Download Career Track Snapshot: MARKETING

 Career Track Snapshot: MARKETING Marketing is an exciting and dynamic function which is becoming increasingly complex, as the marketplace becomes more global and the diversity of customer bases increases. It is critical to all businesses, large and small, and crosses all industries. Marketing professionals handle the many tasks necessary to be sure those organizations identify, understand and attract those in their customer groups. Marketing professionals may operate within organizations, or from outside on a consulting basis. They provide direction, strategy and implementation to their clients and colleagues in many ways, including: marketing strategy, marketing operations, customer service and fulfillment, revenue tracking and analysis, etc. Marketing, as defined by the American Marketing Association (AMA), is: an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing encompasses many roles, responsibilities and categories. To name just a few Marketing categories, we can start with Consumer Marketing, Pharmaceutical Marketing, High-­‐Tech Marketing, Clean Energy Marketing. There are many, many more categories. CAREER PATHS IN MARKETING Specializations within the broad marketing career path include, but are not limited to: BRAND AND PRODUCT MANAGEMENT-­‐This involves the plan development and implementation, coordination and monitoring of progress and performance of a product, service or brand in a company or division. The function entails working with multiple departments and individuals on the steps required to introduce a product to the market, and manage all aspects of it (including communication, customer perception, pricing, sales processes, financials, etc.). Typical employers might include Proctor and Gamble, General Mills, Colgate, Nike, HP. PRODUCT DEVELOPMENT-­‐ is closely related, and is the process of creation of new products, services or customer offerings, along with development and implementation of related marketing strategy. The process typically involves extensive work with and through multiple organizations and may also involve work with laboratories and research professionals (including market research). Typical employers might include IBM, Johnson and Johnson, Verizon, Campbell’s Soup Company. DIGITAL OR SOCIAL MEDIA MARKETING -­‐ This is an evolving field involving communication and promotion of products, services and brands using all forms of digital advertising channels to reach consumers. This now includes television, radio, internet, mobile, social media marketing (including Twitter, Face book and others) and any other form of digital media. This arena is growing very rapidly and is viewed by many as a vehicle that covers all of the traditional marketing approaches by providing the same method of communicating with an audience, but in a digital fashion – so that consumers/customers and those not formally associated with a product or organization are also engaged in spreading the word. For this reason, it is also sometimes referred to as viral marketing – and one message can reach millions within a matter of seconds for virtually no cost. SALES AND BUSINESS DEVELOPMENT -­‐ Sales refers to one of a variety of processes or functions focused on promoting customer purchase of a product or service. The sales process usually incorporates several steps, which can include assessing customer needs, presenting product features and benefits, and negotiation on price, delivery and other elements. Titles and responsibilities for salespeople vary by company and industry as well as type of product/service. Generally, however, there are the following categories of sales jobs: • Manufacturer's Representative • Direct Consumer Sales (also sometimes called agents or brokers) • Corporate Sales (usually includes business-­‐to-­‐business sales or B to B) • Sales Management Compensation for sales professionals is often partially performance-­‐based – with a structured base coupled with bonuses based upon revenue generated. People who enjoy and are stimulated by a high risk/high reward type of backdrop, who have strong relationship building skills, and who work well in a very challenging environment typically are the best candidates for sales careers. BUSINESS DEVELOPMENT-­‐ is closely related to Sales and refers to the process of creating or identifying new business (or revenue) opportunities. This can happen through a number of avenues, including new products/services, new applications, or new customers or markets. Business Development generally involves some combination of strategic planning, marketing and sales. Proportions of these functions can vary according to organization, industry, product or service and other factors. MARKETING CONSULTING -­‐ involves functionally specific work related to providing expert advice to organizations, teams or individuals. Consultation may be on a very broad range of topics, including but not limited to Branding/Brand Identity, Channel Strategy, Marketing Communications, Multicultural Marketing, Research, etc. Marketing Consultants may work in consulting firms that are specifically focused on Marketing – or may work in Marketing or Communications practices (departments) within broader organizations or firms. Strong communication and presentation skills, as well as analytical and teamwork skills are necessary for success in this arena. MARKETING RESEARCH -­‐ refers to the systematic gathering, recording, and analyzing of data with respect to a particular market (where market refers to a specific customer group in a specific geographic area) or product, service, industry, etc. This data can be obtained through a wide variety of sources and mechanisms, including surveys, focus