Page 328 - Introduction to Business

302 PART 3 Marketing

British Airways follows another important tenet: Even if the effort to immediately
take care of a problem is not perfect—some mistakes occur—it is better to make the
effort than do nothing. 66
Another rule of thumb: Employees should be empowered to take care of prob-
lems right away. Don’t force them to have to consult with some superior, and give
them enough resources so that they can make an adjustment that will be meaning-
ful to the aggrieved customer. Employees at Ritz Carlton hotels can spend up to
$2000 to address a guest’s grievance on the spot. 67 Michael Kauffaman, CEO of
Southwestern Bell Yellow Pages, empowered his service reps to adjust dissatisfied
advertisers’ bills by up to $1000. 68
reality Think about the last time you shopped at a department store. How
CH ECK would you rate their customer service? Why did you give it this rating?

Careers in Marketing

With one-fourth to one-third of U.S. employment made up of marketing or
marketing-related jobs, excellent career opportunities in marketing abound.
Demand for persons trained in marketing remains strong, compensation is
good, fringe benefits are attractive, work assignments are interesting and chal-
lenging, and opportunities for advancement are exceptional. Many industries
require marketing personnel: manufacturing, retailing, wholesaling, services
(banks, insurance, stockbrokers, consulting, universities, transportation, etc.),
not-for-profits (hospitals, charities, political parties), and local, state, and fed-
eral governments. Especially appealing are careers in personal selling, retailing,
advertising, product management, logistics, and public relations. For those who
have been successful marketers, they may advance to the position of chief mar-
keting executive.
Chief marketing executives (CMEs) are responsible for all of a company’s mar-
keting operations. As such, they spend a lot of time in developing marketing strate-
gies, managing people, coordinating the various marketing functions, and evaluat-
ing how well marketing is performing. People with experience in sales, product
management, and logistics are most likely to be best prepared for the CME job.
CMEs usually report to an organization’s top executive, its chief executive offi-
cer. Often, a CME may be in line for this position. About 20 percent of Fortune 500
CEOs have had most of their experience in marketing. In order to be qualified for
the CEO slot, CMEs need to have knowledge and experience in a field other than
marketing; finance and operations are highly desirable. As a chief marketing exec-
utive, they need to have been successful in developing strategies and must have
acquired a solid knowledge of technology. 69
The chief marketing executive is very dependent on marketing research spe-
cialists to provide her or him with the information needed to make effective deci-
sions. Top marketing research specialists earn an average of about $55,000 with new
hires making about half that amount. Marketing researchers provide their firms
with information about markets, products, competitors, and their sales and other
promotion activities. Besides working in-house for a manufacturer, retailer, bank,
and so on, there are also excellent career opportunities with marketing research
firms and government.
Marketing researchers need to be skilled in statistics, knowledgeable about all
aspects of marketing, and computer literate.

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