their core competencies you have to be in headquarters” to move up to a top level. New York and Chicago house many major company headquarters, but other locations depend on the companies. Bottom line is, it helps to start from the bottom up, and if you already have an MBA, your pocketbook will thank you.
Marketing Manager Pay Information
$104,400 average annual salary (www.acinet.org). Here’s a little more salary information:
Top Ranked Undergraduate Programs in Marketing
(According to U.S. News & World Report)
- University of Pennsylvania
- University of Michigan – Ann Arbor
- University of Texas – Austin
- University of North Carolina – Chapel Hill
- University of California – Berkeley
- Indiana University – Bloomington
- New York University
- University of Florida
- University of Virginia
- University of Wisconsin (Madison)
Top Ranked Business Schools with Marketing Specialty
(According to U.S. News & World Report)
- Northwestern (Kellogg)
- University of Pennsylvania (Wharton)
- Duke University (Fuqua)
- Harvard University
- Stanford University
- Columbia University
- University of Michigan – Ann Arbor (Ross)
- University of California – Berkeley (Haas)
- University of Texas – Austin (McCombs)
- University of Chicago