The Μarket

CIM: 30 YEARS OF EXCELLENCE

01I S S U E

M A R C H2 0 0 9

The Cyprus Institute of Marketing (CIM) was established in 1978 in Nicosia and since 1984 also in Limassol, in order to promote the Mar-keting Science and to fulfil a gap in the Educa-tional System. When in 1978 Theo Hadjiyan-nis, the founder and Director - General decided with a number of Cypriot businessmen to es-tablish an Institution of Marketing, the notion of Marketing hardly existed. The CIM in the past 30 years has been a European centre for the development of marketing science and has provided the opportunity to more thousands of individuals to acquire qualifications with a mar-keting orientation.Moreover, CIM has been a pioneer in learn-ing for adults and in-career people. CIM’s has always been offering exclusively evening classes for in-career individuals who did not have the chance to study abroad but have the will to learn and achieve personal devel-opment. It has thus been rightly characterised as a ‘Second-Chance Institution’ and its moto is that ‘Learning never ends’. CIM is unique in that it combines theory and practice, giving its students the opportunity to have the best pros-pects for employment.CIM has become the only Institution in Cyprus to achieve the Membership of the European Marketing Confederation (EMC) and its gradu-ates hold leading positions in the market. As such all of its graduates are very much sought after.CIM also operates a Membership Association in which the leading academics and business-men in the field of Marketing are members and

so it provides the opportunity for exchange of views and ideas on the enhancement of Mar-keting Science.CIM has also been a leader in the field of em-ployee training and it has conducted Seminars for more than 100 Cypriot companies.CIM enjoys wide recognition from UK and US Universities thus giving the opportunity to its graduates to continue their studies abroad.The CIM’s programs are designed to fit within these many demanding parameters, to provide you with needed educational exposure and so-ciety-demanded recognition for study, all within the framework of your personal career, family and physical needs. Our distinguished Lecturers and Tutors begin with an initial evaluation and then structure a learning program to meet and build upon your individual needs; towards your individual goals. The group discussions, case studies and the give-and-take methods undoubtedly enrich students’ knowledge and experiences. In a Society that places increasing weight and importance on academic achievement, the C.I.M. can provide you with the tool to acquire that academic achievement in a conscientious, well planned program that works to meet the demands of that very society, fulfilling its own (and your) needs.

this issue CIM: 30 Years of excel lence P.1 News P.2 The 2008 Market ing Summit P.3 Art ic les P.4 Buying goods and services v ia mass communicat ions P.9 Events P.11

EDITORIAL31 years ago, The Cyprus Institute of Marketing, pioneered offering Degrees in Marketing. In the course of the years it broadened its horizons offering Degrees in more fields. Today is considered as one of the Leading Business Schools in Cyprus and Europe.When in 1978, CIM placed emphasis on the marketing science, the field of marketing was virtually non-existed in the region. Today CIM offers Un-dergraduate and Postgraduate Courses in areas like Tourism, Ship-ping, Insurance, Banking etc.The main aim of CIM since its estab-lishment was to fulfill a gap in the market by offering specialized pro-grams to mature, in-carreer students. Applying to the full extent its slogan ‘Learning Never Ends’, CIM designed its programs around the needs and characteristics of individuals who didn’t have the chance at first in-stance to earn a prestigious degree and thus is rightly characterized as ‘The Second-Chance Institution’.CIM has won the respect and recognition of the Market and its Graduates are readily sought after by corporations for employment. It is with great satisfaction that we see so many of our Alumni holding key positions across the industry, both in Cyprus and abroad.CIM has achieved a lot in the past 30 years and is ready to face the chal-lenges that lie ahead. The purpose of this Journal is to bring everyone that supports the goals and mission of CIM, students, alumni, members, associates and friends closer, and we hope that you will enjoy reading it. Your contribution is most welcome.

