IBDP Business Management Marketing Chapter 1 Notes
the role of marketing
STUDY NOTES FOR BUSINESS MANAGEMENT – MARKETING CHAPTER 1 – THE ROLE OF MARKETING
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.
In the chapter on the Role of marketing, marketing is defined as a management process that involves identifying, anticipating, and satisfying customer requirements profitably. We study the differences between the marketing of goods and services with respect to their intangibility, inseparability, heterogeneity, perishability and the 4Ps (product, price, place, and promotion). Next, we study market orientation and product orientation with the advantages and disadvantages of the same. The chapter also explains the differences between commercial and social marketing.
A market is a place where the customers and the suppliers come together for the trade of goods and services. Here, the role of buyers is played by the customers and the sellers are the suppliers. The characteristics of the market depends on the market size, customer base, competition, geographical characteristics, demographic characteristics, seasonal\cyclical characteristics, and market growth rate. We talk about Market share which is the portion of the total sales revenue of the industry belonging to the firm. Towards the end of the chapter, the objectives of marketing have also been analyzed.