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Summary IB Business Management HL - Topic 4. Marketing R57,61   Add to cart

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Summary IB Business Management HL - Topic 4. Marketing

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The following document contains summarised notes taken on Topic 4. Marketing. This includes: 4.1 The role of marketing, 4.2 Marketing planning (including introduction to the four P's), 4.3 Sales forecasting (HL), 4.4 market research, The four Ps (product, price, promotion, place), 4.6 The extended ...

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  • Topic 4. marketing
  • October 24, 2021
  • October 24, 2021
  • 23
  • 2021/2022
  • Summary
  • Secondary school
  • Bachillerato
  • 2
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,4. Marketing
4.1 The role of marketing
Goods :
tangible
The 4 P's




price product promotion place


service :

intangible
The 3 additional P 's



people process physical evidence

Market orientation : R&D -



meet consumer demand



reducing risk of failure ↳ costly

respond quickly to changes ↳ consumer tastes change
Product orientation product first
:

making the


↳ high quality ↳ failure or closure
↳ succeed when slow
changes ↳ not
yield promising results
↳ full control


Commercial
Marketing :
creating developing
.
and
exchanging
products customers need and want .




↳ billboards .TV ads
,
online
marketing
Social
marketing help bring changes
: in behaviour that
benefit
society ↳ public health
.




campaigns ,
anti-smoking campaigns



{
difficult

competitive advantage ↳ to
change behaviour

charge higher prices

Social media
marketing
business
technological techniques
:




different
with the aim

of growing a
through a media



get direct feedback ↳ difficult to stand out
↳ low cost ↳
rely on marketing techniques
↳ enhance the brand

,Market in which an
organisation operates :




Market Where people
:



willing and able to purchase a
good ,
service or resource
carry
with those who provide that
out an
exchange are
willing and able to same
It always physical local, national
good service resource is no international
-
or
.
; ,
,
.




↳ Market size
:
total sales .




volume

By :
numbers bought 1 quantitative units)


↳ By value :
spent on the total numbers sold 1€ , $1

↳ Market growth percentage change :
in the market size over

a
given period of time .




↳ Market share percentage of : one firm 's share
of the total
sales in the market .




film 's sales
Market share % =
✗ 100
total sales in the market




↳ increased sales ↳
change in time influence
can

↳ economies of scale ↳
type of products can influence
↳ brand leader ↳ different results obtained


↳ Market leader :
a firm with the highest market share in a
given market

Marketing objectives of for-profit organisations and non
profit
-




organisations
'

:




profit organisations develop market state
↳ For -
:

identify design ,
and rgies
that will be I profitable .
focus on needs and
wants

↳ Non-profit organisations :
social
marketing reasons to
( enhance image influence
encourage donations .
and reputation to behavioural change )




{
↳ attract potential customers ↳ limited
financing
↳ internet marketing
How innovation , ethical considerations and cultural differences influence
marketing
Innovation technology industry
-





-




↳ Ethical considerations -

-




corporate image

↳ Cultural differences :
consumer
lifestyle

, 4.2
Marketing planning ( including the introduction to the four P's)


Marketing plan : document with marketing strategies to achieve the
marketing objectives
The elements of marketing plan :




↳ market objectives Spdiuic Measurable Achievable Relevant Time specific
:
-


, .
, ,




achieve

key strategic plan : to
marketing objectives
information
↳ detailed
marketing actions :




↳ market
budget to fund marketing strategy
:





identify problems ↳ outdated
↳ SMART ↳ consume

improves coordination ↳
marketing priorities
↳ set a
budget

improve motivation
" "


The four Ps of the marketing mix



product good :
or service in the market


amount
charged for
product

price , a





promotion :
informed and persuaded


place : location and distribution channels


Appropriate marketing mix :
produce the
right product at the right
price available at
,
the right place and communicated
through the
right
promotion channel


To achieve marketing objectives :




↳ well coordination

↳ focus and clearance


degree of competition
audience

target

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