Learning Never Ends

Yangos Hadjiyannis L.B (Nott), PGDMS, LL.M (Cantab)Head of Editorial

T h e J o u r n a l o f t h e C y p r u s I n s t i t u t e o f M a r k e t i n g

The MarketThis Journal is issued by The Cyprus Institute of Marketing on a quarterly basis. The aim of this publication is to bring the alumni, members and friends of the Institute closer. Moreover our aim is to inform the Cyprus busi-nessworld of the latest develop-ments in the field of marketing. Editorial Board:Petros AlexandrouAnna AntoniouTimothy IsaacsChris Luk

Contact: P.O.Box 25288 Nicosia, 1308Tel. +22778475Fax. +22779331e-mail: cima@spidernet.com.cycimthemarket@gmail.comwww.cima.com.cy The Cyprus Institute of Marketing is wholly owned by THECYPIOM LTD registered in Nicosia, Cyprus and the Cyprus Institute of Marketing is registered with the Cyprus Ministry of Education and Culture.

ATTENTION

All information appearing in this newsletter is copyright material. No part can be repro-duced in any way without the prior approval in writing of the Institute.

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CIM: Member of the European Marketing Confederation

Proclamation of Honorary Fellowsfrom The Cyprus Institute of Marketing

CIM MARKETING SUMMIT 2009An excellent opportunity for informationand briefing regarding the new trends in marketing

The CIM is organizing its annual Symposium on Saturday March 21st, 2009 at 9:00pm at the Hilton Hotel. CIM’s Symposium has established itself as the leading academic event of the year in relation to the Administrative Sciences and more specifically the science of marketing. This year’s Symposium will focus on the ‘Challenges faced by the marketing people because of the global financial crisis. “

It is noteworthy that the ‘giants’ of the 21st century in the field of Marketing, based in leading UK universities, will attend the Symposium for the first time in Cyprus. This is a great honour for Cyprus and the CIM. The main speakers will be Prof. Peter Williamson (PhD Harvard) who is a Professor at the University of Cambridge, Judge Business

School and Prof. Tim Ambler (SM MIT) of the London Business School. Prof. Peter Williamson will present the subject ‘Growth in Recessionary Times’ and Prof. Tim Ambler the subject ‘Great Marketing’.

Given its enormous importance, the symposium has been placed under the auspices of the Honorary Minister of Commerce, Industry and Tourism Antonis Paschalidis.

Academics, entrepreneurs, alumni and members of the CIM from Cyprus as well as the Middle East and Europe have been invited. The Symposium will provide an excellent opportunity for infor-mation and briefing regarding the new trends in marketing. With the organization of this symposium, CIM confirms once

again its enormous contribution to the development of businesses in Cyprus and the study of the science of Marketing.

The Symposium will be open to the public and offered at the subsidized price of 80 euros as a sign of gratitude of the CIM towards the Cypriot market that has been supporting it for 31 years. Special mention to the more than 3000 graduates of CIM currently staffing all big businesses in Cyprus, and in the more than 100 businesses that have collaborated with the CIM in the areas of training and professional education. The Symposium is proof that the CIM contributes to the strengthen-ing of Cyprus as a centre for research and information and promises that 31 years is just the beginning.

The CIM was chosen by the Eu-ropean Marketing Confederation as the sole representative of Cy-prus to the largest and most rep-utable Organization in Marketing. The EMC was founded in 1960 and is based in Brussels with a view to promoting the science of marketing. It has 16 members from 15 countries representing in excess of 250,000 marketing

professionals worldwide. It is a great honor for CIM which was chosen to be the 17th member of the family of EMC. CIM’s choice proves once more its indisputable contribution to the development of the science of marketing in Cyprus and the training of Cypriot companies. After 30 years of hard and silent work CIM is now one of the top

academic institutions in Cyprus and member of the most impor-tant international organizations that promote Marketing and the Administrative Sciences. CIM is promising the business world of Cyprus the continuous and se-rious education and training as well as the productive represen-tation of Cyprus in meetings of the EMC.

Τhe Cyprus Institute of Marketing (CIM) is announcing it has during the last session of the Governing Council for 2008 held on Friday, December 19th 2008, unanimously decided to proclaim as Honorary Fellows Mr. Glafkos Mavros (Hellenic Bank Group General Director), Mr. Petros Petrou (Marketing Manager, Group DIAS), Mr. George Georgiou (Marketing

Manager, Christodoulides Bros Ltd) and Mr. Evros Papadopoulos (Senior Brand Manager, Cosmos Trading). CIM has established a tradition of declaring as Honorary Fellows, a small number of prominent business executives of Cyprus. The proclamation is based on 2 key elements - the contribution of these executives in the development of CIM ac-tivities and the second in their

contribution in the development of Cypriot businesses, and es-pecially in the field of Marketing. The proclamation will take place during the annual symposium of the CIM this year which will be held on Saturday March 21st at the Hilton Hotel. The CIM congratulates these executives and welcomes them to its distinguished family.

