Overview of Current Trends in the Marketing Industry - Assignment Example

ENHANCING EMPLOYABILITY IN MARKETING Enhancing Employability in Marketing - Assignment PART Introduction Overview of current trends in the Marketing/Advertising industry The marketing and advertising industry has proved to be a very lucrative industry in the U.K of late. This is because of the various improvements that the industry has been experiencing. (CBI Employability Report 2011) The last ten years had not been so good for the economy of the U.K due to the global recession that was being faced globally. London, being the country’s capital had suffered a lot due to this global recession since the financial and banking industry started performing dismally. However, in the last six months of 2010 the recession and credit crunch has since ceased and this means that the investor confidence has increased hence more people are coming back to invest in London. Particularly, the banking and finance industry has witnessed this and there is since a vacancy hence the need to employ more marketers and advertisers in London as its the country’s hub. Financial services, professional services, not-for-profit and media are hiring the majority of marketers in London (Anderson & Marsh, 2011). Also, another current trend worth taking note of in the marketing and advertising industry in the U.K is high demand for digital marketers. Technology has revolutionized the traditional way of doing business. Companies are now hiring personnel who can compete globally and those who are techno-savvy. For example, online marketing is a tool used by most companies that want to gain a global audience. This therefore means that there will be a very high demand for digital marketers who can use various online methods as channels of communication. Another significant trend in this industry is demand for marketers driven by regional specific industries. Each region in the U.K has a specialized marketing need. They will therefore hire marketers who they think will be most appropriate for those various needs. An example would be Leeds is dominated by retail, financial and professional services; Sheffield by manufacturing and public sector; Greater Manchester has a diverse mix of industry, commerce, public sector, as well as dominating the creative agency sector outside of London. The location of the port cities of Liverpool and Newcastle mean they operate almost as separate economies in their own right. This means that the demand for marketers will vary greatly and will definitely depend on the demand and supply rule otherwise known as Adams invisible hand theory. (CBI employability report 2010). Finally, the industry has also experienced a high turnover in the fast moving consumer goods sector. (FMCG).This is a plus on the advertising and marketing industry since consumers tend to always purchase these goods. For them to buy more, then the firms really have to improve their marketing strategies to get the consumers to buy their products. Of course, with a promising FMCG industry, there will be a lot of competition between manufacturing firms for the same target market. The marketers in the respective companies will therefore be expected to put their best feet forward. (CBI Employability Report, 2010) Selection Methods used by Employers, Agencies and Recruiters. Since the industry is currently experiencing a boom, there is need for employers to hire only the best that will set the apart from the intense competition and put their firms at a level above the rest. There is actually no clear-cut method that they use for selection but rather it is some of the qualities a candidate should portray in order to be considered for a job. Usually, it depends within which industry the firm falls in. Different firms in different industries expect different qualities to be possessed by the ideal candidate for the marketing or advertising job they have. First, employers these days seek digital expertise. There is a very high demand for digital expertise since the world is now a global village, Potential employers will look at the possession of this quality in a candidate so as to gauge whether or not the candidate is fit for the job. If a candidate does not possess digital expertise that is almost essential for any job seeker, then they are probably not getting the job. This sort of selection criteria has disadvantages in that, a candidate can confidently say he possesses digital expertise but when actually hired for the job he turns out not to be as competent as claimed. In the salary and market insight magazine issued in 2011, Michael Page states that an employer should therefore take necessary precautions against hiring people who may turn out to be what they were expected to deliver. A method they could use to cushion themselves against this risk is first putting all employees under a three-month period of internship before offering them the job. Another selection criterion that employers in the energy sector prefer is the ability to think and come up with a new approach. They will usually test candidate on this by giving a sample case study in an interview and then they will gauge your ability to think on a new approach depending on the answer the candidate gives on this question. Employers in this sector are keen on this because, with the nuclear energy and renewable being investigated; there will be a need to come up with new products. They therefore need candidates who can think and bring in new successful ideas on board. Also many small and medium enterprises are coming up in this sector and they need to bring on board people who will steer the team to greater heights. Another selection criteria is customer focused approach to candidates. There has been real focus on segmenting markets to understand customers better, which has resulted in a greater need for ‘customer centric ‘marketers. There is a shortage of experts who put the customer needs at the heart of activities. With the recent trends of adopting total quality management (TQM), companies have realized the importance of customer focus. They therefore have felt the need to hire people who will always focus on serving needs of the customer first. Apart from seeking specialists, companies are also seeking leaders. A leader is a person who influences a group of people towards the achievement of a goal. Employees will look for leaders who will revolutionize their brands and not just deliver the everyday duties expected of them. The advantages of one-year long work placement from a second year undergraduate’s point of view Work placements have been part of university students in campus all around the U.K due to the employability and skills that they transfer to the students. Some of the advantages the students get by work placements are many. First, to a second year student, work placement offers them an opportunity to gain employability. Employability is being able to gain the experience that is needed in the job market having the right skills and the right backup evidence will give a candidate a head start at such a time when many graduates competing for the minimal career opportunities. Work placements provide on-the-job training leading to possible future employment (CBI Employability Report). Another advantage of work placement is that is enables the student gain practical skills. Apart from the theoretical work done in the university he can now gain the practical skills by being on the field itself. Another advantage