MARKETING CAREER OPPORTUNITIES X420 Discussion # 49

Marketing Defined The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. (AMA)

The Marketing Process

“Typical” Marketing Structure

Market Research

Market Research Function  Monitoring competitors  Identifying market trends  Developing customer profiles  Monitoring market share  Evaluating brand images  Analyzing audience characteristics  Evaluating impact of advertising and promotion.  Evaluating distribution channels

Market Research Department

Associate Analyst  Entry level  Design/proofread questionnaires  Compile mathematical data

Market Research Analysts  Works with managers to gather information for projects  Works independently by project after experience  Presents data and recommendations to market research manager

Manager or Senior Market Research Analyst  Supervises work of junior analysts  Coordinates input from other company sources for a project  Presents conclusions  Key customer contact for market research firms

Field Service Director  Hires field personnel to gather data (interviewers)  Manages interview process  Manages the tabulation of data (coders)

Independent Consultant  Not an employee of firm  Industry expertise  Performs some or all market research functions  Submits proposal (timeline and compensation) for project

Market Research Manager  Liaison between market research department and other company departments  Staffs department  Expense and project budgeting  Oversees all projects

Skills Required for Market Research  Analytical Curiosity  Logic  Technical orientation (math, statistics, computers, etc.)  Product/industry knowledge (sales experience helpful)  Written and oral communication

Opportunities in Market Research  Larger “retail-oriented” companies  Independent research firms  “Hunger for information” -- availability of information increases demand for more accurate information  Job growth faster than average  Competition is tough -- must be technically qualified

Video Clip  Market Research

Promotion

Advertising -- agency or “in-house” Functions  Account services  Research  Creative  Media

Account Services  Account executive  Traffic manager  Assistant account executive

Account Executive  Liaison between client and agency  Responsible for client need assessment and communication to agency support staff (creative and media)  Monitors all activities in ad campaign

Traffic Manager  Coordinates projects between all four areas of activity  Communicates timetables to organization  Monitors progress

Assistant Account Executive  Assists account executives with clients  Training position for account executives

Research Department (agency)  Functions as a market research department  Focuses on effective advertising for product positioning  Utilizes primary and secondary data

The Creative Department

Creative Department  Synthesizes information from research, account executives and clients  Develops activity themes and layouts  Contains the largest number of jobs in advertising

Breaking into the Creative Department  College degree, preferably in art, graphic design, desk top publishing  Portfolios of writing samples and ideas  Knowledge of advertising trends and media

Media Department – Planners and Managers  Develops media strategy  Analyzes media research information  Collaborates with account services and customer to budget media mix  Negotiates contracts with media outlets to execute plan

Sales Promotion Managers  Specialists who analyze markets and develop promotional incentives -- contests, coupons, rebates, etc.  Promotions can be directed to retailer or consumer  Positions typically exist in large consumer oriented companies, marketing highly competitive product lines  Positions fluctuate depending upon company’s strategy for particular products

Public Relations Manager  Positions can be “in-house” or with public relations firms  Professionals who manage information and news of the company with mass media  Mission -- building, maintaining and improving the public image of the firm  Specialization can occur in consumer affairs, government relations, investor relations, employee relations, community relations, international relations and media relations

Tools for Marketing Public Relations  P = publications (brochures, annual reports)  E = events (trade shows, special events)  N = news (stories about of company, people, products)  C = community involvement activities (contributions of time & money)  I = identity media (stationary, bus cards)  L = lobbying (influence legislatures)  S = social responsibility (reputation for corporate social responsibility)

Product/Brand Management

Product / Brand Management Functions  Evaluate product testing and recommend further action  Plan production and packaging  Provide information and recommendation on product pricing  Develop sales and profitability forecasts and marketing budgets  Analyze market research statistics and recommend promotion budgets  Identify channels of distribution  Collaborate with market research and advertising agency to position product  Coordinate production and promotion of product  Lead product management team

Product Expert PRODUCT/BRAND MANAGER Manufacturing Market Communication Sales Research and Development

Skills Required for Product/Brand Management  Graduate degree (manager)  Sales experience  Analytical and budgetary expertise  Interpersonal / team building qualities  Oral presentation and written communication skills

