...Marketing Audit A Marketing Audit is a comprehensive, systematic, periodic and independent examination of a company’s or business unit’s marketing environment, objectives, strategies and activities with a view to determine problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance. The purpose of a Marketing audit is to identify whether there are any working practices that could be more effective. There are essentially two types of Marketing audits in existence, which are, • Internal marketing audit • External marketing audit The timing of a marketing audit depends on the Company. In general, marketing audits are usually carried out every 6 months. Twice per financial year. The personnel likely to be involved with a Marketing audit are as follows, • The Owner / CEO • Marketing Director • Marketing Manager • The Chief Accountant • The Head of Finance Characteristic of a Marketing Audit The 4 main characteristics of a Marketing Audit are as follows, • It is broad rather than narrow in focus The term “marketing audit” should be reserved for a horizontal (or comprehensive) audit covering the company’s marketing environment, objectives, strategies, organization, and systems. In contrast a vertical (or in-depth) audit...
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...Leppard (1993) The Marketing Audit The Marketing Audit Model Any marketing plan will only be as good as the information on which it is based, and the marketing audit is the means by which information for planning is organised. A marketing audit is a systematic, critical and unbiased review and appraisal of all the external and internal factors that have affected an organisation’s commercial performance over a defined period. By providing an understanding of how the organisation relates to the environment in which it operates, the marketing audit enables management to select a position within that environment based on known factors. Any organisation carrying out an audit will be faced with two kinds of variable: those over which if has no direct control and those over which it has complete control. The former include economic and market factors, while the latter usually concern the organisation’s resources, or operational variables. This suggests that the marketing audit should be structured in two parts: * External audit—the uncontrollable variables (business and economic environment, the market, the competition). * Internal audit—the controllable variables (organisation’s strengths and weaknesses, operations and resources in relation to the environment and competitors). Chapters 1—6 McDonald and Leppard’s The Marketing Audit Model is a comprehensive set of exercises that a company can go through to develop insight into all aspects of the marketing process as well...
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...HNC BusinessUnit 4 Marketing Principles Learning outcome 2 Micro & Macro Environment Objectives of presentation • Discover the micro marketing environment (internal) • Discover the macro marketing environment (PEST FACTORS-external) • Explain ‘The Marketing Audit’ and how the elements influence marketing decisions Integrated Marketing Integrated marketing strategies take advantage of a combination of communication tools and media to spread a message such as one-to-one marketing, mass marketing and direct marketing. The strategy is developed to ensure the company will deliver the intended value to those customers through a blend of marketing mix tools. Example of an Integrated Marketing Plan Environmental Analysis Environmental analysis is a vital exercise to complete by any company that will explore and understand the external local, national or international forces that might affect your business. The factors are largely outside the direct control of any company and can sometimes have a negative impact on their plans. Equally this can be very important as it will support the business and marketing strategy allowing the company to take advantage of potential opportunities whilst minimising the potential threats to the company. The Marketing Environment According to Philip Kotler, “A company’s marketing environment consists of the internal factors & forces, which affect the company’s ability to develop & maintain successful...
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...A full marketing audit consists of 6 components; each of these components are either internal or external and can be semi-autonomous if a company requests less than a full audit. The 6 Key components of a marketing audit in their logical diagnostic sequence are: 1:Marketing Environment Audit: Includes macro-environment(Political/legal, Economic, Social/cultural, Technological, The natural environment,Competitive factors) in which key trends are assessed and there implications for the companies marketing response; micro-environment/task environment(Marketplace,Competitors, Distributors, Dealers, Suppliers,Facilitator factors) gather data based on marketplace competitiveness and evaluate customer needs and attitudes towards company. 2:Marketing Strategy Audit: Evaluate overall business goals and objectives for growth based on company's resources and opportunities, determine best strategies for growth based on market trends as well as company's resources and opportunities. 3:Marketing Organization Audit: Evaluate the different aspects of the companies marketing department including operations, marketing planning, analysis, implementation and control and the suitability to implement the strategy needed.Marketing Organization Audit focuses on 1.Formal structure 2.Functional Efficiency 3.Interface Efficiency. 4:Marketing Systems Audit: Evaluate if a company has appropriate and sufficient marketplace systems such as, sales forecasting, sales goal and...
