MARKETING MANAGEMENT

Discuss these key points with participants.

Marketing is the process by which a company is able to communicate with its consumer audience and drive sales of products or services. A marketing manager is the person responsible for managing the resources associated with this means of communication.

WHAT DO MARKETING MANAGERS DO?

WORK ENVIRONMENT

Because the work of advertising, promotions, and marketing managers directly affects a firm’s revenue, people in these occupations typically work closely with top executives. The jobs of advertising, promotions, and marketing managers are usually stressful, particularly near deadlines. They may travel to meet with clients or media representatives.

Most marketing managers need a bachelor’s degree. Courses in business law, management, economics, finance, computer science, mathematics, and statistics are advantageous. For example, courses in computer science are helpful in developing an approach to maximize online traffic, by utilizing online search results, because maximizing such traffic is critical for digital advertisements and promotions. In addition, completing an internship while in school can be useful.

IMPORTANT QUALITIES

Important qualities for a marketing manager include the following:

• Analytical Skills: Advertising, promotions, and marketing managers must be able to analyze industry trends to determine the most promising strategies for their organization.
• Communication Skills: Managers must be able to communicate effectively with a broad-based team made up of other managers or staff members during the advertising, promotions, and marketing process. They must also be able to communicate persuasively with the public.
• Creativity: Advertising, promotions, and marketing managers must be able to generate new and imaginative ideas.
• Decision-making Skills: Managers often must choose between competing advertising and marketing strategies put forward by staff.
• Interpersonal Skills: These managers must deal with a range of people in different roles, both inside and outside the organization.
• Organizational Skills: Advertising, promotions, and marketing managers must manage their time and budget efficiently while directing and motivating staff members.

PAY

The median annual wage for advertising and promotions managers was $96,720 in May 2014. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $45,060, and the highest 10 percent earned more than $187,200.

The median annual wage for marketing managers was $127,130 in May 2014. The lowest 10 percent earned less than $65,980, and the highest 10 percent earned more than $187,200.

Most advertising, promotions, and marketing managers work full time.

Share with Explorers that there is a guiding concept for many in the marketing field called the “Four Ps,” the key ideas that make up the “Marketing Mix,” which describes the points that must be addressed in order for an initiative to be successful. In 1960, professor E.J. McCarthy of Michigan State University introduced the concept of the Four Ps, which include the following:

• Product (or Service)
• Place
• Price
• Promotion

You might find the video, “The Marketing Mix and the 4 Ps of Marketing,” created by MindTools.com, to be useful for Explorers. See https://www.mindtools.com/pages/article/newSTR_94.htm.

Tell Explorers that they will be doing their own study of the marketing approaches taken by three companies in the booming coffee industry. Explorers will research the companies on their websites, become familiar with the companies’ products and strategies, and record how those companies have addressed the Four Ps. Select three companies with a presence in your area, such as Starbucks, Dunkin’ Donuts, Peet’s Coffee, Caribou Coffee, or the Coffee Bean and Tea Leaf.

Have students work in groups so each group has access to a computer with Internet access. Distribute a blank product chart for each team of Explorers or provide the chart electronically. Allow teams 30 minutes for researching and recording their findings.

DISCUSSION

After 30 minutes, gather the group for a discussion of their findings. Ask the following questions:

• How do the three companies differ in their approaches?
• What do they all have in common?
• What stood out to you as interesting or unique about each one?
• Do you have any critiques or things you believe the companies could improve?