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Summary CIMA E1 Revision - Chapter 7 - Introduction to Marketing

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This summarises the 4th chapter of the E1 Objective test work namely Introduction to Marketing

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CIMA E1 - CHAPTER 7
INTRODUCTION TO MARKETING




MARKETING



The management process that
iden1fies, an1cipates & sa1sfies
customer requirements
profitably. This is done through
a marke1ng strategy.



Plan of how
marke.ng will Closely linked with marke%ng
support business strategy and they are oBen
strategy. considered alongside one another.



Iden%fy customer needs/
market research.


Meet those needs with Promote those products
Marke&ng is more
affordable & services highligh%ng
than just adver&sing.
products/services. their benefits.


Match sales approach with
customer preferences.




BUSINESS ORIENTATIONS


Businesses have different orienta1ons
depending on what is important to the
business.

A bakery

Samsung Maximise on efficiency & producing
at the lowest cost possible.
Successful in fast changing
There’s a high demand and
industries where the latest tastes won’t change
innova.on succeeds. regularly.

People buy because of the brand
Insurance
or latest promo.onal campaign.
Overcomes problems of all
other approaches because the In the long run customers
business changes alongside find cheaper alterna%ves
changing customer needs.

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