CIM Revision Cards 05 06: Marketing Fundamentals (Official by marketing Knowledge

By marketing Knowledge

Designed particularly with revision in brain, the CIM Revision playing cards supply concise, but primary info to aid scholars in passing the CIM tests as simply as attainable. a transparent, rigorously established structure aids the training technique and guarantees the foremost issues are lined in a succinct and available demeanour. The compact, spiral certain structure allows the playing cards to be carried round simply, the content material for that reason consistently being available, making them worthwhile assets regardless of the place you're.

Features similar to diagrams and bulleted lists are used all through to make sure the foremost issues are displayed as essentially and concisely as attainable. each one part starts with a listing of studying results and ends with tricks and tips, thereby making sure the content material is damaged down into workable ideas and will be simply addressed and memorised.

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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.

Aviation vs. electronic toys n The product then enters the growth stage in that new market n However, with the pace of change increasing and global brands becoming more prevalent, many countries may miss out on several stages of a product’s evolution The Product Adoption Process MARKETING FUNDAMENTALS 41 PRODUCT Categories of Adoption Innovators – Early Adopters Late Majority Younger, well educated and high disposable incomes. Like to be the first to have something new. Price is not an issue. Early adopters enter at the growth stage Adopt innovations after acceptance by the previous groups and usually because of social pressure or because the price has fallen Early Majority Laggards Slightly above average in terms of education and disposable income.

Achievable objectives n Incremental budgeting – is where the budget is based upon an incremental rise on budgetary expenditure per year, in line with predicted growth in the forthcoming year n Percentage of sales method – is where the budget is allocated, based on a percentage of sales from the previous year 30 n Competitive parity – is where the budget is set, based on spending the same percentage as competitors within the same industry n Judgemental methods – this is where budgets are developed, based upon the judgement of managers most directly involved in the future of the business REMEMBER - You must be able to describe a budgetary process and evaluate it in the context of a given scenario!

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