In your last leg of preparations towards your dream B-school, it is important to have some understanding about the various specializations to choose from. One of the most sought after specialization is Marketing. In this article, we will try to provide a nano MBA capsule related to Marketing to help you ace your interviews and get a clearer understanding of the various terminologies used in Marketing. I have written another article on Brand Management concepts, which is also important for your interviews. Read it here:
What is Marketing?
Marketing in a business term that has been defined in a dozen different ways. In essence, it is the process through which the products and services move from concept to the consumer. Thus, it includes identification of demand, determination of price, selection of distribution channel, development and implementation of promotional strategy.
Marketing is the management process, which is responsible for creating, communicating and delivering the customers’ needs profitably. It includes everything from development to the delivery of the product and continues even after that.
To put simply, there must be revenue for there to be profit. Therefore, a firm’s financial success often depends on its marketing acumen. It helps to build strong brands, create loyal customers, protect from the competition, increase the negotiation power and in doing all these, it increases profits.
Key Learning Outcomes of doing an MBA in Marketing Program
Business schools offer an assortment of courses that help MBA students in developing a marketing acumen that they can use in their post MBA career. While courses may differ in titles, the coverage is more or less the same. It includes:
Marketing Strategy and Management: Marketing Strategy is all of the company’s efforts towards fulfilling the marketing objectives tied up in the form of a single comprehensive plan. It includes – Market Research, Planning, Management and Execution.
Market Research & Consumer Insights: It is about gathering, analyzing and interpreting information about a market to gather insights on what the consumer wants and tailoring the firm's offerings accordingly.
Product Development & Management: It refers to the series of steps that helps in conceptualization, design, development and marketing the newly created products or services.
Data Analytics: It means analyzing raw data to draw conclusions about a new products and services that will further help in guiding the business decision.
Advertising and Sales Promotion: It refers to the dissemination of information about a product or service to create awareness through the right channel.
Brand Management: This includes the analysis and the planning of how a brand is perceived in the market and developing a strategic plan to maintain brand equity. Creating a strong brand presence helps in differentiation.
Digital Marketing: It is the buzzword nowadays and refers to the marketing of products using digital technologies through the internet using mobile apps, social media sites or any other medium.
What can you do with an MBA in Marketing?
An MBA in Marketing opens up a plethora of job opportunities in various sectors such as FMCG, Retail, Hospitality, Banking, Information Technology and IT-enabled services.
The various profiles offered are of a Brand Manager, Sales Manager, Marketing Manager, Market Research Analyst, Media Planner, Product Manager and Digital Marketer.
Marketing Concepts you need to know before your MBA interview
4Ps of Marketing:
The 4Ps of Marketing, also known as the Product Mix are important elements while determining a products offering to the customer. They consist of:
- Product: A product can either be tangible, something that has independent physical existence or intangible like a service. Launching the right kind of product with the appropriate number of variants is the key.
- Price: The price of a product determines the offering, which the customers are willing to give to buy that product. The price can neither be too low that the seller incurs losses, nor be too high that the consumers cannot afford the product.
- Place: The market where the product is sold is known as the place. The markets should be convenient for consumers to access. The distribution network for a product determines its availability in shops/outlets.
- Promotion: The method of communication by which the marketer provides information about the product is known as promotion. It includes advertisements, personal selling, word of mouth and publicity etc.
It is the most commonly applied models in Marketing for practice. The STP model is useful while creating the marketing communication plan since it helps the marketers to prioritize propositions and then develop personalized and relevant messages to engage with different audiences.
In simple words, brand is similar to the current meaning of ‘trademark’. A brand is a product, service or a concept that can be distinguished from others so that it be communicated and marketed easily.
Difference between Marketing and Selling:
Marketing is the process of meeting the needs of the customer. It includes product planning, pricing, promotion and distribution.
Whereas, selling is the action which converts the products or service into cash. Sales are a result of Marketing. Sales has a short-term perspective whereas, marketing continues even after sales in the form of after-sales service etc.
Difference between Marketing and Advertising:
Marketing refers to the process of preparation of your product for the marketplace. It involves understanding the target group and their needs and wants from the product. It is marketing which helps in defines the brand and attract the market share you want.
Advertising, on the other hand, is the process of making your product or service known to the marketplace by spreading the word what the company has to offer. Marketing is the way how you convince your buyers whereas, advertising refers to how you communicate to them.
Difference between Selling and Advertising:
Selling is a direct contact activity with the consumer to entice him about the product or service, whereas, advertising is an indirect contact activity aimed at creating awareness about the product or service which can result in increased sales. Both these functions work under the umbrella of Marketing department.
Type of Questions You Can Be Asked
- Favourite marketing campaign and the reasons you like it. (Have strong arguments)
- Tell us your most favourite and least favourite ad and if you were to change it, how will you? (Use your creativity)
- What according to you is a brand? What is your favourite brand and why?
- Sell the city from where you completed your graduation and come up with its tagline
- Do celebrities hamper the prospect of a brand? People concentrate more on the person than the product. (Opinion based)
- Difference between Digital Marketing and marketing in a digital space
- Tell us about the Product Life Cycle and name a few products on which it is not applicable
- Do you think Marketing is ethical? Give reasons (Proceed with caution)
- Why do you want to switch to Marketing from an IT background (for work-ex)
Top Companies that Recruit People with an MBA in Marketing
- Aditya Birla Group
- Yes Bank
- Tata Group
Important blogs for ready reference
You can also do a few online courses, such as the Google Digital Marketing Course or Introduction to Marketing on Coursera for enhanced learning. All the best!
Apart from all of the above, keep yourself updated with current affairs! Read The Most Important Current Affairs Topics For Your MBA Interviews!