Why Study Marketing
Any business holding, irrespective of its size, doesn’t hold a chance at success if not advertised the right way. Gone are the days when a few select brands had a monopoly over the market. Today, businesses have to survive in an intensely competitive market where the customer gets to pick.
This is where marketing strategies come into play. B-schools need to discuss the intent and purpose of teaching marketing theories to students as part of their curriculum. So, if you are a business graduate, still wondering about how and why marketing is so important, then this is where you get all your answers.
Here are some of the reasons why marketing is an indispensable part of your syllabus.
Scope for research
Market research is an extensive field where students can learn all about demand patterns, customer behaviour, demographics, and other aspects. For, a market doesn’t exist in isolation. It is a sum of all factors involved in the production and distribution of the brand.
Marketing connects the business to its customer. It gives a brand its unique identity and appeal. The market research also gives you an insight into the existing and potential competition. I often recommend students to conduct SWOT and PESTLE analysis of products
SWOT analysis is an acronym which stands for strength, weakness, opportunities, and threats. These four factors affect the brand’s visibility and performance. Strengths and weaknesses are internal factors that can be controlled by the entrepreneur. Opportunities and threats are external elements that determine the general tendency of the market.
A PESTLE analysis has a more extensive framework that deals with the political, economic, social, legal, technical, and environmental factors affecting business operation. The PESTLE analysis, therefore, is more holistic and effective in giving more in-depth insights into the market.
Learn to read the issue, understand the brand, and then figure out which of these methods would be a better fit
Other market research tools
Both SWOT and PESTLE analysis are platforms used to read the market. There are different market research tools as well to analyse the competition, customer behaviour and other aspects. Porter’s five forces, for instance, is an intuitive tool that outlines a simple method to calculate the present and potential competitors in the sector.
Read up business case studies and try to crack them using these market research theories. It is a great way to understand how the industry works and how to control it.
No shortage of demand
Marketing is a field of study that will always be relevant. As long as trade and commerce prevail, people will find the need to advertise and market their product/service. And the rate at which technology is rapidly growing, we can expect some fantastic breakthroughs in the field of market research.
Marketing experts, analysts and professionals will always be in demand. You can join in an MNC as a marketing consultant, offering insights into business acquisition plans and more. Or you can get headlong into market research and start your own business venture. With a degree in marketing, the sky is the limit!
Improves people skills
Marketing is a great course and career choice for candidates who like interacting with people. Being a part of the marketing team in an agency is a great Segway to network with the industry experts and analysts.
Marketing coursework is the right mix of practical and technical skills. And as part of your curriculum, you’ll have to complete projects, write market reports, and even work with the big shots of the industry.
With a degree in marketing, you have access to industry professionals and learn from their experience as well. I suggest you participate in seminars conferences and other such business meets to learn the ropes of the game.
The buyer power helps a brand understand their core customer base.
The primary purpose of studying marketing is to understand the driving forces that make up a market. At its very core, marketing deals with human behaviour and what influences customer buying trends and preferences.
Therefore, becoming a marketing expert means that you have sound knowledge about how to expand a brand. As a marketing student, you’d have to crack business case studies to understand how a brand expands. The case study is often followed by a set of questions wherein you discuss how the brand can grow.
With marketing, you learn about the various factors that affect a customer’s buying decision. It also gives insight into the brands already existing in the market. Market research consists of two parts- one is data collection, and the second is data analysis.
Data collection is where you gather information about. Surveys, questionnaires, business reports, studies etc. are part of this process. Next comes data analysis where students learn how to sort the raw data. The insights thus gathered, give you an idea about the potential marketing strategies that can be applied to get desired results.
New career prospects
A degree in marketing is among the most coveted among university students. Students from all fields, enrol for an MBA. For with an MBA, you learn about how to advertise and manage a business. Marketing is an extremely value-driven field that requires critical thinking, sound logic and a lot of creativity.
Students get a lot of exposure to different sectors and fields of work to pick from. After completing your degree, you can either opt for an academic route wherein you get into research. Or, you can join the corporate field and work as a marketing consultant.
Some students also choose to become entrepreneurs and start their own brands. Any which way, marketing is a field that is genuinely relevant to modern times. It is only with proper marketing that a brand can sustain in this intensely competitive market.
Better earning opportunities
Marketing is a high-paying skillset in an industry that everyone wants a piece of. And most students opt for a degree in marketing because it has such a huge demand. An MBA candidate can quickly get better promotion than the other employees on the team
A degree in marketing also gives you an edge over the other applicants applying for a vacancy. Plus, with an in-depth knowledge of marketing, you are also ultimately contributing to trade and commerce of the country.
The more creative your advertising campaigns are, the better response it generates from the audience base. And with the advent of the internet, e-commerce and social media marketing are on the rise, fast becoming raging trends in the industry.
Why major in marketing?
A masters’ degree in marketing is for students who want an advance degree after their BBA course. With a bachelors’ degree, you can get (at best) an entry-level job in an advertising agency. However, an MBA degree opens new doors for you both in terms of your career and skillset.
MBA is a pretty relevant degree that everyone wants these days. Ensure that you enrol in a high-ranking B-school though because the brand value of the institution gives your CV a huge boost. Majoring in marketing is a smart move for students who want to apply for the top positions in the corporate sector.
Most students opt for starting out as entrepreneurs and building their business rather than choose to work a regular job. With an MBA degree, you have the better technical know-how of marketing. Marketing is ultimately beneficial to society as it boosts the economy and improves business prospects.
Marketing course overview
The marketing curriculum varies from university to university. However, there are a few basic concepts and topics common to all coursework formats. After completing school, you can enrol for a bachelors’ degree in marketing.
The undergrad coursework involves a basic idea of marketing theories, SWOT analysis tools, data collection methodologies and business case studies. For further education, you can opt for the MBA or masters’ in business administration.
Some of the top marketing theories that you will have to learn about in B-schools are as follows.
- Maslow’s Hierarchy of needs
- Consistency theory
- Elaboration likelihood model
- The extended shelf life theory
- Flow or optimal psychological experience
- Network theory
- Game theory
- Marketing orientation
All these topics help students understand how different factors operate and collaborate with each other. However, note that merely studying marketing theories will get you nowhere. You also need to understand the practical application of these concepts in real-life scenarios
Quick links and references
Writing a marketing assignment is simple, provided you are well-informed about the university-formatting rules. Here are some of the credible academic references, papers, and guides that you can use and cite in your next assignment.
The bottom line
Most B-schools focus more on teaching students the theories and concepts around marketing. However, what these lectures fail to cover is the fundamental purpose and need for marketing.
Why is it important to market a brand? How does marketing simplify business operation? And how can students best bridge the gap between the technical and practical aspects of marketing?
I have tried to answer these questions and more through this blog. Hope it helps. All the best for your next marketing assignment!