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...1.Is a company that forecasts future sales, and develops a budget on the basis of these forecasts, conducting marketing planning? Marketing planning contains more than forecasting future sales and developing a budget on these forecasts. Forecasting future sales is one of the key factors resulting from the internal marketing audit. First of all the company should develop a core strategy based on an analysis of the marketing objectives, the market segmentation, the competitive advantage of the products, the core competences, the positioning and the portfolio. This internal marketing audit should support the forecasts of future sales. 2.Explain how each stage of the marketing planning process links with the fundamental planning questions identified on slide 4 of the session The business mission links with the question ‘where are we now’. It is important to understand where the company stands for and what the ambitions are. The business mission must be translated in relevant and real goals in order to fulfill the mission. The marketing audit and the SWOT analysis clears out where we are now and how we got there. It is a reality check on your business today. From the marketing audit and the SWOT analysis you can formulate ambitions for the future and learn lessons from the past. The marketing objectives clear out where we want to be. It completes the mission with a vision towards the future. In order to be able to realize the objectives, it is important to develop a core strategy...
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...Scribd ------------------------------------------------- Top of Form Bottom of Form Explore * Sign Up * | * Log In We've updated our privacy policy! Click here to read about it. MBA-Marketing Industrial Marketing Pricingenvironment:Therelationshipbetweenbuyer, seller andcompetitorCharacteristics of Industrial Prices: Morris has identified sevendistinguishing characteristics of Industrial prices.1. Price is not an independent variable. It is intertwined with product promotionand distribution strategies.2. The real price an industrial customer pays is quite different from the listprice; this is because of the factors like delivery and installation cost, trainingcost, discounts, financing cost, trade in allowances etc. AcroPDF - A Quality PDF Writer and PDF Converter to create PDF files. To remove the line, buy a license. MBA-Marketing Industrial Marketing3. By changing the quantity of goods & services provided by the seller,changing the premiums and discounts that are offered, changing the time andplace of payment and also in numerous other ways prices can be changed.Compare to product and distribution decisions, the decision regarding pricing ismore flexible.4. The complimentary and substitute product sold by the same company shouldbe considered at the time of deciding price for industrial goods.5. Prices can be resolved through negotiation in many a cases. In most of thecases the industrial prices are established by competitive bidding on...
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...The Marketing Audit Comes Of Age Philip Kotler, William Gregor and William Rogers Comparing the marketing strategies and tactics of business units today versus ten years ago, the most striking impression is one of marketing strategy obsolescence. Ten years ago US, automobile companies were gearing up for their second postwar race to produce the largest car with the highest horsepower. Today companies are selling increasing numbers of small and medium-size cars and fuel economy is a major selling point. Ten years ago computer companies were introducing ever-more powerful hardware for more sophisticated uses. Today they emphasize mini and microcomputers and software. It is not even necessary to take a ten-year-period to show the rapid obsolescence of marketing strategies. The growth economy of 1950-1970 has been superseded by a volatile economy which produces new strategic surprises almost monthly. Competitors launch new products, customers switch their business, distributors lose their effectiveness, advertising costs skyrocket, government regulations are announced, and consumer groups attack. These changes represent both opportunities and problems and may demand periodic reorientations of the company’s marketing operations. Many companies feel that their marketing operations need regular reviews and overhauls but do not know how to proceed. Some companies simply make many small changes that are economically and politically feasible, but fail to get to the heart of the matter...
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...All In One Marketing Audit & Plan [Date] Created by Simply Digital Marketing Last reviewed [Date] All In One Marketing Audit And Plan 1. CONTENTS 1. 2. 3. Contents .......................................................................................................................................... 2 Glossary ........................................................................................................................................... 4 Executive Summary ......................................................................................................................... 5 3.1. 3.2. 3.3. 4. Key Findings ............................................................................................................................ 5 Key Recommendations ........................................................................................................... 5 Summary ................................................................................................................................. 5 Marketing Audit .............................................................................................................................. 6 4.1. 4.2. 4.3. 4.4. 4.4.1. 4.4.2. 4.4.3. 4.5. 4.5.1. 4.5.2. 4.5.3. 4.5.4. Introduction ............................................................................................................................ 6 Assumptions ...............................................................................................
