Master of Marketing - Student Experience
Jason Cohecha - Master of Marketing 2011
The essence of the Master of Marketing major consulting project was to challenge me to 'think outside the box' and to explore an industry I was unfamiliar with. This is a brief summary of how the project helped me to blend the knowledge acquired in the course with my professional experience in a real business scenario. The essence of the Master of Marketing major consulting project was to challenge me to 'think outside the box' and to explore an industry I was unfamiliar with. This is a brief summary of how the project helped me to blend the knowledge acquired in the course with my professional experience in a real business scenario.
I chose a fast-growing company which aims to match the supply and demand in the education industry. Its services are offered using a business-to-consumer model and a one-on-one approach with its customers, international students. In this case, the company's strategy was clear, but the way to measure its performance was not.
The marketing issue
The company had been using a word-of-mouth (WoM) strategy, focusing its efforts on enhancing customers' experience through service. At the beginning of the project, it was measuring its performance simply by tracking referral figures. Although this can be the most tangible approach, these figures reflect merely the final results of the lengthy WoM process. Consequently, it was taking a long time for the company to determine whether the strategy was working or not. For this reason, my consulting project aimed to gauge the performance of the company's WoM strategy among its active customer base.
The approach
To address the issue, it was essential to identify and understand the company's business strategies. Based on this analysis, I suggested using a Net Promoter Score (NPS) approach in order to find out the likelihood that "customers would recommend the company to a friend" (Reichheld, 2003). This method aided in not only measuring customers' willingness to recommend the company but also in identifying the company's promoters and detractors at the beginning of the WoM process.
Recommendations
At the end of the project, it was possible to show how the NPS could be used to track and measure the performance of WoM. Additionally, the most important drivers of customers' 'willingness to recommend' were identified, knowledge of which can be used to leverage the company's existing strategy. As a result, the company is planning to increase its referrals figures by deploying the suggested action plan to encourage promoters and to neutralise detractors.
Final thoughts
The Master of Marketing provides students with the essential ability to understand any business model and identify an appropriate marketing approach. Through this project, I learnt that a company does not have to be the biggest to hold an interesting marketing challenge. Moreover, medium- and small-sized companies are not only eager to learn but also willing to follow innovative practices and new paths.
Finally, I realised that it is vital to remember to 'think outside the box'. Marketing metrics are powerful diagnostic tools (ANA, 2005), but they are unable to enhance a company's performance by themselves. This is the reason innovative action plans are required.
Alicia Weider - Master of Marketing
Why did you decide to study the Master of Marketing?
Because I find marketing a fun and complex process, which ultimately is the creator of consumer demand and loyalty in a brand. It's the initial step that can make or break a brand, the ongoing backbone of a company's positioning strength against its competitors, and the overall key to the longevity of its success. After researching many master's programs at various universities, I was particularly keen to study at the University of Sydney because of its top global academic standing and reputation. Being a small, specialised master's program designed for business professionals was of particular appeal to me as well.
Are you studying full or part time?
Part time, while working full time.
What is your professional background?
I completed a Bachelor of International Relations with a minor in Spanish (Honours) at the University of California.
I'm currently working in digital media as sales and marketing manager for A LIST Guide and Food Wine Sleep. Previously I've worked as a corporate market sales manager with Marriott Hotels International, and as an analyst with Estee Lauder.
How do you balance your work, study and personal life?
Work hard, play hard! Take one day at a time and always remember that life is all about having fun. The sacrifices I make now to work and study hard will only enrich my personal life that much more.
What has been your favourite class within the Master of Marketing program?
Consumer Behaviour, because I love the creative element of marketing. Being able to understand consumers buying behaviours and attitudes involves a lot of innovative thinking on how to capture their attention, attract them to the brand and gain their long-term loyalty.
Have you already been able to use what you've learnt at work?
The subject that first comes to mind that has assisted me was Evaluating Market Performance. If featured several great guest speakers, including one that focused primarily on digital analytics, which applied directly to the two websites I work on.
What are your aspirations following the completion of the program?
I would like to apply what I've learned and to continue a long-standing creative career in marketing.
Tell us about an interesting project that you've worked on within the Master of Marketing.
I thoroughly enjoyed the Marketing Research Project, in which our group chose to concentrate on Ivy, a restaurant, bar and nightclub in Sydney. We conducted a focus group at the venue and distributed an online quantitative survey through social media to research and analyse Ivy's decline in Saturday-night business.
Why would you recommend the Master of Marketing program to future students?
The main reason I would recommend it is because, since there are so many specialised areas of marketing, no-one would be able to experience them all in one job role. So gaining exposure to all different areas of marketing through this program assists in gaining a much broader understanding of marketing and of how all these areas are interrelated, allowing you to pursue a career in the specific field that is most appealing to you.
Gemma Williams - Master of Marketing
Why did you decide to study the Master of Marketing?
I really wanted the opportunity to build on my knowledge of marketing practices outside my current role. I was intrigued by what was happening elsewhere and why, and wanted to learn about the factors of influence for marketers today.
Are you studying full or part time?
Full time.
What is your professional background?
I have a Bachelor of Media and Film studies, and I work as a Marketing Advisor to a global company, where my role involves media, communications, events and tenders.
Is your employer helping you with your degree in any way (such as financially, with time off, etc).
At first my company was not able to assist me financially, but as I have progressed through the semester and applied my new skills I have been offered study leave and financial support.
How do you balance your work, study and personal life?
I am in the fortunate position where it's just me! I do, however, work very hard to be organised with work and study deadlines. The unit outlines are provided upfront, so I always know which assignment needs to be handed in when!
My family have all been immensely supportive and cheered me on from the sidelines. They really enjoy the updates on what I'm studying!
What has been your favourite class within the Master of Marketing program?
I have thoroughly enjoyed all my classes (that sounds a little nerdy, I know!), but if I had to pick one it would be Integrated Marketing Communications. We've met so many industry professionals – art directors, advertising agencies (including Ogilvy), community managers (including from PlayStation) – and looked at social media and attended workshop sessions.
All of our lectures have been interactive, with film and television advertisements, which really help us to appreciate the social fabric of society and why consumers behave as we do – we are psychologists and sociologists as well as being proficient marketers!
Have you already been able to already use what you've learnt at work?
Absolutely! From internal marketing (brand ambassadors) and brand equity to understanding how we measure our company performance (and why) using dashboards, it is all very relevant. I am currently looking at the return on marketing investment from the events we invest in, and how these lead to project leads and wins.
What are your aspirations following the completion of the program?
The course has opened my eyes to many aspects of marketing and I am going to keep my options open – I believe the opportunities are far and wide! I am considering working abroad to implement what I have learnt in a different market.
Tell us about an interesting project that you have worked on within the Master of Marketing.
My favourite project so far has been from the Regulatory, Environment and Ethics unit, where, as a group, we researched and presented a case based on the Trade Practices Act and its ethical implications for corporations. I was really engaged by the lawyers we met, their presentations and their experiences. I found this unit to be highly relevant and interesting, especially as my company, like others, is taking a very real look at how we make decisions that may impact on our clients.
Why would you recommend the Master of Marketing program to future students?
I would recommend this course to those who are looking for a challenge, who are aiming to push their career to the next level or who want to progress into a management role. I have been fortunate enough to meet some inspirational guest lecturers from across the industry (including Westpac, Fosters, Ogilvy, PlayStation, PwC and lots more!), who shared their knowledge, mistakes and successes. The relationships I've built with my lecturers and fellow students have also been a true highlight for me.