Marketing managers plan, oversee and coordinate the marketing of a company's products and/or services. A marketing manager also identifies markets for a companies goods and/or services. Those in marketing management positions estimate the demand for products ands services provided by their employer and their competitors.
A marketing manager establishes marketing goals. They also study market trends and evaluate the need for new products and services. Marketing managers develop price strategies with the objective of maximizing a companies profits or market share.
Marketing analysis involves reviewing research data. To collect research data they utilize techniques such as focus groups, statistical surveys, test markets and on-site observation. Marketing analysis often includes the topics of customer analysis, competitor analysis, collaborator analysis, company analysis and analysis of the industry context.
They analyze the financial elements of product development, including budgets, research and development, appropriations expenditures, profit-loss projections and return on investment.
A marketing manager need to balance the company's goals and customer satisfaction while developing price strategies. Those in marketing management positions also hire and train employees, provide assignments and evaluate employee performance.
Some of the common job titles are vice president of marketing, marketing director, marketing coordinator, commercial lines manager, market development manager and product/brand manager.
- Design and manage a company's advertising and promotion activities
- Develop and manage marketing plans
- Research, evaluate and monitor technological, financial and demographic factors
- Consult with outside advertising agencies regarding ongoing advertising campaigns
- Perform marketing surveys for new products and new product concepts
- Collaborate with artists and writers and oversee copywriting, design, layout, paste up and the production of promotional materials
- Create and recommend pricing strategy
- Analyze market reactions to advertising campaigns, product packaging and merchandising policies
- Offer recommendations for the basic structure and organization of the marketing group
- Develop marketing activity reports
Marketing managers work in an office setting and often work more than 40 hours per week. Travel may be required. They need to have good management and interpersonal abilities. They should also have the ability to communicate persuasively in person and in writing. A marketing manager benefits from having good organizing and motivational skills.
A marketing manager needs to effectively present information to high level managers and public groups. Having good creative thinking ability and being skillful at analyzing data are helpful assets for the job.
The projected employment growth rate for marketing managers from 2006 to 2016 is 14%. In 2008 the median annual wage for marketing managers was $108,580. In addition, market management jobs exist in virtually every industry.
Education, Certification, and Licensing
Many employers seek candidates with a bachelor's degree in business administration with an emphasis on marketing. A master's degree with a specialization in marketing is preferred for some positions. However some employers do not require a degree for the position. Employers often require several years of work related experience. Sales experience is beneficial.
Classes in management, business law, economics, finance, accounting, statistics and mathematics are useful for the occupation. Also, an internship while the candidate is attending school is very beneficial.
Some marketing management positions require post-secondary education that is related to the type of product or service that the company offers. In high-tech industries a bachelor's degree in engineering or science combined with a master's degree in business administration is often preferred by employers.
According to the Bureau of Labor Statistics the major industries for employment are management of companies and enterprises; management, scientific and technical consulting services; computer systems and design and related services; depositary credit intermediation; architectural, engineering and related services; and insurance carriers.
Other industries for employment are wholesale trade, retailers, market research organizations and advertising agencies, service sector businesses, and manufacturing.
Schools for Marketing Managers are listed in the Browse Schools Section.