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...PROJECT PROPOSAL ON EFFECT OF MARKETING AUDIT ON ORGANISATIONAL PERFORMANCE IN SELECTED NIGERIAN FAST FOOD (A Case Study of MR BIGGS) BY OGUNRINDE FATIMO OLAIDE 090822049 1.1 Background to the Study In recent years, increasing pressure to reduce costs has forced many companies to radically reengineer the way they do business. This pressure is also leading marketing executives to reconsider the goals, structure, and effectiveness of their marketing arms. As a comprehensive review of a company’s market environment, the marketing audit identifies any inadequacies in overall marketing structures. It also identifies operational strengths and weaknesses and recommends the necessary changes to the company’s marketing strategies. If the marketing audits are done correctly, they will provide management with a useful and analytical tool for evaluating, measuring, motivating and revising management actions (Mylonakis, 2003). The growing complexity of the current market environment necessitates a more systematic scrutiny and evaluation process of the organisational preparedness to deal with the dynamic market. The existing information gathering and processing methods, generally, lack a comprehensive and integrated structure that incorporates the entire marketing function as well as providing strategic recommendations for action. The marketing audit, characterised as a systematic, comprehensive, objective, and independent approach, can assist the...
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...“Business Development through Digital Marketing Campaign” Task One: Marketing Audit 1. 1) Identify the current and future challenges for the chosen organisation 2) For this evaluate in detail both external and internal environments from relevant information of a range of range of sources and analysis using appropriate marketing audit tools, frameworks, models for SWOT 2. Rationale for the choice of Digital Marketing Campaign with an evidence base for the development of the marketing plan Task Two: Marketing Plan To respond to a competitor’s digital marketing campaign to aid business development 1. Summary of the main findings (key issues) of the marketing audit (by highlighting) • the organizational situation through marketing audit as an evidence base for marketing plan 2. Details of marketing plan 1. Specific timescale 2. All necessary components of marketing plan 3. Competitor Analysis (Operational and Strategic elements of competitor’s digital marketing campaign 4. Availability of the organisation’s skills and resources 5. How to deploy the organisation’s skills and resources to achieve the desired outcome Task Three: Evaluation Report (Primary/Secondary data with reference) How the marketing planning process can respond to a competitor’s digital marketing campaign 1. Explanation and assessment of the way in which the marketing planning process can benefit the...
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... Chapter Objectives 1. Describe how to perform an internal strategicmanagement audit. Discuss the Resource-Based View (RBV) in strategic management. Discuss key interrelationships among the functional areas of business. Identify the basic functions or activities that make up management, marketing, finance/accounting production/operations, research and development, and management information systems. Copyright ©2013 Pearson Education 4-2 2. 3. 4. Chapter Objectives 5. Explain how to determine and prioritize a firm’s internal strengths and weaknesses. Explain the importance of financial ratio analysis. Discuss the nature and role of management information systems in strategic management. Develop an Internal Factor Evaluation (IFE) Matrix. Explain cost/benefit analysis value chain analysis, and benchmarking as strategicmanagement tools. Copyright ©2013 Pearson Education 4-3 6. 7. 8. 9. A Comprehensive StrategicManagement Model Copyright ©2013 Pearson Education 4-4 Key Internal Forces Distinctive competencies A firm’s strengths that cannot be easily matched or imitated by competitors Building competitive advantages involves taking advantage of distinctive competencies. Copyright ©2013 Pearson Education 4-5 The Process of Performing an Internal Audit The internal audit Requires gathering and assimilating information about the firm’s management, marketing, finance/accounting, production/operations, research and development (R&D)...
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...Details of Assessment | Term and Year | 2, 2015 | Time allowed | 2 Hours | Assessment No | 1 | Assessment Weighting | 30% | Assessment Type | Written Response | Due Date | Week 5 | Room | 610 | Details of Subject | Qualification | BSB51207 Diploma of Marketing | Subject Name | Marketing Audit Report | | Details of Unit(s) of competency | Unit Code | BSBMKG515A Conduct a Marketing Audit | | | | | Details of Student | Student Name | | College | | Student ID | | Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. | Signature: ___________________________ Date: _______/________/_______________ | Details of Assessor | Assessor’s Name | Jeevan Thapa | Assessment Outcome | Results | Satisfactory Not Satisfactory | Marks | / 30 | FEEDBACK TO STUDENTProgressive feedback to students, identifying gaps in competency and comments on positive improvements: | ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ | Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware...
