Unit 4: Marketing
4.1 The role of marketing
Marketing and its relationship with other business functions
The differences between marketing of goods and marketing of services
Market orientation versus product orientation
The difference between commercial marketing and social marketing
Characteristics of the market in which an organization operates
Market share
The importance of market share and market leadership
The marketing objectives of for-profit organizations and non-profit organizations
How marketing strategies evolve as a response to changes in customer preferences
How innovation, ethical considerations and cultural differences may influence marketing practices and strategies in an organization
4.2 Marketing planning (including introduction to the four Ps)
The elements of a marketing plan
The role of marketing planning
The four Ps of the marketing mix
An appropriate marketing mix for a particular product or business
The effectiveness of a marketing mix in achieving marketing objectives
The difference between target markets and market segments
Possible target markets and market segments in a given situation
The difference between niche market and mass market
How organizations target and segment their market and create consumer profiles
A product position map/perception map
The importance of having a unique selling point/proposition (USP)
How organizations can differentiate themselves and their products from competitors
4.3 Sales forecasting (HL only)
Up to four-part moving average, sales trends and forecast (including seasonal, cyclical and random variation) using given data
The benefits and limitations of sales forecasting
4.4 Market research
Why and how organizations carry out market research
The following methods/techniques of primary market research: surveys, interviews, focus groups, observations
The following methods/techniques of secondary market research: market analyses, academic journals, government publications, media articles
Ethical considerations of market research
The difference between qualitative and quantitative research
The following methods of sampling: quota, random, stratified, cluster, snowballing, convenience
Results from data collection
4.5 The four Ps (product, price, promotion, place)
Product
The product life cycle
The relationship between the product life cycle and the marketing mix
Extension strategies
The relationship between the product life cycle, investment, profit and cash flow
Boston Consulting Group (BCG) matrix on an organization’s products
The following aspects of branding: awareness, development, loyalty, value
The importance of branding
The importance of packaging
Price
The appropriateness of the following pricing strategies: cost-plus (mark-up), penetration, skimming, psychological, loss leader, price discrimination, price leadership, predatory
Promotion
The following aspects of promotion: above the line promotion, below the line promotion, promotional mix
The impact of changing technology on promotional strategies (such as viral marketing, social media marketing and social networking)
Guerrilla marketing and its effectiveness as a promotional method
Place
The importance of place in the marketing mix
The effectiveness of different types of distribution channels
4.6 The extended marketing mix of seven Ps (HL only)
People
The importance of employee–customer relationships in marketing a service and cultural variation in these relationships
Processes
The importance of delivery processes in marketing mix a service and changes in these processes
Physical evidence
The importance of tangible physical evidence in marketing a service
The seven Ps model in a service-based market
4.7 International marketing (HL only)
Methods of entry into international markets
The opportunities and threats posed by entry into international markets
The strategic and operational implications of international marketing
The role of cultural differences in international marketing
The implications of globalization on international marketing
4.8 E-commerce
Features of e-commerce
The effects of changing technology and e-commerce on the marketing mix
The difference between the following types of e-commerce: business to business (B2B), business to consumer (B2C), consumer to consumer (C2C)
The costs and benefits of e-commerce to firms and consumers
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