By 2021, U.S. companies will spend a whopping $120 billion per year on digital marketing. When you add in traditional marketing tactics like print, radio and TV, it is clear that the marketing business is booming. Who better to manage these business endeavors than MBA graduates?
The Master of Business Administration with a Concentration in Marketing online program at Southern Oregon University can prepare students for an exciting and challenging career in marketing. Below are just a few of the jobs available to these graduates.
Marketing teams consist of creatives, data professionals, account managers and others. These various teams need leaders who will inspire team members to meet marketing goals.
Marketing managers work with their teams to develop campaigns, analyze data, research target markets and more. The marketing manager's overall goal is to help audiences become more aware of the brand, which ultimately leads to more sales.
The U.S. Bureau of Labor Statistics (BLS) projects a 10% growth rate between 2016 and 2026 for advertising, promotions and marketing manager jobs. The BLS places the median salary for this group at $132,620 per year, but this can vary based on company size, geographic region, years of experience and scope of the job.
Large companies sometimes have several marketing teams with a manager for each team. These groups work separately to meet the business's goals. The marketing managers report to a marketing director who is responsible for a cohesive marketing strategy for the company.
Like marketing managers, marketing directors can either work for a firm that handles many clients or lead an in-house team. Directors observe trends in the industry to ensure that their organization remains relevant. Furthermore, they oversee budgets, timelines and deliverables.
Salary.com reported an average base salary for marketing directors of $139,523 in June 2019. Marketing directors in specific industries and regions can make even more. The top 10 percent of these professionals earn $185,227 (including incentives and bonuses) per year or more.
Market Research Analyst
Not all MBA graduates prefer management roles. Professionals who prefer more independent functions may prefer a career as a market research analyst. People with strong analytical skills are especially suited for this role.
These analysts perform a critical job in marketing. They look at research data, extract valuable information, and translate the results into actionable insights for the creatives and managers.
The BLS places the 2016 median pay for market research analysts at $63,120 per year. However, this figure includes positions that do not require an advanced degree. Professionals with an MBA can earn more than analysts without the credential. The number of jobs for market research analysts between 2016 and 2026 may increase 23 percent, which is three times the average growth rate for all occupations.
When companies want to roll out new products and services, they need product managers to oversee the process. A key part of a successful product launch involves appropriate marketing.
Product managers are responsible for a number of new-product decisions well before launch. These managers may play a role in prioritizing different features (as part of the product design phase), forecasting the financial aspects of the rollout, and making sure the right audience hears about the product. Overall, a product manager may be involved in a number of aspects focused on bringing a product to market.
With enough experience, product managers can progress into senior roles. The median salary for senior product managers is $122,214 per year, according to PayScale (June 2019). Senior product managers in high-tech and high-demand fields can make upwards of $150,000 per year.
Vice President of Marketing
The best and brightest in marketing can reach the VP level in their career. Similarly, some marketing professionals with MBAs become Chief Marketing Officers.
VPs of marketing work for high-tech startups, global powerhouses and everything in between. These professionals not only oversee marketing efforts, but they are also stewards of company culture, the bottom line, and more.
Professionals in these roles are often well-compensated for their expertise. Glassdoor estimated that the average base pay for a VP of marketing is $176,937 (June 2019). These VPs also often receive bonuses and company stock.
An MBA with a marketing concentration can open many doors. Graduates go on to become marketing managers, directors and vice presidents. Others find their niche as product managers and market research analysts. It's clear that this degree prepares graduates for a variety of lucrative and successful careers.
Learn more about the SOU online MBA program with a Concentration in Marketing.
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