groups, results analysis and others. For those who like to solve puzzles or do “detective” work, it can be an interesting path to pursue. It also drives many organizational and marketing decisions so can be quite impactful and highly visible. People with strong analytical and problem solving abilities – as well as strong detail orientation will likely be most successful in this field. MARKETING ANALYSIS/STRATEGY -­‐ involves the use of research data and other factors in determining the direction for an individual or group of products and services. The direction or strategy can include many factors including target market, demographics, pricing, seasonality and timing, distribution method, promotions, and others. Performance, profitability or other key indicators of an individual or group of products or services are also evaluated and assessed as a part of this process. Typical employers might include: Washington Post, Target, or McKinley Marketing. ADVERTISING AND PROMOTION -­‐ refers to the group of processes and functions engaged in development of strategy, plans and implementation of communication and messaging campaigns. These campaigns are usually introduced with the goal of persuading an audience or market (viewers, readers or listeners) to take some action with respect to products, ideas, or services. They are also used to create, strengthen or reinforce product perception or loyalty. These processes include many things, including development of objectives, media plans, sales promotions and public relations. PUBLIC RELATIONS is closely related and refers to processes and organizations that create programs and plans making use of publicity and other types of communication and information to promote a favorable image for an organization , service or product to buyers, prospects, investors or other stakeholders. Creativity is particularly important in this field. In addition, strong results orientation and strong relationship building skills and are often required. Typical employers might include: Pulse Advertising, APCO, and Ogilvy. SPORTS MARKETING-­‐ refers to the development and implementation of strategies which are focused both on the promotion of sports events and teams as well as the promotion of other products and services through sporting events and sports teams. It is frequently involved with linking a company or product to a specific sport or team. Typical employers could include ESPN, Redskins, Anheuser Busch, etc. Marketing professionals are employed in every organization and company, of all sizes and industries from consumer products to financial services to energy. Consider this diverse list: Accenture, Amazon, The American Red Cross, BAE Systems, Care First Blue Cross Blue Shield, Dupont, Goldman Sachs, Hertz Corporation, Kaiser Permanente, Kraft, L’Oreal USA, Marathon Oil Company, Nestle Purina, Starbucks, T. Rowe Price, Target, U.S. Postal Service, Under Armour, Vanguard, Verizon Wireless, Washington Redskins, Waste Management. On-­‐Campus Recruiting: Minimal on campus recruiting; begins in October with the bulk of activity before December. Some in the spring as well. Self-­‐Directed Job Search: Career Fairs – Generally September, October and Spring Semester; Job and internship opportunities posted on company websites, GWorkSB, and specialized websites throughout the year. For Marketing, it is particularly important to proactively seek opportunities through off campus sources. Also, case competitions are a very important component if the career search. They are being used more and more each year by a variety of organizations. (Some of these competitions are listed below but be aware that others can surface at any time.) CRITICAL SKILLS: •
•
•
•
•
•
•
•
•
•
•
•
Analytical/Quantitative skills – data analytics increasingly more sought after Creativity Drive for results/ action orientation High energy and ability to function well in fast moving environment Strategic/Big picture thinking Strong teamwork Communication and presentation Skills Relationship development Customer focus Target market identification Willingness to take risks Strong computer or technology skills FACULTY ADVISORS Dr. Vanessa Perry, Funger 301 [email protected] CO-­‐CURRICULAR & EXTRA-­‐CURRICULAR ACTIVITIES: Leadership in GWSB MBA Student Organizations: 202-­‐994-­‐4190 •
•
•
•
GW American Marketing Association (AMA) Consulting Club Sports Marketing Club Toastmasters Memberships: •
•
American Marketing Association of Washington, DC The National Press Club COURSES AT GWU Course suggestions: MKTG 6243: Marketing Research MKTG 6248: Advertising/ Sales Promotion MKTG 6251: Product Management MKTG 6290: Pricing MKTG 6290: Social Media Marketing MKTG 6290: Marketing for Social Causes MKTG 6252: Electronic Marketing & Commerce MKTG 6259: Marketing Strategy MKTG 6290: Selling MKTG 6290: Marketing to Investors Relevant Coursework: Students interested in marketing should be taking courses that will directly support their career choice. GW MBA students may take courses at GWSB (See suggested courses listed in this document) as well at a school that is a member of the Consortium of Universities in the Washington DC Area. The George Washington University is a member of the Consortium of Universities of the Metropolitan Washington Area. The following 10 universities coordinate the use of facilities: the American University, Catholic University of America, Gallaudet University, George Mason University, The George Washington University, Georgetown University, Howard University, Marymount University, the University of the District of Columbia, and the University of Maryland. CAREER FAIRS: Career Fairs: Note – The national career fairs are essential for marketing focused students interested in Fortune 50 companies. Be prepared to interview (including case) on the spot. •
