Question

Topic: Student Questions

Help!!! How Do I Decide?

Posted by Carl Crawford on 11/28/2004 at 8:42 AM ET 1000 Points
Hi guys,

Well it is Sunday night here in NZ and I am just letting you know that I got my results back today.

These are (unofficial) overall results:

Consumer behaviour B+

Web design A+

Java C-

Business stats D

I do have a quick question: do you REALLY need business stats for marketing or is it something that is useful but not really needed?

I am going to do a different stats paper, but I want to know, should I focus on the stats paper and really try to learn it or can it be something I can half ass and pass now so I can focus on my other marketing papers but never really use during my career.

Is it important to have a really good basing in Statistics, I have already done bursary stats and got 70% and 50% calculus.

What kinds of marketing jobs can I get with stats?

What kinds of marketing jobs can I get with a small amount of stat skills?

Will I be at a disadvantage if I don’t have good statistics skills?

Also I would like some help to decide what papers I am going to do next year:

Here is a list of the papers I am thinking about doing with there descriptions. Is this a good choice?:

Mart 201 Integrated Marketing Communications

The use of marketing communications tools such as advertising, promotion , publicity, public relations and sales management. The development of media plans and presentation skills will be stressed.

Mart 202 Product and Brand Management

An examination of the theoretical and applied aspects of product management , including new product development, branding and the role of the product manager.

Mart 203 Pricing and Distribution

The external and internal factors influencing pricing and distribution decisions, formulating, implementing and monitoring pricing and distribution strategies and decisions.

Comp 201 Computing for Professionals

Use of the internet as a tool for study and recreation; advanced use of standard packages such as spread sheets and presentation software; preparing material for the internet including html scripting, use of java and associated languages.

(Side note) Presentation software is Dreamwever Mx, Adobe Photoshop 7, Flash Mx, and Adobe PageMaker.

Acct 101 Understanding Accounting Information

An introduction to both general purpose financial statements and financial information typically prepared for decision makers in a variety of organisations. This is a paper for non-specialists in accounting. Emphasis will be on understanding and interpreting the information rather than its presentation.

Econ 111 Principals of economics

Introduces the analysis of predominantly market economics and how they work, both as a whole and in individual markets. The overall emphasis is on learning to think like an economist, that is, a person who can apply basic economic principles to understand and explain what is observed in the real world around them. Topics covered include comparative advantage and trade, demand and supply and the ‘invisible hand’, strategic thinking, money, inflation and monetary policy, unemployment, and currency and financial markets.

Stat 110 Statistical methods

A statistics paper for students in the biological and social sciences covering descriptive statistics, probability distributions, estimation, hypothesis testing, regression, analysis of variance, experimental design and nonparametric methods. Sampling and design principles of techniques to build on the implementation of research studies.

All paper information was from the University of Otago guide to enrolment 2005. It can also be viewed at www.otago.ac.nz .

Thanks

Carl
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RESPONSES

  • Posted by Pepper Blue on 11/28/2004 at 1:39 PM Accepted
    Carl,

    Here is some "food for thought" :

    First, Agor makes some great points, they are right on, especially the 4th & 5th paragraph.

    Business Statistics is one of the undergraduate 1st year filter courses. By this I mean it is one of those courses that culls the weak from the strong. You need to really focus when you are learning stats, if you lose focus for even one concept, you are dead in the water because all the concepts build on each other.

    Sound familiar?

    Plus, face it, stats is not nearly as fun as web design, so I'm sure you weren't into it nearly as much.

    Sure, you can make a career in marketing without knowing stats. Many of us here at the forum with business degrees have little or very little (or remember much of) understanding of statistical analysis.

    But that is not what it is about.

    What it is about is that the aggregate of your education is about developing a multitude of skills that allow you to think critically and make more effective business decisions.

    It's also the little things like learning effective writing skills,
    because if you can't write, if your attention to details when you write is lacking, and you can't communicate effectively in the business world, you have a whole lot less value.

    Potential employers will look at your transcript and see that you excelled at your web design and marketing courses - the ones that for you are "fun", but not at the ones that really require attention and discipline, like stats.

    This will tell them that you were lacking focus, discipline and the ability to isolate your weak areas and seek the help of your professors or teaching assistants and improve them.

    I'll bet if you could go back and take some of the time you put into webdesign and put it into your stats course to really learn the concepts that you would have received a much better grade.

    You would have had a lot less fun, and learned a lot less "cool stuff" but that's not the point of getting a degree.

    Remember - push yourself to take courses that will allow you to strengthen your skills to think critically and make effective decisions. Talk to your professors and develop a relationship with people in course and career planning and get their insight and wisdom.

    I hope that helps!




  • Posted by Chris Blackman on 11/28/2004 at 5:34 PM Accepted
    Carl

    All the preceding replies make a great deal of sense.

    To add weight to Tim & Michele's answers, I would absolutely endorse the importance of Accounting 101. And beyond. Because in Marketing you will always be fighting for budget and trying to prove the value of your contribution, but if you can't talk in the language they speak at head office, you're sunk.

    And when times get tough, the accountants always focus on soft targets, with Marketing top of their "hit" list. You need Accounting to give yourself the self-defence skills. And to be able to present internally to Senior Management.

