CIM Revision Cards: Marketing Fundamentals 04 05, First by Marketing Knowledge

By Marketing Knowledge

Designed in particular with revision in brain, the CIM Revision playing cards supply concise, but primary info to help scholars in passing the CIM checks as simply as attainable. a transparent, conscientiously dependent structure aids the training approach and guarantees the most important issues are lined in a succinct and available demeanour. The compact, spiral sure layout permits the playing cards to be carried round simply, the content material accordingly continuously being to be had, making them important assets regardless of the place you are.Features similar to diagrams and bulleted lists are used all through to make sure the major issues are displayed as in actual fact and concisely as attainable. each one part starts with an inventory of studying results and ends with tricks and advice, thereby making sure the content material is damaged down into possible techniques and will be simply addressed and memorised. * Written in particular for revision reasons consequently basically that includes the major strategies that must be realized* conscientiously designed to allow issues to be simply extracted and memorised with out clouding them in more info* Accompanies the CIM Coursebook and MarketingOnline web site to supply a whole suite of goods to help the CIM skills

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Holidays, hairdressing, personal banking/financial services 36 Sub-classifications of product classifications n n n n n n n n Convenience products Shopping goods Speciality goods Unsought goods Business products Process products Plant and equipment Supplies and services Creating a Product Range Components of the product range include the product mix and the product line n The product mix is the total portfolio of product that a company has to offer n The product line is a group of closely related products n Organizations must ensure that they establish the breadth and depth of the product mix n Organizations should ensure that products are compatible with one another and that they meet the needs of increasingly powerful customers n The planning process should enable organizations to reflect on their existing product ranges to ensure that the products fit with one another n The product or service is at the very heart of the organization’s existence and a structured and analytical approach must be taken when developing a product range.

E. identifying performance indicators and measures and analyzing findings Methods for controlling the marketing plan: 1. Measuring income/expenditure budgets – performance 2. e. staff 3. Variance analysis 4. Budgetary control 5. Benchmarking 6. Marketing mix effectiveness 7. Competitor performance 4. e. revised forecasts or sales targets, increasing advertising, etc. MARKETING FUNDAMENTALS 31 MARKETING PLANNING AND BUDGETING 32 Hints and Tips n Ensure you are clear on the differences between corporate, business and marketing objectives and strategies n Part A of the exam paper, which is the mini-case study, often tests different aspects of the marketing planning process n Remember marketing objectives must be SMART – this is essential n Ensure you consider the 7Ps of the marketing mix, not just the 4Ps n You are expected to understand the importance of segmentation and the different segmentation options available to you, including linking them to targeting and positioning n Do not just describe budgeting, but be prepared to select an appropriate budgetary process for a given scenario.

D Littles industry maturity/competitive position matrix Barksdale and Harris portfolio analysis/product life cycle matrix All of these models are concerned with the stage of life that the product is in and the strategies available. These can be summarized by using the model to the right MARKETING FUNDAMENTALS 51 NEW PRODUCT DEVELOPMENT AND PORTFOLIO MANAGEMENT New Product Development Reposition Different types of new product development Aim to diversify away from existing markets by uncovering new applications, uses or markets for current products New World/Innovation The focus of this model is upon technical development, incurring high/risk return.

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