Marketing encompasses the methods used to inform customers about the fact that the product or service of one company has features that make it superior to others. If a business does not make attempts to deliver such information, then they are not marketing. And, if they do not market, they are unlikely to make much sales. What is essential is that they find the correct method to market their products and services, by figuring out the message that has to be delivered in order to influence and educate customers, which results in building their trust on the company and the product or service.
Some would think that they only need to perform just one action to properly market their product or service. However, every single thing that a customer comes into contact with that is related to that business is considered as marketing. This includes traditional advertising, word of mouth advertising, customer service, follow up care, social media marketing, and many others. Marketing influences customers’ decision-making, encouraging them to make an initial purchase, and also to make repeat purchases. Unsurprisingly, therefore, marketing is regularly confused with sales and advertising. In reality, however, those two are elements found within marketing, rather than being marketing as a whole.
According to the U.S. Bureau of Labor Statistics (BLS), advertising, promotions, and marketing managers earned $127,560 per year on average as of May 2016, at the bachelor’s degree level. They have also determined that there will be a 9% increase in demand for the skills of these managers from 2014 to 2024, which translates into 19,700 new jobs.
With the advent of modern technology, and particularly developments in the field of online marketing, the skills marketing managers must have are changing significantly. In order to remain relevant, therefore, they must continuously educate themselves on these new tools and technologies.
According to the BLS, the average annual salary for marketing managers in particular in May 2016 was $131,180. The bottom 10% earned $67,490 or less, while the top 10% earned $208,000 or more. The BLS has also reported that marketing managers are commonly found in specific injuries, as well as what they can expect to earn there. This demonstrated that marketing managers in:
- Professional, scientific, and technical services, earned $139,220 per year on average. 21% of marketing managers work here.
- Management of companies and enterprises, earned $138,080 per year on average. 17% of marketing managers work here.
- Finance and insurance, earned $137,510 per year on average. 10% of marketing managers work here.
- Manufacturing, earned $137,430 per year on average. 12% of marketing managers work here.
- Wholesale trade, earned $126,720 per year on average. 9% of marketing managers work here.
Meanwhile, Payscale.com has issued a report on common job roles for those with an MBA Online degree with a marketing concentration, as well as their average salaries. This showed that:
- Marketing Managers earned an annual salary of between $48,068 and $117,468.
- Marketing Directors earned an annual salary of between $55,245 and $149,672.
- Senior Marketing Managers earned an annual salary of between $65,574 and $163,091.
- Marketing Specialists earned an annual salary of between $32,149 and $72,885.
- Business Development Managers earned an annual salary of between $43,172 and $140,589.
- Vice Presidents for Marketing earned an annual salary of between $84,563 and $228,457.
- Vice Presidents for Business Development earned an annual salary $57,584 and $223,491.
Geographical location is a key factor in terms of how much someone can earn. That being said, it is important to understand that areas with higher salaries also often have a higher cost of living, so don’t forget to take that into account.
The BLS has reported on the top five states to work as a marketing manager:
- New York, with average annual earnings of $188,640
- Delaware, with average annual earnings of $173,850
- New Jersey, with average annual earnings of $167,860
- California, with average annual earnings of $164,850
- Virginia, with average annual earnings of $164,160
Payscale.com has also looked at average salaries for the different cities. This showed that marketing managers in:
- Chicago, Illinois, earned an average annual salary of $85,814
- New York, New York, earned an average annual salary of $103,310
- San Francisco, California, earned an average annual salary of $135,000
- Boston, Massachusetts, earned an average annual salary of $100,000
- Dallas, Texas, earned an average annual salary of $90,545
- Los Angeles, California, earned an average annual salary of $101,478
- Houston, Texas, earned an average annual salary of $86,428.
Even though geographical location can influence the salary of a marketing manager, what is perhaps of greater importance is the company that someone works for. Indeed.com has compiled a report on the most popular companies as well as on average salaries. This report showed that:
- Wells Fargo pays an average salary of $168,242 per year.
- eBay Inc. pays an average salary of $141,532 per year.
- HP pays an average salary of $137,448 per year.
- Microsoft pays an average salary of $120,897 per year.
- Intel pays an average salary of $117,685 per year.
- Samsung an average salary of $114,979 per year.
- IBM pays an average salary of $112,975 per year.
- 3M pays an average salary of $106,682 per year.
- EY pays an average salary of $108,565 per year.
- L’Oreal pays an average salary of $109,340 per year.
In order to gain a lucrative career in the field of marketing, you will need a good education. Of course, this will start with a bachelor’s degree. Fortunately, many of these degree programs can now be accessed online, which makes it much more convenient for students obtain a higher education. One example of a bachelor’s degree in marketing is offered by the University of Maryland’s University College. This particular degree is offered online, and its curriculum includes:
- Accounting for Non-accounting Managers
- Introduction to Statistics
- Marketing Principles
- Integrated Marketing Communications
- Managing Customer Relationships
- Consumer Behavior
- Marketing Research
- Global Marketing
- Digital Marketing
- Fundamentals of Sales Management
- Nonprofit Marketing
- Strategic Marketing Management
For those who really want to achieve as much as they can with their career, a master’s degree is recommended. This is because it will provide the student with advanced skills and knowledge in marketing, which sets him or her apart from the rest of the crowd. Just like with the bachelor’s degree, many master’s programs are now also offered online. This is even more important here because most students who enroll in such programs are already employed and getting back to school would mean substantial changes in their work schedule. Being able to study online would mean less disruption in one’s work.
