Marketing mix - Product, Place, Price, Promotion, People, Process, Physical evidence, Packaging
Apply the elements of the marketing mix to given situations.
Discuss the effectiveness of a selected marketing mix in achieving marketing objectives.
Construct an appropriate marketing mix for a particular product or firm.
Discuss the effectiveness of a selected marketing mix in achieving strategic objectives. (HL)

Ethics of marketing

Discuss the ethical issues of what is marketed and how it is marketed: nationally, internationally and across cultures.


Marketing can in many cases be unethical, as businesses which market cigarettes or alcohol.
One of the most prominent examples of how ethical issues interfere with the sales of goods is when cigarette companies (for example in Hong Kong) are forced to place a large label underneath: "smoking causes cancer". This is a major hinderance in trying to sell products, as it will give customers less incentive to buy.
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Marketing across cultures proves to be a difficult task, but businesses generally need to do so in order to obtain high number of profits.
However, language and cultural barriers can be hard to overcome

Marketing audit

Explain the value of a marketing audit as a business tool.


Marketing audits, also known as marketing analysis.
It allows a firm to review its marketing situation, and is therefore valuable if the business wants to make change.
Changes which may need to be made can include.

-Research a firms positioning to find out the customers perception of the company is in line with what the company sees in itself
-Preparing to examine a product life cycle in order to see when extension strategies need to be implemented
-Review target marketing and segmentation
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Porter's 5 Forces (HL)

Apply Porter’s five forces model to classify and analyse competitive pressures in the marketplace. (HL)


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Market research · Role of market research · Primary and secondary research

Analyse the role of market research. Evaluate different methods of market research.

Market research can be an important when it comes to selling products.
For example, the Virgin Group Inc. tried to enter the telecommunications market but was forced to withdraw due to lack of market research.
This was due to
-Incorrect Pricing
-Inability to identify customer attitudes
-Unrealistic sales targets

There are 5 main ways of approaching/evaluating market research
Objectivity- Employing a specialist for objectivity will yield better results, as sometimes company employees are biased
Relevance- Companies need to analyze their secondary and primary data and put the more important information forward, instead of focusing on the insigificant portion. For example, questionnaires may reveal very little
Cost- Again, a specialist agency may be better at determining a company's costs than inself
Accuracy- Primary data needs to be analyzed before it can be deemed accurate
Judgement- Market research cannot be underestimated.

Sampling, Methods and limitations of sampling, and sampling errors (HL)

Evaluate different methods of sampling, for example, quota, random, stratified, cluster and snowballing. (HL)

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Market segmentation and consumer profile

Analyse the usefulness of market segmentation and consumer profiles.


Markets are usually segmented into several criteria:
-Age
-Gender
-Geographic Location
-Lifestyle to include family background
-Income level

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Specialization is usually a result of segmentation, and will allow businesses to access economics of scale, which can then allow greater flexibility in price.
Loyalty programs are also used as a result of segmentation, as many business now offer discount cards and other items associated with brand loyalty.
Through this, customer feedback has become more prevalent, and how allowed greater use of consumer profiling.


Targeting

Identify possible target markets.

Apply an appropriate marketing mix to the target market(s).


Positioning · Corporate image · Position/perception maps · Unique selling point/proposition (USP)
Construct a position map from given information. Discuss how organizations can differentiate themselves and their products from competitors.
Develop and evaluate strategies designed to change customer perceptions. (HL)

Development of marketing strategies and tactics
Design or evaluate marketing strategies for given situations.
Apply an appropriate marketing mix to the strategy.

Sales forecasting and trends - Seasonal, cyclical and random variation (HL)
Analyse sales trends and forecasts from given data, and evaluate the significance for marketing and resource planning. (HL)