The Market

An important landmark: Marketing Gurus of the 21st century were together for the first time ever and shared their views and ex-periences

After 30 years of academic excellence, CIM offered to the Cypriot business and academic world the opportunity to attend the most important marketing conference ever to be held in Cyprus. The Summit was held on the 5th April 2008 at The Cyprus Hilton and was attended by more than 250 academics, businessmen, alumni and members of CIM. The fact that the Marketing Gurus of the 21st century were together for the first time ever and shared their views and ex-periences, makes the Summit an important landmark in the development of marketing science in Cyprus and Europe.

The Marketing Gurus had the opportunity to inform the Cyprus business world of the latest de-

velopment in Marketing, and to give useful instructions on what it takes to be successful.

1. Prof. Stanley Paliwoda (Strathclyde Business School)

‘Τhe impact of international marketing on SMEs’

2. Prof. Michael Baker (Nottingham Business School)

‘The role of strategic planning for SMEs’

3. Prof. Malcolm McDonald (Cranfield Institute of Management)

‘Marketing: Past, Present and Future’.

The Summit was under the auspices of Mr. Paschalides, the Minister of Commerce and Tourism. During the opening of the Summit, he expressed his gratitude to CIM for its contribu-tion to the marketing science and analysed his Ministry’s agenda. CIM offered this unique op-portunity free of charge to the Cypriot society as a token of appreciation for all the support

they have received during the past 30 years.

CIM proved once more the huge contribution made by, and the role of, the Cypriot business world and promises that 30 years is just the beginning.

The 2008 Marketing Summit

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The Market

From right Prof. Michael Baker, Prof. Malcolm McDonald, Minister of Commerce and Tourism Mr. Antonis Paschalides, Prof. Teo Hadjiyannis and Prof. Stanley Paliwoda.

Prof. Malcolm McDonald

Recently a number of recog-nized scholars analyze the phenomenon known as Google and claim that Google is no longer just a company operating in the Internet world and espe-cially in collecting and providing information, but has the charac-teristics of a ‘religion’. After my study and analysis of the phe-nomenon Google, I would like to point out that these claims are not at all random or unfounded. Eric Schmidt, CEO of Google, says clearly that Google’s most important task is to ‘collect and compile information globally, and not just to grow and become prof-itable much like other ‘ common ‘companies.

When I studied for the first time the vision and purpose of Google, I wondered with what this company can be likened to... and it didn’t take me long to realize that Google has too much in common with Alexander the Great!

Any potential ‘conqueror’ needs a faithful and credible army to achieve its objectives. Like Alexander the Great had a faithful army behind him that so

admired him as a god, in this field of expertise Google has been an absolute success. It is because of this dedication and commitment to its objec-tives that the characterization ‘religion of Google’ came to life. Paul Saffon, of Silicon Valley’s Institute for the Future states that ‘Google is a religion that appears as a company. “The goals also appear to have common characteristics. Like Alexander the Great thousands of years ago believed in the ending of the division and sepa-ration of States and also in the ending of the exploitation of basic materials and goods by some ruler, Google claims to be acting with the basic purpose of creating a global information space without borders and re-strictions where all materials / information will be accessible, free to everyone.

Τhe concept of ‘global village’

Making a parallelism with the work of Alexander the Great that changed the course of history, as he was the first teacher and instigator of globalization, one

can see that Google performs, or so it appears, a similar project. Certainly globalization today and the concept of ‘global village’ is not just a vision but a reality. Google has contributed greatly in reducing the distances and has given people the ability to inform themselves through the Internet for any subject they wish. It is no coincidence, therefore, that dictatorships e.g. Iran and China, place severe restrictions on access to the Internet and repudiate in the new religion.

Google, just like Alexander the Great, has managed to defeat its opponents and gather all electronic information in a single unique space increasing the effi-ciency of accessing information. But much like it is certain that soldiers and Alexander the Great engaged themselves in collect-ing loot it is also certain that there are huge economic benefits for Google.

Let us therefore wait to see whether Google will succeed in its purposes or like Alexander the Great will ‘die’ prematurely.

