What Is Marketing Management?
Marketing management is a combination of all the techniques and processes an institution uses to develop and implement its total marketing agenda. Find out more about education and careers in the field of marketing management.
Marketing Management Defined
Marketing management is what guides a firm's marketing plan through the use of accurate market knowledge, which is usually obtained through research and surveys, in a systematic approach. Thoroughly knowing a company's current market, setting realistic goals and targets, developing new market penetration strategies and implementing effective marketing plans within budget are all part of marketing management. In short, marketing management is a business component that makes and develops an institution's marketing strategy.
Important Facts about this Occupation
| Average Salary (2021) | $153,440 |
| Job Outlook (2021-2031) | 10% job growth |
| On-the-Job Training | None |
| Similar Occupations | Market research analysts, advertising sales agents, art directors, public relations managers |
Source: US Bureau of Labor Statistics
Education
Marketing management is a formal academic discipline with degree and certificate programs available at many levels at colleges and universities. Supervisors, managers and executives currently involved in the marketing industry may obtain a marketing management certificate to focus, streamline and enhance the efficiency of their firm's marketing efforts. Other marketing professionals may obtain certificates for career advancement purposes. Marketing management undergraduate degree programs, such as a Bachelor of Science in Marketing Management, provide students with a foundation of the proven practices and the application theory used in marketing research. Graduate programs, such as a Master of Business Administration, provide an advanced overview of marketing and business principles for career advancement.
Careers
There are many occupations that require skills in marketing and marketing research. The primary occupations are:
- Marketing managers
- Advertising managers
- Promotions managers
Marketing managers look for potential markets and seek to increase their company's presence in existing markets. In addition, marketing managers develop pricing strategies and methods that balance a reasonable return on investment for their product with the price consumers are willing to pay. They also monitor the success of their efforts and market trends. To do this, marketing managers use a variety of financial, accounting and market research tools. Marketing managers often have bachelor's or master's degrees in marketing management or a related field such as a degree in business administration with concentrations in marketing.