It’s simple to see why a business degree is appealing. The skills you learn in a business program may be applied to a wide number of businesses and specialties, and they are the driving force behind our economy.
The variety of specialized business degree programs available reflects this vast range of utilities. For would-be students, there are various specializations that fall under the umbrella of business that they could pursue. It’s time to look at your options so you can figure out which is the best fit for you.
Marketing and business management are two popular specialist business degree options that come to mind. We’ll take a deeper look at both in this piece.
Marketing vs. Business Management Basics:
If you’re deciding between a marketing degree and a business management degree, there’s a lot to consider. It’s important to think about the classes you’ll attend, the types of professions linked with them, and the work you’ll eventually be doing.
Keep in mind that while we’re attempting to distinguish between marketing and business management, there is still a lot of overlap between the two, and there isn’t always a distinct boundary between the two in practice.
Someone with a Business Management degree, for example, can work in a marketing-related capacity, while someone with a Marketing degree can almost likely work in management.
These business degrees are a basis for building your career, not a predetermined path with limited flexibility. As you advance in your work, you can augment your knowledge with professional development training or even a graduate degree, such as a Master of Business Administration.
Marketing vs. Business Management Job Duties:
First and foremost, you must comprehend the major distinctions between this business expertise. Though both marketers and managers have the same aim of growing their company, the day-to-day responsibilities of both professions can be quite different.
Marketing Job Duties:
A marketing professional is responsible for ensuring that people are aware of their company, product, or service. They attempt to attract new customers or clients while also ensuring that existing customers remain loyal. According to Jason Hawkins of Advertising for Surgeons, “marketing is all about developing strategies to attract a specific audience and measuring reactions.”
This necessitates a unique combination of analysis and imagination. Hawkins says, “You’re combining art with science.” Though different marketing tasks will require varying levels of creativity and analysis, most marketers can expect to mix brainstorming and “thinking outside the box” with data analysis to discover which techniques were the most successful.
You might come across the following marketing job titles:
Specialist in digital marketing
Coordinator of Marketing
Analyst for market research
Project manager for marketing
Marketer for social media
Manager of a brand
Business Management Job Duties:
Business management positions entail supervising and directing teams of employees to achieve certain company goals. Their purpose as leaders is to keep their staff motivated and satisfied at work while still reaching various objectives, such as financial benchmarks. They also recruit and train new employees.
According to Hawkins, business managers, like marketers, need to crunch the statistics on occasion, such as when detecting inefficiencies in their company’s operations. They’ll next use this information to assist their team in meeting financial and project deadlines.
Business managers can handle specific sections of an organization or have a broader focus, as seen by the job titles below. The following are some instances of possible job titles:
Manager of sales
Manager of administrative (or office) services
Manager of the supply chain
Manager of the production
Manager of operations
Marketing vs. Business Management: Job Growth outlook and Salaries:
No one wants to penetrate a field where there aren’t many career chances. Fortunately, both marketing and business management have a promising future.
As per the Bureau of Labor Statistics (BLS), management occupations are expected to rise by 5% in occupation from 2019 to 2029, which is quicker than the national average and will result in 505,000 new jobs.
1 Certain marketing jobs are expected to increase at an even greater rate, with market research analyst jobs expected to grow by 18% by 2029.
You might also be interested in the prospective earnings in these industries. As per the Bureau of Labor Statistics, market research analysts earned median annual pay of $65,810 in 2020. 1 According to the Bureau of Labor Statistics, the median annual income for marketing and promotions managers in 2020 will be $141,490.
Management jobs had the highest median annual wages of all occupation groups in 2019, with a median annual salary of $109,760. 1 The remuneration of a manager varies depending on the industry in which they operate. Sales managers, for example, were paid a median annual compensation of $132,290, while administrative managers were paid a median annual pay of $98,890. 1 This fairly high-income figure should be viewed in context, as most managerial roles necessitate substantial work experience, which will be reflected in compensation.
You may have a rudimentary awareness of the facts behind these two business specializations, but you’re still undecided about which is the best decision for you. Which is the best fit for your natural interests and skills when it comes to marketing vs. company management?
“Those who thrive on data may appreciate marketing careers more than those who prefer to communicate to people,” Hawkins says. “Those who enjoy being creative while also enjoying the idea of tinkering till perfection might enjoy marketing.”
Attempting a new idea, analyzing the outcomes, then making a modest modification before trying it again is common in marketing professions. Marketing may be the role for you if you desire to keep repeating a process until it is perfect.
On the other hand, business management tends to entail a lot more interpersonal engagement in addition to data analysis. Hawkins believes that “business management roles are wonderful for problem-solvers who can deal with a variety of personalities.”
Suppose you’re a natural people person with excellent active listening skills who can motivate others and lead by example. In that case, you might be a good fit for a career in business management.
Marketing is a comprehensive term that encompasses a wide range of activities. The process begins with evaluating client demands for a particular service or product, then moves on to creating the product with the desired attributes, calculating the price based on market dynamics, advertising the product, and lastly, stocking the product for sale. Of course, marketing procedures cannot be completed without ensuring that the individual actions involved are executed efficiently, which is where management comes in.