This mini-lesson covers Unit 4: the role of marketing, marketing planning, market research, the seven Ps of the marketing mix, and e-commerce.
Work through each screen, answer the questions as you go and collect ⭐ stars. Press Start when you are ready.
Marketing identifies, anticipates and satisfies customer needs profitably. A market-oriented firm researches customers first; a product-oriented firm leads with the product. Key measures: market share and market growth. Firms choose mass marketing (whole market) or niche marketing (a small specialist segment).
Concept — ethics and sustainability: marketing must avoid misleading claims and can promote sustainable consumption.
A marketing plan sets objectives and a strategy to reach them:
Primary research gathers new data first-hand (surveys, interviews, focus groups, observation). Secondary research uses existing data (reports, government statistics, internal records).
The mix is the controllable tools a firm blends to meet customer needs. Services extend the classic 4Ps to seven:
All seven must be consistent with the target market and positioning.
The product life cycle runs introduction → growth → maturity → decline; extension strategies prolong maturity. The Boston Matrix plots products by market share and market growth:
Tap a description, then the Boston Matrix category it fits.
Common methods: cost-plus (mark-up), penetration (low price to enter), skimming (high launch price), competitive, psychological, loss leader, premium, price discrimination and dynamic pricing.
Promotion — above-the-line (mass media) and below-the-line (direct, sponsorship, social); increasingly digital. Place — the distribution channels and outlets that get the product to customers. The service Ps: people (staff who deliver service), processes (how service is delivered) and physical evidence (the tangible cues of quality).
E-commerce trades goods and services online. Models include B2B (business to business), B2C (business to consumer) and C2C (consumer to consumer). Benefits: wider reach, lower fixed costs, 24/7 trading and data on customers. Costs: delivery and returns, cyber-security, and intense price competition. It reshapes every element of the mix, especially place and promotion.
Tap a term on the left, then its meaning on the right.
Role: market vs product orientation; market share and growth; mass vs niche.
Planning: segmentation, targeting, positioning, USP.
Research: primary vs secondary; qualitative vs quantitative; sampling and bias.
Seven Ps: product (life cycle, Boston Matrix), price, promotion, place, people, processes, physical evidence.
E-commerce: B2B, B2C, C2C; reshapes the mix.
You have covered Unit 4. Press Finish to see your score.
You have worked through Marketing for IB Diploma Business Management SL. 🎉
Your stars: 0 / 0
Next: test yourself in the Evaluate stage Confidence Quiz, then lock it in with Verify.