CAMS Level II
Principles of Marketing and Communication cheat sheet
Every chapter's key points, formulas and definitions on one page, for the last week before the exam. Each heading links to the chapter that explains it.
Marketing concepts
- Marketing is the set of activities through which a business identifies, anticipates and satisfies customer needs profitably, covering product, price, place and promotion.
- There are five orientations: production (availability and affordability), product (quality and features), selling (aggressive persuasion), marketing (start from customer needs) and societal marketing (customer satisfaction, profit and social welfare together).
- Marketing links the organisation to its external environment and supplies the information production and finance rely on to plan capacity and budgets.
- The marketing process runs: understand the marketplace, design a customer-driven strategy, construct an integrated marketing programme, build profitable relationships, then capture value in return.
- In a scenario question, name the philosophy the business actually follows; the marketing concept is not always the answer.
Key terms
- Market
- A group of actual and potential buyers who share a need or want and have the ability and willingness to exchange something of value to satisfy it.
- Marketing
- The set of activities a business undertakes to identify, anticipate and satisfy customer needs profitably, covering product, price, place and promotion.
- Marketing research
- The systematic gathering, recording and analysis of data about customers, competitors and the market, used to inform marketing decisions.
- The production concept
- Assumes customers favour products that are widely available and affordable, so management focuses on production efficiency and distribution reach rather than on the product itself.
- The product concept
- Assumes customers favour the highest quality, performance or features, so management focuses on continuous product improvement, sometimes at the risk of losing sight of what customers actually want to pay for.
- The selling concept
- Assumes customers will not buy enough unless actively persuaded to, so management focuses on aggressive selling and promotion, common for goods customers do not normally seek out.
- The marketing concept
- Starts from the customer's needs and works backward, achieving organisational goals by delivering customer satisfaction more effectively than competitors do.
- The societal marketing concept
- Extends the marketing concept to also weigh society's long-run wellbeing, balancing customer satisfaction, company profit and social welfare together rather than pursuing the first two alone.
The rest of the sheet covers
- Positioning a product in the market
- Developing a marketing plan
- Customer relationships
- Customer feedback, complaints and satisfaction
- Foundations of communication
- Writing skills and interviews
- Presentations and meetings
- Exam technique and revision
- Glossary