MBA in marketing management is a full-time 2-year degree program offered by various business schools across the world to students who are interested in developing practical and theoretical knowledge in the branch of marketing so that they can assist the reputed corporations with their marketing activities.
The course structure is designed to educate students in core topics such as sales, developing marketing strategies, leadership, branding, advertising, communication, understanding consumer trends and market research. In recent years, many MBAs in marketing management programs offered by prestigious business schools focus on educating students on areas such as content marketing, social media marketing and digital marketing as social media is on a rise due to which almost every other marketing company has made a switch to online marketing. Therefore, it is essential that as emerging MBA marketing management graduates are successfully skilled as per the current market trends
Eligibility Criteria: The eligibility criteria for MBA in Marketing Management are as follows:
Applicant must secure a minimum grade of 50% from a recognized university
To secure admission in an MBA Marketing Management program applicants must be prepared to give an entrance test so that their aptitude can be assessed by the admission team. Some of the commonly accepted test scores are:
- CAT: Common Admission Test
- MICAT: Mica Admission Test
- MAT: Management Aptitude Test
- MAH - MBA/MMS CET: Maharashtra MBA Common Entrance Test
- XAT: Xavier Aptitude Test
- IBSAT: Indian Business School
- IIFT: Indian Institute of Foreign Trade
- SNAP: Symbiosis National Aptitude Test
- NMAT by GMAC
Applicants are required to sit for examinations based on the admission criteria set by the educational institution of their choice. Although, CAT covers admissions to most colleges, but a few colleges accept other test scores as well. Therefore, candidates are advised to check the accepted test score of the program they are applying for from the official website of the educational institution.
Applicants are required to secure a minimum required score accepted by the college to qualify for group discussions and personal interviews. The candidates will be accepted by the college based on interviews and group discussions
Excellent written and verbal communication: Excellent written and verbal communication is an important requirement for an MBA professional as you would be interacting with clients and employees. Therefore, students must work on their communication skill while pursuing the program
- Leadership: The candidate should have good leadership skills as they need to create a vision and motivate and coach people to achieve set goals
- Analytical Skills: Thinking logically and strategically is important so that you can achieve your plans efficiently and effectively
- Teamwork: Teamwork helps you to achieve efficiency and productivity as well as is the perfect opportunity to showcase your talent and expertise and helps measure performance
- Time Management: Time management is important so that you can achieve your goals and prioritize your tasks
- Strategic Thinking: It is important that you think strategically and use all the available resources effectively by using your knowledge to put ideas into action
- Organizational Skills: Marketing professionals must practice good organizational skills such as prioritizing tasks, communicating, multi-tasking as well as to adapt to new challenges and ideas
- Active listener: Listening effectively and incorporating the feedback of your team members plays an important role in improving team productivity and goals
- Keep up with the current industry trends: Marketing professionals need to keep up with the current industry trends so that they can prepare marketing strategies and goals that relate to the industry standards.
- Multi-Tasker: You must know how to multi-task the assigned task as you don’t want to lose focus. Therefore, you must prioritize and address tasks based on their importance
- Open to try new things and take risks: As a marketing professional, you need to be creative and open to try to new challenges
The course structure of an MBA in marketing management program is divided into four terms.
The MBA programs allow the student to study different subjects from analytics to digital marketing which allows them to decide the subject they are interested in. The wide range of subjects helps students understand which field they would like to work in.
New Trends in MBA in Marketing Management
The marketing industry is evolving at a quick pace with the introduction of the digital world due to which marketing has become one of the most challenging jobs in the industry as marketers need to have a creative and analytic approach towards handling challenges and keep up with the constant change in the marketing landscape.
The emergence of digital marketing has changed the way marketing was done previously. The new approach of marketing suggests that the customer is always the king with the introduction of 4Es – New approach to the customer value proposition, customer engagement, exclusivity, emotion and experience as marketing companies nowadays don’t sell products, rather they sell experience and emotions through experiential marketing tactics to win over customers.
Social media marketing is another trend that has become an important part of creating marketing strategies as social media is an essential tool that helps you connect with the masses in a short time. It helps you gain feedback and provide them with information. It is therefore important that future marketers entering the marketing field must have the necessary skill set to market the company they are working for effectively on social media for great results by focusing on the bigger picture.
Most business schools, require the candidates to appear for entrance exams such as CAT, MAT, SNAP, XAT and GMAT. Every college has a set minimum score which needs to be met by the candidate to apply to a college of their choice. The common entrance test is conducted to assess applicants in areas such as logical reasoning, general awareness, numerical ability, English, data analysis and problem-solving
Once the results are announced, candidates can apply to college for which they are eligible for and start applying. Selected candidates will be invited by the college to appear for a personal interviews or group discussions
Some private business schools provide direct admissions to college, for which you have to fill the admission form and pay the tuition fee
Some of the career options suitable for marketing professionals are:
- Brand Managers: Brand managers build brand strategies for the company. Companies like Nestle, Oppo, Cadbury hire brand managers. The starting salary package of a brand manager is between 6-8 lakh per annum which would increase with experience
- Sales Managers: Sales managers are required to work in a fast-paced work environment by achieving targets, gaining bonuses and incentives. Most startups hire sales managers and they earn between 5-7 lakhs per annum which would increase with experience
- Advertising Professionals: Advertising professionals coordinate and develop campaigns and strategies for existing and new products and services. Advertising agencies such as Group M, J Walter Thompson hire advertising professionals and they earn between 5-7 lakhs per annum which would increase with experience
- Marketing Analysts: Marketing analysts are responsible for gathering all the data that relates to the market trends and understanding the targeted audience. Companies like KPMG, Amazon, Nielson hire marketing analysts from top B-schools. The starting salary package of a marketing analyst is between 6-8 lakh per annum which would increase with experience
- Product Managers: The product manager is responsible for product planning including defining the product and work closely with the marketing and engineering team. Companies like Uber, Amazon, Microsoft hire product managers from top B-schools. The starting salary package of a product manager is between 6-8 lakh per annum which would increase with experience
- Relationship Managers: Relationship managers build relations with customers and clients to solve technical and business challenges. They also draw the attention of the customer by selling them certain products and services. Companies like HDFC, SBI, ICICI Bank hire relationship managers from top B-schools. The starting salary package of a relationship manager is between 6-8 lakh per annum which would increase with experience
An MBA degree can help you boost your career as it will help you secure managerial positions and promotions as most companies prefer applicants who have an MBA degree from a reputed institution.
Marketing management is a diverse and growing field which allows MBA professional to work with big brands such as FMCG, banks, media agencies, consultancy firms and information technology companies. The starting salary for an MBA graduate is between 5,00,000 p.a -8,00,000 p.a. There is no fixed compensation, as the salary structure is different for each company.