IBDP Business Management Marketing Chapter 2 Notes
STUDY NOTES FOR BUSINESS MANAGEMENT – MARKETING CHAPTER 2 – MAKETING PLANNING
These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Business Management HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth, One need not look for other resources beyond the notes provided on our website which can be accessed for free.
Business management IBDP is a part of group 3 Individuals and the Society of the IB curriculum. The IBDP Business Management course has been devised for imparting knowledge and understanding of different theories of Business Management and application of various tools and methods. It enables the students to analyze and evaluate business activities at all levels- local, national, or international, It also helps in developing holistic understanding of the business environment today which is complex and fast changing.
The subject covers important characteristic of business organization and business functions of human resource management, finance and accounting, marketing, and operations management. The purpose of the course is to help students develop skills that enable them to think critically and make the right decisions after carefully evaluating and analyzing the issue at hand. It also aims at developing the understanding of the importance of innovation and exploring business from different cultural perspectives.
The chapter on Marketing Planning introduces the market plan which is a document that is used to highlight the marketing strategies used by an organization to realize its marketing objectives. The key elements of a marketing plan include SMART (Specific, Measurable, Agreeable, Realistic and Time constrained) objectives, And research methods used to detect target markets. Also, a SWOT analysis of the competitors is conducted and marketing mix strategies with budget details along with anticipated problems and their solutions are dealt with. We discuss the advantages and disadvantages of marketing planning and proceed to understand what a marketing mix is.
A marketing mix is a combination of strategies in marketing concerning seven key elements. it also constitutes to the marketing decisions that are related to the four p’s (price, product, place and promotion) which complement each other and offer a positive communication to the customers regarding the product. Next, target markets and market segmentation are examined. Another important concept discussed is Rearding the positioning of where brands place their products in the market in a way to givethem an edge over the competition. Finally, the chapter is concluded by discussing USP (Unique selling point) and methods of differentiating products from competition.