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Designed in particular with revision in brain, the CIM Revision playing cards offer concise, but primary info to help scholars in passing the CIM checks as simply as attainable. a transparent, rigorously dependent format aids the training method and guarantees the foremost issues are lined in a succinct and obtainable demeanour. The compact, spiral certain structure allows the playing cards to be carried round simply, the content material consequently regularly being available, making them worthwhile assets irrespective of the place you are.Features corresponding to diagrams and bulleted lists are used all through to make sure the foremost 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 counsel, thereby making sure the content material is damaged down into potential suggestions and will be simply addressed and memorised. * Written in particular for revision reasons for this reason in basic terms that includes the main strategies that must be discovered* rigorously designed to permit issues to be simply extracted and memorised with no clouding them in more info* Accompanies the CIM Coursebook and MarketingOnline site to supply an entire suite of goods to aid the CIM skills
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G. reliability, status. g. after sales support, servicing, etc. g. g. a car’s stereo system, a washing machine, etc. e. food, paper, drinks, etc. e. 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.
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 Price can communicate quality Rent Fee Commission Interest charged Time given 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.
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.