What Is the Job Outlook for Marketers?
Broadly speaking, marketing works to match the right product and customer together. It is a highly dynamic field that needs creative and meticulous people to attract and keep the public’s attention as well as monitor marketing results and meet objectives. But what is the job outlook for marketers like these days?
Marketing managers identify markets and competitors, analyze their position, target appropriate markets, position what they are selling, devise marketing strategies, create goals, budget judiciously, implement their marketing plans, and measure results.
There is good news and bad news for marketers. The good news is that marketers are in demand and they make good money. The number of marketing jobs available is expected to rise 12 percent through 2016 according to the U.S. Bureau of Labor Statistics. In addition, in 2006 marketing managers earned a median of $98,720 – or more than twice the amount of the U.S. median income for 2006 ($48,201). As well, according to a National Association of Colleges and Employers survey, 2007 graduating marketing majors earned $40,161 on average. Advertising majors, in contrast, only earned $33,831 on average.
The bad news is that marketers may have to work long hours and that while there are more jobs, competition for them can be stiff. Two-thirds of marketing managers worked more than 40 hours in 2006.
Marketers are employed in a variety of industries across the country. However, marketing managers in the computer industry earned more money than in any other industry with a median annual income of $119,540 in 2006.
Marketers can work as general marketing managers or specialists, or they may work in more specialized areas of marketing like product development, market research, and promotions. Now let’s look at this a little more closely.
Marketing managers market products and services to customers through carefully-planned marketing campaigns. They identify markets and competitors, analyze their position, target appropriate markets, position what they are selling, devise marketing strategies, create goals, budget judiciously, implement their marketing plans, and measure results. They may also create pricing strategies.
Marketing specialists assist other marketing staff with campaigns and communications, develop materials, coordinate events, and create advertising. They may also perform market research, create publications, maintain mailing lists, update websites with relevant information, or other tasks.
Product development is the process by which a new product is created. Marketers in product development generate lots of ideas, screen and weigh the merits of those various ideas, develop and test concepts, perform business and feasibility analyses, test beta versions, implement the production and distribution of the product, introduce the product, and then start to market the product.
Market research is a marketer’s best friend. Market researchers design and conduct surveys and evaluate data. They find out who wants particular products and features, who is willing to pay for what and how much are they willing to pay for it, what people are most likely to buy and where they are most likely to buy it, and many other juicy details marketers need when they craft their marketing plans.
Promotions are used to entice the buyer to purchase something or make a repeat purchase. It includes distributing relevant information or advertising about a product or company in order to boost sales.
The truth is that all areas of marketing offer good job prospects, but those with advanced degrees will have the best chances.
