Marketing managers create a company's detailed marketing strategy by determining demand and identifying potential markets for specific products. They also develop a pricing strategy, monitor trends that determine demand for new products and services, and coordinate product development. Marketing managers work closely with advertising and promotions managers to promote products and services, and ultimately to increase sales.
Marketing managers must be able to communicate, both in writing and orally, in a persuasive manner. They must be able to sell their ideas to other managers and executives, as well as convince the public to buy the company's products or services. They also need to be mature, creative, highly motivated, resistant to stress, flexible, and decisive. In addition, they need to be able to use tact and good judgment.
In 2002, marketing managers earned a median annual salary of $78,250. The following shows the median annual salaries for the industries employing the highest numbers of marketing managers:
- Computer systems design and related services: $96,440
- Management of companies and enterprises: $90,750
- Depository credit intermediation: $65,960
Training and Education
Most employers prefer candidates with bachelor's or master's degree in business administration with an emphasis on marketing. Some candidates get hired with experience in a related occupation and a broad liberal arts degree, such as sociology or literature. Courses in business law, economics, accounting, finance, mathematics, and statistics are usually viewed favorably by employers. Other resume enhancers include courses in management, school internships, familiarity with word processing and database applications, and fluency in a foreign language.
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Out of the nearly 700,000 related jobs in 2002, about 203,000 people were employed as advertising and promotions managers. While these managers were found in almost every industry, one third of marketing managers worked in professional, scientific, and technical services.
Between 2002 and 2012, the number of marketing managers is expected to increase faster than the average. This is due to intense domestic and global competition in products and services offered to consumers. However, employment growth will vary greatly by industry. In scientific, professional, and related services, employment growth will grow much faster than average; while growth in manufacturing will stay the same. Because of the desirability of these types of positions and the opportunity for advancement, competition for most jobs in this sector is expected to be fierce.