Business

Management
IB Diploma Programme

DIANA ZMICEREVSKA
M G . S C . O E C . , A S S I S TA N T P R O F E S S O R O F I S M A , H E A D O F
P R O J E C T D E PA R T M E N T
 Unit 4. Marketing

4.1 Introduction to marketing and its role

4.2 Marketing planning

4.3 Sales forecasting (HL only)
4.4 Market research
4.5.Marketing mix (4P’s and 7P’s)
4.6 International marketing (HL only)
4.7 E-commerce
Marketing planning
is the process of formulating marketing objectives and devising appropriate marketing
strategies to meet those objectives.
◆The marketing plan sets out the marketing objectives, strategy, budget and marketing
activities necessary to achieve the marketing objectives.
The plan is likely to be based on market research.
Marketing plan
• executive summary

• market analysis
•marketing objectives
• marketing strategy
• detailed marketing actions and resources required
• the marketing budget
Elements of a marketing plan
Role of marketing planning
Benefits: Limitations:
•helps in identifying potential problems and seeking • may become outdated if organizations are not
solutions to them quick
•SMART objectives improves the chances of success of • the process may consume considerable resources
a firm’s marketing strategy
• failure to prioritize marketing objectives may
•improves coordination and provides a clearer picture or make it difficult for firms to tell whether they are
sense of where it is heading meeting them
•ensures that resources are not wasted on unprofitable
activities
•could improve employees’ motivation and inspire
confidence
The marketing planning process
Elements of the marketing mix
Appropriate marketing mix
● be well coordinated so that the elements consistently complement each other
● be clear, focused, and not abstract or ambiguous
● consider the market it is aiming to sell the product to
● look into the degree of competition that its product faces
● target the right consumer.
Market segmentation
A segment refers to a sub-group of consumers with similar
characteristics in a given market.

Market segmentation is the process of dividing the market into

smaller or distinct groups of consumers in an effort specifically to
meet their desired needs and wants.
Types of market segmentation
The advantages of segmentation
•helps businesses identify existing gaps and new opportunities
•minimizes waste of resources by businesses through identifying the right
consumers for their products
•businesses could diversify and spread their risks in the market and so increase
market share
Targeting (target market)
◆A target market is a particular
market segment that a business
focuses its marketing activities
on.
◆Targeting is the process of
choosing a target market.
Targeting
Undifferentiated marketing – or mass marketing - a firm ignores the differences in the
specific market segments and targets the entire market
Differentiated marketing –or segmented marketing strategy targets several market
segments and develops appropriate marketing mixes for each of these segments.
Concentrated marketing or niche marketing – this is a strategy that appeals to smaller
and more specific market segments. It is a good strategy for smaller firms that may have
limited resources.
Consumer profiles
the characteristics of
consumers of a particular
product in different markets
based on their gender, age, and
income levels, among other
characteristics.
Oxford p.269 for assignment
Positioning
•Positioning of a product or business describes how it is perceived relative to its
competitors.
•Effective tool - a position or perception map. A position map shows customers’
perception of the product of the business, relative to its competitors.
•The first step is to identify product aspects that consumers find important, for example
quality, price, and image.
•Second, to choose the key features on which to develop its positioning strategy.
•Third, communicate its desired position to its target customers with the support of its
marketing mix.
The difference between niche
market and mass market
◆Niche marketing occurs when a business focuses on a relatively small segment of the
market.
◆Mass marketing occurs when a business targets all the customers in the market rather
than specific segments.
Advantages and disadvantages of
niche and mass market approaches
 The importance of a position map

• could help to establish which are its close

competitors or threats in the market.
• helps identify important gaps or opportunities in
the market.
• a simple and quick way of presenting usually
sophisticated research data.
• helps in targeting specific market segments to best
satisfy consumer needs and wants.
The unique selling point or
proposition (USP)
◆A unique selling proposition
(point) (USP) is something about
your business or product which
is perceived by the customers as
different from competitors.
How organizations can differentiate
themselves and their products from
competitors
◆Product differentiation occurs when the benefits of your product are perceived as
clearly different from those of competitors’ products.
 New Foods for Toy Kitchens
1. What types of food do you eat?
2. https://kidsconcept.com/en/toys/toy-food
https://www.thetoycentre.co.uk/pretend-play/toy-kitchens-play-shop/wooden-play-food/
https://www.shopbecker.com/Learning-Centers-Dramatic-Play-Pretend-Food/
3. https://youtu.be/zMtS6CFvmjo
4. https://www.melissaanddoug.com/products/fill-fold-taco-tortilla-set
5. Each team selects a toy food group and prepares a marketing plan. Include sections on target
market and promotional plans, 4Ps description.
Developing a Marketing Mix
1. Select the most appropriate marketing strategy and develop a suitable marketing mix
to implement that strategy.
2. Develop an appropriate marketing mix (the product, quality, ingredients, etc.). You
should either use the 4Ps or the 7Ps (ensure that your marketing mix will effectively
deliver the proposed strategy).
3. Do you think your product will be successful? Why? Explain.
273 Oxford full case for assignment
Examples of ads
https://www.wyzowl.com/best-commercials/

https://adact.me/blog/out-of-the-box-marketing-ideas/

https://www.instagram.com/onlyforluxury/p/CztMMi3hQOJ/

https://www.youtube.com/watch?v=e4X4c-2wJN4

https://barcelona.tbs-education.com/news/pepsi-vs-coca-cola-the-advertising-battle/

https://www.orchard.co.uk/blog/10-iconic-product-placement-examples-in-films-23902.aspx

https://www.wordstream.com/blog/ws/2019/08/13/persuasive-ads