Marketing Unit 4 HL/SL 4.5-4.8

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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Description

Second section of Unit 4 Marketing for IB Business Management Students

Resource summary

Marketing Unit 4 HL/SL 4.5-4.8
  1. The Four P's (4.5)
    1. Product Life Cycle
      1. Stage 1 Development
        1. 1. Generating Ideas
          1. 2. Screening Ideas
            1. 3. Creating a Prototype
              1. 4. Carrying out Test Marketing
                1. 5. Communication
                2. Stage 2 Introduction
                  1. Price Skimming
                    1. Setting a high price when introducing a new product to the market
                  2. Stage 3 Growth
                    1. Penetration Pricing
                      1. Setting a low initial price for a product with the aim of attracting a large number of customers quickly and gaining a high marketing share
                    2. Stage 4 Maturity
                      1. Stage 5 Saturation
                        1. Stage 6 Decline
                          1. Extension Strategies
                            1. Sell Existing products into a new market
                              1. Find new uses for the product
                                1. Change the Product's Packaging
                                  1. Target different Market Segments
                                    1. Develop new promotional strategies
                                      1. Plans by firms to stop sales from falling by lengthening the product's life cycle
                                      2. The course a product passes from its development it its decline in the market
                                        1. Product
                                          1. Any good or service that is offered to the market with the aim of satisfying consumers needs or wants
                                        2. Boston Consulting Group Matrix (Boston Matrix)
                                          1. An analysis method of a firm's product portfolio regarding its market share and market growth
                                            1. Stars- High Market Share High Market Growth; Successful products in the market and generate large amounts of income for the business.
                                              1. Question Marks- Low Market Share, High Market Growth; Concern to the business because of the large amount of money needed to increase their share in the market.
                                                1. Cash Cows- High Market Share, Low Market Growth; Well-established products in a mature market.
                                                  1. Dogs- Low Market Share, Low Market Growth; operate in markets that are not growing or in declining markets generate low income for the business
                                                  2. Branding
                                                    1. Brand
                                                      1. A name, symbol, sign or design that differentiates a firm's product from its competitors
                                                      2. The process of distinguishing one firm's product from another
                                                        1. Aspects of Branding
                                                          1. Brand Awareness
                                                            1. The ability of consumers to recognize the existence and availability of a firm's good or service
                                                            2. Brand Development
                                                              1. Brand Loyalty
                                                                1. When consumers become committed to a firm's brand and are willing to make repeat purchases over time
                                                                2. Brand Value
                                                                  1. How much a brand is worth in terms of its reputation, potential income and market value
                                                                3. Importance of Packaging
                                                                  1. Concerns the designs and production of the physical container or wrapper of a product
                                                                    1. Provides Physical Protection
                                                                      1. Offers convenience
                                                                        1. Provides Information
                                                                          1. Can help reduce security risks
                                                                            1. Aids Promotion
                                                                          2. Price
                                                                            1. Cost-Plus Pricing
                                                                              1. Refers to adding a mark-up to the average cost of producing a product
                                                                              2. Penetration Pricing
                                                                                1. Price Skimming
                                                                                  1. Psychological Pricing
                                                                                    1. When a firms consider how pricing affects consumers' perception of the value of their products
                                                                                    2. The Loss Leader
                                                                                      1. Charging a low price for a product, usually below its average cost, to attract consumers to buy other higher priced products
                                                                                      2. Price Discrimination
                                                                                        1. Charging different prices to different groups of consumers for the same product
                                                                                        2. Competitive Pricing
                                                                                          1. Charging a price that is in line with or just below the competitors' prices
                                                                                        3. Promotion
                                                                                          1. Above the Line
                                                                                            1. Advertising
                                                                                              1. Informative Advertising
                                                                                                1. Persuasive Advertising/ Impulse Buying
                                                                                                  1. Reassuring Advertising
                                                                                                  2. A Paid form of communication that uses independent mass media to promote a firm's products
                                                                                                  3. Below the Line
                                                                                                    1. A form of communication that gives a business direct control over its promotional activities so that it is not dependent on the
                                                                                                      1. Direct Marketing
                                                                                                        1. Personal Selling
                                                                                                          1. Public Relations
                                                                                                            1. Sales Promotion
                                                                                                            2. Promotional Mix
                                                                                                              1. A Balance of both above the line and below the line methods used by a firm to support its marketing goals
                                                                                                                1. Cost
                                                                                                                  1. Legal Framework
                                                                                                                    1. Target Market
                                                                                                                      1. Stage in the Product Life Cycle
                                                                                                                        1. Type of Product
                                                                                                                        2. Social Media Marketing
                                                                                                                          1. The use of technology to build relationships, drive repeat Business, and attract new customers by individuals sharing with other individuals
                                                                                                                          2. Viral Marketing
                                                                                                                            1. A form of peer-to-peer communication where individuals are encouraged to pass on promotional messages within their social networks
                                                                                                                            2. Benefits of Technology
                                                                                                                              1. Wide Reach
                                                                                                                                1. Engagement
                                                                                                                                  1. Market Information
                                                                                                                                    1. Cost Savings
                                                                                                                                      1. Brand Recognition
                                                                                                                                        1. Speed
                                                                                                                                        2. Limitation of Technology
                                                                                                                                          1. Accessibility Problems
                                                                                                                                            1. Distraction
                                                                                                                                              1. Lurkers
                                                                                                                                            2. Guerrilla Marketing
                                                                                                                                              1. A low-cost unconventional marketing strategy that has an innovative and significant promotional effect
                                                                                                                                                1. Methods
                                                                                                                                                  1. Peer Marketing
                                                                                                                                                    1. Product Give-aways
