IB Business Management –
4 Marketing 2026 | Study
Guide, Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Marketing and its relationship with other business functions - Definition: Process of identifying and satisfying consumer wants/needs in line with
the objectives of an organisation
- Marketing department always works together with other departments
Marketing goods vs services - Goods: Use of the 4Ps (place, price, product, promotion)
- Services: Use of the 7Ps (place, price, product, promotion, process, people,
physical evidence)
Market orientation - Outward looking, focus on market research, then making products
- Market led, establishes demand so that supply of products satisfies it
Advantage: Less risk of failure, more responsive, can meet competition
Disadvantage: Market research is costly, may be difficult to meet customer needs
Product orientation - Inward looking, focused on product development, supply of product will generate
demand, innovation
Advantage: High quality, control over activities
Disadvantage: Risky, may be hard to match competition
Commercial marketing - Marketing activities that determine consumer needs and wants before using
appropriate strategies to market the product
Social marketing - Marketing approach aimed at influencing a positive change in individual behaviour
and improvements in societal well being
Characteristics of the market in which an organisation - Market: arrangement where buyers and sellers exchange goods and services
operated - Market size (volume): Number of goods bought by customers
- Market size (value): Amount of money spent by customers on the total number of
goods sold by a business
- Market growth: Percentage change in market size over a period of time
- Market share: Percentage of one firms share of the total sales in the market
Market share (%) (firm's sales)/(total sales in the market) x 100
Importance of market share and leadership Benefits
- Increased sales ---> higher profits
- Economies of scale
- Branding
Limitations
- Market share calculations must be looked at carefully
Marketing objectives of a for-profit - Main objective: gain profit and sell goods through marketing
Marketing objectives of a non-profit - Objective: raise awareness or sell ideas through marketing
How marketing strategies evolve as a response to Customer preferences:
changes in customer preferences - Online retail
- Organisations must be ethical
Response:
- Businesses are affected by this, and must thus cater for it
4 Marketing 2026 | Study
Guide, Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Marketing and its relationship with other business functions - Definition: Process of identifying and satisfying consumer wants/needs in line with
the objectives of an organisation
- Marketing department always works together with other departments
Marketing goods vs services - Goods: Use of the 4Ps (place, price, product, promotion)
- Services: Use of the 7Ps (place, price, product, promotion, process, people,
physical evidence)
Market orientation - Outward looking, focus on market research, then making products
- Market led, establishes demand so that supply of products satisfies it
Advantage: Less risk of failure, more responsive, can meet competition
Disadvantage: Market research is costly, may be difficult to meet customer needs
Product orientation - Inward looking, focused on product development, supply of product will generate
demand, innovation
Advantage: High quality, control over activities
Disadvantage: Risky, may be hard to match competition
Commercial marketing - Marketing activities that determine consumer needs and wants before using
appropriate strategies to market the product
Social marketing - Marketing approach aimed at influencing a positive change in individual behaviour
and improvements in societal well being
Characteristics of the market in which an organisation - Market: arrangement where buyers and sellers exchange goods and services
operated - Market size (volume): Number of goods bought by customers
- Market size (value): Amount of money spent by customers on the total number of
goods sold by a business
- Market growth: Percentage change in market size over a period of time
- Market share: Percentage of one firms share of the total sales in the market
Market share (%) (firm's sales)/(total sales in the market) x 100
Importance of market share and leadership Benefits
- Increased sales ---> higher profits
- Economies of scale
- Branding
Limitations
- Market share calculations must be looked at carefully
Marketing objectives of a for-profit - Main objective: gain profit and sell goods through marketing
Marketing objectives of a non-profit - Objective: raise awareness or sell ideas through marketing
How marketing strategies evolve as a response to Customer preferences:
changes in customer preferences - Online retail
- Organisations must be ethical
Response:
- Businesses are affected by this, and must thus cater for it
