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Today Mr. Wanamaker would know which half of his advertising is wasted because today's Wanamakers have professional, data driven marketers fine tuning lead generation, demand generation, lead nurturing, campaign analysis, social media automation, mobile marketing, and so forth.
It's the thing of science, not art, and marketing is increasingly the purveyor of both, making marketing a 'real job' in the eyes of executives and mothers-in-law alike.