The Marketability of Market - Case Study Example

Marketing Specialist Overview Harmon argues that marketing is an important part of all businesses today (21). Today, evidence shows that almost everyaspect of business today depends on successful marketing. This implies that the failure to adopt an effective marketing strategy can result in the failure of most aspect of a business. Accordingly, most companies have acknowledged that they cannot do without marketing. In fact, as the business environment increasingly becomes competitive, companies are forced to engage strong marketing campaigns to influence potential customers in the market to buy the company products or services. Marketing by definition refers to the processes through which a service or product is introduced and promoted to potential consumers in a market. Marketing is, however, a broad topic and includes different aspects such as public relations, sales, advertising and promotion. Marketing is important for any business for various reasons. Firstly, marketing is important because it makes the products or services that a firm offers to be known. Todays business environment is characterized by stiff competition because of availability of many firms that produce either similar or close substitutes. Therefore, the only way to make the products known in the market is to market them to the potential customers. In this regard, a business must be able to identify the potential customers that are likely to buy the products or services offered at market the products to them in the most effective way (Burrow par. 2). In fact, as much as a firm might be producing high-quality products and services, the products or services might not be known to consumers, not unless the business market the products to the potential customers. Therefore, it becomes clear that marketing is important for a business because it create brand awareness to the potential customers. This explains why most companies today invest heavily on marketing campaigns to create brand awareness and persuade potential customers to buy the products or services. Marketing is not just meant to create brand awareness. Instead, the main aim of marketing is to drive sales, according to Harmon (25). In this regard, marketing play a part in increasing the sales turnover of a company in the sense that, once the product or service awareness has been created, there is a high likelihood that customers will make an attempt to buy the products or services. In the long run, the sales of a company increased, resulting in improved profitability and competitiveness. Additionally, marketing is important because it enhances the reputation of a company and competitiveness in an industry. However, in a typical organization, there are different professionals who are charged with the responsibility of ensuring that a company product or service reach the potential customers and compete favorably in the market. One such is the marketing specialist who plays a critical role in ensuring the marketing success of a company. Harmon (25) notes that, as the business environment increasingly becomes riskier and competitive, businesses are finding it necessary to avoid the risks by hiring market specialists to assist in conducting a market analysis so that a company can know the right move to make. The role of a market specialist is to conduct research on the prevailing market conditions locally, regionally and nationally by gathering sufficient information to ascertain the likelihood of a sale of a service or product and come up with an appropriate marketing campaign. The marketing specialist also analyzes who the consumer of the company products and services are likely to be, what they are looking for and the prices that they would be willing to pay (King 41). Additionally, a market specialist also play an important role in ensuring the success of an organization since the professional is also charged with the responsibility of analyzing the level of competition, sales, promotion, prices and the distribution methods. Accordingly, it becomes clear that a marketing specialist is increasingly becoming an important department in most organizations today. In fact, evidence shows that almost all big companies today have market specialist who helps them in studying the market condition to ensure success of a business. According to the Bureau of Labor Statistics, 2012 report, the country has an estimated 415,700 marketing specialists in the country (Bureau of Labor Statistics par. 2). The survey also found that the number of marketing specialists is likely to rise shapely in the coming years are most companies are currently seeking the services of marketing specialists to be able to understand the market where they operate and devise effective marketing strategies to win the market. Demand for New Hires in Entry-level Jobs and Continuing Five Year Outlook Marketing specialists currently ranks among the most sought employees in the country. As earlier stated, the high competition for customers in most industries has made it necessary for companies to hire market specialists to enable the companies compete favorably in the market. This is because market specialists role is to analyze the market conditions, determine the potential customers, what products or services they need and how best to approach the market to capture the attention of customers in a market (King 46). Accordingly, a study conducted by the Bureau of Labor Statistics has shown that the demand for entry-level marketing specialists has been increasing every year in the country. As of 2013, the demand for entry level marketing specialist stood at 438,000 jobs, according to the Bureau of Labor Statistics report (par. 2). This marked an increase of about 14% compared to 2010 as the high demand for marketing specialists added about 55,000 new jobs. At the end of 2014, the demand for entry level marketing specialists job had risen by about 3.7% (Bureau of Labor Statistics par. 4). In fact, the Bureau of Labor Statistics report indicates that marketing specialist jobs were the profession that recorded the highest growth rate between 2013 and 2014. The good news for individuals pursuing marketing specialist as a profession is that the outlook of the profession is very bright. A survey conducted by the Bureau of Labor Statistics in the recent past project a huge increase in the demand for entry level marketing specialist jobs. According to the report, the demand for entry level marketing specialist will increase by about 20% by 2019 and 32% by 2023 (Bureau of Labor Statistics par. 4). This translates to about 135,000 new job opportunities that will be added