CIM Revision Cards: Marketing Fundamentals 04 05, First Edition (Cim Revision Cards)
Analysis and Evaluation Covers the concepts, techniques and models involved in developing a detailed understanding of the market, customers and competitive environment outside and inside the organization, its capabilities, and assets, and opportunities available Strategic Marketing Decisions Covers the concepts, techniques and models involved in formulating a customer-focused competitive business or corporate strategy and developing a specific and differentiated competitive position.
It includes investment decisions affecting marketing assets Managing Marketing Performance Covers the implementation stage of the strategy. This encompasses managing marketing teams, managing change, implementing strategy through marketing activites, working with other departments and using measurement as the basis for improvement. Marketing drives the business agendaMarketing is a set of activities concerned with creating value for shareholders and other stakeholders by creating and capturing exceptional value for customers.
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Organizations expect professional marketers to develop an increasing sense of ownership for the whole customer experience; this requires them to be more aware of the operational business agenda. Professional marketers in publicly quoted or limited companies have to: n Focus on the long term While other business functions can maximize economic profit through efficiency, marketing is the only way to create value.
Marketing typically creates three times more value than other functions. By increasing perceived value, marketers create the opportunity for premium pricing through which economic profit is increased.
Shareholders measure the value that the business has created for them as the sum of dividends paid and increase in share price. Marketing has to take charge of investment in marketing assets and the activities that create value. Marketing activities in organizations can be grouped broadly into four models: Sales Support Common in SMEs and some B2B contexts, the emphasis is essentially reactive with marketing supporting a direct sales force and including activities such as tele-marketing and responding to inquiries.
Marketing Communications Marketing promotes through push and pull communications promoting the organization. More proactive approach uses communication methods to raise awareness, generate leads and take orders. Operational Marketing Marketing supports the organization with a co-ordinated range of activities.
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Planning is at the operational and functional level. Strategic Marketing Emphasis on creating value and developing a competitive strategy.
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Practiced in larger and customer-focused organizations, with strategic marketing decisions being made by professional marketers or business leaders. Marketing contributes to corporate and business plans and develops its own functional plan at an operational level.
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VISION Analysis Mission Statement Feedback and iteration Objectives Understanding the environment, stakeholders, current position, level of market orientation, corporate reputation, ethical stance, ecological stance, market segments served. Organizational competences technological competences Measurable objectives such as market growth ecological measures, and financial outputs. Qualitative aspects such as the development of marketing Competencies, branding effectiveness Utilising models such as Porter, Ansoff, GE Matrix to develop marketing strategies.
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