What is Marketing?
According to the AMA (American Marketing Association) “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
The process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy.
As a philosophy, marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School's emeritus professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs."
How can one use a Marketing degree?
As one could see from the broadness of the previous definitions, the occupational options for one with marketing training are many and varied. The following is an abbreviated list taken from the Bureau of Labor Statistics where some level of marketing knowledge and training is needed.
- Market research analysts
- Advertising, marketing, promotions, public relations, and sales managers
- Marketing agents
- Public relations specialists
- Marketing directors
- Marketing managers
- Marketing representatives
- Sales managers
- Market and survey researchers
- Public relations specialists
Many Chief Executive Officers and Chief Operating Officers have marketing backgrounds as well.
What kind of pay might one expect with a marketing degree?
From information published by the Bureau of Labor statistics: Median annual wages in May 2008 were $80,220 for advertising and promotions managers, $108,580 for marketing managers, $97,260 for sales managers, and $89,430 for public relations managers.
Median annual wages of advertising and promotions managers in May 2008 in the advertising, public relations, and related services industry were $105,960. Median annual wages in the industries employing the largest numbers of marketing managers were as follows:
|Computer systems design and related services||$127,870|
|Management of companies and enterprises||$115,650|
|Management, scientific, and technical consulting services||$111,130|
|Depository credit intermediation||$98,510|
Median annual wages in the industries employing the largest numbers of sales managers were as follows:
|Professional and commercial equipment and supplies merchant wholesalers||$125,130|
|Wholesale, electronic markets, and agents and brokers||$114,670|
|Management of companies and enterprises||$106,980|
Wages vary substantially, depending upon the employee’s level of managerial responsibility, length of service, and education; the size and location of the firm; and the industry in which the firm operates. For example, manufacturing firms usually pay these managers higher salaries than nonmanufacturing firms. For sales managers, the size of their sales territory is another important determinant of salary. Many managers earn bonuses equal to 10 percent or more of their salaries.
According to a survey by the National Association of Colleges and Employers, starting salaries for marketing majors graduating in 2009 averaged $43,325.
What is required of a Marketing Major at Missouri Valley College?
The Major requirements according to the 2011-2012 Missouri Valley College Catalog are:
- Marketing Major requirements: AC 210, AC 220, BA 212, BA 232, BA 282, CS 119, or 3 hours of Computer Science above that level; EC 206, EC 216. MA 185, BA 302, BA 322, BA 324, BA 330, BA 332, BA 352, BA 362, BA 402, BA 442, EC 375, EC 455. (Total 60 hours).
Who could one speak to for more information about marketing at Missouri Valley College?