to the market. Accordingly, the projected growth in the demand for marketing specialists implies that those pursuing the profession as a career would find it easy securing an entry level job. This is because the demand for graduates in the profession is relatively higher than the number of graduates that are added to the job market. Methods Used To Get the Job Unemployment has been a big issue in the United States since the 2007/2008 global financial meltdown. The United States was one of the most affected countries in the world as the financial crisis, coupled with subsequent recessions resulting in massive job losses to the American youths. Many companies were forced to downsize in order to cut down the cost of operation. The decline in the economic growth also made it difficult for the economy to create jobs for the American population. Although the economy has stabilized and is currently recovering well, joblessness among American youths remains a bid issue. Currently, the rate of unemployment stands at about 5.5% (Harmon 41). This percentage translates to millions of Americans who have nowhere to work and earn a living. Therefore, in order to secure employment in any given sector, job seekers must stand out from the rest since there are many candidates that are also seeking for the same position. As such, in order to get the marketing specialist job that I have always been passionate about since childhood, I would have to begin by obtaining the mandatory minimum education requirement for an entry-level position in the field. Currently, the mandatory requirement for an entry-level marketing specialist job is a bachelors degree (Bratcher par. 3). The good thing is that I have already met this mandatory education requirement since I have already completed a bachelors degree in business management and statistics. Pursuing a degree in these courses has equipped me with the necessary mathematical and analytical skills, which I intend to use in conducting marketing analysis to ensure the success of a company where I will work. Currently, as technology keeps advancing and the world increasingly becoming a globalized village, all these changes impact the marketing specialist profession. For instance, new technologies keep emerging that marketing specialists need to be aware of and know how to use in order to the changing market conditions. As such, I intend to secure the job by ensuring that I keep abreast of the new technologies and different software programs that are used for analyzing data. I strongly believe that keeping abreast with the different software programs and technologies will give me an upper hand over other prospective employees seeking for a similar job. Additionally, I intend to secure the job by demonstrating to the prospective employer that I am serious about the job that I am looking for in the organization. Accordingly, as much as it is not mandatory of marketing specialists to have a Professional Research Certification, personally I intend to obtain one. This is because having a Professional Research Certification will help improve my credible and make the prospective employer view me as a serious prospective employee who is capable of delivering to the expectation of the organization (Burrow par. 6). Above all, after completing my bachelors program, I intend to secure an internship in a reputed organization to enhance my skills and experience as a marketing specialist before I secure an entry-level job in the field. Having some prior experience will be good since most employers of today tend to look for some little experience that a prospective employee has beyond the classroom. Additionally, to increase my chances of getting hired for an entry level job, I would ensure that I take the Professional Regulation Commission exams (Bureau of Labor Statistics par. 6). Taking the exams will certainly demonstrate to the prospective employer how credible and serious I am with the profession. Compensation Of all the entry level jobs, marketing specialists are among the best-paid entry level jobs. As of March 2015, an entry level marketing specialists in the United States earn an average of $42,000 annually (PayScale, Inc. par. 7). However, this compensation varies depending on the company, industry, and location of the job. The high salary is attributed to the growth in demand for marketing specialists in the country. In fact, the average entry level compensation for marketing specialists is far above the national average for all job categories. According to the statistics from the Bureau of Labor Statistics, the national average compensation for all jobs stands at $40,000 annually as of March 2015 (Burrow par. 2). This is a difference of $2,000, which is quite significant. However, like any other profession, the compensation package for a marketing specialist rises based on the skills and the number of years of experience. This is because employers normally increase the salaries of marketing specialists based on the experience they have and their contribution to the organization. Statistics shows that marketing specialists with three to five years of experience earn an average annual salary of $67,780 (Bureau of Labor Statistics par. 8). Accordingly, this makes the profession one of the best paid in the country. This is because the national average salary for professions with the same years of experience falls below that earned by marketing specialists. However, for purposes of career growth and development, I intend to further my education by pursuing a masters degree. Having a masters degree will make it easy for me to rise within the ranks very fast and hold a much higher position, which is my long-term plan. For instance, by having a masters degree, it would be easy for me to get hired as a marketing manager, marketing director or marketing communication manager, which are better paying and having more challenging roles. Career Development Opportunities One of the greatest advantages of pursuing marketing specialist as a career is that it offers an individual the opportunity for career growth and development. Firstly, marketing specialist usually can become a marketing manager by rising through the ranks. Because the scope and the roles of a marketing manager are more demanding, a marketing specialist can rise within the ranks to become a marketing manager after obtaining enough experience as a marketing specialist. Unlike the roles of marketing specialists that mainly involves market analysis; a marketing managers roles are more demanding (Bratcher par. 2). This is because they are charged with the responsibility for planning directing and coordinating the organization-wide