    Check Val's spreadsheets for the kind of stuff top-flight number-crunchers use daily in their work.

    Likewise, Economics will help you add real-world rationalism to the arguments. And help you understand what makes the dollars go round.

    Top marketers will be working with concepts and frameworks, not cutting code. I know the web design stuff is attractive and fun when you're only 19, but fast forward yourself a decade or so and figure which subjects will put you in a senior marketing role.

    If in doubt, go talk to some senior marketers in business in Otago, not just the University Careers Dept.

    Good Luck

    Chris
  • Posted by mgoodman on 11/28/2004 at 10:10 PM Accepted
    I'll give you my perspective, but you have to understand that I became an engineer and computer geek before I went into marketing (after an MBA and some PhD work). When you're a hammer every problem looks like a nail.

    I can't imagine a good general marketing person who doesn't have excellent quantitative skills. If you specialize in areas that are far removed from analysis and quantitative stuff, I guess you can get by without too much math, but in brand management or general marketing management I'd say it's critically important. If you only have a surface understanding, you'll be very limited in what you can do.

    There are a couple of marketing areas in which quant skills are especially important: pricing/promotion analysis and strategy development (where you have to be able to interpret quantitative market research results and gain insights from a bunch of numbers). It's hard to see how you can be a well-rounded marketer without being able to participate in those key areas of the marketing mix.

    Hope this helps. As I said at the outset, consider the source. I'm obviously biased, but I believe every word I typed.

    Good luck.
  • Posted by SRyan ;] on 11/29/2004 at 4:28 AM Accepted
    I couldn't stay awake in Economics, but it was a required course way back in 1982. And statistics? I enjoyed my first statistics class only because the professor was more like David Letterman than a math teacher. I have to say that in both of those subjects, their importance became clear to me only about ten years AFTER I graduated from college.

    Let's focus on what you don't need (or rather, what are the lower priorities).

    Since you didn't master the first stats course, I'm not sure you'd be wise to attempt Stat 110.

    You're already proficient at much of the content in Comp 201. Skip it.

    Other than that... you've already received excellent input from the rest of the gang. Dassit from me!

    Shelley
  • Posted on 11/29/2004 at 6:17 AM Accepted
    Hi Carl--

    I know you don't want me to say this, but if I were you, I wouldn't half-ass my way through statistics, accounting, or economics. As a marketer, you need to be attentive to details.

    I hated statistics, but once I got my head around it, I realized that I really needed that information. The only C I got in my life was Accounting 101 because it was like taking Greek. But then I rolled up my sleeves (had to--the next course was required!) and I got an A in my next accounting class. Also, Economics, both macro and micro, helps you as a marketer and as a general consumer.

    One technique I used while in college: I chose my courses based on the teachers, when possible. I am a person who likes to be taught and if a person is passionate about a subject (even about the dreaded accounting courses), then I can be passionate it too.

    Good luck Carl. And ENJOY this exceptional time of your life.
  • Posted by bobhogg on 11/29/2004 at 6:38 AM Accepted
    Carl...

    Here's my take on your dilemma:

    As far as your statistics situation is concerned, I very much agree with agor's earlier post - understanding the principles is what's important, rather than being able to do all the number-crunching.

    As far as your next year's options are concerned:

    Mart 201 Integrated Marketing Communications : Do it! Despite what JBtron said earlier, there's a lot of good MarComms work being done in the academic world at present that we could ALL learn from!

    Mart 202 Product and Brand Management: Do it! Essential stuff for a career in marketing.

    Mart 203 Pricing and Distribution: Do it! Not enough existing marketing professionals are up on these areas (too many concentrate just on the MarComms aspect of the marketing mix)

    Comp 201 Computing for Professionals: Forget it - I agree with JBtron on this one!

    Acct 101 Understanding Accounting Information: Do it! Again, not enough marketing professionals can talk to their accounting colleagues in a common language - so take this opportunity to learn some of the accountants' language. Also, with far more emphasis (rightly) being put on measurement in marketing these days, an understanding of HOW to measure in accounting terms will be valuable.

    Econ 111 Principals of economics: Forget it! I started off studying economics before I studied marketing - I gave up on economics because it kept talking about things like "perfect markets" and so on, which don't exist in our real world. That's the beauty of marketing - it all relates to the real world!

    Stat 110 Statistical methods: Forget it! I agree with earlier comments

    Hope this helps in your decision-making rather than confusing you further!

    Good luck,
    Bob
  • Posted by telemoxie on 11/29/2004 at 2:24 PM Member
    Looks like lots of great advice above... I have heard it said that many folks in business wish they had taken more Finance courses. This will help not only in your professional life (e.g. ROI calculations) but also in your personal life (e.g. wealth management). In addition to those above, I would plan to take more than the minimum required number of finance courses for your major.

  • Posted by Carl Crawford on 12/3/2004 at 8:49 AM Author
    Thanks to everyone who has given advice to me.

    I will drop Comp 201 and Econ 111, and will do the others.

    Anyway i have a few months to think about it before the next year starts.

    Oh and Jim there are courses in 3rd year that deal with some of the stuff you were talking about.

    Carl Crawford
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