IB Business and Management Marketing 4.1 The Role of Marketing
IB Business and Management
Marketing 4.1 The Role of Marketing
A business strategy based on the core strengths (core competencies) of the firm. Businesses that adopt this approach use their core assets, such as brand name, to develop and launch new products.
Are firms that dominate the market share in a particular market. The business that has the largest market share in an industry, as measured by value or volume of sales, is called the market leader.
Is an approach adopted by businesses that are OUTWARD looking. They focus on making products that they can sell, rather than selling products they can make.
Measures the value of a firm's sales revenue as a percentage of the industry's total; e.g. a business with 35% market share means that for every $100 sold in the industry, the firm earns $35 of the sales revenue.
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 right PRODUCT at the right PRICE at the right PLACE with the right PROMOTION.
A review of the firm's current marketing mix, in terms of its strengths, weaknesses, opportunities and threats.
The main elements of a firm's marketing strategy: PRODUCT, PRICE, PROMOTION & PLACE.
The document outlining a firm's marketing objectives and strategies for a specified time period.
Any 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 they can make, rather than making products they can sell.
Any activity that seeks to influence social behaviour to benefit the target audience and society as a whole. It DOES NOT mean SOCIAL MEDIA (e.g. Facebook).
Markets for goods and services bought by the final user of them.
Markets for goods and services bought by businesses to be used in the production process of other products.
The total level of sales of all producers within a market.
The percentage change in the total size of a market (volume or value) over a period of time.