The Marketing Audit Comes Of Age Pdf
What would it achieve if it continues to pursue its current strategies—where is it going?The company analyses internal and external environment of its business and it uses the results of the marketing audit to chart its future direction. It even redefines its mission.External analysis covers the macro-environment (economy, social/cultural issues, technological changes, political/legal factors, ecological concerns), the market and competition.
Oct 29, 2012 Marketing as an organizational process. The word ‘marketing’ is commonly used to delineate very different things. On the one hand, it is considered as a management philosophy that seeks to express why and how a company should adapt to and influence its market. On the other hand, it embodies the corporate subsystem, often called department, which develops a set of tasks regarding marketing.
The market consists of statistical analysis of the market size, growth areas and trends.Customer analysis includes who the customers are, what choice criteria they use, and how they rate competitive offerings and market segmentation bases. Distribution analysis covers significant movements in power bases between the manufacturer and the intermediaries, channel attractiveness studies and identification of physical distribution methods. ADVERTISEMENTS:The company carries out competitor analysis, in which it examines the nature of its current and potential competitors, their strategic objectives and the generic strategies that they are pursuing. It also examines their strengths, weaknesses, competences, market share, profitability and customer perception. It carries out profitability analysis, in which it examines industry profitability and comparative performance of competitors.
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It also carries out entry barrier analysis, in which it examines the key financial and non- financial barriers that protect the industry from attacks of new entrants.The company carries out internal audit, in which it examines its operating results. It analyses its sales, market share, profitability and costs.
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It carries out strategic issues analysis, in which it examines the suitability of its strategic objectives, segmentation bases and positioning planks in the view of changes in the market.It also reassesses its competitive advantages and core competences, and examines if it would hold them in good stead in future too. It re-examines the positioning of products which are targeted at volatile segments. It analyses its product portfolio to determine their future strategic objectives.
It reviews each element of its marketing mix in the view of changing customer needs and competitor activity.The company audits its marketing system to know if it is helping it achieve its strategic objectives— its marketing system is audited for effectiveness. It should ensure that marketing audit is an ongoing activity and not a last ditch effort to revive a faltering business.