...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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...marketing Audit MARKETING AUDIT Definition and Scope Marketing audit is defined by Kotler thus: “ A marketing audit is a comprehensive, systematic, independent, and periodic examination of a company’s or business units marketing environment objectives, strategies and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance. The important elements of marketing audit, to follow the analogy of its financial counterpart, are to judge. i) If the company’s system are adequate or suitable for the size of the organisation and native and complexity of its business. ii) Whether the systems are in operation at all the times and iii) Whether the results or outputs are conformity with the long and short term goals. It is only after such an assessment that auditors can suggest corrective actions. Audit Programme Corporate Philosophy and Policies ▪ Is there corporate policy well-documented? ▪ Is there a mechanism for periodic review of the policy? ▪ Do the managers and other employees actively participate in policy formulation and its change, directly or through suggestion scheme, brain-storming sessions etc. ▪ Do the major decisions policy market-driven? ▪ What is the status of the marketing head in the organisational think-tank. ▪ What is the composition of the policy core group? Marketing Network ...
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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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...COMPONENTS OF A MARKETING AUDIT Extract from Kotler, P, and Keller, K. Marketing management 2012 14 ed. Pearson pages 666 - 667 TABLE 22- 10 COMPONENTS OF A MARKETING AUDIT Table 22.10 Components of a Marketing Audit Part I. Marketing Environment Audit Macroenvironment A. Demographic What major demographic developments and trends pose opportunities or threats to this company/ What actions has this company taken in response to these developments and trends? B. Economics What major development in income, prices, saving and credit will affect the company? What actions have the company been taking in response to these developments and trends? C. Environmental What is the outlook for the cost and availability of natural resources and energy needed by the company? What concerns have been expressed about the company’s role in pollution and conservation, and what steps have the company taken? D. Technological What major changes are occurring in product and process technology? What is the company’s position in these technologies? What major generic substitutes might replace this product? E. Political What changes in Law and regulations might affect marketing strategies and tactics? What is happening in the areas of pollution control, equal employment opportunity, product safety, advertising, price control, and so forth that affects marketing strategy? F. Cultural What is the public’s attitude towards business and toward the company’s product? What ...
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...3M Marketing Audit Jeremiah Lindgren University of Mary 3M Marketing Audit 3M was founded in 1902 in Two Harbors, Minnesota by five businessmen, with diverse occupations, who wanted to mine a mineral deposit for grinding-wheel abrasives (3M, 2012). The founders did what many others did in that time and that was incorporate first and investigate later so soon after their start the company moved to Duluth, Minnesota to focus on sandpaper products because the mineral deposit was of little value (3M, 2012). 3M struggled for many years, then they got the quality production and supply chain down they attracted new investors. The company moved to St. Paul, Minnesota in 1910 and in 1916 they paid their first dividends of 6 cents a share (3M, 2012). In 2004, their sales topped $20 billion for the first time and currently they are in 25 different countries worldwide. When most people think of 3M they think of Post-It notes and Scotch tape but 3M actually has many other businesses besides office supplies (3M, 2012). They currently have a very high technology platform which gives them the ability to have a graphics business that people rely on every day along with an electronic and communication business that contribute reliable sources of electrical power to markets around the world (3M, 2012). They supply innovative and reliable products that are used by health care professionals. These products make them a global leader in medical and oral care products, and drug deliver and...
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...Marketing Audit of Nike Nike is an incorporated company that primarily carries footwear products. The Company designs, develops and markets athletic footwear, apparel, equipment and accessory products. Former CEO and Pres. Philip Knight co-founded Blue Ribbon Sports with Mr. Bill Bowerman in 1962 which officially became Nike in 1978. At first, Nike was known to distribute inexpensive, superior-quality Japanese athletic shoes to American consumers to break Germany’s domination of the domestic industry. Today, Nike Inc. manufactures and distributes athletic shoes to a global market and some 40% of sales come from athletic apparel, sports equipment, and subsidiary ventures. Nike maintains traditional and non-traditional distribution channels in more than 110 countries with primary market regions in United States, Europe, Asia Pacific, and the Americas (not including the United States). Nike has some over 20,000 retailers worldwide including Nike factory stores, Nike stores, NikeTowns, Cole Haan stores, and internet-based Web sites sell Nike’s sports and leisure products. Nike is leading the sales in the athletic footwear industry with a 33% global market share. Nike Inc. achieved their current status by promoting “quality production, innovative products, and aggressive marketing” in their products. As a result, for the fiscal year end 1999, Nike’s 20,700 employees generated almost $8.8 billion in revenue worldwide. ENVIRONMENTAL ASPECTS ECONOMICS Have changes in the...