                                                                                                                                                      1. SMS Texting and Video Messaging
                                                                                                                                                        1. Roach Baiting and Buzz Marketing
                                                                                                                                                          1. Intrigue
                                                                                                                                                            1. Live Commercials
                                                                                                                                                              1. Bill Stickers
                                                                                                                                                              2. Benefits
                                                                                                                                                                1. Low Cost
                                                                                                                                                                  1. Flexibility
                                                                                                                                                                    1. Simplicity
                                                                                                                                                                      1. Identified Target Market
                                                                                                                                                                        1. Communication Tool
                                                                                                                                                                          1. Interaction Opportunity
                                                                                                                                                                            1. Accessibility
                                                                                                                                                                            2. Negative Effects
                                                                                                                                                                              1. Denting in Brand Image
                                                                                                                                                                                1. High Negative Attitudes
                                                                                                                                                                                  1. Negative Impact on Social Life
                                                                                                                                                                                    1. Ethical Issues
                                                                                                                                                                                  2. Place
                                                                                                                                                                                    1. Channel of Distribution
                                                                                                                                                                                      1. The Path taken by a product from the producer or manufacturer to the final consumer
                                                                                                                                                                                  3. The Extended Marketing Mix 7 P's (HL)
                                                                                                                                                                                    1. People
                                                                                                                                                                                      1. The human Capitial in terms of skills, attitudes and abilities necessary in the production of good or the production of services
                                                                                                                                                                                      2. Processes
                                                                                                                                                                                        1. The procedures and policies pertaining to how an organization's product is provided and delivered
                                                                                                                                                                                        2. Physical Evidence
                                                                                                                                                                                          1. The tangible or visible touch points that are observable to customers in a Business
                                                                                                                                                                                          2. Marketing Mix
                                                                                                                                                                                            1. Product: Design, Technology, Perceived usefulness, Convenience of use, Quality, Packaging, Brand Utility, Accessories, Warranties
                                                                                                                                                                                              1. People: Employees, Management, Organization Culture, Customer Service, Orientation
                                                                                                                                                                                                1. Physical Evidence: Facilities, Infrastructure, Service Delivery
                                                                                                                                                                                                  1. Process: Uniformity of Offering, Service Delivery, Service Consumption
                                                                                                                                                                                                    1. Promotion: Special Offers, Advertisements, Endorsements, User Trials, Campaigns, Joint Ventures
                                                                                                                                                                                                      1. Place: Retail, Wholesale, Mail Order, Internet, Direct Sales, Peer to Peer, Multi-Channel
                                                                                                                                                                                                        1. Price: Skimming, Penetration, Value Based, Cost Plus, Cost Leadership
                                                                                                                                                                                                      2. International Marketing (HL) (4.7)
                                                                                                                                                                                                        1. The marketing of goods and services across national boundaries
                                                                                                                                                                                                          1. Methods
                                                                                                                                                                                                            1. The Internet
                                                                                                                                                                                                              1. Exporting
                                                                                                                                                                                                                1. Piggybacking
                                                                                                                                                                                                                  1. The use of the existing distribution channels of one domestic Business by another home country Business trying to sell a new product overseas
                                                                                                                                                                                                                2. Direct Investment
                                                                                                                                                                                                                  1. Joint Venture
                                                                                                                                                                                                                    1. International Franchising
                                                                                                                                                                                                                    2. Globalization
                                                                                                                                                                                                                      1. The increasing worldwide competition leading to a rise in International Marketing
                                                                                                                                                                                                                      2. Opportunities of Entry
                                                                                                                                                                                                                        1. A larger Market
                                                                                                                                                                                                                          1. Diverisification
                                                                                                                                                                                                                            1. Enhanced Brand Image
                                                                                                                                                                                                                              1. Gaining Economies of Scale
                                                                                                                                                                                                                                1. Forming New Business Relationships
                                                                                                                                                                                                                                2. Threats
                                                                                                                                                                                                                                  1. Economic Challenges