Yangos Hadjiyannis LL.B, PGDMS, LL.M (Cantab) Deputy Director General, The Cyprus Institute of Marketing

What common features may Google and Alexander the Great may have;

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The Market

There is in my opinion, a syndrome called ‘Myopia of Mar-keting’ prevailing in the Cyprus business scene. It is because of this fact that in the past the Cypriot economy was based on agriculture and thus isolated from the international opportunities.

After the Turkish invasion of 1974, Cypriot businessmen began systematically to work outside Cypriot borders, espe-cially in the Middle East. And so this syndrome began to appear. These anxious and motivated businessmen put all their eggs in one basket, whether that basket is called Libya, Saudi Arabia or Gulf countries. First, they dealt with the new, enthusiastic fact of large scale orders for average and below average quality in-dustrial products. As the orders continue to come the myopia strengthened.

All efforts were spent on the production and companies were emphasizing the improvement of production facilities and in-crementation of the number of products produced. The role of Sales and Marketing was not important because the objective was to satisfy the large number of orders. The situation was similar to that prevailing in the

United Kingdom in the 1950s.Cypriot businesses have never followed a global perception for their activities. We used the slogan ‘The world map is our market’ and the perception of a global village.

The philosophy of the global village

This philosophy simply reflects the fact that our world is con-tinuously coming closer, and that companies must plan their activities and marketing strate-gies at a global scale. This way a product can pen-etrate the global market, with the production site and geographical distance be-coming irrelevant. For example, a private television or radio station could explore the possi-bility of broadcasting in the Arab world, the Balkans or Russia. Monte Carlo Radio exemplifies this precise argument.

Take for example our wine indus-try. For years our products were exported in bulk or in barrels. No international name was es-tablished much like in the case

of Martini, Cinzano, Bacardi or even in the case of brandy Metaxa from Greece. Nobody really cares if the Martini is a product of Italy, Spain or Portu-gal. The same can be said of the service sector. There may be many luxury hotels in Cyprus but the hotel owners who have ven-tured beyond the Cypriot borders are scarce.

The most important strength of Cyprus is its people. The

dynamism, the en t repreneur ia l skills, ambition and enthusiasm that dominate Cypriot businessmen, are once again called upon in order to address the global challenges.

For someone to work solely in Cyprus it is as if they are limited within their neighbourhood and ignore the rest of the world.

Facing the world as one single market maximizes and strength-ens the prospects of a business and allows entrepreneurs to reach their full potential. Treat the world without fear and hesitation. Prospects are certainly out there for you. Our planet is too big to turn your back against...

Look BEYOND THE ISLAND, a global village exists out thereTheo Hadjiyannis BS.c, MS.c, FCIM Lecturer International Marketing StrategiesDirector – General

We used the slogan

“The world map is

our market” and the

perception of a global

village

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The Market

In an era where mergers and acquisitions are increasing con-tinuously, the director of each company needs an additional tool to be able to cope in the frenetic race of competition in the modern world of business in the united environment of the global economy and this tool is the Financial Strategy Analysis for Business Evaluation.

He should be able to analyze and evaluate potential partners, agreements, investments, and even his own company.In any case, whether he negoti-ates a takeover, is informed of competition or even attempting to assess the performance of his company, the figures give a true picture of the situation and send the messages to be taken into account by those who make the decisions.

The phrase ̈ The numbers speak for themselves ¨ apply where the director of the company is able to comprehend what the numbers say. If the receiver of these mes-sages does not make the neces-sary decisions and proceed to take the appropriate actions for any reason it is another matter, but certainly the numbers are not responsible for it.

Using the strategic financial analysis to evaluate businesses,

the director should identify the relationship between strategic objectives and the factors influ-encing business strategy with the financial details of the company to have a comprehensive and true picture of the business.

The Strategic Financial Analysis for Business Evaluation can help the director to utilize the financial data more effectively in several critical strategic deci-sions, whether relating to the performance of the business or for possible acquisitions and mergers, or even to analyze the competition of the business.

Evaluate and Identify

The Strategic Financial Analysis for Business Evaluation can help the director of the business:

• To evaluate the performance and financial position of the business and prospects, identi-fying the major risks facing the firm and its key performance indicators.

• To identify the strengths and weaknesses of the competi-tion in order to gain a complete picture of the position of the enterprise sector.

