As long as there is a product to be sold, there will be need of a marketer who will sell it. This is probably why a MBA in Marketing is one of the oldest and one of the most sought after degrees in the world. The primary job of a marketer is to be believe in his product and if he is able to believe in it, he will be able to embellish it, and once he does that, the product can smoothly go from the hands of the maker to the hands of consumer.
Consumable goods like Soft drinks or Snacks, High end products like cell phones and laptops; or premium products like jewelry and luxury cars; everything appeals to the consumers not just because of the skill of the maker but also because of the core marketing manager of the product.
Marketing in Digital Space
In this age of digital, marketing is bound to take a bigger priority. Twitter, Facebook, Instagram, Pinterest, Quora etc; almost everyone is present on a social media platform. This means the target audience is accessible through digital space and a good marketing manager will tap this potential, provided he has the eye for it.
We should not be shocked if comfort with the digital space becomes a significant part of curriculum. In fact many private universities in India like Flame, Symbiosis International and so on have already included subjects like these in their curriculum. The industry needs professionals who have a grasp over the digital space and who can complement their business skills on digital platforms as well.
MBA in Marketing: What does it include?
Having a degree in MBA Marketing will be the output, but the subjects that you would be studying will be the input. In the two years of pursuing your MBA degree you will be harping on your analytical skills, reasoning abilities, communication skills and innovation capabilities. The last quality would be the mantra for a successful manager.
The subjects that will form core of your degree would be:
- Market Research
- Analysis of the market
- Strategic Planning
- Study of consumer behavior
- Plan of Marketing Campaigns
A person with a Management degree in Marketing can venture into various departments of a company like Advertising and Promotions, Media Planning, Sales, Research and Analysis, and so on. Key job profiles corresponding to MBA in Marketing are listed below:
- Advertising/Brand Manager,
- Market Research Analyst,
- Product Manager,
- Media Planner,
- Public Relation Officer/Manager,
- Business Development Manager,
- Digital Marketer.
Sky is the limit for a person with a degree in marketing. Retail, Luxury, Tourism, Banking, Information Technology, FMCG companies, every company under the sun hires a manager with marketing degree.
- Hindustan Unilever
- Marico industries
- Amazon India
- ICICI Group.
- Yes Bank.
- Bharti Airtel Ltd.
- Jet Airways.
- Yashraj Studios.
In India, the salary of an MBA in Marketing varies from the institute that he/she studied at; his skill and expertise; the company that he/she joins. The salary bracket would start from 5 lakhs and could go up to 20 lakhs per annum.
The average income for an MBA in Marketing across diverse profiles boils down to ₹6,71,000.
Discover what is the average salary offered to an MBA in Finance.
In the United States, the value of an employee is even higher which ranges from $39,000 and goes upto $1,86,000. With rapid globalization, many US-based companies like PepsiCo, Amazon, L’Oreal have settled their base in India and hence opening up a lot of opportunities for graduates in India.
In India, MBA in Marketing is offered in many of the institutes wherein the students need to qualify entrance examinations like Common Admission Test, Management Aptitude Test, Xavier Aptitude Test etc.
Some institutions even have their own aptitude tests but more or less every institute checks the financial sense, reasoning ability, problem-solving capacity, decision making, communication skills and quantitative aptitude of the candidate.
One can pursue an MBA in marketing from a lot many Business schools in India as well. If one is able to get a good rank, institutions like Indian Institute of Management stands on the pedestal of good colleges in India. Some of the top ones are listed below:
- Indian Institute of Management, Ahmedabad (IIM A)
- Indian Institute of Management, Indore (IIM I)
- Indian Institute of Management, Calcutta (IIM C)
- Xaviers Labour Research Institute Jamshedpur (XLRI)
- Indian Institute of Management, Bangalore (IIM B)
- Department of Management Studies, IIT Delhi.
Since liberalism was a concept of West, and hence the wealth of knowledge on open businesses is located in the West in countries like United States, United Kingdom, Canada, Australia and Singapore.
Top institutions of international repute that offer a Masters’ degree are Stanford Graduate School of Business in United States, Insead or Institut Européen d’Administration des Affaires ( which is European Institute of Business Administration) in France and Singapore, London Business School in United Kingdom, Harvard Business School and Columbia Business School both in United States. The salary of graduates from these business schools lie between $ 1,50,000 per annum to $2,14, 000 per annum.
Some famous MBAs in Marketing
Jill McDonald: After beginning a career as a marketing trainee, Jill McDonald’s surname is affixed on everyone’s taste bud. The entrepreneur who is now at the top position of the McDonalds chain is popularly known for her successful marketing campaigns. She pursued a degree in business management from University of Brighton. Though the campaign was produced by Leo Burtnett, it was McDonald who did the overseeing and managerial part of the process successfully.
Alain Chuard and Victoria Ransum: The study of digital space is going to be an important section of your curriculum in the management degree. One successful example of a smart use of digital space is a company called Wildfire. Owned by Victoria Ransom and her husband Alain Chuard, both graduates in management from Harvard Business School and Stanford Business School respectfully. The duo created a very strong social media marketing strategy that raised their company to newer heights. In 2012, the worth of company was $350 million, before the company was overtaken by Google. Both Ransom and Chuard still run their company as a unit under Google.
Marketing department is considered the heart of the organization. And if we talk about statistics, 37 per cent of the total managerial positions of any firm is occupied by employees with a degree in Marketing. Marketing is the future of Management.
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