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Additional resources for CIM Revision Cards 05 06: Marketing Fundamentals (Official CIM Revision Cards)
D Littles industry maturity/competitive position matrix Barksdale and Harris portfolio analysis/product life cycle matrix All of these models are concerned with the stage of life that the product is in and the strategies available. These can be summarized by using the model to the right MARKETING FUNDAMENTALS 51 NEW PRODUCT DEVELOPMENT AND PORTFOLIO MANAGEMENT New Product Development Reposition Different types of new product development Aim to diversify away from existing markets by uncovering new applications, uses or markets for current products New World/Innovation The focus of this model is upon technical development, incurring high/risk return.
E. 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!
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.