Explore the Scope of Marketing Management Today

Find out all about the scope of marketing management as a role and as a career, along with the highest paying jobs and what you can do to get into marketing management.

Scope of Marketing Management As a Role

Marketing managers implement control over all the marketing activities in an organisation. They work hand-in-hand with sales and other departments for smooth coordination. They build relationships with clients, suppliers and any other external parties that directly or indirectly benefit the business. As decision-makers, they have a say in whether or not the product will generate profit. Let’s find out the scope of marketing management. 

360° Market Knowledge 

One of the key components of this role is marketing research. The marketing management professional performs a thorough analysis of the customer demands and purchasing behaviour.  This is done to see where the business will go and how its product will impact the customer. The marketing manager also identifies the competitors for planning all marketing activities to satisfy the customer with a better product. 

Developing a Unique Marketing Strategy

Marketing managers know a product can sell better through a well-developed marketing strategy. A marketing strategy must align with the company’s main goals. That is why it is essential to create actionable marketing objectives before creating a marketing strategy.  

So marketing objectives revolve around the popular acronym SMART. 

• Specific
• Measurable
• Attainable
• Relevant
• Time-bound

A few examples of marketing objectives you can consider are growing digital presence, generating more leads, targeting new customers, building authority, etc. 

From Product Planning to Product Development

It’s a given that generating an idea for a product is the first step in product planning. An organisation will have its Research and Development department that a marketing manager may consult. Other resources to come up with an idea can be the competitors, and/or even customers. 

Now, the actual planning is done on a micro-level. The next step in product planning is assessing the ideas and whether they will fit the marketing objectives. Following it is developing a proof-of-concept and figuring out its commercial value. 

Next comes the development of the product from scratch to create a prototype. A marketing manager has to oversee if all the physical aspects of the concept are able to concretise correctly. Once done, the professional makes all the decisions on packaging, distribution, pricing etc. 

Pricing the Product Competitively

The price of the product must cover the manufacturing and distribution costs. But that does not mean the prices are exclusive of the competitors, especially, when it comes to pricing as much as the market leaders. The pricing strategy should be ideally competitive to generate profit. Marketing managers deploy and test different pricing strategies to optimise profits while retaining customers. 

Promoting the Product to the Target Customer

This is a singular marketing strategy that drives sales. Important as it is to create brand awareness, the marketing manager has to make potential customers find out about the new product. Find out more on ways to promote a product through digital marketing. 

Choosing Apt Distribution Channels

Not all distribution channels are the same and some can be detrimental to a business. Just like developing pricing and promotion strategies, marketing managers look into distribution strategies. For that, they identify and compare the costs of different distribution methods. The end goal is to deliver the customer at the most convenient time and right place.

Controlling and Assessing All Necessary Marketing Activities

Marketing activities revolve around planning. It is an important step in achieving the marketing goals. Launching marketing campaigns, sending newsletters, etc. help in product promotion. If a marketing activity is not driving results, the marketing manager replaces it with an effective one. This requires quick decision-making and flexibility. 

Scope of Marketing Management As a Career 

Find out the top-paying jobs in marketing management along with a list of courses that you can take up.

Top Marketing Management Jobs

Here are some of the highest-paid jobs in marketing management. 

• Marketing Manager – The annual salary for this role ranges from ₹ 2.3 Lakhs to ₹ 24 Lakhs. The average annual salary of a marketing manager is  ₹12.2 Lakhs (AmbitionBox). 
• Brand Manager – A brand manager makes  ₹ 3.5 Lakhs to ₹ 33.8 Lakhs annually as per AmbitionBox. The average annual salary based on 7800 salaries in India is ₹ 17.9Lakhs. 
• PR Manager – According to AmbitionBox, PR Managers make ₹ 2.6 Lakhs to ₹ 17.0 Lakhs per year. The average annual salary is ₹ 7.0 Lakhs. 

How to Get Into Marketing Management 

As a general rule of thumb, companies require marketing management professionals who have a bachelor’s degree. If you have entered your marketing career as a graduate, you can choose the courses mentioned below to improve your opportunities. 

Marketing Management Courses For All Levels

1. Integrated Marketing Management on NPTEL
2. Marketing Management I on Coursera
3. Marketing Management II on Coursera
4. Marketing Management on edX

PG Marketing Management Courses 

1. EMBA – Marketing Management by Mewar University
2. MBA with specialization in Digital Marketing Management by Amity Online University
3. MBA (Distance) Marketing Management by NMIMS
4. PGDBM Marketing Management by Doorasth Shiksha

Make the Scope of Marketing Management Your Career Goal

Marketing management applies to many industries and remains a rewarding profession everywhere. If you are in the marketing field, this is a great career choice, even though it demands quite a lot of practical experience. And if you are new, choose from many marketing courses to get a head start.