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Summary IB Business and Management HL Revision notes. Chapter 4: The role of marketing

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  • Course
  • Business economics
  • Institution
  • Bachillerato
  • Book
  • Business Management 4th Edition

This is a summary of IB Business and Management HL Chapter 4: The role of marketing. You can find definitions, examples, explanations... It is a complete summary that together with the other xIB Business and Management HL notes I offer you can get a really good grade. You will just need to study th...

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  • No
  • Chapter 4: the role of marketing
  • November 14, 2021
  • 18
  • 2020/2021
  • Summary

Subjects

  • business and management
  • ib business and management hl
  • ib business and management hl revision notes
  • ib business and management
  • ib
  • ib business and management hl chapter 4
  • ib business and management hl t

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4 1TheROLEOFFINANCE
MarketingThemanagementprocessofpredictingidentifyingandmeeting Meneedsandwants ofcustomersim a
profitable
wayRightproductattherightplace
1 Relationshipwithotherfunctions
Production Forecastingsales
Finance setappropriate marketingbudget
HumanResourcesIdentifyingstaffing needs inMarketingDepartment

2 DifferencebetweenThemarketing
ofgoodsandServices
Imtangibility challengingtocommunicate benefitsofa service
is
Inseparability Service consumedat timeofpurchase
Heterogeneity Nostandarizatian asitisdifferent experience forevery customer
Perish
ability
Servicescannot bestored Emptycinemaseat lossin revenue
People Process Physicalevidence
sales
staff off cleanliness



3 Marketorientation VS ProductOrientation
MarketOrientationMakingproductsThatcansel
byintensive marketresearch to identify andsupply products
in demand
GreaterflexibilitytorespondtoMarket Marketresearch canbevery expensive
changes
Lowerriskasproductswillsell

ProductOrientation
SellingproductsThatcan beproduced effectively byMebusiness andhighquality
Qualityassured Notall products aresuccessful
Firmcontractsitsoperations Lessresponsiveto marketchanges
LowMarketresearchcosts

4 CommercialandSocialmarketing
Commercial theuse marketingstrategiestomeetneed andwants customers profitability
of y
Social Implementationandplanning programsdesignedtofoster socialworkforceInforming
Thatb rings socialchangeand
of
benefits societyas a hole
any
activity

5 Market characteristics thatmanagers consider
Market Placeorprocess whereby customers and suppliers trade

Ha
consumer ProducerMarkets 1 MarketSize 41Competition
market 2 Customerbase s Marketgrowth rate
3 Barrierstoentry
6Marketshare
Thepercentage
ofallsales in aMarkethadbyFirm's
a Business
sale revenue
Marketshare Industry'ssalesrevenue

,7 Marketingobjectivesmarketsharemarketleadership
Forprofitorganisations
FMarketshare acquiringhigherproportionofindustry's sales
GlobalizationFranchisingMarket penetration
t
Businessismorecompetitive thanrivals
Highersalesand profits
Corporateandbrandimage Marketleadership
t Economics scale
of
Marketleadership enjoyingbenefits havingMelargestmarketshare
of
TIncreasingcustomerbase
TImprovingbrand awarenessandimage
FDevelopingnew products
Nonprofitorganizations socialmarketing
YBuild membership
FGenerateawareness
TImprovebrand recognition
Socialmarketingissomewhatmoreinformative Commercial marketing issomewhat morepersuasive
8MarketingStrategiesevolvingduetochargescustomerpreferences
Business suittheirmarketingstrategies tosuitTheircustomerpreferencesMarketingstrategiesevolvedueto
1 Changing customer tasks
2 Shorterproductlifecycles
3 Internetmorechoice forconsumers

9 Innovationethicsandculture in marketing strategies
EthicsMoralprinciplesandvalvesthatguidebusinessbehaviour


Rapidglobalization makesethicalvaluesinsignificant
1Pesterpower usingchildren toharass parents buyers
2 Confusión marketing giving excessivepriceinformation toswamp customers E phone subscription plans
3 Unsubstantiatedclaims 997ofcustomersloveit Making improvableclaims g
4Informationdisclosure calories andingredients infoods
5 BaitandSwitch Meschemes and pricing promoting andadvertised is rarely availableEgcheapfish
Monthtomann promotion Internet

4.2 Marketing Planning
Marketingplan Adocumentoutlining a firm'smarketing objectivesandthemarketingstrategiestoachieve
tires
Theseqb.ec
1 Elements
ymarketing plan
1 key marketing objectives 4Marketingmixoutlinelegproductdesigndistributionchannels
2 keymarketing strategies toachievethem
3 Marketingbudget

, 2Roleofmarketing planning
Marketingplanning processofdevising marketing objectivesand appropriatemarketingstrategies toachieve
Theseobjectives


3 FarPsofMarketing mix
Marketingmixcombinationofvarias elements needed tosuccessfully marketa product
1 Product Thegood or service being marketed tosatisfycustomersneeds andwants
ts sddtoenduseicansumer
pfqdfqermej.EE Industrial
andnondurables
durables

productssoldto
otherbusinesses
Firmssell arange products todiversify customerbaseand maximiseprofits
of
2PriceAmountMatar stoners
payfora particulargoodorservice
Overpriced peoplewon'tbuyit Underpriced Qualityis perceivedas lar
Dependsalso an costsofproduction Economiesofscale

3PromotionStrategiesusetoattractcustomers tobuy a firm'sproducts
ATLpaidmassmediapromotion BRnotpaid promotion
4PlaceMethodsofdistributingproducts tocustomersEachintermediaryaddstototalpriceEcommerce
Fewerintermediaries fewerprice

4 Effectiveness ofmarketingmix inachieving marketing objectives
Notallfriends havesame significance It varies withindustryandmarket
The4psmustbecoherent in aninterrelated marketingplan
Marketersmustnotprovide conflicting messages abat Megoods andservices

Marketingobjective mustbeSMART specificMeasurableAchievableRealisticTimecontra int
Theaspects
ofmarketing mixfarmMe marketingstrategiesMarket development DiversificaciónMarket
needed
Penetration ProductInnovation
Serviceshaveaddition 3ps in marketingmixPeoplephysicalenvironmentProcess
People personnelinvolved inprovisionofservice
a servicelobby
Physical environment tangible aspects
of
isprovided ar delivered Egwaiting
Wayim which
Process service

Factors
I Finance
of
limiting effectiveness any marketing strategies
marketing budgetdetermineswhatcanbeundertaken
2 Costs
ofproduction affectsPRICEandQUALITY
3 SocialIssues insociety TataticaandZikavirus Cultureandstrategy
4 Reactionsofcompetitors
5 Politicalandlegalenvironment Inukfastfoodfirmscannotadvertise an children'schannels

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