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...Marketing Audit and Analysis of Hindustan hydraulics EXECUTIVE SUMMARY This report has been produced to analyze the current marketing challenges faced by Hindustan Hydraulics with regard to their marketing strategy. Although Hindustan Hydraulics has invested time and money in improving their infrastructure, we feel that with tougher competition in the present market, this company is not taking full advantage of its cash reserve and good presence in the Indian market which could be used to develop their old machine with state of the art new technology which could result in higher profit and lower cost in maintaining machine. Faced with a consistent loss of market share due to new competition it is our analysis that, to enhance further growth and profit, Hindustan Hydraulics must improve their sales service, better turnaround time to decrease down time of machines so that customers do not fall behind their production schedule and more money should be pumped into the R&D department to develop advanced systems. Other recommendations has been discussed in detail in this report. Table of Contents Executive Summary 2 Introduction 5 Positioning 6 Current environment and operation 7 PEST Analysis 8 a) Political forces b) Economic forces c) Socio-cultural forces d) Technological forces SWOT Analysis 10 a) Internal factor 10 1. Strengths 2. Weaknesses b) External Factors...
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...------------------------------------------------- ------------------------------------------------- Student Registration Number: | 130198710 | | | Word Count: | 2230 | Marketing Audit of Nestlé Crunch Introduction: Nestlé Crunch is a famous chocolate confectionery in the US market, and take up almost 2% market share of the total (Barton 2014). This market audit will be split into three section, and separately analyze the business environment, marketing mix and STP (Segmentation, targeting and positioning). Finally, a conclusion will be drawn in the end of this assignment. Business environment analysis: In this part, it will analysis the business environment by using PEST model, Competitor analysis and consumer behavior theory. PEST Analysis - Political: In general, the political factors includes laws, regulations and taxation that may influence the decision of the company. As the industry of chocolate confectionery is a common goods for the consumers in the USA, so it is less possibility for Nestlé Crunch to be influenced by the political environment. Also, the most important things that Crunch should considered is the regulation about its food safety, which was regulated by U.S Food and Drug Administration (FDA). And Crunch should conform to the requirements of the safety law, such as origin, manufacture and designs. PEST Analysis - Economic: Economic factors have great effect on the operating of company, both on its supply and demand side. Nestlé should consider...
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...their top position in the premium crisps segment, with an estimated 4% market share in 2010 of the total crisp market – giving them a total of 23.8% rise in value shares in crisps and snacks from 2008 to 2010. (Mintel Oxygen, 2011) Mintel (2011) explains that although Kettle Chips maintained its lead as the only brand of size in the premium segment, competition is rapidly increasing from other companies such as Tyrrells and Walkers’ Red Sky, causing their sales growth to slow down in 2010. Although Kettle Chips are an international brand this report will mainly be focusing on their UK business. Approach This report shall evaluate both the micro and macro environment in order to identify any trends that may affect the company’s marketing strategies. It shall also identify any opportunities that can be developed in to competitive advantages as competition seems to be becoming an issue. All the data in this report will be secondary research. Quantitative data will be sourced from Mintel. Comparative data...
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...gives short information about Masafi Company. The company was found in 1976 and now it is a unique brand that has become a generic name for bottled and mineral water in the entire Gulf region. Such a status was acquired because of their high quality products known all over the world for their pure natural freshness. Today Masafi Company can offer a great number of products, ranging from bottled mineral water to soft facial tissues, cups, juices and chips. Gulfbusiness website writes that the main aim of Masafi Company is to strengthen the market leadership. It is distinguished by constant improvement the quality and number of their products and also through the processes of innovative manufacturing, continuous reinvestment and marketing and audit strategies. The target market for Masafi products, as well as any others ones, is distinguished according the following customer characteristics: geographic, demographic, psychographic and behavioralistic. Urban areas of the Middle East region is the main target market for Masafi products. People use water in summer more than in winter. In summer one person uses ten or more glasses of water per day, and can use a couple of glasses of juice. In the Middle East region the temperature is one of the highest on Earth. In most countries of the region the summer is all the year round. It was conducted a survey and analyzed that 40% of individuals are ready to use Masafi products as a regular drink. Demographics customer...
