QMAA 2015 Industry Report

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2015 INDUSTRY REPORT


LETTER FROM THE EDITOR Dear Reader, The Queen’s Marketing and Advertising Association (QMAA) 2014-2015 team would like to thank you for taking the time to read our first annual Industry Report. On QMAA, we strive to foster inspiration and education within the marketing and advertising community at the Queen’s School of Business. When we set out to create our first Industry Report, our goal was to provide students with insights and best practices that will allow them to become better marketers and to expand their industry knowledge. Thank you for your interest in QMAA. We encourage you to become involved with The Queen’s Marketing and Advertising Association and explore what QMAA has to offer. Sincerely,

2014-2015 QMAA Executive Committee

WHO WE ARE OUR MISSION: The Queen’s Marketing and Advertising Association strives to educate and inspire students within the Queen’s School of Business, to pursue careers in the marketing and advertising industries. QMAA exists to provide recruiting support in order to bridge the gap between students and the marketing and advertising industry. Ultimately, QMAA will help students explore different career paths, enhance recruiting opportunities, and provide resources and mentorship for students to adequately prepare them for the recruitment process and securing quality jobs.

OUR PURPOSE: The association’s model rests on two key pillars: 1. Provide recruiting support for QSB students interested in pursuing a career in marketing and/or in advertising 2. Give students and employers a chance to comfortably interact, network, and build strong relationships


MAKING SENSE OF BIG DATA

As an industry, marketing has developed from its conceptual foundations into a discipline that is focused on analytics-based decision making. The driving force behind this change is “big data,� which is the emergence of new information that is now available to marketers. Big data has allowed marketers to better understand and respond to changes in the market by providing them with the tools needed to collect and analyze complex information about their consumers and competitors. Big data ultimately leads to better marketing strategies. Companies like Google and Amazon have thrived by spotting trends and discovering insights that help create value for consumers. Netflix has also enhanced the consumer experience by providing personalized product offerings. With the exponential growth of new information, marketing engineering has allowed marketers to make sense

of big data by using analyses to design effective marketing plans. What was once a guessing game is now fully supported by hard facts. Through the use of data analytics, marketers can remain competitive by providing optimized solutions to their consumers’ needs. As a result, modern day marketing is looking increasingly like engineering, as it uses a combination of art and science to solve complex problems.


THE MODERN DAY MARKETER Looking back a decade or so, very few individuals could have predicted the path that the marketing world would take. In recent years, the marketing industry has evolved into a new species that encompasses a wide range of activities. This change has required marketers to adopt a new set of skills to remain competitive. So take a look at what it means to be a modern day marketer!

BRAND MANAGEMENT

Brand managers oversee the delivery of brand objectives. They own the marketing mix (strategy, product, packaging, promotion, advertising, and research), and are accountable for their brand’s financial performance and future growth. Brand managers also work cross-functionally with several different teams such as sales, finance, and supply chain, as well as their agency partners. Required skills: Leadership, analytics and strategic decision-making

Account managers are the middlemen between a brand and the retailer. They execute business plans for comapny by having a strong understanding of the industry and their products. Account managers do more than just “sell.” They create strategies that help grow their account and the business of their retailers. Required skills: Communication, teamwork, and negotiation

ACCOUNT MANAGEMENT


Category managers are the retail equivalent of account managers. They are responsible for the selection and management of products sold in stores, and like account managers, they implement strategies to satisfy the goals of their business.

CATEGORY MANAGEMENT

Required skills: Communication, interpersonal, and analytics

ANALYTICS & INSIGHTS

With the emergence of big data, several marketing firms are developing new Insight Departments or expanding their existing ones. Insight Analysts play the critical role of analyzing data and reporting findings. Their goal is to conduct market research and communicate it in a compelling way through data storytelling. Required skills: Data management, problem solving, and communication


DIGITAL MARKETING Digital marketing has revolutionized the marketing industry. As consumers are being showered with more advertisements than ever before, it is crucial for marketers to move away from push advertising, and pull consumers in with engaging content. By communicating to consumers through unique and relevant digital campaigns, marketers can break through the clutter and give consumers a reason to believe in their brands. For more information click on the link below to watch a video from our friends at Mediative on the emergence of digital marketing!

THIS IS DIGITAL MARKETING: FROM AD MEN TO MATH MEN


STAY UP-TO-DATE WITH THE LATEST MARKETING NEWS

Want to learn more about marketing? Check out these great websites:


For More Information: Please visit www.qmaa.ca

PREPARED BY:

Sarah Luke Industry Advisor


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