Unit 4 - Marketing

Unit 4 - Marketing

Effective marketing is core to the success of all business organizations. Unit 4 of the IB Business Management syllabus examines a range of marketing tools, theories, and techniques.

Marketing is far more than just about advertising or promotion, or even the traditional 4 Ps of marketing: product, price, promotion and place. The 7Ps of the marketing mix feature in the syllabus for SL and HL students.

In line with the syllabus, students should also be able to discuss the Marketing topics through the key concepts of change, ethics, sustainability, and creativity.

Marketing and conceptual understandings (from the guide):

Social, cultural, and technological change can impact the language and medium of marketing
Creative ways of informing stakeholders can lead to positive business outcomes
Ethical marketing practices can enhance a business’ brand image
Sustainable marketing practices can be effective for business success

The recommended teaching hours from the IB for Unit 4 of the Business Management syllabus are as follows:

SL = 30 hours
HL = 35 hours

The IB Business Management syllabus content for Unit 3 is outlined below. There are six topics in Unit 4: Marketing.

Unit 4.4 - Market research

This section of the syllabus covers the following assessment objective:

Why and how organizations carry out market research (AO3)
The following methods/techniques of primary market research (AO2): (i) Surveys, (ii) Interviews, (iii) Focus groups, and (iv) Observations
The following methods/techniques of secondary market research (AO2): (i) Market analyses, (ii) Academic journals, (iii) Government publications, (iv) Media articles, and (v) Online content
The difference between qualitative and quantitative research (AO2)
The following methods of sampling (AO2): (i) Quota, (ii) Random, and (iii) Convenience

Unit 4.5 - The seven Ps of the marketing mix

Unit 4.5 - The seven Ps of the marketing mix

This section of the IB Business Management syllabus consists of 7 separate parts, each covering an aspect of the marketing mix (product, price, promotion, place, people, processes, and physical environment). This section of the syllabus covers the following assessment objectives:

4.5.1 Product

The relationship between the product life cycle, product portfolio and the marketing mix (AO2)
Extension strategies (AO3)
The relationship between the product life cycle, investment, profit and cash flow (AO2)
The following aspects of branding (AO2): (i) Awareness, (ii) Development, (iii) Loyalty, and (iv) Value
The importance of branding (AO2)

4.5.2 Price

The appropriateness of the following pricing methods (AO3):

(1) Cost-plus (mark-up) pricing

(2) Penetration pricing

(3) Loss leader

(4) Predatory pricing

(5) Premium pricing

(6) Dynamic pricing (HL only)

(7) Competitive pricing (HL only)

(8) Contribution pricing (HL only)

(9) Price elasticity of demand (HL only)

Selected Pages

4.5 The seven Ps of the marketing mix
Learning outcomesThis is the largest section of the IB Business Management syllabus, focusing on the seven Ps of the marketing...
5.1 Introduction to operations management
Learning outcomesStock control is part of operations managementOperation management is the business function that combines...
4.2 Marketing planning
Learning outcomesMarketing planning refers to the structured process of formulating marketing objectives and appropriate...
1.4 Stakeholders
1.4 StakeholdersStakeholders are individuals, organizations or groups with a vested interest in the actions and outcomes...
Glossary
AimsThese are the long-term aspirations of an organization.Ansoff MatrixThis is a strategic management tool, used to devise...
4.5.1 Product
Learning outcomesWhy is product vital in the marketing mix?A product is simply a physical good or intangible service provided...

INTHINKING REVISION SITES

Unit 4 - Marketing

4.5.4 Place

4.5.5 People

4.5.6 Processes

4.5.7 Physical evidence

Appropriate marketing mixes

Selected Pages