Marketing Responsibilities in Publicly Traded Corporations - Assignment Example

? Individual Final Report Group E-commerce Project 06/08 Table of Contents Table of Contents Introduction 2 Interview Marketing 4 Interview #2 - Accounting 4 Interview #3 - Hospitality 5 Personal Reflections 6 Conclusion 7 Appendix 1 - Marketing Interview 8 Appendix 2 - Accounting Interview 10 Appendix 3 - Hospitality Interview 11 Sources Cited 13 Introduction Networking relates to the development of personal, professional, and business contacts through interconnected groups and individuals. In my interviews, I have been searching for ways in which networking can be used to build practical engagements and new opportunities. I interviewed three people in a general manner on business administration and also focused my questions with these people to inquire directly about internet, new media, and how these changes affected the business operations. The people I interviewed were involved with marketing responsibilities primarily in publicly traded corporations and small businesses, chosen because of their expertise in the field and professionalism. The following is a summary of what I learned from the questions in the interviews with the three subjects: Person#1 - Lindsey (Marketing Department – GEICO Insurance): Marketing is a busy job and the markets are always changing. Marketing is a field of possible under-employment for a M.B.A. graduate, though may lead to company career progress. Marketing is people and image oriented, requiring a professional demeanor and conduct. There is a vast difference in the quality of marketing jobs from company to company. Person #2 - Keith (Accounting – Lee’s Golf Superstores) You have to love math and numbers to enjoy accounting because lots of people find it a boring job. There is lots of work in the accounting department in any company, so search for the company that reflects a wider personal interest. The accounting department may lead to direct management or training in some instances such as small business. Accounting is heavily related to IT (Information Technology) in modern business. Person #3 - Holly (Hospitality – Best Western Hotels): Social people seek success in this career realm because being social is a needed aspect of personality for most people. Working in groups is much easier in the business world than in university. You learn in the business world more than what you learn in university. Technology has made marketing easier, more inexpensive, and faster to reach its market audience. Challenging preconceptions in the marketing field is what keeps you moving forward in your career I chose these three people for the interview because of my interest in working in similar fields, as well as because of their expertise displayed in the career. I also had the advantage of knowing these people personally, and wanted to use my connection with them to explore the ideas of networking and gain more understanding of practical business management issues. Interview #1 - Marketing My interview subject in Marketing was Lindsey, who works in the GEICO Insurance Company as an advertising representative. Her job duties primarily incorporate the management of local advertising campaigns with national or corporate plans and material. She maintains networking contacts with over 100 different publications, advertisers, direct-mail printers, and other groups. She does not have responsibility for the GEICO website, as it is a national job. However, she does have to work intensively to manage central corporate policies and strategies related to marketing in the local environment. To do that, she values personal skills and positive thinking in business contacts and activities. Nevertheless, she feels underemployed in this position with an M.B.A. and would like to move up to more senior level management positions in the company. GEICO is owned primarily by Warren Buffett’s Berkshire Hathaway Group, making this potentially one of the better companies in America to work for in terms of salary and benefits. Lindsey said, “We are sending material to hundreds of thousands of people on a state level monthly through mass-mailings. There is a lot to consider and detail to manage to make sure all is going correctly.” (Appendix 1) From this it is easy to see the amount of budget and responsibility for managing marketing even in a local environment when print, television, magazine, newspaper, direct mail, internet, and other campaigns are all launched and targeting the same community for sales. Interview #2 - Accounting Keith works in the accounting department at Lee’s Golf Superstores, a chain of golf merchandise sales shops that is owned by his family. According to him, he “manage(s) inventory, orders, salaries, bookkeeping, accounts received, and other aspects related to taxes primarily for the stores.” (Appendix 2) Keith feels satisfied with his position, as he views it as living up to family expectations and putting his education to good use. Keith has a business degree, accounting certification, and no higher degree or post-graduate training. He is doing more or less what he wants to do in life, which is learn the business from his father and uncle’s who manage it across different cities. Keith makes it clear that accounting is now very related to computers and basically an information technology job. He has overseen the development and implementation of an integrated inventory and logistics tracking program for