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Summary IB Business Unit 4 Marketing full study guide
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Full study guide for IB Business Unit 4 Marketing syllabus to review for tests and exams
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UNIT 4: MARKETINGIB Business Management
Revision Guide
4.1 The Role of Marketing
● Marketing and its relationship with other business functions (A01)
Marketing is the management process responsible for identifying, anticipating and
satisfying consumers’ needs and wants profitably –getting the right product to the right
customers at the right price at the right time.
➢ Marketing activities (ie. pricing, product design, market research,
distribution, advertising, customer service, packaging) are all those
associated with identifying the particular wants and needs of target-
market customers and then trying to satisfy those needs better than your
competitors do.
➢ Operations Management: work together to ensure that the products being
developed meet the changing needs of customers as well as preparing
their production schedules. There may be some conflict between the two
departments as production managers may prefer a longer time period in
which to test and develop products whereas marketing managers may
urge for a quick launch to maximise sales revenues.
➢ Finance: work together to set appropriate budgets since marketing costs
money. There may be some conflict in that the marketing department
wants to spend more than is in its budget to meet the requirements of a
demanding marketing plan. For example, the financing department would
want prices to cover for production costs to generate a profit but the
marketing department might say that low costs are necessary for some
products in the short term to get established in the market.
➢ Human Resources: marketing data can enable more effective workforce
planning in the HR department by identify staffing needs. For example, the
introduction of a new product might require hiring extra production staff
and sales personnel and ensuring that the right quality of employees are
hired.
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, ● The differences between marketing of goods and marketing of services (AO2)
Goods (clothing, food, etc.) -> marketing objectives are often tailored towards the
tangible aspects of goods such as making decisions about product attributes,
packaging, branding, labelling, etc. (Use of the 4 P’s)
Services (banking, hotels, etc.)-> marketing objectives are often tailored towards
creating competitive differentiation, offering high quality service and finding ways to
increase service productivity. (Use of the 7 P’s)
● Marketing Orientation vs Product Orientation (AO2)
(Products can be developed through a product- oriented or a market-oriented approach)
Product Orientation: a business approach that focuses on making the product first
before attempting to sell it
- based on the assumption that there will always be a market for the products the
firm makes (selling products they make vs making products they can sell)
- driven more by technical innovation than by consumer needs
- rests on the belief that if an innovative product is produced of good quality, then
consumers will purchase it
PROS CONS
-associated with production of high- -riskier approach that may lead to
quality products (luxury sports cars business failure since it ignores the
and safety products-crash helmets) needs of the market
-can succeed in industries where the -spends money on
speed of change is slow and the firm research/development without
already has a good reputation considering consumer needs can be
costly and not have any promising
results.
-has control over its activities (with
strong belief that consumers will
purchase its products)
ex) pharmaceuticals, electronic industries (apple at the start)
Market Orientation: a business approach of first establishing consumer demand
through market research before producing and selling a product
- aims at satisfying consumer needs through market research and market analysis
- rather than going on what the business thinks is right for the customer, these
business decisions are based on what customers’ needs and wants
PROS CONS
-firms have increased confidence that -conducting market research can be
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, their products will sell (as a result of costly and can weigh heavily on a
market research), therefore reducing firm's budget
the risk of failure
-access to market information means -due to frequently changing consumer
that firms can respond quicker to tastes, firms may find it difficult to
change in the market and are able to meet every consumer’s needs with its
anticipate market changes available resources
-firms will be in a strong position to -uncertainty about the future can have
meet the challenge of new a negative influence on market-
competitors in the market as a result planning strategy
of feedback from consumers (brought
by market research)
ex) Amazon, Apple now (due to increasing competition)
● The difference between commercial marketing and social marketing (AO2)
Commercial-> focuses on customer’s wants and needs (aims at selling
goods/services: what customers want, when they want it and where they want
it.)
- example: there may be controversies with the marketing of fast food or
tobacco but commercial marketing aims to obtain the private benefits of
marketing such products (to earn increased sales revenues)
Social -> focuses on society’s wants and needs: use of mainstream marketing
methods to achieve the benefits of social change (aims at influencing a positive
change in individual behaviour and improvements in societal well-being)
- example: informing the public about the dangers of under-age drinking
The main differences between social and commercial marketing:
• Purpose - The intention of commercial marketing is
selling physical goods and intangible services for a profit.
Social marketing aims to influence or persuade a desired
change in social behaviour or attitudes.
• Benefits - Commercial marketing exists to satisfy
individual needs and wants, and thus obtains profit for
the business. Social marketing, if successful, satisfies the
needs and desires of the general public, and thus obtains
benefits for communities.
• Main users - Commercial marketing is used mainly
by private sector businesses (although many social
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, marketing campaigns use aspects of commercial
marketing strategies). Social marketing is used mainly
by the government and non-governmental organizations.
● Characteristics of the market in which an organization operates (AO1) + market
share and market leadership (AO2 + AO4)
What is a market?
A market is a place or process where buyers and sellers exchange goods and
services. It includes actual and potential customers and exists when there is a
demand for a product and a willingness to supply this product.
Characteristics of a market
Market size: the total sales of all business in a market (can be measure in 2
ways)
- By volume: this measures the number of goods bought by customers
(quantitative measure of the units sold by business)
- By value- this measures the amount spent by customers on the total
number of goods sold by businesses (total revenue- expressed in
monetary terms)
Market growth: the percentage change in the market size over a given period of
time (usually a year), can be based on the increased volume or value of sales in the
market.
example: if the sales revenue in a particular market rises from $100 million to
$110 million, then the market has experienced 10% growth.
Market growth is likely to lead to more suppliers entering the market as they are
attracted by the potential profits.
Market share: this is the percentage of one firm’s share/portion of the total sales in a
specific market. (can be measured by value or volume)
It is calculated by using the following formula:
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