An excellent example is the Master of Science in Marketing offered by the USC Marshall School of Business, which is ranked as the country’s 6th best by TFE Times. The degree has two tracks that people can choose from, with the curriculum designed according to the concentration. The two options are the analytics track and the consumer behavior track.
Each school will have its own set of admission requirements. Nevertheless, these are expected to be basically the same because they are there to demonstrate whether or not someone has the academic capacity to complete a program at graduate degree level. The admissions requirements for a graduate degree program offered at the USC Marshall School of Business include:
- A four year bachelor’s degree from an accredited institution
- All official academic transcripts
- Professional resume
- Two letters of recommendation
- GMAT/GRE scores
- TOEFL/IELTS scores for non-native English speakers
The curriculum of each school will usually have some differences from the curricula of other schools. This is why it is advisable to choose an accredited program in a reputable college or university. This will ensure prospective employers that the courses taken are relevant and vital to the field of marketing. For instance, the curriculum for the Master of Science in Marketing offered by USC Marshall School of Business includes:
- Marketing Management
- Consumer Insights and Analysis
- Marketing Analytics
- Business Analytics
- Fashion, Luxury and Lifestyle Marketing
- Internet Marketing
- New Product Development
- Branding Strategy
- CMO on Shareholder Value
- Marketing Strategies
- Communication for Management
- Pricing Strategies
It is common knowledge that obtaining a college education is an expensive endeavor. This is even more so with a master’s degree. First of all, you have to invest a substantial amount of time. While this can be mitigated to a certain degree by studying online, it will still require a lot of time, which also translates to money because it could mean reduced working hours. The second major investment is, of course, a financial one.
Fortunately, the college or university usually offers assistance to students in getting financial aid, and they may also have scholarships and grants available that you can apply for. At the same time, there are a number of external scholarships that you may want to consider. These include the:
- AGCO Corporation FFA Scholarship to the value of $2,000
- AWC Seattle Professional Chapter Association, with varying amounts
- Gary Yoshimura Scholarship to the value of $2,400
- George W. Woolery Memorial Scholarship, to the value of $425
- HSF/Verizon Foundation Scholarship, to the value of $2,500
- IFEC Scholarship Award, valued at between $500 and $4,000
- Kent Nutrition Group Inc. FFA Scholarship, to the value of $1,000
- Rob Branham Scholarship, with varying values
- MillerCoors National Scholarship, to the value of $3,000
- UBS/PaineWebber Scholarship, with varying amounts
Generally speaking, applying for a scholarship means that you have to comply with certain requirements. These include studying at a certain school, taking on a certain concentration, aiming to work in a certain field, demonstrating financial need, holding a minimum GPA, belonging to a certain minority group, being a member of a professional organization, or being of a certain gender.
It is not actually required to become certified in the field of marketing, but it is certainly recommended. Through certification, you are able to demonstrate that you are committed to your own professional development, and to the advancement of the field in general. That said, completing a certification does require a further investment of time and money, and you often have to maintain certification through continuous education credits. Nevertheless, most people would agree that this is a worthy investment, as it opens a number of career doors. Some certifications that you may want to consider in the field of marketing include:
- Certified Marketing Management Professional (CMMP)
- Certificate in Professional Marketing
- Google AdWords
- Google Analytics
- Infinite Skills Excel
It is recommended that you become a member of a number of relevant professional organizations as soon as you decide to study towards a marketing degree, even at the bachelor’s level. This is because professional associations and organizations often offer scholarships and grants that you could then become eligible for. Also, by being a member of an association, you will always be at the forefront of new developments within your field, ensuring your skills are always up to date. Additionally, you may be able to complete certifications and continuous education credits. And perhaps the greatest benefit of being a member of a professional association or organization, is the fact that you can build a professional network that will serve you to further career.
Some of the associations in the field of marketing you may want to consider becoming a member of include the:
- Business Marketing Association (BMA)
- American Marketing Association
- Internet Marketing Association: Digital Marketing
- Content Marketing Association
- Occupational Outlook Handbook – Advertising, Promotions, and Marketing Managers. (2016, May). Retrieved from https://www.bls.gov/ooh/management/advertising-promotions-and-marketing-managers.htm
- Master of Business Administration (MBA), Business & Marketing Degree Average Salary. (2017, Apr. 29). Retrieved from http://www.payscale.com/research/US/Degree=Master_of_Business_Administration_(MBA)%2C_Business_%26_Marketing/Salary
- Marketing Manager Salaries in the United States. (2017, Apr. 29). Retrieved from https://www.indeed.com/salaries/Marketing-Manager-Salaries
- Marketing Bachelor’s Degree. (n.d.). Retrieved from http://www.umuc.edu/academic-programs/bachelors-degrees/marketing-major.cfm
- Master of Science in Marketing. (n.d.). Retrieved from https://www.marshall.usc.edu/programs/specialized-masters-programs/master-science-marketing