Opportunities in Product / Brand Management  Highly competitive  Few positions available relative to other marketing activities  Prior business experience required

Video Clip  Product / Brand Management

Sales

 Industrial  Wholesale  Retail

Nature of Sales Work  Setting goals, planning, and making sales  Identifying and contacting prospective customers  Maintaining contacts with current customers and anticipating their needs  Planning and making sales presentations  Reviewing sales orders, schedule delivery dates, and handling special details  Maintaining up-to-date records and reports  Handling complaints and problems  Monitoring the competition  Learning new product information and marketing strategies  Evaluating price trends and advising customers

The Personal Selling Process  Step 1: Prospecting  Step 2: Qualification  Step 3: Contacting the prospect  Step 4: Making the Presentation  Step 5: Handling objections  Step 6: Closing the sale  Step 7: Follow-up

Company Sales Representatives  Territory and/or account responsibility  Sell to wholesalers, retailers, industrial users, individual consumers  Duties: solicit sales, provide information, and technical assistance, monitor inventories, set-up promotional displays, install/service products  Compensation can be salary, commission, salary plus bonus or salary plus commission  Good entry level position

Video Clip  Sales Representative

Company Sales Managers Same Functions as Sales Representatives, plus:  Monitor/collect customer preferences and trends  Forecast sales and inventory requirements  Recruit, hire and train sales representatives  Establish distribution channels

Manufacturers Agents or Representatives  Independent, self-employed business people  Represent one or several related products  Commission sales, no expenses  Experienced and seasoned sales professionals

Brokers  Matches buyers with sellers  Specializes in industry and/or geography  Commission based compensation  Combination of phone and face-to-face selling  Predominantly non-value added selling

Skills Required for Sales  Self motivated, strong work ethic  Analytical  Creative, imaginative, problem solver  Good listener and good communicator  Friendly, aggressive (not “pushy”) personality  Grasp technical concepts quickly

Careers in Retailing Buyers  Merchandise managers  Buyers  Assistant Buyers Sellers  Store Managers  Department Managers  Sales Personnel

Merchandise Buying  Selects, purchases and promotes merchandise for store  Negotiates with suppliers  Supervise other buyers or sales management  Researches customer tastes, changing trends and a balance of quality and affordability  Entry level training -- 2 to 5 years

Skills Required for Merchandising Buying  Usually does not require a specific academic background  High energy and outgoing personalities  Awareness of sound business practices  Knowledge of industry can be important -- in apparel, a flair for fashion -- in hardware, a do-it-yourself quality  Extended travel a possibility

Retail Sales  Customer comes to you  Ascertain the wants and needs of customers  Be familiar with the market and competition  Understand and describe product features and uses  Learn and execute effective selling techniques  Know the importance of customer service  Develop a positive attitude toward work

Skills for Retail Sales  A “people-oriented” and out-going personality  Self control and diplomacy  Reliable and responsive  Comfortable with commission compensation  Communicate -- be able to explain benefits

Store Management  Positions usually result from sales success  Demonstrated ability to effectively supervise staff, work well with customers, make good and quick decisions balancing the welfare of store and customers  Budgeting and general business skills  Upward mobility may require frequent relocation

Outlook for Marketing Jobs  Employment in marketing is expected to increase faster than the average -- 20% to 35% through  Employment growth expected in most business services industries (such as computer and data processing, management and public relations firms) rather than manufacturing industries.

 Increasingly intense domestic and global competition – marketing candidates must be aware of trends in consumer lifestyles, values and technology.  Best positioned candidates – some experience, a high level of creativity, strong communication skills, new media familiarity, information technology knowledge and interactive marketing skills.

CAREERS IN MARKETING

Evaluation Questions  Use: –a. Strongly agree –b. Agree –c. Disagree –d. Strongly disagree –e. Don’t know 1.I found the presentation of material easy to understand. 2.The discussion session increased my knowledge on the subject presented. 3.I will be able to use some of the information from this discussion session in the future. 4.The presenter was well prepared for this discussion session. 5.This presentation should be repeated in future semesters.