                                                                                                                                                                                                                                    1. Political Challenges
                                                                                                                                                                                                                                      1. Legal Challenges
                                                                                                                                                                                                                                        1. Social Challenges
                                                                                                                                                                                                                                          1. Technological Challenges
                                                                                                                                                                                                                                          2. Implications of Globalizations
                                                                                                                                                                                                                                            1. Competition
                                                                                                                                                                                                                                              1. Changing Consumer tastes and expectations
                                                                                                                                                                                                                                                1. Location Decisions
                                                                                                                                                                                                                                                  1. Economies of Scale
                                                                                                                                                                                                                                                2. E-Commerce (4.8)
                                                                                                                                                                                                                                                  1. Features
                                                                                                                                                                                                                                                    1. Ubiquity
                                                                                                                                                                                                                                                      1. Customization
                                                                                                                                                                                                                                                        1. Global Reach
                                                                                                                                                                                                                                                          1. Integration
                                                                                                                                                                                                                                                            1. Universal Standards
                                                                                                                                                                                                                                                            2. Types of E-Commerce
                                                                                                                                                                                                                                                              1. Business- to- Business (B2B)
                                                                                                                                                                                                                                                                1. A type of E-Commerce where a Business trades with another Business
                                                                                                                                                                                                                                                                2. Business to Consumer (B2C)
                                                                                                                                                                                                                                                                  1. A type of E-Commerce carried out from a Business to a particular end user who is usually the customer or consumer
                                                                                                                                                                                                                                                                  2. Consumer to Consumer (C2C)
                                                                                                                                                                                                                                                                    1. A type of E-Commerce that allows for transactions from one customer or consumer to another
                                                                                                                                                                                                                                                                  3. The buying and selling of goods and services through the internet
                                                                                                                                                                                                                                                                    1. Benefits to Firms
                                                                                                                                                                                                                                                                      1. Reach a wide Target Market
                                                                                                                                                                                                                                                                        1. More Cost-Effective
                                                                                                                                                                                                                                                                          1. Social Companies benefited from high advertising revenue by selling their high-valued space
                                                                                                                                                                                                                                                                            1. Reduced wastage on paper
                                                                                                                                                                                                                                                                            2. Benefits to Consumers
                                                                                                                                                                                                                                                                              1. Convenient
                                                                                                                                                                                                                                                                                1. Increased Choice of Products
                                                                                                                                                                                                                                                                                  1. Good Online Customer Service = Increased Customer' Satisfaction
                                                                                                                                                                                                                                                                                  2. Cost to Firms
                                                                                                                                                                                                                                                                                    1. Concerns of Internet Security with regarding Payment
                                                                                                                                                                                                                                                                                      1. Spending Significant sums to improve security
                                                                                                                                                                                                                                                                                        1. Firms are vulnerable to competitors
                                                                                                                                                                                                                                                                                          1. Setting up and Maintaining a website is costly
                                                                                                                                                                                                                                                                                          2. Cost to Consumers
                                                                                                                                                                                                                                                                                            1. No Ability to try certain products before buying
                                                                                                                                                                                                                                                                                              1. Online Pop-up Advertisements and spams are major distractions
                                                                                                                                                                                                                                                                                                1. Some Countries lack tools to access the Internet
                                                                                                                                                                                                                                                                                                  1. When looking for information they are faced with too much information some times
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