Marketing or Mercatus in Latin essentially meant a marketplace or a merchant.
Although the origins are not traceable, the term is in dictionaries since the 15th century. It is an age-old concept. The American Marketing Association (AMA) defines it as, “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. “
The evolution can be traced from the production era to the most recent relationship era. The production era focused on mass production to increase the number of products without paying much attention to the quality. This was to decrease the cost of production.
With the Industrial revolution came the sales-oriented era. As the cost of production decreased the competition became fiercer, leading to companies pushing their products through sales & sales promotion tactics.
In the 1940s, the companies realized that desensitized & pushy sales tactics were not bringing in sales. Hence they altered their strategies to be more inclusive, and customer-centric and thus came the marketing era.
From the 1970s till today we are in the societal or relationship era. The strategies have evolved to become adaptable, change as per the industry trends and preferences, and efforts are made to establish a long-term relationship with the customers. Rather, bring the customers to a stage of delight and make them brand advocates or loyal.
Marketing covers a wide array of activities. Each activity requires specialized skill sets. The skills required to become a successful professional include –
- Communication – The task of communicating the attributes, benefits, and advantages of the product or service and convincing people to purchase it. Hence strong communication skills should be the core competency.
- Leadership – The domain is for, by and directed towards people. Hence to grow in this domain, one should possess leadership skills to lead a team successfully.
- Research – A curious mind and ability to adopt changing trends come through the habit of doing research and staying updated with the current market conditions.
- Problem-solving – The domain is highly volatile and unpredictable as external factors such as political, legal, environmental, social, and economic affect the strategies. Hence, quick adaptability and a problem-solving attitude go a long way.
- Analytics – Data-driven marketing strategies bring more accurate, effective, and successful results. Thus, understanding and interpreting the data requires analytical skills.
- Creativity – Due to the ever-changing and dynamic nature, the communication style, mediums and techniques need to be changed to stay relevant, communicate with different customer segments and make your brand stand out from the crowd here, the skills like creativity and storytelling are crucial.
- Digital Marketing – The world is going digital and traditional marketing is slowly being replaced by the digital or online format. Hence the knowledge of digital marketing – Search Engine Optimization (SEO), Social Media Marketing, Search Engine Marketing (SEM), Email Marketing, and Content Marketing is a must.
- Time management – Hitting the rod when it is hot requires a keen sense of timing. Missing the moment means going out of fashion. This skill of time management has to be imbibed for accurate timing, scheduling of the ads, and indulging in moment marketing to drive results.
This field has numerous opportunities in store for anyone interested in working in a fast-paced and result-oriented environment.
A few potential career opportunities are –
- Advertising Manager
- Advertising Art Director
- Market Research Manager
- Marketing Manager
- Digital Marketing Manager
- Public Relations Manager
- Business Development Manager
- Brand Manager
A marketer can earn in the bracket of Rs. 2,00,000 annually to Rs. 25,00,000 annually, depending on the skillset and experience. However, currently, the scope & opportunities in the digital marketing sector have increased manifold, especially during & post-pandemic. A digital marketing manager’s average salary is between Rs. 6- 7 Lakhs Per Annum.
However, as a marketer or anyone wishing to enter this domain, it is crucial to study the basics in-depth and learn the relevant skills to become a successful marketer.
MIT School of Distance Education (MITSDE) is one such institute that understands the current skills gap in the market and strives hard to reduce it. For this purpose, MITSDE brings to you PG Diploma in Marketing Management (PGDM Marketing Management) or PGDM (Executive) in Strategic Marketing Management for those with 2+ years of experience. This course covers the basics & the latest concepts in marketing, gives hands-on training on the latest tools, and teaches you to create a brand, analyze market trends, and design marketing campaigns.