Careers After MBA in Marketing : Career Options, Scope & Salary
Marketing in simplest terms is the promotion of a product or service of a business. Marketing thus depends on the nature of the product and it differs from business to business. In today’s age, with the rise of many digital platforms - the opportunities have only skyrocketed in marketing. In this rapidly changing world of marketing, however the basics remain the same - market research, studying analytics, developing strategies & executing them.
Marketing is an evergreen career. This department is core for any organization. There is a need for highly skilled professionals as they take on the myriad roles available. An MBA in Marketing provides the right skill set along with business acumen. Let’s look at the benefits of an MBA in Marketing in detail;
Benefits - MBA in Marketing
Business Understanding
An MBA in Marketing provides the prospect with a thorough understanding of the business. The real-life working of a business is far different from the theory. Students are trained with real-world scenarios to make them ready for the transition from student to professional.
Skill Development
An MBA curriculum comprises skill development. This equips the students with diverse skills to ensure success in the real world. From planning, strategizing & executing, a holistic approach helps students immensely when they transition into their professional journey.
Strategy
Strategy development is a key skill for marketing students. Any brand needs a strategy before it can enter into a market. An MBA provides knowledge and actionable steps to studying consumer behavior and tailoring marketing strategies accordingly. A sound marketing strategy helps in making proper decisions for the business.
Innovation
To stand out, one needs to innovate. In marketing, it is crucial to differentiate one’s product or service from the rest. An MBA fosters creativity and innovation amongst the students. It encourages out-of-the-box thinking & developing strategies for the product to go viral.
Global Exposure
In today’s world, it pays to have a wide perspective. An MBA in Marketing exposes students to diverse cultures, consumer behavior as well as strategies. This opens up a wide area for the students as they become well-versed with the international standards and in the future can even plan, develop, and execute strategies for foreign markets.
Higher Earning Potential
One of the highest selling points of an MBA. In the end, one needs to be confident of a high-paying career post an MBA. An MBA in marketing imparts practical knowledge that helps students secure medium to high level positions effortlessly which come with lucrative salaries. There are countless opportunities for students, locally and globally upon graduation.
Career Options post an MBA in Marketing
Marketing is and will always be in trend. Post an MBA in Marketing, students have a plethora of career opportunities to choose from. Most employers look for MBA graduates since they are proven to be business-ready with their problem-solving, business understanding & business acumen qualities. Some of the popular career options post an MBA in Marketing are;
1. Brand Manager
A brand manager creates strategy. He ensures a brand has an original voice to differentiate it from the competition. He ensures the brand remains relevant, fresh & exciting in the minds of the consumer. His responsibility involves developing marketing campaigns, conducting market research, analyzing performance, and much more.
Average Salary : 21 LPA source
2. Marketing Manager
Marketing managers are responsible for marketing campaigns, developing strategies, collaborating internally & externally, and analyzing trends to name a few. He leads teams, presents marketing plans to the concerned shareholders & even manages budgets. The primary objective is to raise awareness and generate demand for product and services of an organization.
Average Salary : 12.6 LPA source
3. Marketing Strategist
A marketing strategist is responsible for achieving the marketing objectives in a cost-effective way. They optimize marketing efforts for the client & collaborate with multifunctional teams to execute them. A significant part of this profile is to understand the client's business and accordingly tailor a strategy aligning with the business goals.
Average Salary : 16.8 LPA source
4. Product Manager
A product manager is responsible for focusing on product strategy, right from creation, sales, distribution, and acting on the received feedback. He identifies the customer needs and keeps in mind the bigger business objectives. He rallies the team around it. Identifying target audiences, leading development teams, ensuring product success, and navigating market changes are the responsibilities of a product manager.
Average Salary : 21.5 LPA source
5. Market Research Analyst
Market research analysts are responsible for studying market conditions, consumer behavior, and competition. They help the business understand what type of product a consumer seeks. They scour through surveys, trends, and social media to uncover valuable insights for the business. This helps businesses to make strategic decisions.
Average Salary : 5 LPA source
6. Business Development Manager
A business development manager is responsible for discovering new leads & identifying new opportunities for the business. Maintaining a harmonious relationship with customers, suppliers, and partners also come under their jurisdiction. Training a team and setting goals to drive up business revenue are other key responsibilities of a business development manager.
Average Salary : 7.4 LPA source
7. Sales Manager
As the name suggests, a sales manager is responsible for developing a sales strategy, monitoring sales performance, market analysis, looking into customer support, budgeting & communicating with the relevant stakeholders. In a gist, a sales manager leads and supervises the sales team & oversees the sales operations of a business.
Average Salary : 9 LPA source
8. Marketing Consultant
A marketing consultant offers businesses strategic inputs. They do deep research to uncover target audience, competitors and industry trends. They help an organization implement an effective marketing strategy to reach their goals. They work either as full-time employees or an independent consultant.
Average Salary : 11.8 LPA source
As is evident from above, the scope is broad for MBA graduates. MBA Marketing graduates(freshers) can expect to earn between 3 - 15 LPA. As they gain experience, they can expect much higher packages in the range of 15-50 LPA depending on the organization and the role. Also check out the top paying roles in Marketing.
Conclusion
As explored before, marketing is the future, be it traditional or digital. There are opportunities in both, government and private sectors. Myriad marketing roles are on offer across industries viz. hospitality, media, banking, FMCG to name a few.
“The India digital marketing market size is likely to grow at a CAGR of 38.9% during 2024-2030.” - 6Wresearch
There is no surprise, the digital marketing sector is going to boom in the coming times. Already with the deep penetration of the internet in the country, more businesses are taking shape everyday. Due to cost benefits, most businesses take the path of digital marketing to promote their products. Therein lies a plethora of opportunities in this field. Furthermore, with dedication & skill development, the salaries are lucrative for the right candidate. Look no further and take the right choice of pursuing an MBA in Marketing.
ITM business school offers MBA in Marketing with highlights being;
1. Skilled Faculty
2. Industry Recognized Curriculum
3. Research-based Capstone Project
4. Five months of Intensive Industry Internship
5. 35+ add-on certifications to upgrade your skills and knowledge
With such a rounded MBA program, you need not worry about your future. Enroll for MBA in Marketing at ITM today for a high flying career.