policies and programs to ensure effective marketing of the company products and services. For instance, marketing managers are charged with the responsibility of ascertaining the demand for a product or service that a company offers. The incumbent is also charged with the responsibility of identifying the competitors in the market and how best to counter them and obtain a competitive edge. Marketing managers determines the potential customers that are available in the market and how best the company can win them over. Additionally, as a marketing manager, a marketing specialist promoted to the position would be charged with the responsibility of determining the best prices for the products, developing appropriate marketing strategies and overseeing product development. In order to become move laterally to become a marketing manager, a marketing specialist require less than 20 years of progressive experience. Secondly, a marketing specialist has a great opportunity to rise within the ranks in an organization to become a marketing director. In most cases, a marketing specialist can be promoted to the position after acquiring not less than 10 years of progressive work experience (Bureau of Labor Statistics par. 6). This requirement is needed because the responsibility of a marketing director is more demanding than that of marketing specialists. Accordingly, by becoming a marketing director, a marketing specialist must be prepared to execute a number of duties. Firstly, as a marketing director, an individual is required to perform the job of planning and leadership in the marketing areas in an organization by ensuring that an organization has proper structure, competencies and systems to accomplish the organizational goals. Secondly, the marketing specialist would assume the responsibility of developing the marketing plan of an organization for the firm to ensure the successful accomplishment of the organizational goals. Thirdly, within an organization, a marketing specialist can become a product marketing manager. Product development manager plays a critical role in ensuring the success of an organization. In order for a product to attract huge demand, the product must satisfy the needs of the potential customers in terms of quality, quantity, and pricing. However, it requires the use of skills and experience for one to develop the right products that meets the features that customers are looking for in a product (Bratcher par. 3). Accordingly, by rising to the rank of a product development manager, a marketing specialist is charged with the responsibility of for the development of outbound marketing strategies for a product. The marketing manager develops the product messaging and positioning and develop creative marketing programs that are capable of driving the demand. Additionally, as a product development manager, the incumbent is responsible for identifying the needs of customers, their purchasing patterns, and communicate the findings to the sales channel. Additionally, a marketing specialist can become a marketing communications manager upon serving in the position of the marketing for a period of not less than 10 years and demonstrative good performance. As a marketing communications manager, the position holder is responsible for communicating the marketing strategies and ensuring the execution of the strategies for the success of an organization. Therefore, it becomes clear that pursuing marketing specialists as a career is good because it offers the opportunity for career growth and development. Conclusion In conclusion, currently, every company and industry appreciate that marketing is an important part of a business. Currently, no business can succeed and compete effectively without marketing. Marketing is important to a business because it creates awareness of the existence of the services or products that a company produces. Once the customers have been made aware of the existence of a product or service, they may opt to buy the product or service depending on how well they are convinced by a company. Marketing is also important for a business because it enhances the business reputation and increases its competitiveness. As such, it is no wonder why businesses invest heavily on marketing campaign today. However, as the markets increasingly becomes competitive, companies are increasingly finding it suitable to hire marketing specialists to assist in analyzing the market conditions to ensure that a company identifies its potential customers, their needs, and the appropriate marketing strategies to adopt to reach the target market in the most appropriate way. From the literature, it also becomes clear that there is a high demand for marketing specialists currently. At the same time, the demand is expected to grow significantly in the next five years, which is quite encouraging to students pursuing the career. In terms of compensation, it became evident that marketing specialist earn good amount of money at the entry level. In fact, it also emerged from the discussion that entry-level marketing specialists earn a slightly higher salary compared to the national average. The other encouraging aspect of the profession is that it offers individuals opportunity for career growth and development. This is after it emerged that a marketing specialist can rise to the ranks to be hired as a marketing manager, marketing director, or marketing communication manager. However, this is only possible once an individual has obtained the requisite experience. Therefore, it would be highly recommended that any individual who has a passion for becoming a marketing specialist should do so because the future prospect of the job is very bright. Works Cited Bratcher, Emily H. Market research analyst. Web. 11 March 2015 http://money.usnews.com/careers/best-jobs/market-research-analyst Bureau of Labor Statistics. Occupational employment and wages, May 2013. Web. 11 March 2015 http://www.bls.gov/oes/current/oes112021.htm Bureau of Labor Statistics. Market research analysts. Web. 11 March 2015 http://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm Burrow, Gwen. The marketability of market research analysts. 14 January 2014. Web. 11 March 2015 http://www.economicmodeling.com/2014/01/14/the-marketability-of-market-research-analysts/ Harmon, Daniel E. Careers as a marketing and public relations specialist. New York, NY: The Rosen Publishing Group, 2013. Print. King, Lawrence. Book marketing 101. New York, NY: Xlibris Corporation, 2012. Print. PayScale, Inc. Market research analyst salary (United States). Web. 11 March 2015 http://www.payscale.com/research/US/Job=Market_Research_Analyst/Salary Read More