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Direct Hit

Unit 4 - Marketing - QB

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Chart Increasing

Unit 1 - Introduction To Business Management - QB

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Briefcase

Unit 2 - Human Resource Management - QB

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Money Bag

Unit 3 - Finance & accounts - QB

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Factory

Unit 5 - Operations management - QB

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Bar-Chart

Unit 6 - Assessment

Imagine you&#39;re a baker. Marketing is like ensuring your yummy chocolate cake reaches those who crave it, at a price they can swallow, just when their dessert cravings hit!

<ul>
	<li>Quick Summary: It&#39;s about matching the right cake (product) with the right cake lover (customer), for the right price, at the perfect time.</li>
	<li>Teamwork Alert! 🤝: Marketing isn&#39;t a one-person job. It&#39;s like a potluck; every department in a business brings something to the table to make customers happy.</li>
</ul>

<ul>
	<li>
	Product Orientation: Imagine you decide to bake a new type of cake first, say, a unicorn-themed cake, because you think it&#39;s cool! And then you try to sell it.

	<ul>
		<li>Real-World Example: Remember when Apple first introduced the iPad? Many didn&#39;t even know they needed a tablet till Apple made it!</li>
	</ul>
	</li>
	<li>
	Market Orientation: Now, this is like asking people in your neighborhood what cake they&#39;d love next, making that exact cake, and then selling it.

	<ul>
		<li>Real-World Example: Fidget spinners became popular because companies noticed a trend in hand toys and capitalized on it after research.</li>
	</ul>
	</li>
</ul>

<ul>
	<li>
	Market Size: Imagine all the cakes sold in your city by every bakery. That&#39;s the market size!

	<ul>
		<li>It&#39;s like checking how many cakes in total are gobbled up!</li>
	</ul>
	</li>
	<li>
	Market Growth: Saw an increase in cake sales from last year? That percentage increase is the market growth.

	<ul>
		<li>If 100 cakes were sold last year, and 110 this year, that&#39;s a 10% growth! 🌱</li>
	</ul>
	</li>
	<li>
	Market Share: Say there are 100 cakes sold in the city and your bakery sells 20. You&#39;ve got a 20% market share! 🎂

	<ul>
		<li>Real-World Example: Think of how Coca-Cola and Pepsi are always battling for a bigger slice of the soft-drink market pie!</li>
	</ul>
	</li>
	<li>
	Market Leader: It&#39;s like being crowned the &#39;Cake King&#39; or &#39;Cake Queen&#39; of your city because your bakery sells the most cakes.

	<ul>
		<li>If you&#39;ve ever heard of the term &quot;Google it&quot; instead of &quot;search it online,&quot; that&#39;s because Google is a market leader in the search engine space!</li>
	</ul>
	</li>
</ul>

<ul>
	<li>Marketing isn&rsquo;t just about selling; it&#39;s about understanding, creating, and delivering.</li>
	<li>The approach you choose (product vs. market orientation) can define your business journey.</li>
	<li>Market metrics like size, growth, and share help you understand your position in the cake (oops! I mean market) world.</li>
</ul>

And there you have it! Dive into the magical world of marketing with this guide in hand, and who knows, you might just find your golden ticket (or cake)! 🎉🎂🎈🚀

Master Marketing: Product Vs Market Orientation & Key Metrics Explained!

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Higher Level

Business Management HL

Unit 4 - Marketing - QB

Master Marketing: Product Vs Market Orientation & Key Metrics Explained!

Table of content

What's marketing? 🎯

Product orientation vs market orientation 🍰

Unlock the Full Content!

Unit 4 - Marketing - QB

Master Marketing: Product Vs Market Orientation & Key Metrics Explained!

Table of content

What's marketing? 🎯

Product orientation vs market orientation 🍰

Unlock the Full Content!