4.1 The role of marketing – IB Business Management – Flashcards
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Marketing
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The management process of getting the right product to the right costumer at the right price to the right place and time
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Marketing of goods
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The use of the 4 Ps of product, price, place and promotion in the marketing mix
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Marketing of services
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The use of the 7 Ps of product, price, place, promotion, process, people and physical evidence in the marketing mix
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Product orientation
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A business approach that focuses on making the product first before attempting to sell it
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Market orientation
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A business approach of first establishing consumer demand through market research before producing and selling a product
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Commercial marketing
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Marketing activities that determine consumer needs and wants before using appropriate strategies to market the product
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Social marketing
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A marketing approach aimed at influencing a positive change in individual behavior and improvements in societal well-being
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Social media marketing
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The use of the internet through social networking websites to market a firm's product or service
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Market
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Arrangement where buyers and sellers exchange goods and services. The elements that characterize it are: - market size (by volume or by value) - market growth - market share
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Market size
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Represents the total sales of all businesses in a given market. It can be measured by: - volume: measures the number of goods bought by costumers - value: the amount spent by customers on the total number of goods sold by the business
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Market growth
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The percentage change in the market size over a given period of time (year)
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Market share
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The percentage of one firm's share of the total sales in the market = (firm's sales/ total sales in the market) * 100
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Market leader
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A firm with the highest market share in a given market
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Innovation in marketing
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It plays an important role in marketing, businesses respond to innovation changes in terms of their marketing strategies for their products. The market most exposed to innovation is technology
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Ethical considerations in marketing
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Have a major impact on the way the businesses brand themselves and their product. The energy and resource exploitation businesses are good examples
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Cultural differences in marketing
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Have a heavy impact on market strategies used around the world
