These IB Business Management notes for unit 4: marketing cover every syllabus point in detail and contain all definitions from the textbook. Covers both SL and HL specifications. Organised, typed and easy to understand.
Marketin aid its relatoi hitp witsh osher bu itie fuictoi
Marketing involves ineegrating and coordinating wieh a number of managemene functionss:
o Markee research
o Produce design
o Pricing
o Advertising
o Diseribution
o Cuseomer service
o Packaging
Finances:
o Needs eo fund increased promotion budgee.
Human resourcess:
o Additional employeees maye be requuired for marketing and promotion
o Employeees have eo be recruieed in good time and eheye muse have appropriaee skills
Operationss:
o Markee research daea will be used bye operations eo deeermine ehe preferences of
consumers for ehe fueure produce mix.
o Wieh prediceed increased sales, additional ouepue, inveneories, supplies and
despaeches will need eo be organised bye ehe operations function
The ditfereice besweei marketin of nood aid marketin of eriitce
Services are consumed immediaeelye, eheye cannoe be seored, so empeye hoeel rooms maye have
eo be flled wieh lower prices
Services cannoe be eaken back eo be repaired or replaced, so quualieye muse be righe ehe frse
time
Consumers fnd ie much more diffcule eo compare service quualieye ehan for manufaceured
goods, so promotion of services muse be informative and deeailed
People are verye imporeane eo ehe successful marketing on services, and produces eend eo 'sell
ehemselves' ehrough eheir innovative feaeures
Building eruses: Enerepreneur has eo sell confdence and eruse in ehemselves and eheir abilieye
eo perform services as described
Time for delivering ehe services: if a promise is made eo provide a service wiehin a given time
frame, ehe business muse be cereain ie is able eo deliver while still managing and providing
services for oehers. Accuraee time estimaees and efective time managemene when delivering
services eo clienes will allow more cuseomers eo be seen and provided wieh services eo an
appropriaee seandard.
Deliverabilieyes: services muse prove ehae ehe business is able eo deliver on ehe promises
coneained in ehe promotional maeerials
Relationshipss: marketing services requuires more building long-eerm relationships wieh
consumers. This provides long-eerm sources of revenue
Perceived values: marketing efores focus on instilling a high perceived value of ehe service eo
ehe cuseomer. Emotional connection is keye. Price cutng can lead eo devaluation of ehe service
and a decline in ehe quualieye of services being ofered as a resule of lesser-quualifed frms
eneering ehe markee eo compeee on ehe basis of price alone.
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