Current Trends in MBA Marketing Management
Unlike past, business community is growing today by leaps and bounds. Though it is a positive sign, market share for each business goes on shrinking with growth and the challenge to capture sufficient share becomes tough. This is the reason why any business needs an aggressive marketing strategy. However innovative and quality product or service a business may have, it is necessary that the potential customers know about that product or a service. Moreover some additional factors like business expansion, competition with national and international brands,business diversification and changes in the external business environment also call for effective marketing management.
MBA with Marketing Management is one of the most popular streams today and increasing number of students are seen to opt for this course. This is because field of marketing is ever growing and challenging as well.
Traditionally advertising, public relation, promotion and sales are the four steps of any marketing management strategy. Though modern marketing strategy still adheres to these steps to some extent, many new trends are now prevalent.With advent of technology, marketing strategy especially marketing media have undergone 360 degree change. A decade before, newspapers, television and various periodicals were the main media handled by the business community. Now a day these media are somewhat outdated. With the introduction of digital media, marketing management has become easier. A well planned marketing strategy can cover a wide spectrum of target audience. Moreover you can reach your prospective customers in less time and at a lower cost.
Social Media Marketing
Social media is the essential part of any marketing strategy today and it is the latest marketing trend adopted by business community across the globe. Social media is an effective tool not only to advertise or promote your product or service but also to build strong relationships with your prospects. The greatest advantage of social media marketing is that it enables you to get their direct response and provide them with necessary information. This personalized communication helps catch and retain the customers. A constant visual presence on various social media like Face book, Twitter, Linked In etc. has proved fruitful in establishing various brands, and in turn capturing significant market share.
Marketing managers or students aspiring to enter marketing field today must have some skillsets. They need to widen their horizon and look at the bigger picture.
Creative mindset is the foremost ability that any marketing manager should hold. Secondly it is vital that they precisely define their goals, identify the target group and design the well planned marketing strategy for various social/digital media.
Execution of your strategy to the last detail is also crucial for marketing success. It is also imperative that the marketing manager should understand what type of content can work on social media and what cannot work. He/she should be able to write powerful content. Day to day monitoring and responding to the communication received on the social media is very important for marketing managers. In order to attain the highest rank, knowledge and effective use of Search Engine Optimization is must for marketing managers.
Analytical skills to measure the impact of various social media are also vital for them. Persons/students having these skill-sets are sure to rein the challenging domain of marketing management.
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