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Designed in particular with revision in brain, the CIM Revision playing cards offer concise, but basic info to help scholars in passing the CIM tests as simply as attainable. a transparent, rigorously based format aids the training procedure and guarantees the most important issues are lined in a succinct and obtainable demeanour. The compact, spiral sure layout permits the playing cards to be carried round simply, the content material accordingly constantly being to be had, making them precious assets regardless of the place you're.
Features corresponding to diagrams and bulleted lists are used all through to make sure the main issues are displayed as in actual fact and concisely as attainable. each one part starts off with an inventory of studying results and ends with tricks and assistance, thereby making sure the content material is damaged down into practicable ideas and will be simply addressed and memorised.
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Extra resources for CIM Revision Cards 05 06: Marketing Fundamentals (Official CIM Revision Cards)
Can revolutionize or create markets New product lines or additions Such products can be (i) new to the provider or (ii) be additions to the product range Product revisions/replacements Replacements and upgrades of existing products. Changes can be aimed at cost reductions Imitative products Copycat products produced by others, but where there is a market for many alternative and competing versions 52 The New Product Development Process Idea Generation – From market research or gleaned from the market via sales people.
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 Â 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.
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.