If you are thinking about pursuing an MBA in marketing, you may wonder how you can I specialize an MBA in marketing. By reviewing the information found below, you can learn the answer to this and several other questions that pertain to the field of marketing.

Marketing – The Basics

Although broadly defined, marketing is basically a process that involves communicating the value of a business’s services or products to customers. The purpose of marketing is to sell a business’s goods or services. If an individual opts to earn an MBA (Masters of Business Administration) in Marketing, she or he will learn foundational theories that pertain to essential business practices as well as the transferable skills which will help them excel in the field. By enrolling in a marketing MBA program, individuals can learn how to build and continually develop a sound marketing plan that will work in today’s perpetually shifting economy.

Specializing an MBA in Marketing

Individuals who want to specialize an MBA in Marketing should know that doing so can be very advantageous. This is the case for several reasons, including the fact that many employers look for employees who have developed a substantive level of expertise in a specific area within the field of marketing. There are a wide variety of areas that you can specialize in within the field of marketing, including targeting, market segmentation, pricing, positioning and research, sales management, advertising and marketing budgets, and channels of distribution. Below you will find a brief overview of some of these specialization areas:

1. Targeting

In the world of marketing, targeting is planning and implementing an advertising plan such that a business’s goods and services are marketed towards a specific group. There are various aspects that target marketing can address when distinguishing groups, including geographic segmentations, demographic/socioeconomic segmentation, psychographic segmentation, behavioral segmentation, and product-related segmentation.

2. Market Segmentation

Market segmentation is an advertising strategy in which a business’s broad target market is divided into subsets of consumers that have common priorities and needs. Once this subset is identified, a strategic plan is implemented to target members of the group.

3. Pricing

Pricing is a marketing process that involves determining what profits a business will receive in selling its products or services. Factors that influence pricing include market place, manufacturing cost, market condition, competition, quality of product, and brand. Additionally, pricing is one of the key variables in microeconomic price allocation theory.

4. Sales Management

Sales management is a business and marketing discipline that places primacy on using sales and managing techniques to increase a business’s conversion rates. Sales management is an important marketing function for several reasons, especially since net sales of products and services as well as the resulting profit are the driving forces of most businesses. An individual who specializes in sales management while attaining an MBA in marketing is well positioned to become a sales manager. According to the U.S. Bureau of Labor Statistics, individuals who hold this position can expect to earn about $105,260 annually.

Related Resource: Human Resources MBA

Conclusion

If you are thinking about obtaining an MBA in Marketing, you should know that specializing in a subject you like during this educational process can be of personal and professional benefit to you. Now that you have learned how to specialize a MBA in Marketing, you can make an informed decision regarding whether doing so would be appropriate or advantageous for you.