IB Unit 4 The Role Of Marketing

Refers to a review of a firm’s current marketing mix, in terms of its strengths, weaknesses, opportunities, and threats.

Reers to the main elements as a firm’s marketing strategy. It consists of the 4 P’s – product, price, promotion and place.

Rfers to the document outlining a firm’s marketing objectives and strategies for a specified time period.

Ay medium- to long- term plan for achieving the marketing objectives of a business

A marketing approach adopted by businesses that are inward looking . They focus on selling products that they can make, rather than making products that they can sell.

Any activity that seeks to influence social behavior to benefit the target audience and society as a whole.

  ØA business strategy based on the core strengths of the firm.  Businesses that adopt this approach use their ore assets, such as the brand name, to develop and launch new products.

  Firms that dominate the market share in a particular market.  The business that has the largest market share in a n industry, as measured by value or volume of sales, is called the market leader.

 An approach adopted by businesses that are outward looking.  They focus on making products that they can sell, rather tan selling products that they can make.

  Measures the value of a firm’s sales revenues as a percentage of the value of sales revenue from all the businesses in a particular market, per time period.  Hence, the market size of motor vehicles is greater than that of fresh pineapples.

  ØThe management role of predicting, identifying and meeting the needs and wants of customers in a profitable manner,. The activities can be summed up as the eight P’s: product, price, promotion, place, people, physical evidence, process and packaging.

  •The use of people in the marketing mix. CRM focuses on what can be gained during the lifetime of a positive relationship with the customers.

  •The moral aspects of a firms marketing strategies. It can be encouraged by the use of moral codes of practice.

  •Michael Porter’s model of assessing the nature of competition within an industry by examining five variables (or forces): new entrants, existing competitors, substitutes, supplies and buyers.

  •The range of marketing activates designed to discover the opinions, beliefs and feelings of potential and existing customers to identify and anticipate the needs and wants of customers.