• To decide on the financing of the operation and decide whether the strategy pursued

by the appropriate business model for enterprise and risk factors facing.

• To use the financial statements of the company to evaluate how good was the management of business risks and key success factors of the company.

• To evaluate the benefits and risks of potential mergers and acquisitions, improving the ability to negotiate.

• To discover the factors deter-mining the share price of the company in exchange.

Furthermore in order to be able to evaluate the financial situation of the company and the future returns, the manager must first understand the way by which the company approaches the relevant market and should:

• Define the position of the busi-ness in the market, relative to competitors

• Identify the factors of success and the potential threats that could affect the performance of the business.

• Determine how effective is the management of the success factors and the threats that the business faces

• Judge how effectively the finan-cial statements present the true picture of the business

Srategic Financial Analysis for Business EvaluationPetros AlexandrouSenior Lecturer in Financial Management The Cyprus Institute of Marketing

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The Market

The design of a system for the evaluation of personnel per-formance is one of the main activities of a human resources department within an organiza-tion. It is very important to have an objective, fair and credible performance appraisal system, which implies achieving objec-tives. Objectivity is a key com-ponent of an effective evaluation system.

This system differs from the others because it is based on objective criteria and does not allow the use of subjective mea-surements. MBO as a system requires the evaluation of staff based on achievement of pre-determined objectives, which are co-decided by the staff and their immediate superior.

The three main features (proce-dures) of the system are:

1. The existence of targets - a process for setting targets: In addition to the implementation of the ‘SMART test’, personal objectives must be identified with the objectives of the de-partment to which the person concerned belongs, which in turn identify with the goals of the whole organization. Thus, when at the end of the prescribed period in which

the goal must be achieved, performance evaluation takes place and any weaknesses as well as training needs of the individual are identified, we will know that the training that follows will actually be constructive.

2. Participation of the assessed individual in the process of defining its own objectives: Personal goals must be the product of discussion and ex-change of views between the individual in question and his immediate superior. During the process of targeting, the head is responsible for creating the right conditions and the right climate which assists the free exchange of views and promotes equality.

3. The objective feedback: The individual assessed has to be given objective feedback in order to know whether and to what extent the objectives were attained. This will help him grow continuously, since he will have a clear idea as to where he is headed and what is required of him in the future.

Various studies have shown that this system is effective, if fully implemented. Its full implementation requires the full

implementation of the above 3 processes. The key to their implementation is the top level management of the organiza-tion: The greater the support on behalf of the management of the organization, the more efficient becomes the implementation of each process.To check the effectiveness of the MBO system in an organi-zation, two key and interrelated factors should be analyzed. The first has to do with increasing the efficiency and productivity of staff, and the second with in-creasing employee satisfaction in relation to their jobs. These factors should be examined not only in each process individually but also in terms of support by the management of the organi-zation.

Once these factors are exam-ined the management should analyse the results and con-stantly readjust the system of implementing objectives. Ob-jectives that may now appear challenging and motivating may lose their drive over the period of time. It is thus imperative to monitor the system closely and to make the necessary correc-tions where necessary, always in accordance with the desires and feelings of the employees.

Management By Objectives (MBO): “ An objective system for evaluating performance of staff”Marios Charalambides Lecturer in Economics and Business Organisation The Cyprus Institute of Marketing

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The Market

One of the major problems facing the tourism industry in Cyprus is the problem of seasonality. The period of high tourist traffic runs from April to October with a peak in July and August. The over-concentration of foreign visitors over the summer season implies the non-optimal use of capacity of tourism businesses during the year and obstacles to the further development of the tourism in-dustry of Cyprus. Therefore there is a need for the extension of the aforementioned period.

The problem of seasonality, may to some extent, be dealt with dif-ferent forms of tourism such as: rural tourism, sports tourism, cul-tural tourism, religious tourism, spa tourism, etc. Incentives such as price differentiation are es-sential in reducing the problem. Some steps have already been made by the relevant administra-tive bodies. However the number of arrivals for the period of low tourist traffic has decreased by 30% compared with 1996.

In an effort to mitigate seasonal-ity, identification of the country of origin of foreign visitors for each season of the year, investigation

of the profile of these tourists (eg age, desires, preferences) and therefore identification of target markets for the period of low tourist traffic, has to be made. Marketing for example could target elderly people who have the ability to travel at any given time.