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...Marketing Audit: Burnett’s Flavored Vodka Over the past decade, the popularity of the spirit vodka has gone through the roof in terms of U.S Consumption. With many consumers looking for healthier, low calorie alternatives to beer, wine, and other dark spirits, Vodkas popularity comes as no surprise. The rise of vodka has also brought about another growing trend in the spirits industry and that is the growth of flavored vodkas. Flavored vodkas allow consumers with particular taste to enjoy an easy-to-drink spirit and also allows consumers to create many different drinks with one base liquor. One of the companies that has seen immense success in this booming market is Heaven Hill Distilleries’ line of Burnetts’ Flavored Vodka. Featuring over 33 unique and distinct flavors, Burnett’s is one of the largest players in the flavored vodka market and continues to lead in innovation of flavors as well as nationwide distribution. Executive Summary While there continues to be new competitors entering the market almost every day, one of the largest, most competitive firms in the flavored vodka market is Burnett’s Flavored Vodka. Burnett’s, widely known throughout the nation by young collegiate aged individuals and young professionals, offers one of the lowest price points for vodka in the entire industry. In addition to this, it features a product line with over 33 different flavors including seasonal flavors such as pumpkin spice vodka. By and large, Burnett’s has seen wide success...
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...Name goes here MKT/551 Professor Joe Zimmerman Marketing Audit Overview May 31, 2011 Table of contents page Case Study: Peace Memorial Hospital: Downtown health Clinic …….………………. 3 Executive Summary …………………………………………………………………….. 3 Environmental Aspects …………………………………………………………….. 5 Demographics …………………………………………………………………….. 5 Politics …………………………………………………………………….. 7 Competition …………………………………………………………………….. 8 Marketing …………………………………………………………………………….. 9 Objectives …………………………………………………………………….. 9 Strategies …………………………………………………………………….. 10 Tactics …………………………………………………………………………….. 10 Four Ps …………………….…………………………………………….. 11 Product …………………………………………………………… 11 Price …………………………………………………………………… 11 Place …………………………………………………………………… 11 Promotion …………………………………………………………… 12 Marketing Information Systems ……………………………………………. 12 Conclusion …………………………………………………………………………….. 13 References ……………………………………………………………………………...
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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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...Financial Management for a Small Business Participant Guide Table of Contents Welcome ................................................................................................................................................................................. 3 What Do You Know? Financial Management for a Small Business ................................................................................ 4 Pre-Test .................................................................................................................................................................................. 5 Benefits of Financial Management ...................................................................................................................................... 7 Budgeting ............................................................................................................................................................................... 7 Discussion Point #1: Budgeting............................................................................................................................................ 7 Bookkeeping .......................................................................................................................................................................... 8 Cash Flow ................................................................................................................................................................................
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...Behind Instagram's success, networking the old way Past midnight, in a dimly lighted warehouse jutting into the San Francisco Bay, Kevin Systrom and Mike Krieger introduced something they had been working on for weeks: a photo-sharing iPhone application called Instagram. What happened next was crazier than they could have imagined. In a matter of hours, thousands downloaded it. The computer systems handling the photos kept crashing. Neither of them knew what to do. "Who's, like, the smartest person I know who I can call up?" Mr. Systrom remembered thinking. He scrolled through his phone and found his man: Adam D'Angelo, a former chief technology officer at Facebook. They had met at a party seven years earlier, over beers in red plastic cups, at the Sigma Nu fraternity at Stanford University. That night in October 2010, Mr. D'Angelo became Instagram's lifeline. "Adam spent like 30 minutes on the phone with us," Mr. Systrom recalled, "walking us through the basic things we needed to do to get back up." Mr. Systrom, now 29, offered this as a parable for the roomful of would-be entrepreneurs who came to hear him talk at Stanford last spring: in the intensely competitive start-up scene here, success is as much about who you know as what you know. "Make sure to spend some time after the talk getting to know the people around you," he told his audience. Those people, he might have added, might one day shape your destiny. They might one day press money into your palm...
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