By Marketing Knowledge
Designed in particular with revision in brain, the CIM Revision playing cards offer concise, but basic info to aid scholars in passing the CIM tests as simply as attainable. a transparent, rigorously established format aids the training technique and guarantees the foremost issues are coated in a succinct and available demeanour. The compact, spiral certain structure permits the playing cards to be carried round simply, the content material hence constantly being available, making them worthy assets regardless of the place you're. positive aspects resembling diagrams and bulleted lists are used all through to make sure the most important issues are displayed as basically and concisely as attainable. every one part starts off with a listing of studying results and ends with tricks and assistance, thereby making sure the content material is damaged down into potential ideas and will be simply addressed and memorised. * Written in particular for revision reasons for that reason purely that includes the foremost options that have to be discovered * 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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Additional info for CIM Revision Cards: Marketing Planning 04/05
This must include analysis of market forces, key drivers, factors influencing change and an in-depth understanding of customers MARKETING PLANNING 51 PRODUCT OPERATIONS The Product Life Cycle 52 Managing the Product Life Cycle Marketing strategy for decline Marketing strategy for growth n Consider the introduction of more innovative and up-to-date versions for the same product n Introducing new and innovative products n Undertaking high levels of advertising and sales promotions activity – offering incentives to switch brands n Targeting customers should be tightly defined n Marketing mix should be well coordinated and effective n Replacement strategies should be defined n Carefully manage the decline of the product n Consider which approach is more appropriate – repositioning or obsolescence n Consider the three approaches to obsolescence – phase it out, run it out, drop it Marketing strategy for maturity n Modification of the product/services – quality, functional and style modifications n Strategies for differentiation n Aim for market development and market penetration to maximize profit potential MARKETING PLANNING 53 PRODUCT OPERATIONS Product Portfolio Planning Tools 54 The General Electrical Matrix (GE Matrix) MARKETING PLANNING 55 PRODUCT OPERATIONS The Shell Directional Policy Matrix 56 New Product Development MARKETING PLANNING 57 PRODUCT OPERATIONS Different Types of New Product Development New World/Innovation The focus of this model is upon technical development, incurring high/risk return.
E. food, paper, drinks, etc. e. holidays, hairdressing, personal banking/financial services. 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 50 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 strategic 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.
Budgetary control 5. Benchmarking 6. Marketing mix effectiveness 7. Competitor performance 1. Development or adjustment of marketing objectives in line with internal and external drivers affecting performance 2. e. key measures such as quality, production, sales 3. e. identifying performance indicators and measures and analyzing findings 4. e. revised forecasts or sales targets, increasing advertising, etc. 34 Hints and Tips n Ensure you are clear on the differences between corporate, business and marketing objectives and strategies n You may be required to develop an outline marketing plan stating marketing objectives, outline strategy statements and a detailed tactical marketing mix n Remember marketing objectives must be SMART – this is essential 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 Part A of the exam paper, which is the mini-case study, tested different aspects of the marketing planning process n The senior examiner for the subject has suggested that this will be an ongoing theme throughout all exam papers, therefore ensure you are comfortable with it n When undertaking a tactical marketing plan, ensure you include the 7 Ps of the marketing mix, not just the 4 Ps n Do not just describe budgeting, but be prepared to select an appropriate budgetary process for a given scenario.