•
•
•
•
•
•
National Asian MBA (NAMBA) National Black MBA (NBMBAA) National Society of Hispanic MBAs (NSHMBA) National Association of Women MBAs (NAWMBA) Net Impact Reaching Out MBA (ROMBA) Career Quest Career Fair NOTE: A list of career fairs is posted on the Career Center web site Case and Business Plan Competitions: •
•
GE ECLP Case Competition GWU Business Plan Competition NOTE: There are many other case competitions sponsored by other companies or B-­‐schools, so be sure to take advantage of them. INTERVIEW PREPARATION Mock Case Interviews: Note that most marketing interviews include at least one case question Students interested in a marketing career should begin preparing for interviews starting in the Fall of their first year. Early preparation is critical to getting the job offer. Preparation includes doing as many mock case interviews as possible before the Winter Break, and then several more in the New Year, to gain mastery of the cases and be fully prepared for the recruiting efforts of consulting firms, which generally happen between September through February of each year for internships. Preparation also includes practicing behavioral interviews several times and having well thought out answers (to a wide variety of possible interview questions) already prepared (typed out) before you go into the interview. Cases (for practice) can be found at the following: •
Caseinterview.com (excellent, smart feedback – this is a blog run by a former McKinsey interviewer that provides audios of case interviews with his feedback/commentaries on those cases; offers several very useful free tips and mock cases; have to pay for additional info, but fee is reasonable) •
•
•
•
•
•
•
•
•
•
Harvard Business Review Case Studies -­‐ http://hbr.org/case-­‐studies (have to pay small fee, usually under $10 – for individual case samples) Case In Point by Marc Cosentino Crack the Case by David Ohrvall Business.gwu.edu/Graduate Resources/Interviewing/ The Complete Guide to Case Interviewing and Marketing Interview Questions Meet with your Career Coach at the FDFCC Career Center can facilitate one-­‐on-­‐one mock cases interviews with you, and provide feedback Check in with the GWSB AMA Club, which may offer case practice sessions Take advantage of the many case competitions sponsored by companies and/or schools Mock Behavioral Interviews Meet with your Career Coach at the FDFCC Career Center; s/he can facilitate one-­‐on-­‐one mock behavioral interviews with you, and provide critical feedback Business.gwu.edu/graduate resources/interviewing/evaluative behavioral question COMPANIES WHO HIRED MBAS FOR MARKETING POSITIONS 2010-­‐2012 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Amazon American Red Cross Bayer Booz Allen DirecTV Discovery ESPN FMP General Electric Hilton Hobo International Honest Tea Marriott Worldwide MBO Partners McKinley Marketing National Geographic Nestle Purina O'Power PSB (Penn, Schoen, Berland) Ralph Lauren/Polo Redskins R J Reynolds Target •
•
•
•
•
•
•
TechnoServe T & T Consulting Toys R Us Under Armour Verizon Washington Gas Washington Post GWSB ALUMNI PERSPECTIVES Christopher Young Deloitte Consulting LLP Principal “The consulting business is one where you need to build a solid set of core skills and collaborative capabilities. Take the opportunity to evaluate what skills you bring, understand which competencies to develop so you can have the conversations with industry professionals on what your interests are, and consider how you plan to pursue them in a career. It also helps if you conduct research and network with recent graduates to gain a better understanding of their experiences in building a career in the advisory business. Connect your interests and skills to the needs of an organization that allows a candidate to better position for those interactions that bring job offers, and then interesting projects.” Bill Donovan Ockham Source President “The current labor market is intensely competitive and the key to thriving in this market is your ability to learn and apply information. One key way to achieve success is to establish a strong network of experts in your chosen career field and work to learn all relevant skills needed to become an expert! And remember to consider the long-­‐view of these mentor like relationships.” Burlie Brunson (EMBA ‘95) Defense Contracting Consulting Group (DCG), LLC President & COO “While the proper education is a necessary prerequisite to success in any industry, it is more important to develop a full spectrum of leadership skills in order to progress into and succeed in upper level management. In my career I often saw an extreme level of focus on delivering results -­‐ at any cost . While essential in and of itself, delivering results should also be accompanied by the abilities to shape the future, build effective internal and external relationships, energize your team, and above all, model personal excellence, integrity, and accountability in all you do.” FURTHER RESEARCH: •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Vault Career Guides Evisors webinars – available via FDFCC Resources page Good to Great: Why Some Companies Make the Leap and Others Don’t, by Jim Collins The Tipping Point: How Little Things Make a Big Difference, by Malcolm Gladwell “The Wisdom of Crowds” , by James Surowiecki Winning, by Jack Welch The Marketing Gurus: Lessons from the Best Marketing Books of All Time, by Chris Murray Harvard Business Review Wall Street Journal Journal of American Marketing Association (AMA) Advertising Age Sports Business Daily Sports Business Journal www.marketingpower.com Diversity Employers