Marketing Unit 4 HL/SL 4.1-4.4

Sophia Richmond
Mind Map by Sophia Richmond, updated more than 1 year ago
Sophia Richmond
Created by Sophia Richmond over 5 years ago
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This is topics 4.1-4.4 in the IB Business Management text book for both Higher Level and Standard Level students

Resource summary

Marketing Unit 4 HL/SL 4.1-4.4
  1. The role of Marketing 4.1
    1. Marketing
      1. The Management process of getting the right product to the right customer at the right price to the right place and time
      2. Marketing of Goods
        1. The use of the 4 p's of product, price, place and promotion in the marketing mix
        2. Marketing of Services
          1. The use of the 7 P's of product, place, price, promotion, people, process, and physical evidence in the marketing mix
          2. Goods
            1. Tangible Product
              1. Can be returned
                1. Can be stored and consumed later
                  1. There is ownership of the product
                    1. Easier to compare between products
                    2. Services
                      1. Are Intangible
                        1. Cannot be taken back
                          1. Cannot be stored and need to be consumed immediately
                            1. There is no ownership of the product
                              1. Difficult to compare between products
                              2. Product Orientation
                                1. A Business approach that focuses on making the product first before attempting to sell it
                                2. Marketing Orientation
                                  1. A Business approach of first establishing consumer demand through marketing research before producing and selling a product
                                  2. Commercial Marketing
                                    1. Marketing activities that determine consumers needs and wants before using appropriate strategies to market the product
                                    2. Social Marketing
                                      1. A marketing approach aimed at influencing a positive change in individual behaviour and improvements in societal well-being
                                      2. Social Media Marketing
                                        1. The use of the internet through social networking websites to market a firm's product or service
                                        2. Market Share
                                          1. Market Share (%) = (Firms Sales / Total sales in the market) X 100
                                            1. The percentage of one firm's share of the total sales in the market
                                            2. Market Growth
                                              1. The percentage change in the total market size over a period of time
                                              2. Market Size
                                                1. The total sales of all firm's in a market
                                                2. Market Leader
                                                  1. A firm with the highest market share in a given market
                                                3. Marketing Planning (4 P's) (4.2)
                                                  1. Elements of a Marketing Plan
                                                    1. Marketing Objectives
                                                      1. Key Strategic Plans
                                                        1. Detailed Marketing Actions
                                                          1. The Marketing Budget
                                                          2. The Process of formulating Marketing Objectives, and devising appropriate marketing strategies to meet those objectives
                                                            1. Marketing Mix
                                                              1. The key Elements of a marketing strategy that ensure the sucessfull marketing of a product
                                                                1. 4 P's
                                                                  1. Price
                                                                    1. Product
                                                                      1. Place
                                                                        1. Promotion
                                                                      2. Market Segment, Target and Profile
                                                                        1. Market Segment
                                                                          1. A sub-group of consumers with similar characteristics in a given market
                                                                          2. Market Segmentation
                                                                            1. The process of dividing the market into distinct groups of consumers so as to meet their desired needs and wants
                                                                              1. Demographic Segmentation
                                                                                1. Age
                                                                                  1. Gender
                                                                                    1. Religion
                                                                                      1. Family Characteristics
                                                                                        1. Ethic Grouping
                                                                                        2. Geographic Segmentation
                                                                                          1. Regions in a country where consumers reside
                                                                                            1. Climatic Conditions
                                                                                            2. Psychographic Segmentation
                                                                                              1. Social and Economic Status
                                                                                                1. Values
                                                                                              2. Targeting
                                                                                                1. The process of marketing to a specific market segment
                                                                                                  1. Target Market
                                                                                                    1. A group of consumers with common needs or wants that a Business decides to serve or sell too
                                                                                                    2. Niche Market
                                                                                                      1. A narrow, smaller or more specific market segment
                                                                                                      2. Mass Market
                                                                                                        1. A large or broad market that ignores specific market segments
                                                                                                        2. Consumers Profiles
                                                                                                          1. The Characteristics of consumers of a particular products in different markets based on their gender, age, and income levels among other characteristics
                                                                                                      3. Positioning
                                                                                                        1. Product position Map/ Perception Map
                                                                                                          1. A visual representation of how consumers perceive a product in relation to other competing products
                                                                                                        2. Unique Selling Point/ Position (USP)
                                                                                                          1. A product's feature that differentiates it from other competing products in the market
                                                                                                        3. Sales Forecasting (HL) (4.3)
                                                                                                          1. The Process of predicting the future sales of a firm
                                                                                                            1. Time Series Analysis
                                                                                                              1. A quantitative sales forecasting method that predicts future sale levels from past sales data
                                                                                                                1. The Trend
                                                                                                                  1. A visible pattern noted after inputting the past sales data
                                                                                                                  2. Seasonal Fluctuations
                                                                                                                    1. Are changes in demand because of the varying seasons in the year.
                                                                                                                    2. Cyclical Fluctuations
                                                                                                                      1. Variations Tied to the Business cycle in an economy
                                                                                                                      2. Random Fluctuations
                                                                                                                        1. Notable changes or fluctuations that stand out from a given trend
                                                                                                                      3. Moving Averages
                                                                                                                        1. Sales forecasting method that identifies and emphasizes the direction of a trend
