Post Graduate Diploma in Management in Marketing Management is one of the most demanded specializations chosen by students. It is one of the most common specializations chosen by freshers especially
Let us understand the different reasons behind this evolution of PGDM in Marketing management.
Scope of PGDM in Marketing Management
You generally learn about the basic approaches to understanding the business and product portfolios in a PGDM-Marketing course.
choose from a variety of career paths You generally learn about the basic approaches to understanding the business and product portfolios in a PGDM-Marketing course.
You generally learn about the basic approaches to understanding the business and product portfolios in a PGDM-Marketing course
To understand different career paths after PGDM in Marketing Management, let us first understand the Scope of Marketing Management.
Scope of Marketing Management
Marketing is an unavoidable consideration that aids in the organization's survival and also its growth. It is required at almost every stage of growth, from lower-level management to higher-level management
Marketing is ubiquitous, and it affects all types of businesses. Hence The scope of marketing is very wide.
Some of the main functions of the organization where Marketing plays a key role based on the 7 Ps of Marketing are:
7 Ps of Marketing
- 1. Analyzing Consumer needs (People)
- 2. Product Design and Development (Product)
- 3. Setting Pricing Strategy (Price)
- 4. Distribution Strategy (Place)
- 5. Promotional Strategy (Promotion)
- 6. Packaging (Physical Evidence)
- 7. Process
- Oversee and Direct a team of salespeople in the company.
- Set pay targets and quotas,
- Create a promotional schedule, review statistics, delegate sales territories to sales people
- Train his or her sales team members, and participate in the recruiting and firing process.
- To be in charge of things like ads, public relations, marketing, and putting the brand in the target positions in the territory
- Create marketing materials to help you establish and retain your product's identity.
- To project a compelling picture of the product to the target audience.
- Obtaining intelligence about customers, rivals, and the market,
- Converting findings into actionable reports and presentations
- Understanding the company's goals and creating surveys to find out what your potential clients want
- Developing, planning, and executing public relations campaigns
- Managing media, individual, and other organisation inquiries
- In the public, protect and improve the organization's reputation
1. Analysing Consumer Needs:
Until launching a product, a marketing manager conducts market research and analysis to identify consumer demands and then tries to provide/modify a product or a service that meets those needs of the consumer. Marketing analysis aids in the identification of the customers to whom you're marketing your items. You can only classify the right segments for your product based on customer behaviour research, an important marketing function.
2. Product Design and Development (Product)
Based on analysis of consumer needs, the product is designed and developed in such a way so that it satisfies your target segment. As a result, product design and development are important marketing roles. Idea design, prototype creation, branding, and product commercialization are part of product design and development.
3. Setting Pricing Strategy (Price)
What should be the price of your good or service? This question determines the Pricing function of marketing. The product's price should represent your customer's perception of the value of your goods and be in line with your budget. To compete in the market and satisfy customers, every commodity must be priced strategically.
4. Distribution Strategy (Place)
This function in Marketing determines where and how the goods or service can be distributed or accessed. A factory, a high-street retailer, an e-commerce store, or a cloud-based portal are all examples. A marketer's goal is to attract as many consumers as possible with the least amount of money.
5. Promotional Strategy (Promotion)
Advertisement, Marketing and distribution tactics are examples of promotion. Deciding on an effective promotion is an important function of marketing, and it helps in creating awareness with your target audience
6. Packaging (Physical Evidence)
When it comes down to it, people need to know that the brands they're buying from or engaging with are genuine and, well, live in real life. This is where Packaging as a function of marketing plays an important role. Strategic Packaging will place your brand way ahead of the competition and distinguish your brand from the competition by portraying it as competent and credible
This phase establishes the sequence of events that will occur from design to delivery to the client. Each action taken should be scrutinized down to the tiniest of specifics. It should be carried out so that it maximizes efficiency and value added while minimizing costs.
Career Opportunities after PGDM in Marketing Management
There are 4 main careers that you can pursue after PGDM in Marketing management. They are
1. Sales Manager 2. Brand Manager 3. Market Research Specialist 4. PR Manager
The following table describes each of these careers in detail
|Position||Responsibilities||Average payscale in India||Future Prospects|
||It highly varies with organization and depends on individual skills. But average is Rs 7-10 lakhs per annum in India||Over the next ten years,expected rise in number of jobs is 4%, which is about average for all occupations. To read more click here|
||Average Salary for brand Managers ranges between Rs 6-10 lakhs for a fairly experienced employee||Expected increase in the jobs is approximately 14% in India. To read more click here|
|Marketing Research Specialist||
||Average Salary for research Specialist ranges between Rs 5-6 lakhs for a fresher and can go up to Rs 20 lakh for an experienced employee||Expected increase in the jobs is approximately 23% in India. To read more click here|
||Average Salary for PR Manager ranges between Rs 6-15 lakhs for a fairly experienced employee||These roles are expected at a very fast pace in the near future in India. To read more about PR Jobs click here|
Companies have expanded the number of marketing positions they deliver, and based on related developments, the number of applications for PGDM Marketing Management has increased significantly. Marketing has a promising future ahead of it, with employment predicted to rise by at least 4% in each industry. As a result, marketing is and will continue to be one of the most common career options in India. So, Are you Interested in Taking up marketing as career? Apply here