(Marketing Strategy, Communications, Research, Business Development)
Marketing strategy encompasses many responsibilities that may include product forecasting and planning, promotions, customer service, and communications. Companies often race to unveil a new development or product before their competitors. Even within the same product group, marketers must manage rapid introductions and phase-outs of different products, develop strategies for ongoing support of older products already purchased by consumers, and differentiate their services or equipment from those of the rapidly proliferating competition.
A marketing manager may also be responsible for helping to plan, execute, and measure the performance of marketing and communications materials or activities including advertising, direct mail, Web sites, email marketing, printed collateral, branded merchandise, and special events.
Market research is the art and science of gathering, compiling, and analyzing data to provide a company’s management with information needed to make decisions on the design, distribution, and pricing of products and services. The information may be used to determine the advisability of adding new lines, opening new branches, or otherwise diversifying the company’s operations. During the past two decades, companies have also made significant investments to understand how customer satisfaction affects their buying decisions.
Business development is exactly what it sounds like: figuring out how to build or develop a business. You can find business development jobs in all industries—at startups as well as at established, bricks-and-mortar companies. The description of tasks varies depending on the companies’ business models and dates of establishment.
The business development professional’s objective is to expand the market reach, revenue, or membership base of the company in ways that make the most of the company’s resources and capabilities. They execute company strategy by “doing deals” with complementary businesses.
Exactly what that means varies from company to company. Given the growing interest of MBAs in these types of positions, companies will often title a position “business development” to attract MBAs, so be sure you ask probing questions to determine the nature of the job and to differentiate it from a sales job. Also, be sure to clarify the department to which the position reports (finance, sales, marketing, etc.) and the stability of the company to ensure the opportunity is as it appears.
Recommended Specialization
Brand Management
Companies that Recruit Vanderbilt MBAs
- Brown and Williamson
- Delta
- FedEx
- HCA
- IBM
- Lands End
- Microsoft
- RJR
Owen Extras
Clubs, activities, events, and programs to help build your résumé:
- Owen Marketing Association
- Owen Student Government Association
- Marketing Camp
General Marketing Key Competencies
Do you have or will you build the following competencies as an MBA?
- Passion
- Creativity
- Initiative/assertiveness
- Flexibility
- Leadership ability
- Research and analysis skills
- Communication and presentation skills
- Knowledge of marketing procedures
- Multi-functional team skills
- Strategic thinking abilities
Does your résumé reflect these experiences or accomplishments?
- Leadership/management
- Previous marketing position
- Multi-functional work (finance, ops, and marketing)
- Project management
- Advertising/agency