inventory in the warehouse. The company uses one warehouse to manage inventory for three stores, and has their own shipping truck for deliveries. Keith manages nearly all of the bills for his father’s store, but he is only doing part of the business management related to central accounting and bookkeeping with the other outlets. Keith suggests that his business, golf, gives him more pleasure and satisfaction that his occupation, accounting. From this, I concluded that accounting is a very flexible and important skill that can be used to work efficiently in an industry or business that is more reflective of the personal self-interest, love, or enjoyment that are sought in careers. Interview #3 - Hospitality Holly works in hospitality at Best Western Hotels, a large company with chain hotels across the country. She is a front desk manager, receptionist, and greeter. She is senior on her shift, but reports to the assistant manager and hotel manager for assignments. She completed the company training program in hospitality and hotel management as well as her schoolwork in the subject. She is relatively happy with her career, as she has been seeking work in the hotel industry and Best Western is a top company. Nevertheless, she wonders about the salary in relation to other professionals, and a possible “glass ceiling” that will prevent her from progressing much in the company or attaining a raise, more benefits, etc. She feels there is a lot of competition for her job and she is lucky to have it, but is dependent on the seasonal nature of tourism and economic activity. The depression or downturn led to large losses of jobs in the hotel sector. She feels her job is frequently at risk. As such, she strives to do her best and act with professionalism with customers, but is looking for a self-owned bed and breakfast type of establishment that gives her more long term security and family support. She hopes to save her money to buy and open the bed and breakfast while working in hospitality with Best Western. Personal Reflections The J.D. Power and Associates 2011 U.S. Insurance Shopping Study this year suggested that “54% of new buyers request their initial quote online, up 23% from 44% who did so in 2007”. (Watershed, 2011) This statistic highlights the importance of online media and websites in modern insurance business, and because of this I wanted to closely inspect all of the marketing materials from the companies I studied in the interviews. What I found is that both the small family owned business and the corporate conglomerates were both integrating their websites, emails, and online booking information with all of their print, radio, television, and other marketing or advertising activity. This pushes the domain or website as the central destination for receiving more information. When talking with the employees directly, however, I began to understand the difference between business-to-business marketing and corporate accounts vs. retail and public advertising. The corporate and business-to-business networking must be approached in a different manner from retail advertising. I enjoyed this assignment because it gave me the chance to research in real business environments and to discuss professional issues with people in marketing and advertising. The creative aspects of the business are balanced with technical and administrative aspects in both accounting and marketing. Personally, this helps me to discuss or decide about career choices, and to possibly prefer a role in marketing over accounting due to the math. I believe accounting could be beneficial, as stated in the interview, if it leads one into a greater business enterprise related to what one loves to do. Otherwise, accounting is too dry and technical for me and I would like the people-friendly and active role of creative media lead in a marketing department. The role of budget relates to corporate or business size and also drives or determines opportunity in a position. Conclusion My three interview subjects worked at Fortune 500 companies and family businesses in the accounting and marketing departments related to the insurance, sports & recreation, and hospitality & tourism industries. In this regard, they are reflective of some of my own intended or prospective career paths in the future. I enjoyed this assignment because I learned a lot about practical business applications, as well as about myself, as in what I want in a career and business position. There are aspects of favor and disfavor in any job, but independence in a family business is what two of the three interview subjects in my group sought personally, even outside of the corporate career path. Business and career uncertainty go hand-in-hand, and hospitality, tourism, and insurance all may be hit hard by economic turns of the economy. The centrality of information technology in both accounting and marketing has convinced me of the need to focus on that more in my own personal studies. The best companies and the smallest companies may not always be the same in the public eye, but the smaller companies may make up in personal satisfaction for employees what they lack in salary, benefits, etc. for employees. The internet is a leveling field between small and large companies, but still it is difficult for small companies to compete in mass-media such as television or large newspapers and magazines in the press. The internet and cloud technologies will therefore be a continued area of specialization for me in relationship to accounting and marketing, with a focus on career and business applications. Appendix 1 - Marketing Interview Marketing - Lindsey’s questions: 1. What do you do on a day-to-day? I work in the office mostly, managing accounts and discussing ad campaigns with direct mail people, magazines, newspapers, etc. I meet with our office managers and plan things – campaigns, specific flyers or ads – but most of that comes from the central corporate office. 