Business Management SL
Business Management SL
6
Chapters
175
Notes
Unit 1 - Introduction To Business Management - QB
Unit 1 - Introduction To Business Management - QB
Unit 2 - Human Resource Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 4 - Marketing - QB
Essential Marketing: Beyond Selling, Meeting Consumer Needs Profitably
Market Vs. Product Orientation: Which Strategy Wins?
Understanding Market Share: Key to Industry Dominance
Unlock Market Growth Secrets: A Step-By-Step Guide To Calculating Profitable Growth
Unlock The Power Of Market Share For Business Success (HL Guide)
Master Marketing: Product Vs Market Orientation & Key Metrics Explained!
Master Market Vs. Product Orientation: Why Bak Leads The Motorbike Industry
Unlock Success With Effective Marketing Planning: A Complete Guide
Unlock The Power Of Market Segmentation & Boost Your Sales!
Unlocking Product Positioning: Key Tools & Strategies
Understanding Niche vs. Mass Market: Key Differences
Unlock Success: The Power of a Product's Unique Selling Point
Unlocking Business Success: Top Differentiation Strategies
Mastering Marketing: Essential Strategies & Concepts Revealed!
TX's Tyb: Pioneering the Green Car Niche
Unlock Business Success: 5 Essential Purposes Of Market Research Revealed
Unlock Proven Market Research Methods: Primary Vs Secondary Insights
Unlock The Power Of Primary Market Research: Surveys, Interviews, Focus Groups & More
Unlock the Power of Secondary Market Research Academic Journals to Online Content
Qualitative Vs. Quantitative Research: Decode The Difference For Business Success
Unlock The Power Of Sampling Methods In Market Research
Maximize Business Impact: Why Proper Data Collection Matters In Research
Unveil Success With Market Research: Master Primary & Secondary Techniques!
Master The Art Of Market Research For Business Success: Insights From Professor Lin
Unlock The 7 Ps Of Marketing Mix For Business Success
Master The 6 Stages Of Product Life Cycle For Business Success
Revive Your Sales: Proven Extension Strategies For Product Life Cycle
Unlock Business Growth: Mastering Product Portfolio Analysis With BCG Matrix
Unlock The Power Of Branding: Elevate Your Business In 5 Steps
Unlock The Power Of Pricing Strategies For Business Success
Unlock The Power Of Branding: Elevate Your Business In 5 Steps
Unlock The Power Of Pricing Strategies For Business Success
Unlock The Power Of Effective Promotion: Elevate Your Brand & Sales
Unlock The Power Of Social Media Marketing: Boost Your Sales Now!
Unlock The Secrets Of Effective Product Distribution Place In Marketing Mix
Unlocking Stellar Service: Why People Make or Break Your Business
Unlock Business Success With Streamlined Processes: From DHL to Start-Ups
Unlock The Power Of Physical Evidence In Service Marketing
Master The 7 Ps: Unlock The Perfect Marketing Mix For Your Business
Master The 7Ps & BCG Matrix: Elevate Your Marketing Strategy Now!
Reviving Quick Bite: The Untold Strategy To Counter Declining Sales
Unit 5 - Operations management - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 4 - Marketing - QB
Business Management SL
Business Management SL

Unit 4 - Marketing - QB

Essential Marketing: Beyond Selling, Meeting Consumer Needs Profitably

Word Count Emoji
633 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Introduction

Marketing is not just about selling or advertising, contrary to popular belief. It's a comprehensive business philosophy that is all about identifying and satisfying consumer needs or demands. To succeed in marketing, a business should focus on understanding its customers, creating value for them, and delivering that value profitably.

Definition of marketing

Several globally recognized definitions of marketing exist, highlighting its multifaceted nature:

  • The Chartered Institute of Marketing defines marketing as: "The management process involved in identifying, anticipating and satisfying consumer needs profitably."
  • The American Marketing Association describes marketing as: "The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."
  • Kotler (1994) summarized marketing as: "Meeting the needs of your customer at a profit."

These definitions all emphasize that marketing is about understanding the needs of customers and meeting them in a way that is profitable for the business.

The four right elements of marketing

The core principle of successful marketing is about delivering the right product to the right customers at the right price at the right time. It comprises four key elements:

  • Right Product: Identify a product or service that meets the needs of your target audience. For example, Apple's iPhone meets the need for a high-quality smartphone with a sleek design and numerous functionalities.
  • Right Customers: Target a specific audience that is more likely to purchase your product. Using our iPhone example, Apple targets tech-savvy individuals who are willing to pay a premium for high-quality electronics.
  • Right Price: Set a price that reflects the value of the product and is acceptable to your target audience. iPhones are priced at a premium, reflecting their perceived value and quality.
  • Right Time: Time your product launch or marketing campaign to coincide with when your target audience is most likely to purchase. Apple often releases new iPhone models just before the holiday shopping season, when consumers are more likely to splurge on high-ticket items.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management SL. Subscribe now and get closer to that 45 🌟

Nail IB's App Icon
IB Resources
Unit 4 - Marketing - QB
Business Management SL
Business Management SL

Unit 4 - Marketing - QB

Essential Marketing: Beyond Selling, Meeting Consumer Needs Profitably

Word Count Emoji
633 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Introduction

Marketing is not just about selling or advertising, contrary to popular belief. It's a comprehensive business philosophy that is all about identifying and satisfying consumer needs or demands. To succeed in marketing, a business should focus on understanding its customers, creating value for them, and delivering that value profitably.

Definition of marketing

Several globally recognized definitions of marketing exist, highlighting its multifaceted nature:

  • The Chartered Institute of Marketing defines marketing as: "The management process involved in identifying, anticipating and satisfying consumer needs profitably."
  • The American Marketing Association describes marketing as: "The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."
  • Kotler (1994) summarized marketing as: "Meeting the needs of your customer at a profit."

These definitions all emphasize that marketing is about understanding the needs of customers and meeting them in a way that is profitable for the business.

The four right elements of marketing

The core principle of successful marketing is about delivering the right product to the right customers at the right price at the right time. It comprises four key elements:

  • Right Product: Identify a product or service that meets the needs of your target audience. For example, Apple's iPhone meets the need for a high-quality smartphone with a sleek design and numerous functionalities.
  • Right Customers: Target a specific audience that is more likely to purchase your product. Using our iPhone example, Apple targets tech-savvy individuals who are willing to pay a premium for high-quality electronics.
  • Right Price: Set a price that reflects the value of the product and is acceptable to your target audience. iPhones are priced at a premium, reflecting their perceived value and quality.
  • Right Time: Time your product launch or marketing campaign to coincide with when your target audience is most likely to purchase. Apple often releases new iPhone models just before the holiday shopping season, when consumers are more likely to splurge on high-ticket items.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management SL. Subscribe now and get closer to that 45 🌟

AI Assist

Expand

AI Avatar
Hello there,
how can I help you today?