marketing Knowledge's CIM Revision Cards 05 06: Marketing Fundamentals (Official PDF

By marketing Knowledge

ISBN-10: 0080501362

ISBN-13: 9780080501369

ISBN-10: 0750667729

ISBN-13: 9780750667722

Designed in particular with revision in brain, the CIM Revision playing cards offer concise, but primary details to aid scholars in passing the CIM assessments as simply as attainable. a transparent, rigorously based format aids the training approach and guarantees the foremost issues are coated in a succinct and obtainable demeanour. The compact, spiral certain structure permits the playing cards to be carried round simply, the content material for that reason constantly being available, making them useful assets regardless of the place you're.

Features comparable to diagrams and bulleted lists are used all through to make sure the major issues are displayed as sincerely and concisely as attainable. each one part starts off with an inventory of studying results and ends with tricks and guidance, thereby making sure the content material is damaged down into possible suggestions and will be simply addressed and memorised.

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Additional info for CIM Revision Cards 05 06: Marketing Fundamentals (Official CIM Revision Cards)

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1. Customers must need and want the products/ services 2. e. money, resources, etc. 3. Customers must be willing to use their money and resources to buy products 4. Customers must have authority to buy different products or services! e. mass marketing n The organization could concentrate its efforts on one market but have a number of different versions of each product – differentiated marketing Six components of target marketing 1. 2. 3. 4. 5. 6. Customer needs – wants and expectations Product market – size and structure Brand strength and market share Company capability Competitive rivalry Economies of scale – production and marketing n Concentrating efforts on a small and carefully chosen segment – focus market MARKETING FUNDAMENTALS 27 MARKETING PLANNING AND BUDGETING Positioning as a Marketing Activity Steps in establishing a positioning plan n Identify all segments within the market n Decide which segments are most suitable n Ensure the organization understands customer requirements n Develop product or service that specifically meets the target audience needs n Identify benefits, usage, user category, competitive positioning n Evaluate how the product or service is positioned in the eyes of the target group n Identify an image that matches the requirements of the customer n Promote the product to the target audience, establish relationships and aim for customer loyalty Remember positioning alternatives n Distinctive n Fill the gaps n Repositioning 28 Tactics – The Development of the Marketing Mix Development of the right marketing mix will depend upon: The application of the 4/7Ps to the organizational context.

Ideas generated should be collected via a management function Screening – Size of potential market, real consumer need, company’s competence and resources Testing – Various concepts via market research with potential customers Business Analysis – Will it pay? Does it add value to the portfolio? 9 MARKETING FUNDAMENTALS 57 PRICE OPERATIONS 58 Price – The monetary value placed upon a product/ service by the marketer Not just the cost, can also be: Cost Rent Fee Commission Interest charged Time given Price can communicate quality Price can deliver a competitive advantage Price can build barriers to other market entrants Price is the element of the marketing mix that generates revenue Revenue ¼ Price  Quantity Profit ¼ Revenue À cost of production Price perceptions – the customer and the organization Customer Perspective Organization Perspective n Price is the value placed upon either a product or a service n Price is the only element of the marketing mix that generates revenue for the organization n Price is often perceived as being constant, but the reality is that it changes in the mind of the customers as and when their circumstances change n Pricing is an opportunity to gain ‘ROI’ (Return on Investment) or ROCE (Return on Capital Employed) n Supply and demand of products can affect perception, as competitive rivalry and product rarity influence their perception and they perceive price changes drastically in relation to value n Price is used as a means to an end in meeting profit objectives and funding growth opportunities in future years MARKETING FUNDAMENTALS 59 PRICE OPERATIONS Key definitions Total cost ¼ The sum of all fixed costs and variable costs times the quantity produced Average Cost ¼ Total cost divided by the number of units produced Fixed Costs ¼ Costs that do not vary with the number of units produced or sold Variable Costs ¼ Costs that vary directly according to the number of units produced or sold Marginal Cost ¼ The addition to cost of producing one extra unit of output Economies of scale ¼ The potential reduction in average costs as a result of increasing output/sales Contribution ¼ Selling price À Variable cost.

Ideas generated should be collected via a management function Screening – Size of potential market, real consumer need, company’s competence and resources Testing – Various concepts via market research with potential customers Business Analysis – Will it pay? Does it add value to the portfolio? 9 MARKETING FUNDAMENTALS 57 PRICE OPERATIONS 58 Price – The monetary value placed upon a product/ service by the marketer Not just the cost, can also be: Cost Rent Fee Commission Interest charged Time given Price can communicate quality Price can deliver a competitive advantage Price can build barriers to other market entrants Price is the element of the marketing mix that generates revenue Revenue ¼ Price  Quantity Profit ¼ Revenue À cost of production Price perceptions – the customer and the organization Customer Perspective Organization Perspective n Price is the value placed upon either a product or a service n Price is the only element of the marketing mix that generates revenue for the organization n Price is often perceived as being constant, but the reality is that it changes in the mind of the customers as and when their circumstances change n Pricing is an opportunity to gain ‘ROI’ (Return on Investment) or ROCE (Return on Capital Employed) n Supply and demand of products can affect perception, as competitive rivalry and product rarity influence their perception and they perceive price changes drastically in relation to value n Price is used as a means to an end in meeting profit objectives and funding growth opportunities in future years MARKETING FUNDAMENTALS 59 PRICE OPERATIONS Key definitions Total cost ¼ The sum of all fixed costs and variable costs times the quantity produced Average Cost ¼ Total cost divided by the number of units produced Fixed Costs ¼ Costs that do not vary with the number of units produced or sold Variable Costs ¼ Costs that vary directly according to the number of units produced or sold Marginal Cost ¼ The addition to cost of producing one extra unit of output Economies of scale ¼ The potential reduction in average costs as a result of increasing output/sales Contribution ¼ Selling price À Variable cost.

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