I achieved 7 in HL Business Management. I spend a lot of time making my notes as detailed and coherent as possible, so they can be used as study guides to help you ace the challenging course. Thanks for checking this out!
Complete notes for the 2022 IB Business Management course
IB BUSINESS MANAGEMENT unidad 1
IB BUSINESS MANAGEMENT Unidad 3 y 4 (finanzas y marketing)
All for this textbook (16)
Written for
Secondary school
Business Management
1
All documents for this subject (39)
Seller
Follow
tlthaochi
Reviews received
Content preview
4.1 The Role of Marketing
Objectives
Define marketing and understand its relationship with other business functions.
Explain the difference between the marketing of goods and the marketing of services.
Distinguish between market orientation and product orientation.
Explain the difference between commercial marketing, social marketing and social media marketing.
Describe the elements that characterise the market in which an organisation operates.
Calculate market share.
Discuss the importance of market share and market leadership.
Compare and contrast the marketing objectives of for-profit organisations and non-profit organisations.
Evaluate how marketing strategies evolve as a response to changes in customer preferences.
Examine how the concepts of innovation, ethics and culture influence marketing practices and strategies.
MARKETING
Define marketing and understand its relationship with other business functions.
The task that links the business to the customer by identifying and meeting the needs of customers, profitably.
"Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large." (AMA)
,Relationship with other departments
Finance
The marketing department plans budgets with the finance department. Finance work closely on the costs and
revenues of a product.
HR
The marketing department provides data and market research which can help HR identify staffing requirements e.g
additional sales staff, operations workers
Operations
The marketing department provides sales forecasts from market research to the operations department to plan and
prepare production schedules. Delays in supply or bringing product to market can result in poor perception of
product.
GOODS VS SERVICES
Explain the difference between the marketing of goods and the marketing of services.
goods and services often have to be marketed differently.
services cannot be replaced, therefore service quality must be right the first time each and every time.
promotion of services generally informative and detailed.
people are very important to the successful marketing of services.
Goods Services
are intangible, i.e. cannot be touched.
are tangible, i.e. can be touched.
cannot be taken back, e.g. a bad haircut.
can be returned if you did not like what you
cannot be stored and will need to be
bought.
consumed immediately.
can be stored and consumed later.
there is no ownership of the product.
there is ownership of the product.
services are more difficult to compare because
goods are easier to compare because of the
of different experiences a customer may get
similar nature of some products.
from a given service.
MARKET VS PRODUCT ORIENTATION
Distinguish between market orientation and product orientation.
Market orientation
An outward looking approach basing product decisions on consumer demand, as established by market research.
market-led and focused on supplying products that meet consumers’ needs and wants.
,Advantages:
flexible to changes in demand patterns.
strong market understanding.
new products have a greater chance of success.
reduced risk of failure.
can meet challenges from new competitors.
results in more focused production and strategy.
improved quality of marketing activities.
repeat custom is likely, which improves long-term profitability.
Disadvantages:
high cost of market research.
constant internal change to conform to market needs.
unpredictability of future and negative impact on market-planning strategy.
abandonment of earlier product investment.
products are less unique.
more competition.
risk of underestimating the customer or market.
Product orientation
An inward looking approach focuses on making products and then trying to find the market for them.
product-led and assuming that supply creates its own demand (Say’s law).
businesses produce innovative products and tempt the customers to buy them.
Advantages:
firms can focus on internal quality.
technological investment for a wide range of products.
economies of scale can more easily occur.
allows outsourcing of production - the firm is a design house.
products are innovative and can apply for patents.
USP for a business.
little threat from competition.
Disadvantages:
cannot respond to changes in market structure.
fashion and taste are not accounted for in product mix.
technology applied can be left behind.
no guarantee that the product will be sold to the market.
expensive to conduct research and development.
may miss other opportunities.
branding is narrow.
risk of the product becoming obsolete.
, COMMERCIAL VS SOCIAL MARKETING
Explain the difference between commercial marketing, social marketing and social media marketing.
Differences:
marketing objectives
control tools
Commercial marketing
Satisfying customers' needs and wants to make a profit.
marketing the product to meet these, no moral judgement on the buying habits of customers.
Assess the market by:
sales figures.
customer surveys.
Social marketing
Combining objectives of company profits, consumer wants and society’s interests.
considers long-term welfare.
can give businesses competitive advantage.
lead to being able to charge higher prices.
Objectives: to change a certain behaviour.
protecting the environment.
promoting public health.
reducing anti-social behaviour.
raising awareness of an individual issue.
public vaccinations.
smoking, alcohol and drug misuse.
Assess the market by:
number of people that have a certain behaviour.
(more difficult to quantify the success of social marketing).
Social media marketing
Use of social media to market products.
low cost.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tlthaochi. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.13. You're not tied to anything after your purchase.