one can get from job placements could also be that it enables the student to gain people skills such that he know what it means to be able to work as a team and also deliver under pressure. The disadvantages of one-year long work placement from a second year undergraduate’s point of view Some of the disadvantages that a second year student can get for work placement could be losing out on the opportunity to be in class to take up a job. As the saying goes there is always a time for everything in life. Once a student starts getting involved with work, many other responsibilities may come along and in the end; the work pressure may become too much, leading to the student having to drop their course without having it completed (Bennett et al., 2000). In this era where getting the right jobs is not such an easy task ,it is no guarantee that whatever job a student will get perfectly correlates to their degrees they are pursuing. A student may therefore find himself or herself concentrating more on a job that does not add any value to their education hence a waste of time and resources. If a student is not reliable, work placements will not add any value as there will always be the need for supervision all the time. This may be because the student is unmotivated by the thought of unpaid labour yet their skills are greatly utilized. This again, is a waste of resources. Finally, another disadvantage of work placement could be if there are interpersonal issues among the student worker and his colleagues. Some workers tend to belittle the efforts of students on internships just because they think they are better placed to do the job that the student worker has been assigned. Critically review how easy or not it is to get a work placement With the current trend of unemployment in the U.K, it has become very difficult to get employment. Employers usually have a very high expectation while hiring students for work placement since they believe they are fresh with talent from school. This expectation many a time is not met because the students also expect the employer to offer them some on the job training since what is done at school is mostly theoretical. Both parties become disappointed when their expectations are not met at the end of it all. Therefore, most employers shy from providing work placement opportunities for students (Brown & Ahmed, 2009). PART 2 Discuss how work placement fits or not in to your career plan and what other actions you intend to take to enhance your chances in the job market after graduating. Discuss your plans in a five-year term period, starting now Work placement fits into my career plan since it will enable me gain employability skill, which employers these days consider to be the essential building blocks. Having employability skills will give a candidate a head start at such a time when many graduates competing for the minimal career opportunities. Other actions I intend to take in order to enhance my chances in the job market after graduating include, taking up a position in the student’s union. There are very many varying roles in the students’ union, outlines. All these can enable one to develop working life skills, be it business and customer awareness, or teamwork as part of the communication or bar staff team, cultural awareness and problem-solving skills that are essential in an elected post. In addition, great leadership potential and responsibility becomes evident when one is a student union leader. An aspect that all employers are considering when hiring graduates for their companies. Another thing I would do is to participate actively in the universities clubs and societies (Anderson & Marsh, 2011). Also, in order to increase my employability, when I join third year, I will participate in community service, by helping those who are less fortunate in society as this also improves my employability. Giving back to the society that helped bring me up will be a great way to enhance my employability, as this will increase my chances of being hired. For example, getting involved in community projects organized by NGOS may increase my prospects of meeting a potential employer. Then also, getting more involved in the university life and all it has to offer. Universities usually have platforms where voices need to be head in order for them to make necessary improvements. Participation in such forums may also serve s great role in preparing people to increase their employability. Reasons for taking or not taking placement; justifying the choice; decisions, you are going to make to be more employable. Discuss your plans in a five-year term period, starting now. Personally, I would really like to take work placement in order to increase my employability and in order to make me stand out from the rest. However, when considering the type of job to take up, I would like it to be one that directly relates to the degree that I am now studying at the university just so as to enable me gain hands on experience on the theoretical part that I have been studying at school. This will therefore mean that I will have to be very careful whilst choosing the organizations I send my applications to so as to not land myself in the wrong job and also be very clear about the position that I want in that organization. Another plan I have while taking work placement is that I will do so while we are on summer break at school so that by any chance it does not interfere with my schoolwork. Apart from it being during summer time, I could also consider having it done as a part time job so that I fully concentrate on my studies and get good grades as they also increase chances of employability. I would also like to work for an organization that will help me gain people skills and also give me an opportunity to network with other entrepreneurs and not only be considered as a source of cheap labour. Conclusion In conclusion, I would say that work placement is a very positive thing to all students in the university as it helps them be distinguished from the rest. )It is from the work placement that they learn their people skills, ability to interact with others, ability to work under pressure and ability to work as a team member. Reference Anderson, S. & Marsh, E., 2011. Working towards your future: Making the most of your time. Guide. London: Stephen Austin National Union of Students and CBI. Baird, D., 2005. Work Getting the Most from Work Experience. New Law Journal, 155(7167). Bennett, N., Dunne, E. & Carré, C., 2000. Skills Development in Higher Education and Employment. Society for Research into Higher Education & Open University Press. Brown, G. & Ahmed, Y., 2009. The Value of Work Placements. Enhancing the Learner Experience in Higher Education, 1(1), pp.19-29. CBI, "Making the most of your time in higher education." London: National Union of Students, 2011. Hall, L., Harris, J., Bakewell, C. & Graham, P., 2000. Supporting placement-based learning using networked technologies. The International Journal of Educational Management, 14(4), pp.175-79. Kerawala, M. & Sillis, J., 1998. Profiting from Work Placement. Biomedical Scientist, 42(5), p.309. Kolb, D.A., 1984. Experiential learning: Experience as the source of learning and development. New Jersey: Prentice Hall. Matthew, A.J. & Lieber, S.I., 2005. Keeping up with the play: Practicum, partnership and practice. Asia Pacific Journal of Cooperative Education, 6(2), pp.17-25. Sykes, P. "Salary Survey." Salary and Marketing insight 2011, April 17, 2012. Read More