Since 2007, the world has changed immeasurably, particularly in affluent areas like Europe and the United States, where the financial crisis meant consumers and companies alike had to change their behaviour to stay afloat, in some cases quite drastically. Levels of disposable income have dropped, companies have to work harder for the consumer's money and therefore the importance of marketing in this new atmosphere cannot be stressed enough. A Bachelor of Business Administration in Marketing provides you with a solid foundation in marketing and business concepts, and is highly adaptable to today’s changing world.
Today consumers spend their money very differently compared with ten or twenty years ago. Whereas prior to 2007 private savings rates dropped, today consumers are making an effort to save more and make intelligent spending choices. The consequences for marketing are multiple. Firstly, the importance of research cannot be overestimated. Consumers are looking to buy only those products they really need, and the skills learnt in the Bachelor of Business Administration in Marketing such as product planning are key to ensuring there is a market for yours or your company’s product.
The Bachelor of Business Administration in Marketing includes teaching on promotion of brands, business communications, decision-making strategy and fundamental concepts. This is highly relevant today since as consumers experience hard times, their empathy for those in precarious or exploitative situations appears to be growing, or at least becoming manifest. The fair trade and organic goods market is rapidly expanding in some markets and companies are striving to become more accountable. A key example is Patagonia, who allow the consumer to track their products and read information on their supply chain on their website.
Another aspect of this same interest in benefiting others through the consumer choices we make is the emphasis placed on using local businesses and supporting start-ups in your area; a move away from the crowds who used to flock to chain stores. Many of these campaigns began at local level, and have contributed to a national, and in fact international, idea of sourcing local produce and using independent businesses. Again, marketing plays a vital role here.
Another key area is of course value for money. Again, the skills learnt in the Bachelor of Business Administration in Marketing come in useful here, as the customer’s perception of value for money comes first and foremost from how the product is marketed. The job of a marketer is to gather information on the product and then transmit it in an effective, understandable way. The recent shift to buying products with a long life rather than following trends also affects how the product is marketed, and it is the marketing professional's job to be aware of these market shifts.
All in all, we can see that how businesses and their products are marketed makes a huge difference to consumer perception, which is in turn translated into turnover. A Bachelor of Business Administration in Marketing equips you with the skills you need to become an adaptable, perceptive and effective marketer.