                                                                                                                          1. Exploration
                                                                                                                            1. An extension of a trend line to predict future sales
                                                                                                                            2. Variation
                                                                                                                              1. The difference between actual sales and trend values
                                                                                                                          2. Market Research (4.4)
                                                                                                                            1. The process of collecting, analysing, and reporting data related to a particular market
                                                                                                                              1. Purpose of Market Research
                                                                                                                                1. To Identify Customers Needs and Wants
                                                                                                                                  1. To Assist a Business in predicting what is likely to happen in the future
                                                                                                                                    1. To reduce the risk of product failure
                                                                                                                                      1. To measure the effectiveness of a marketing strategy
                                                                                                                                        1. To provide current or the latest information regarding activity in the market
                                                                                                                                        2. Primary Research
                                                                                                                                          1. The collection of first-hand information from the Market
                                                                                                                                            1. Surveys
                                                                                                                                              1. Interviews
                                                                                                                                                1. Focus Groups
                                                                                                                                                  1. Observations
                                                                                                                                                  2. Secondary Research
                                                                                                                                                    1. The collection of second-hand information from the market
                                                                                                                                                      1. Media Articles
                                                                                                                                                        1. Government Publications
                                                                                                                                                          1. Academic Journals
                                                                                                                                                            1. Market Analyses
                                                                                                                                                            2. Qualitative Research
                                                                                                                                                              1. The collection of data about opinions, attitudes or beliefs
                                                                                                                                                                1. Information is open to a high degree of interpretation
                                                                                                                                                                  1. It is Subjective
                                                                                                                                                                    1. Key research question would include "Why?"
                                                                                                                                                                      1. The researcher is part of the process
                                                                                                                                                                        1. It provides with multiple realities
                                                                                                                                                                        2. Quantitative Research
                                                                                                                                                                          1. Involves the collection of numerical data or data that can be measured
                                                                                                                                                                            1. Information is open to less interpretation
                                                                                                                                                                              1. It is Objective
                                                                                                                                                                                1. Key Research questions would include "How Many?"
                                                                                                                                                                                  1. The researcher is separate
                                                                                                                                                                                    1. it provides one reality
                                                                                                                                                                                    2. Sample
                                                                                                                                                                                      1. A group of people selected to represent the population or target market under research
                                                                                                                                                                                      2. Sampling
                                                                                                                                                                                        1. The process of selecting an appropriate sample
                                                                                                                                                                                          1. Quota Sampling
                                                                                                                                                                                            1. Segmenting a given population into a number of groups that share a certain characteristics
                                                                                                                                                                                            2. Random Sampling
                                                                                                                                                                                              1. Every member in the population has an equal chance of being selected as part of the sample
                                                                                                                                                                                              2. Stratified Sampling
                                                                                                                                                                                                1. The target population is made up of many different groups who are subdivided into segments or strata that share similar characteristics.
                                                                                                                                                                                                2. Cluster Sampling
                                                                                                                                                                                                  1. Used when the population is geographically dispersed.
                                                                                                                                                                                                  2. Snowballing
                                                                                                                                                                                                    1. Sampling that involves surveying the first group or individual who then suggests other groups or individuals who could participate
                                                                                                                                                                                                    2. Convenience Sampling
                                                                                                                                                                                                      1. Technique where groups are selected based on their easy access and proximity to the researcher.
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