Marketing & Sales is one of the in-demand jobs at the moment simply because no company can survive without a marketing & sales team and this will continue to be so for the next couple of years. Digital Marketing, Marketing research , Marketing communication & Media & Client Management Roles are growing every year.
Nowadays most employers are hiring people who have a post graduate MBA degree in Marketing. A MBA degree in marketing helps to understand a lot of business and marketing concepts. In this post, we will cover some of the top concepts to be learnt while pursuing an MBA in marketing.
1.4 P of Marketing( Also Referred to as the Marketing Mix)
One of the oldest concepts of marketing, the 4 P describes the principles of marketing which revolve around 4 things: Product, Place, Price, Promotion. These are time-tested principles that do not change.
In modern times this concept has been expanded to include 3 more principles which are called the 7P that in addition to the above include people, physical evidence and process. Learn about 4P & 7P through various examples and case studies during your MBA in marketing.
2. Maslow’s Hierarchy of Needs
Maslow’s hierarchy of needs talks about various needs starting with the first level of basic physiological needs, safety, social, esteem & self-actualization needs in a pyramid are used as guidelines by many marketers to target marketing efforts. Maslow learnt that human behaviour & decision making are motivated by one of the levels in the hierarchy.
Using Maslow learn you can learn about the needs of your targeted audience and meeting one of Maslow’s identified needs can result in a successful campaign. Learn more about Maslow’s Hierarchy of needs through various case studies & projects during your MBA in marketing.
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3. AIDA Model
AIDAR model is used extensively in marketing communication and is one of the most popular and important models to track the customer journey through Awareness, Interest, Desire, Action ( of late the retention phase has been added) phases that a consumer goes through before buying a product or a service.
Brands use this model to plan and distribute their marketing messages to their target audience at each stage of the buying journey. Learn more about the AIDA model through various case studies & projects during your MBA in marketing.
4. Brand Equity
Brand Equity is the value that the customer has for a brand and the premium that the company gets from a product with a popular brand name compared to a generic product. Brands try to create positive experiences and sway customer buying decisions over competitive brands.
Brand Equity is very complex and it takes years to build. Some of the top brands in the world like Apple, Google, Amazon, Tesla etc have strong brand equity. Learn more about brand equity through various case studies & live projects during your MBA in marketing.
5. Search Engine Marketing
Search Engine Marketing or SEM as it’s popularly called is a type of online advertising that is used to increase the popularity of a website and drive more business by promoting it at the top of search engine results pages ( SERP) through the use of search ads.
It is also called as PPC(Pay-per-click) because one of its most popular bidding models is a pay per click model. Google ads is the most popular and the largest search platform used by marketeers followed by Microsoft. Learn more about search engine marketing through various case studies & live projects during your MBA in marketing. Learn more about Career in SEO
6. Segmentation, Targeting & Positioning ( STP Framework)
The STP framework is the most important model or concept in modern marketing. It is a 3 step model that allows marketers to develop a marketing strategy to target their audience segments effectively.
It enables you to segment your audience into various groups or subgroups, target each group or subgroup separately according to their specific behaviour patterns & habits and make small changes to marketing communication & brand messaging to create a particular image or identity of the brand in the minds of the consumers to satisfy their wants & needs.
You can learn more about the STP framework through various brand examples, case studies & live projects during your MBA in marketing.
7. Consumer Behavior
Consumer behaviour is a very vast topic and includes a lot of behavioural science & psychology concepts under it. Consumer behaviour is the study of behaviours and patterns that consumers follow while considering a brand or product before making a purchase. Consumer behaviour helps to understand why & why not, when & how a consumer buys a product.
You will learn about the consumer decision-making model, Socio-cultural environment that influences decisions, psychological factors such as personality & attitudes. A good understanding of these concepts is what makes a great marketer in the long run. You can learn more about consumer behaviour through various brand examples, case studies & live projects during your MBA in marketing.
MBA Programs in India
Due to lockdown across India, multiple universities and b-schools are now offering their MBA programs online. One of the top MBA learning platforms in India, upGrad can help you apply for an MBA from Liverpool Business School with specialization in marketing.
You will be given many MBA projects that will enhance your overall learning experience and help you learn practical application of marketing concepts that various brands have used. upGrad also offers individual mentoring sessions with industry leaders from various domains.
You will also get 360-degree career support and placement assistance throughout the MBA program that will help you apply for a job with some of the top brands. upGrad expert mentors will guide you and help you build, review your resume and help you apply for various marketing & business roles across various brands.
Is it good to do an MBA in Marketing?
The world is currently exploding with digital transformation taking over industries by the storm, and organisations are becoming heavily dependent on using digital media to reach out to the target audience, offer them products and services, and acquire customers. Thus, an MBA in marketing is a very good choice especially for those who are interested in marketing related roles such as brand management, events, corporate communications, public relations, search engine marketing, social media, etc. So, if you pursue an MBA in marketing from a reputed b-school, you are certain to have a promising career ahead.
What kind of jobs are available after an MBA in Marketing?
Firstly, it depends on the ranking of the institute you do your MBA from. If you are completing your MBA degree from a top-ranking institute, you can choose between placements in IT/ITES companies, pharmaceutical companies, FMCG sector, and so on. Many firms even offer candidates specialising in marketing roles with jobs in sales and business strategy. The role offered to you would also depend on your previous work experience and graduation degree. Engineers with marketing degrees can expect to find roles in analytics, product management, research and digital marketing. Depending on your interest, you can also choose to work with advertising agencies, media firms, brand management agencies, etc.
How to do an MBA in Marketing?
To do an MBA, firstly, graduates must be able to crack the entrance exam with excellent scores. The higher your score is, the better are your chances for getting calls from top ranking institutes. Next, one must clear the group discussion and personal interview rounds. Some institutes offering executive or global MBA degrees prefer candidates with at least 4 to 7 years of work experience. If you choose to pursue a traditional MBA or PGDM course, you will need to select your specialisation in the 2nd year, during which you can choose marketing. Those pursuing general management courses can choose marketing related subjects.