After processing the data for the period 1996-2006 using the Sea-sonal Decomposition analysis method, means of SPSS, it results that during the period 1996-2006 foreign visitors from Great Britain, Greece, Italy, Russia, the Middle East showed a preference for the month of August and from Ireland and Northern European countries showed a preference for the month of July. Foreign visitors from Germany and Swit-zerland showed a preference for the month of October, while the French for April. Germany, Greece and France seem like good target markets in the effort for enhancing the tourist traffic during the period of low sea-sonality. At the same time the administrative bodies concerned should focus on high priority markets such as Great Britain and Russia.

The diversification strategy of the ’’product mix’’ may in fact be closely linked with the strategy of market diversification. This is why it is important to find different target markets. In an effort to reduce the problem of seasonality systematic market research has to be carried out for all target markets and appro-priate marketing plans tailored to the characteristics of each market.

In Cyprus, the Cyprus Tourism Organisation has come to comprehend the problems as-sociated with seasonality and as such the most of the efforts for attracting visitors in the past few years have focused on new ways to address the issue. One example is ‘Agrotourism’ which offers the opportunity to visitors to experience the ‘true Cyprus’, especially during off-peak seasons and to mingle with the local inhabitants. More-over, packages for long stay are offered at a very attractive price. This venture has been a great success but more has to be done in order to avoid de-pendence on seasonality.

The problem of seasonality in the tourism of Cyprus is growingNatasa KapetaniouLecturer in Marketing Management The Cyprus Institute of Marketing, Limassol Branch

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The Market

Buying goods and services via mass communications

From Professor Malcolm McDonald

I have been invited to celebrate the achievements of the Cyprus branch of the Chartered Institute of Marketing by delivering a keynote at their conference.

Marketing was forged in the white heat of aspiration in the 1950s and 1960s, when it began to develop into a discipline in its own right, embracing many other specialisms such as economics, sociology, finance and so on.

Trying to persuade people to buy goods

Alas, its hopes were never fulfilled during the next fifty years, for a number of reasons. Firstly, the community never agreed on a definition for the discipline. In one of my books I identified over a hundred different definitions, most of which involved doing things to customers – in other words, a selfish, production – orientated approach that largely meant trying to persuade people to buy goods and services via mass communications.

This approach was reflected in different emphases over the years, the strongest of which was selling and sales manage-ment. When markets began to mature and margins came under pressure, accountants began to dominate the landscape, pushing marketing into a purely promo-tional role.

When this failed, several fads came along, such as TQM (ISO 9001), BPR, Balanced Scorecards, Knowledge Man-agement, Six Sigma and the like. But all of these have largely failed according to research, the principal reason being that without a deep understanding of the market and the needs of the customers in it, these initiatives eventually revolved around cost cutting and efficiency.

It is soon discovered that there are only 100 cents in a Euro and cost reduction is finite, whereas customer value creation is infinite. This is why CRM has also failed

and continues to fail, with billions of dollars wasted annually in Europe alone on systems that merely succeed in reducing transaction costs, but which do absolutely nothing for customers.

Neither did the undisciplined, happy clappy, touchy feely, weepy creepy Relationships Marketing movement help our cause. There is no such thing as an average customer and most organisa-tions embracing the RM concept wasted millions of dollars tying to delight customers, only to lose even more money in the process.

An appallingly bad reputation

The result of all of this is that marketing has an appallingly bad reputation, with a vast population of largely unqualified practitio-ners engaged in just about every activity from copy writing to direct marketing, but most of whom are engaged in promotion, which is not what marketing was ever meant to be.

WHO IS WHO

Malcolm MacDonald is a graduate in English Language and Literature from Oxford University, in Business Studies from Bradford University Man-agement Centre, and has a PhD from Cranfield Uni-versity. He is Chairman of six companies and spends much of his time working with the operating boards of the world’s biggest mul-tinational companies, such as IBM, Xerox, BP and the like, in most countries in the world, including Japan, USA, Europe, South America, ASEAN and Aus-tralasia.He has written forty books, including the best seller “Marketing Plans; how to prepare them; how to use them” and many of his papers have been published.

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The Market

So, marketing is now at its lowest ebb in its history, just at a time when boards are desperate for a more professional approach to understanding customers and meeting their needs profitably. The future of marketing lies here, in the boardroom, guiding all other disciplines towards meeting markets needs profitably.

