knowt logo
HomeExploreExams
go to Home
Home
go to IB Business & Management (SL)
IB Business & Management (SL)Marketing

IB Business Management - 4.2. Marketing planning

studied byStudied by 9 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 21

flashcard set

Earn XP

Description and Tags

Business

IB Business & Management (SL)

Marketing

12th

22 Terms

1
8Ps
The elements of the marketing strategy that are designed to meet the needs of its customers
New cards
2
Product
Businesses need to make sure that their product meets the needs of their customer. It can be a good or a service.
New cards
3
Price
The amount that a consumer pays for the product, it can be hard to establish the right price.
New cards
4
Promotion
Strategies used to attract consumers so that they'll buy a product
New cards
5
Place
The physical location of a business and the means of distribution
New cards
6
People
The staff
New cards
7
Process
The way in which the product is produced generates added value
New cards
8
Physical evidence
The appearance of the product or the environment in which the service is provided
New cards
9
Partners
Strategic alliances with other companies
New cards
10
Porter's five forces
Used to analyze the competitive environment
Used to analyze the competitive environment
New cards
11
Secondary market research
Data recollected by others
New cards
12
Primary market research
Data is recollected by the company itself
New cards
13
Sampling
Small portion of the target population to be studied
New cards
14
Random sampling
Gives each member of the target population equal chances of being chosen
New cards
15
Stratified sampling
The sample population is divided into groups based on the previous knowledge about the target population
New cards
16
Quota sampling
Researchers divide the population into groups that share similar characteristics
New cards
17
Cluster sampling
Separating the target population into clusters from different geographic areas
New cards
18
Snowball sampling
Used when firms are looking for specialists in a particular field
New cards
19
Market segmentation
A process of breaking down a market into subgroups with similar characteristics
New cards
20
Types of market segmentation
Geographically, demographically, psychologically, behaviorally
New cards
21
Planning marketing strategy

  1. Segmenting the market

  2. Developing customer profiles

  3. Market targeting process

  4. Selecting market segments

  5. Market positioning

  6. Develop a marketing mix for each segment targeted

<ol><li><p>Segmenting the market</p></li><li><p>Developing customer profiles</p></li><li><p>Market targeting process</p></li><li><p>Selecting market segments</p></li><li><p>Market positioning</p></li><li><p>Develop a marketing mix for each segment targeted</p></li></ol>
New cards
22
Ansoff Matrix
Analytical tool that helps to choose and develop various product and market growth strategies.
Analytical tool that helps to choose and develop various product and market growth strategies.
New cards
robot