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What is Marketing?

In many ways, the course work for a marketing degree overlaps with the coursework for a business degree. This should come as no surprise, since both business degrees and marketing degrees help you learn practical skills that work across a broad range of industries. While each college or university names their courses a little differently, the type of marketing courses you can expect to encounter while working towards a bachelors’ degree in business or marketing, an MBA, or a master’s degree in marketing, will be similar regardless of the school you attend.

Of course, marketing students will focus on marketing principles. Frequently, the core principles of marketing are referred to as the 4Ps: selecting a Product; determining the Price; selecting a distribution channel or Place; and developing a Promotion strategy. However, marketing students need to understand marketing on a deeper level than a simple 4P overview provides. For example, marketing majors may not ever have to conduct their own market research, but they should understand statistics, as well as the tools and techniques market researchers use, so that they can evaluate that research. Marketing students also need to understand how to market to businesses, including a thorough understanding of the supply chain.

One of the ways that marketing courses deviate from business courses is that they emphasize the role of human behavior. In many ways, marketing is selling, and to sell products, one must know people. Consumer behavior, or the psychology of marketing, helps explain what motivates people to make purchasing decisions.

You can expect to encounter at least one business communications course. These courses focuses on those components of communications that are most relevant in a business setting. They may include international communication, managerial communication, and even business writing courses.

Marketing students will also need to be familiar with economics. While many times you will only be required to study macroeconomics, you may find it easier to understand economic concepts if you also study microeconomics. In different ways, both approaches to economics look at the core concept of supply and demand. A marketing professional’s job is not only to create demand for a product, but also to be able to realistically assess whether such demand can be created and what price point the demand will sustain. Although it is geared more towards understanding the supply chain, Forio’s Root Beer Game can really enhance student’s understanding of supply and demand.

Given the globalization of most businesses, marketing students have to be familiar with an international business environment. Strategies that work well in one situation may be completely inappropriate in an international context, therefore students need to learn global marketing strategies. Of course, if you intend to market to a specific international area, then taking courses that are specifically tailored to that area can be helpful, even if they are not in your degree plan. It is not unusual for marketing students to study sociology, foreign language, and culture in order to gain a better understanding of their potential consumers.  [ Show Less ]

 

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Obama Urges Tougher Laws on Financial Fraud
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Multinational corporations serving bottom-of-pyramid consumers in emerging markets
The emphasis on how to create a profitable business model for those countries and entire regions of the world with per capita incomes below $10,000 a year is typically referred to as marketing to the Bottom of the Pyramid (BOP). There are several thought leaders who have intensively the business and market development, pricing, product development and services in nations and regions of the world who have low per capita incomes. The foremost expert in this field was the late C.K. Prahalad, who was the most prolific researcher and writer of many of the experts and thought leaders covering this area of global commerce (Prahalad, 2004). In striving to create business models for the BOP nations and regions of the world, C.K. Prahalad and others found that the critical success factors that multinational corporations (MNCs) can use to better serve customers in this market include using Corporate Social Responsibility (CSR)-based strategies and initiatives; support for direct Foreign Direct Investment (FDI); the ability to tailor not only products but also the processes that deliver product design, services and support; and a willingness to create a more unified, locally-focused supply chain (Gouillart, 2008). These four factors are what differentiate the companies that attempt to capitalize on the massive amount of growth in the BOP-based nations and regions of the world relative to those that succeed. (Varadarajan, 2009). One of the main take-aways of the research completed for this analysis is the critically important role the attitudes and beliefs of governments are to Foreign Direct Investment (FDI), the ability these governments to nurture and foster investment in infrastructure in conjunction with partners, and the presence of advanced learning & Research & Development (R&D) centers including university research (Gouillart, 2008) (Kennedy, 2004). All three of these factors also emerged as the catalyst of BOP growth and market formation in the extensive research Dr. Prahalad completed in his native country of India, and also through the Asian region (Prahalad, 2004).