We have indeed reached a major turning point, but marketers around the world are not meeting expecta-tions. How can they, when, unlike their professional colleagues in finance, law, etc, they are not qualified to any kind of interna-tionally recognised standard?

Tough trading conditions

The Cypriot market is characterised by tough trading conditions, but is peopled by a thoroughly creative and entrepreneurial community

which has an innate understand-ing of the factors for success in commercial markets. Just look at how this community re-es-tablished itself after the division of Cyprus by the Turks. I am full of admiration for the business community in Cyprus.

Proper market segmentation has always been the key to success, not that a priori rubbish about socioeconomics, demographics, geodemographics and the like. An HBR article in 2006 stated that the main reason why almost 90% of 30,000 new product launches failed in USA was because of poor market segmentation.

My advice to all serious marketers is to get yourself qualified through CIM.

New marketing tools are NOT being developed every day!

Get the basics right and you will succeed. The basics? A deep understanding of how the market works, proper needs - based seg-mentation, developing offers to meet the needs of the customers in these segments and devel-oping an integrated marketing strategy at board level which directs all corporate resources to meeting these needs. CPD then becomes meaningful.

MARKETING TOOLS

• A deep understanding of how the market works

• proper needs – based segmentation

• developing offers to meet the needs of the customers in these segments

• developing an integrated marketing strategy at board level which directs all

corporate resources to meeting these needs.

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The Market

EVENTS

11

The Deputy – Director was invited by PFUR University to give a lecture in Moscow on the ‘Importance of leadership in recessionary times.

Visit of Russian professors Prof. Ivanova and Prof. Alexeenko from People’s Friendship University, Moscow. PFUR is the third largest University in Russia.

CIM took part in the 14th International Education Fair that took place in Moscow on the 14th October 2008, at Sas Radisson Hotel. CIM was able to explain to Russian students the benefits of studying in Cyprus and to promote its courses.

The management team of CIM travels worldwide to promote its programs and to inform students globally on the trends in business education. In the picture Prof. Theo Hadjiyannisafter the meeting in Dubai, 2009.

The Market

EVENTS

30th anniversary celebrations in September 2008, at the Cyprus Hilton.

Graduation ceremony 2008.

The 2008 graduation ceremony took place on the 19th September 2008, at the Cyprus Hilton. In the photo Prof. Theo Hadjiyannis with a group of graduates.

Graduation cocktail party with Mr. George Liveras, Mr and Mrs Michalakis Zampelas and Mrs. Michael Hadjidemetriou.

12

The Market

13

CIM has been selected to represent Cyprus in GRUNDTVIG PARTNERSHIP that is funded by the E.U. (Poland, UK, Estonia, Finland, Italy, Spain, Cyprus) and in which seven countries of the E.U. collaborate for two years in order to improve methods of life long learning. In December 2008 CIM hosted its partners during a 3 – day workshop in Cyprus.

EVENTS

CIM in collaboration with Dias Media Group, offered 5 full scholarships to young individuals, as part of its 30th anniversary celebrations. Mr. Yangos Hadjiyannis and Mr. Petros Petrou with one of the scolars.

CIM is proud that one of its former students, Mr. Antonis Nicolaides is the most successful athlete in Cyprus’ Olympic history. Prof. Theo awards a shield of appreciation to the athlete that came fourth in shooting at the Beijing Olympics.

The Market

B.Sc degrees(3 years)

MBA (1 year)

1. INSURANCE

2. BANKING

3. TOURISM MANAGEMENT

4. FINANCIAL AND COMPUTER STUDIES

5. EUROPEAN STUDIES

6. SHIPPING

7. BUSINESS ADMINISTRATIONΓ ι α π ε ρ ι σ σ ό τ ε ρ ε ς π λ η ρ ο φ ο ρ ί ε ς

THE CYPRUS INSTITUTE

OF MARKETING

Δ Ι Δ Α Κ Τ Ρ Α

Bachelors 3900 ΕΥΡΩ

MBA 6000 ΕΥΡΩ

(Ατοκες μηνιαίες δόσεις)

1978-200931 years of Excellence

P.O.Box 25288, Λευκωσία 1308,Λευκωσία 22778475Λεμεσός 25 343556cima@spidernet.com.cy

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