Millions of viewers tuned in to the final episode of Mad Men. For seven seasons, the drama pulled people into the high-flying world of Madison Avenue advertising agencies. That era is long gone and with it, the preeminence of traditional advertising. This has had a big effect on what colleges and universities offer in their Master of Business Administration degree programs.
Today, marketing dominates the strategies businesses use to reach consumers, and this has dramatically elevated the importance of marketing management courses. If you explore online search trends at Google, you will see that the interest in “digital marketing” has increased sharply since about 2007, while the interest in “print advertising” has been on a constant downward trend.
Meeting New Business Demands
To handle these changes in both retail and business-to-business (B2B) commerce, the top online MBA programs today focus on the strategies and tools business leaders use to manage their firms’ marketing programs. As more people are using the internet and mobile devices to get information and entertainment, buying print, radio or television ads has become a less effective way to reach consumers.
Although traditional ad campaigns are still important, they are best seen as only one component of a much larger marketing strategy. This strategy will also include social media, public relations, online content creation and distribution, market research, customer service and other areas of a business. Understanding the metrics of all these components, how they work together, and how to manage the range of departments involved makes it critical for MBA students to enroll in a comprehensive and up-to-date marketing management course.
Overall Strategies Needed
Business leaders make a wide variety of decisions in both the day-to-day and long-range management of their company’s marketing efforts. According to a study conducted by the Massachusetts Institute of Technology’s Sloan School of Business, in the increasingly important area of social media marketing, companies report that their biggest problem is a “lack of an overall strategy.” Fixing that problem requires business leaders who truly understand the complexity of marketing to today’s mix of consumers, which includes the so-called Baby Boomers, Gen-Xers and Millennials. Each of these groups reacts to advertising and marketing materials differently.
For these reasons, many business leaders are upgrading their knowledge and skills through marketing management courses. Armed with the information gained in classes like these, they are better able to design, implement and measure their company’s marketing program. The result is more satisfied customers, longer customer lifecycles and higher profits.
Learn more about the University of Tennessee Chattanooga online MBA program.
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