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...Running head: KRISPY KREME DOUGHNUTS, INC.: A CASE ANALYSIS Krispy Kreme Doughnuts, Inc.: A Case Analysis Presented to By October 09, 2009 Table of Contents II. Table of Contents 2 III. Executive Summary 3 IV. Situational Analysis 5 A. Environment 5 B. Industry Analysis 5 C. The Organization 7 D. The Marketing Strategy 9 V. Problems Found in Situational Analysis 10 A. Statement of primary problem. 10 B. Statement of secondary problem 12 C. Statement of tertiary problem. 13 VI. Formulate, evaluate, and record alternative course(s) of action 14 A. Strategic Alternative 1 14 1. Benefits 14 2. Costs 15 B. Strategic Alternative 2 16 1. Benefits 16 2. Costs 19 C. Strategic Alternative 3 19 1. Benefits 19 2. Costs 21 VII. Selection of Strategic Alternative and Implementation 22 A. Statement of Selected Strategy 22 B. Justification of Selected Strategy 23 C. Description of the implementation of strategy. 23 VIII. Summary 28 IX. Appendices 29 A. Financial Analysis and Selected Tables 29 B. Reference List 32 Executive Summary Krispy Kreme Doughnuts, Inc., began as a family-owned business back in 1937, as an expansion of a pre-existing business, when Vernon Rudolph purchased a doughnut shop along with the now-famous secret recipe for making yeast-raised doughnuts. His doughnuts, which he delivered to grocery stores in the Winston-Salem, North Carolina area, quickly became...
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...Anhui Management Development Centre/ Anhui Economic Management Cadre’s Institute BTEC Center Program: HND in Business Unit Title: Marketing Planning Unit No: 19 Assignment Title: Case Study for Marketing Planning Assignment No.: 1901 Issue Date: March 16, 2015 Submission Deadline: April 30, 2015 Assessor/Tutor: Dai Chun Internal Verifier: Qiao Hui Student: Student’s Reg. No: NOTES TO STUDENTS • Check carefully the submission date and the instructions given with the assignment. Late assignments will not be accepted. • Ensure that you give yourself enough time to complete the assignment by the due date. • Do not leave things such as printing to the last minute – excuses of this nature will not be accepted for failure to hand-in the work on time. • You must take responsibility for managing your own time effectively. • If you are unable to hand in your assignment on time and have valid reasons such as illness, you may apply (in writing) for an extension. • Failure to achieve a PASS grade will results in a REFERRAL grade being given. • Take great care that if you use other people’s work or ideas in your assignment, you properly reference them in your text and any bibliography. • When you refer to the work of other authors in your assignment, you must practice citation by following Harvard System for Referencing. • If you are caught plagiarizing, you could have your grade reduced to zero, or...
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...MKT675 B2B Marketing Professor Manning B2B MARKETING AUDIT FINAL TEAM PROJECT The purpose of the B2B Marketing Audit is to apply the B2B Marketing principles that you learned during the semester into an overall Marketing Audit. This will be prepared for a specific B2B business selected by your team. The audit will allow you to examine and evaluate your chosen firm’s level of knowledge and sophistication with the use of the B2B Marketing Strategies, Principles and specific tools learned in class. With this in mind the team should attempt to include as many of the relevant “B2B Marketing Big 5 (differences from B2C marketing) ” categories in your analysis. Students will form into groups of 3 members and work on the project as a team. You are encouraged to do this assignment on one of the team members firms (if they are a B2B company), or a B2B business of your choice. The presentation will remain confidential. If your team has concerns about doing the audit on one of the team member’s firm please speak with me. If the company selected is large, it is best to focus on just one business unit or product line. The presentation should last a total of 20 minutes with 10 minutes Q&A. Suggested number of PowerPoint slides is 20 slides. Please supply a copy of your powerpoints (2 or 3 slides per page is fine) on the day of the presentation. Outline 1.0 Executive Summary/Situation Analysis: Introduce your company (or Strategic Business unit within the company) and...
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