Frameworks for marketing.pptx
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Frameworks for marketing.pptx
- 2. © Edinburgh Business School Today’s Session • Exploring the opportunities in marketing • CIM Professional standards framework
- 3. © Edinburgh Business School Learning Objectives Comprehend the range of marketing activities undertaken within organisations and by consultancy services. Understand the variety of practical and cognitive skills required in professional marketing practice. Demonstrate knowledge of current marketing issues and problems faced by organisations
- 4. © Edinburgh Business School Learning Objectives (… continued) • Undertake scholarship using a range of academic and practitioner literature to deepen their insight of future academic and professional work trends. • Apply theoretical knowledge to critically analyse professional marketing practices and challenges. • Communicate and present ideas effectively by verbal and written means both as individuals and in small groups.
- 5. © Edinburgh Business School Marketing Disciplines Product Ecommerce Events/Experiential Internal Communications Data/Insight/Analysis Brand Design/UX Design PR/Press Corporate Communications Studio/Production Corporate Communications Sponsorship Email Digital SEO/PPC Social Media/paid social CRM Account Management and more... Source: Denholm Associates
- 6. © Edinburgh Business School Sectors • FinTech • Financial Servies • Food & Drink • Travel/Tourism • Public Sector • Retail • Education • Technology • Professional Services • Agency • Life Sciences • Oil & Gas/Renewable Energy
- 7. © Edinburgh Business School Value of a marketing education • Human capital theory (HCT) Becker 1964/1993 • Filtering • Signalling • HCT: • Most marketing education studies implicitly accept the human capital theory (HCT) of education, wherein employers value marketing education because the educational process provides graduates with the skills that increase their productivity in marketing jobs (Becker, 1964/1993). • (Bacon et al. 2023, n.p.)
- 8. © Edinburgh Business School Filtering • Filtering is one alternative to the HCT explanation of a marketing education’s value. Filtering contrasts sharply with HCT because, in filtering, a college education contributes in no way to an individual’s knowledge or skills (Arrow, 1973). • In filtering, “higher education serves as a screening device, in that it sorts out individuals of differing abilities, thereby conveying that information to the purchasers of labor” (Arrow, 1973, p. 194). • The admissions process creates the first filter, where only the more able candidates are admitted. Completing the degree requirements is the second filter, where only the students with a sufficient work ethic, intelligence, and perseverance are awarded degrees. • (Bacon et al. 2023, n.p.)
- 9. © Edinburgh Business School Signalling • In signaling, a college education can signal to potential employers that the individual possesses certain traits that are difficult to observe (Spence, 1973). • In the signaling model, the only job candidates who choose to attend college are those who believe that the benefits of attending college (e.g., higher wages) will exceed the costs of attending college, including financial and psychological costs. • Spence refers to those who perceive college costs to be lower for them personally as high productivity people. These individuals would be more productive in their college work (more success with less effort), and the choice to attend college would signal to employers that they would be more productive in the workforce. • (Bacon et al. 2023)
- 10. © Edinburgh Business School Key findings from Bacon et al. 2023
- 11. © Edinburgh Business School
- 12. © Edinburgh Business School Insights, customer focus and strategy • Insights – ‘plays an essential role in developing and using deep insights to create marketing strategies and deliver solutions that lead to the achievement of business goals and sustainable organisational performance.’ • Customer focus – ‘the marketer’s role in uniting the organisation to meet customer needs and achieve all business goals, identifying and leading change across the organisation for the benefit of the customer.’ • Strategy – [informs] ‘corporate strategy from a marketing perspective and translating this into effective marketing plans that contribute to the achievement of business goals and sustainable organisational performance. • (CIM, 2019, n.p.)
- 13. © Edinburgh Business School Behavioural Competencies
Editor's Notes
- In week 2 we are firstly going to look at the functions of marketing, its areas of practice and some of the relevant sectors. This will help you understand where to start looking and thinking about for your own marketing career. Secondly we are going to examine the Chartered Institute’s of Marketing’s professional competency framework which you should hopefully have looked at in advance. Next slide: reminder of reading. An up-to-date overview of marketing jobs and the
- Briefly revisit the learning objectives emphasizing that this lecture covers most the first four Los.
- Use this slide to discuss the various disciplines currently available to graduates. Notably absent here is the entrepreneurial and small business marketing so you might like to mention that. Ask students if they can add to the list or if they want to comment more on those there. Acronyms: UX=user experience; PR=public relations; SEO/PPC=search engine optimisation/ pay-per-click; CRM=customer relationship management
- Again, this is a list of sectors that the students can consider for their own future career – again, it’s not exhaustive – e.g. sport, engineering and others. What do the students think – can they suggest other sectors and what makes them different an interesting?
- This slide draws from Bacon et al. and is intended to give students a little behind-the-scenes insight into what – particularly in the north American context (which percolates down globally) - what universities and soon-to-be graduates should consider in the value of their education and what other things. It encourages them to think about the value of the opportunities they have The article itself is quite critical in nature and may be seen as provocative because of the questioning of the value of marketing degrees. It is intended to be used this way to encourage both critical thinking and action from the students. A degree of any kind is not sufficient in itself to build a career in marketing and this has been queried in various studies as shown in the Bacon et al. article. There are three possibly competing theories discussed: HCT – an established sociological concept of the value of human knowledge, skills and competencies. Filtering – the degree acts as a filter – only allowing qualified people into the university Signalling – the degree shows that graduates succeeded where others didn’t.
- Offers a large quote from the text which you may use as a starting point for discussion. It’s also useful for revision, those who do not attend.
- Again, a key quote from the set text to describe how signalling works with employers
- This may be difficult to read but it is intended to show simply a marketing degree is not enough to compete effectively on graduation. Postgraduate study is important too but then so is communications and being able to use Excel well which doesn’t require a university degree. The key for our students is to get them to think of internships/ experience, certifications and enhancing specific skills to make themselves attractive to employers and command greater salaries on gradutation.
- Moving onto the second reading, this slide introduces the professional marketing standards wheel that we use to frame this course as you can see from its structure. It is broken down into three levels – core, technical and behaviour. It is used as a basis for understanding what standards stakeholders should expect from professional marketers who are approved by CIM but can be just as useful to non members and non-accredited individuals to understand what constitutes their work and what constitutes best practice. The MA Marketing is an accredited degree and graduates of it can gain exemptions from membership accreditations. If anyone (in the UK) had taken part in the CIM The Pitch competition then they would have learned more about it and could have received affiliate membership.. TODAY, we’re going to consider first the core standards – insights, customer focus, and strategy.
- These are the core competencies that CIM identifies. Technical attributes will be examined later in the course and behavioural ones are relevant throughout. All definitions taken from the CIM 2019 document.
- Note that the technical competencies are to be explored later but the behavioural ones – how individuals behave – how the perform and what they do is important to consider here.