Marketing is exactly what it sounds like. It calls for an understanding of products and the cliental base in order to sell products to the public. There are four P's to focused on, product, place, price, and promotion, to help a certain product stand out over its major competitors. According to MBA2, Brian Dolan, "when you come into work, you are putting together financial forecasts, developing plans to grow the product line, and working closely with groups like R&D and Operations."
The good thing about marketing is that you can work for anything you desire. If you want, you can work in something as exciting as video games to anything as dull as the Detroit tourist department. It will provide you with a lot of training that will help you if ever decide to open a company.
Most of the time in marketing, you are meeting with your team brainstorming for various ideas for new campaigns. Dolan also says "It may be very process-driven so marketing may not be ideal for an entrepreneur person. It's important to make sure the company culture fits you and that you can see where your career is headed 5 or 10 years down the road."
Finally, what's the pay? While the marketing salary may not be as much as I-Banking or consulting, the career has lots of opportunities to move up within a firm. Also, the hours are much easier, and you are not in the office often pulling all-nighters. Overall, marketing is a career field that offers many opportunities and benefits, perfect for certain people.
These are the three main divisions of business that tend to interest people. I hope this article helps you narrow down your decision on which field you want to pursue, so that you are not attending corporate presentations every night (all though the free dinners are probably nice!). As always, if you ever need any more help, schedule an appointment with the career counseling office, or as I have found, talking to MBAs can be amazingly helpful. Lastly, good luck!
Consulting also has a variety of specific fields to choose. They include strategy/management consulting, implementation consulting, internal consulting, and functional consulting. Each of these different fields, however, requires the same basic skills, strong analytical skills and dedication.
Consulting is mostly helping businesses solve their highest, and most challenging business problems. For example, how much of a certain product should be produced in order to maximize profits (OMS anyone!). However, most entry-level jobs require that the individual use research and analysis to finish a part of the teams project while a manager oversees the project.
According to MBA2 student, Daniel Garcia, "consulting presents a great opportunity to "test the waters," and find what [you're] ultimately good at doing and passionate about." It is easier to go from consulting to investment banking or corporate finance because the analytical skills needed for these two fields can be obtained even through consulting.
Traveling is a huge part of consulting as well. Clients are all across the nation, in which frequent trips must be made. Therefore, if traveling is something that interests you, consulting can give you that. Within this field there are also lots of opportunities to network and meet other people within this field. It allows for opportunities for career expansion. In this field, you are constantly challenged with very complex problems, leaving little room for boredom.
However, a con to consulting is the need to constantly outdo the last project, either you move up or out. The hours of this field are quite long while the pressure to succeed is always mounting on your work. The pay though, seems to make up for these factors. A starting MBA salary is about $120K in average, while the BBA is around $65K. Considering all these factors, consulting is a great field to start in to learn and get exposure to a vast amount of fields across the board.
As a BBA entering the search, the most I had ever heard about I-Banking was that the hours are long, but the pay is amazing. However, what exactly is it? There are a few subdivisions within this field. For example, Corporate Finance within Investment Banking mostly works with restructuring deals within a particular company. It measures equity-debt ratios and evaluates the firm's performance in the industry.
The most popular division within I-Banking is Mergers and Acquisition. They evaluate internally what companies are worth to help them extract the greatest value in a merger or acquisition. For example, when Citigroup bought Smith and Barney, I-Bankers were working with each side to evaluate proper valuations of the companies to help with the merger.
A third division of I-Banking is the IPO group or Initial Public Offering. This group works with small companies or established private companies that want to go public. Fast growing companies usually issue stock to the public in an IPO to raise funds for growth opportunities. The I-Bank works with the company and evaluates price for the stock to go on the public market. The price cannot be too high where the public will not buy it, but it cannot be too low or the company (as well as the I-Bank) may lose value. It should reflect the potential value of the company.
There are a few other sectors a little bit outside of the mainstream Investment Banking, including private wealth management, sales and trading, and equity research. Private wealth management deals with wealthy individuals such as CEO's of public companies. The job is exactly what it sounds like, managing the wealth of these individuals.
Most of the work includes managing portfolios, issuing loans, making pitch books with various products and services, trusts, and if the client wants, philanthropy donations.
Private wealth management requires more interaction with an individual client versus something like mergers and acquisitions, which is more interaction within your team.
Sales and trading is another division within and I-Bank that is very high-stressed and fast-paced. Most of the people in this field are very enthusiastic, high energy, outgoing people. This field deals with buying and selling stocks and making quick decisions. The hours for this field tend to be quite long as the day starts at 5 am and ends around 6 pm.
Overall, in this field the hours are very long. All-nighters are not uncommon and neither is coming in at least once on the weekend. However, the pay makes up for these intense hours. The average salary of a BBA starting is about $60,000. However, the bonuses can range anywhere from $60,000-$200,000, depending on how well your team performs within that year.
By Tim Cohn
Marketing Consultant and Author
A friend was asking me the other day what I had done to get so much traffic to my web site in such a short period of time.
My site http://www.marketingprinciples.com now ranks in the top 1% for web site visitor traffic worldwide according to alexa.com -
Not bad for one guy and a laptop!
At first I was reluctant to share my secrets with my friend, but the more I thought about it, the more I realized other web site owners might benefit. My thesis on internet marketing was born.
He and I had discussed how in the "beginning" how internet marketing was considered technical and out of reach to everyone except the guy wearing the pocket protector. I thought back to when I first went online and remembered how I chose not to follow the advice of my "technical advisor" but instead chose to take what had worked
in the "real world" and put it online.
Believe me - finding a web designer who would keep my site simple wasn't easy to do. Simple and straightforward web sites were not the order of the day. As you know billions of dollars were raised and subsequently lost by "visionaries" with unworkable ideas for making money in the world's newest medium.
After I launched my site, I toiled alone for two years in the privacy of my office and studied the "who, what, when, where and why" from data the internet delivered to my electronic doorstep. Then in late 2001, I took what information I had learned and applied my new found knowledge to my site. Low and behold - more people came, more people looked and more people bought.
I don't want to make what I did seem overly simple because anything that took two years worth of study and work, by definition wasn't simple. However in hindsight there were many factors that contributed to my sites initial failure and subsequent success. The following are seven common reasons web sites fail to generate traffic:
A Thesis Internet Marketing: Tim Cohn’s Top 7 Reasons Why Websites Fail To Generate Traffic:
1. Web site owners don’t target their message to specific audiences.
2. The site’s design doesn’t incorporate meta tags for search engines to score.
3. Each web page’s title doesn’t reflect the individual page’s content
4. Each page doesn’t provide detailed descriptions of the page’s theme.
5. The site isn’t built with keyword and key phrase search relevancy in mind.
6. Statistics aren’t captured to learn why searchers come to the site.
7. The site isn’t submitted to the top 21 search engines and directories that produce over 88% of all internet searches.
If you would like to save the further aggravation, time and money in your quest to move all or parts of your business online contact me for your free web site marketability analysis ( a $497 value ). Simply click on the free Web Site Marketability analysis box in the corner of this page.
At the very least, you will discover the reasons why your website hasn't performed like you had hoped it would. At best you could open new markets and channels for new paying customers to find and reach your business.
To learn more about how Tim Cohn's Thesis Internet Marketing, Internet Marketing or how you can make your website more search engine friendly - contact us @405-842-0163, via email: info at marketingprinciples.com or visit the Marketing Strategies section of this site.
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