IB BUSINESS MANAGEMENT:
UNIT 4 – MARKETING Marketing in IB Business Management is one of the five core topics and is assessed in both Paper 1 and Paper 2 SL and HL examinations. Marketing is the management task that links the business to the customer by identifying and meeting the needs of customers profitably. It does this by getting the marketing mix right. The success of any business is dependent on its reputation. In order to have good reputation marketing plays an important role by building a brand's name in the market. Marketing educates people on the latest market trends, helps boost sales and profit, and develops company reputation.
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The marketing mix |
Marketing is changing fast |
A marketing genius |
Marketing is a fascinating topic to study
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An introduction to marketingMarketing exists to address people's needs and wants. It is all about making customers want to buy the products of a business rather than those of rival businesses. It therefore looks at the reasons behind people's decisions, because ultimately marketing must serve to meet the needs and wants of a customer – essential if a business is aiming at making a profit.
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Orientation
Relationship marketing/Relationship management Business marketing/Industrial marketing Social marketing Branding |
Profit driver
Building and keeping good customer relations Building and keeping relationships between organisations Benefit to society Brand value |
Time-frame
1960s to present day 1980s to present day 1990s to present day 1980s to present day |
Description
Emphasis is placed on the whole relationship between suppliers and customers. The aim is to provide the best possible customer service and build customer loyalty. In this context, marketing takes place between businesses or organisations. The product focus lies on industrial goods or capital goods rather than consumer products or end products. Different forms of marketing activities, such as promotion, advertising and communication to the customer are used. Similar characteristics as marketing orientation but with the added proviso that there will be a curtailment of any harmful activities to society, in either product, production, or selling methods. In this context, "branding" is the main company philosophy and marketing is considered an instrument of branding philosophy. |
Why do competitive businesses cluster together? |
Ethics in marketing? |