2. What educational background do you have? I have a degree in English Literature from the University of Maryland and a M.B.A. from Vanderbilt University. 3. Do you enjoy your job? I do enjoy the work and the people here at GEICO. We have a great team. 4. What were the most important things you learned in life or school that have assisted you in your job? Basically there is a need to be creative and to channel positive energy in the day to day activities that is more fundamental than any task. I learned to be positive and always learning, and looking for innovation to make the business operations run more smoothly or efficiently. 5. What are the most challenging things in your job? I have a lot of different accounts, contacts, people and names to remember all of the time, and these are just marketing contacts. We are sending material to hundreds of thousands of people on a state level monthly through mass-mailings. There is a lot to consider and detail to manage to make sure all is going correctly. 6. What is the reason you choose this job? The company and the experience was most important to me. It was good coming out of college to find this position. 7. Would you recommend this career to someone? Why or why not? Marketing is for a certain type of person, maybe... someone who has a knack or interest in marketing can do well in this area. The pay is not as good as in other departments, though, and I wish I could do more with my M.B.A. as I feel underemployed but hoping for positive career growth here. Appendix 2 - Accounting Interview Accounting - Keith’s questions: 1. What do you do on a day-to-day? I do accounting for a chain of three golf shops owned independently as a family business. I manage inventory, orders, salaries, bookkeeping, accounts received, and other aspects related to taxes primarily for the stores. 2. What educational background do you have? I have a degree in accounting from the University of Miami, a B.A. in Business Administration with a specialization in accounting. I also have certification. 3. Do you enjoy your job? I enjoy the people and the golf business. The accounting is really just a means to an end. 4. What were the most important things you learned in life or school that have assisted you in your job? There are math people and those who live pretty much oblivious to math in daily life. The store and shop environment require a lot of math to keep running. These days, it is important to know computers, spreadsheets, and database management for the job. 5. What are the most challenging things in your job? Keeping up with the technology and keeping people trained or integrated into our central accounting system, all the employees. This is difficult and I am also part of the staff training program. 6. What is the reason you choose this job? I am working for my family business, so that is the best way I see to apply my education to life development. We are Asian immigrants, so it is kind of expected in my family that I help manage the shops and stores. 7. Would you recommend this career to someone? Why or why not? Accounting and golf are two different businesses. If you love math, then accounting may be one option to consider. But it now is really a computer job, data entry, and bookkeeping or payroll. So, I would say, look for an accounting job in a field that gives you a wider interest or enjoyment. Appendix 3 - Hospitality Interview Hospitality – Holly’s questions: 1. What do you do on a day-to-day? I am working in the hotel and hospitality the business. My job is trying to help consumers and customers daily, solving problems, practical management in the hotel. 2. What educational background do you have? Tourism and Hospitality Management, Bachelor’s Degree from Tulane. 3. Do you enjoy your job? Yes, I enjoy it very much. I think there are a lot of fun times and moments in my job. 4. What were the most important things you learned in life or school that have assisted you in your job? I learned how to build relationships with people. How to respect consumers daily in business activity has been a key, or also trying to solve the situations that occur in random days or activities. 5. What are the most challenging things in your job? I think it is the time. Usually, I am so busy to travel. So, managing time is difficult and challenging for me 6. What is the reason you choose this job? I am a social person, so I choose this job. I’d like to talk with people and help them. 7. Would you recommend this career to someone? Why or why not? Yes, I’d like to recommend this career. This is a really good chance to practice people’s skill. And you can learn different personality in it. And you can know how to deal with people. But it’s also based on the persons’ personality. Sources Cited Watershed Publishing (2011). Majority of New Auto Insurance Buyers Go Online. Marketing Charts, June 3, 2011. Web. Retrieved from http://www.marketingcharts.com/direct/majority-of-new-auto-insurance-buyers-go-online-17723/ Read More