How Can I Specialize a Marketing Degree?

Marketing DegreeIf you are interested in pursuing a degree in marketing in order to begin or advance your career, an important question has probably crossed your mind: “How can I specialize a marketing degree?” By reading the information found below, you can obtain an answer to this and several other questions that pertain to the field of marketing.

Marketing – The Basics

Marketing is the process of communicating the value of a product or service to customers for the purpose of selling that product or service. As an organizational function, marketing is a set of processes that involves the creation, delivery and communication of product value to prospective customers. Marketing also involves the management of customer relationships in a manner that benefits both the business and the customer. To function effectively, marketing requires the analysis of target markets, recognition of consumer behavior, and the ability to maintain an edge over competitors through the use of cutting edge technology and proven advertising strategies.

How To Specialize a Marketing Degree

Individuals who wish to attain a marketing degree should know that specializing in a specific area can be very advantageous. There are a variety of areas of specialization within the marketing sector, and some of them include:

1. Market Segmentation

Market segmentation is a type of marketing strategy which involves the division of a target market into specific subsets who have common priorities and needs. Once this process is completed, specific strategies can be designed and implemented to target group members. In many cases, a business may develop and implement various product differentiation strategies based upon the specific attributes and demands of a particular target segment.

2. Targeting

Target marketing is a form of advertising in which advertisements are strategically placed in order to appeal to consumers based on traits such as product purchase history, psychographics, demographics, age, sex, and geographics.

3. Pricing

Pricing is a marketing practice that involves determining what type of financial return a business can expect to receive in exchange for its goods or services. Some of the factors that affect pricing include market place, manufacturing cost, market condition, quality of product, competition, and brand.

4. Sales Management

Sales management is a discipline that involves the practical implementation of sales strategies as well as the management of a business’s sales operations. Sales management is an important aspect of marketing because the net sales and resulting profit from products and services are the driving factor for the majority of businesses, and these figures are often a reflection of the quality and efficacy of marketing endeavors. According to the U.S. Bureau of Labor Statistics, sales managers can expect to earn about $105,260 annually.

5. Branding

Branding is the aspect of marketing that involves using specific icons, graphics, mottos, and language to cultivate a unique image for a business such that its products and services stand out in the minds of prospective customers and subsequently increase conversion rates. Branding is an integral aspect of many marketing strategies, including content marketing, inbound marketing, social media marketing, and website development.

Related Resource: PR Specialist

Conclusion

If you are interested in pursuing a career in marketing, you should know that specializing in a specific subject within the field can be personally and professionally advantageous. Now that you have obtained an answer to the question “How can I specialize a marketing degree?,” you can determine which specialization would best help you accomplish your vocational goals.