...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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...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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...Organizational Restructuring | Organizations are human systems and their system structure includes the worldview, beliefs, and mental models of their leaders and members. Changing organizational behavior requires changing the belief system of its personnel. This process of changing beliefs is called learning. Effective learning requires clear, open communications throughout the organization. Organizational performance ultimately rests on human behavior and improving performance requires changing behavior. Therefore organizational restructuring should have as a fundamental goal the facilitation of clear, open communication that can enable organizational learning and clarify accountability for results. Since the world is continually changing, continuous organizational learning is necessary to stay up to date. Organizations that cannot or will not learn will become obsolete. Leaders should periodically examine the organizational structure of their enterprise to assure that it continues to provide an environment for organizational learning. A non threatening, development focused performance appraisal process can be an effective organizational learning tool. The points of leverage in organizations are the beliefs and worldview of their leaders and decision makers. The sense of purpose, vision and commitment of an organization's leadership play a critical role in the results it can accomplish. | Symptoms indicating the need for organizational restructuring....
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...Components of a Marketing Audit 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...
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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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...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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...“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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...Accounting Service provides two types of services: audit and tax. All company personnel can perform either service. In efforts to market its services, Mighty Mike relies on radio and billboards for advertising. Information on Mighty Mike's projected operations for the coming year follows: Audit Taxes Revenue per billable hour $35 $30 Variable cost of professional labor 25 20 Material cost per billable hour 2 3 Allocated fixed costs per year 100,000 200,000 Projected billable hours 14,000 10,000 a. What is Mighty Mike’s projected profit or (loss)? b. If $1 spent on advertising could increase either audit services billable time by 1 hour or tax services billable time by 1 hour, on which service should the advertising dollar be spent? ANS: a. Audit Tax Total Revenue: 14,000 × $35 $490,000 $ 490,000 10,000 × $30 $ 300,000 300,000 Variable Costs: Labor: 14,000 × $25 (350,000) (350,000) 10,000 × $20 (200,000) (200,000) Material: 14,000 × $2 (28,000) (28,000) 10,000 × $3 (30,000) (30,000) Contribution margin $112,000 $ 70,000 $ 182,000 Fixed costs (100,000) (200,000) (300,000) Profit (loss) $ 12,000 $(130,000) $(118,000) b. Each billable hour of audit services generates $8 of contribution margin ($35 - $25 - $2), tax services generates $7 of contribution margin ($30 - $20 - $3). The advertising should be spent on the audit services. DIF: Moderate OBJ: 10-5,10-7 ...
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...Marketing Research: An Applied Orientation, 6e (Malhotra) Chapter 2 Defining the Marketing Research Problem and Developing an Approach 1) Problem definition is the most important step in the marketing research project. Answer: TRUE Diff: 1 Page Ref: 36 LO : 1 2) Better communication and more involvement in problem definition are the most frequently mentioned ways of improving the usefulness of research. Answer: TRUE Diff: 2 Page Ref: 37 LO : 2 3) The organizational status of the researcher or the research department may make it easy to reach the key DM in the early stages of the project. Answer: FALSE Diff: 3 Page Ref: 37-39 AACSB: Communication LO : 2 4) The problem audit provides a useful framework for interacting with the researcher and identifying the underlying causes of the problem. Answer: FALSE Diff: 2 Page Ref: 38-39 AACSB: Communication LO : 2 5) DMs tend to focus on symptoms rather than causes. Answer: TRUE Diff: 1 Page Ref: 39 AACSB: Communication LO : 2 6) "The DM and the researcher must interact continually rather than sporadically" is an explanation of one of the 7 Cs known as continuity. Answer: TRUE Diff: 1 Page Ref: 40 AACSB: Communication LO : 2 7) The purpose of interviewing experts is to help define the marketing research problem rather than to develop a conclusive solution. Answer: TRUE Diff: 2 Page Ref: 40 AACSB: Communication LO : 2 8) Analysis of available secondary data is a non-essential step in the problem definition process...
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...assets for any firm is the brand associated with its products and/or services. Despite this, very little attention has been paid to the subject in business education. To address this, Strategic Brand Management is an advanced elective that addresses important branding decisions faced by an organization. Its basic objectives are: 1) to increase understanding of the important issues in planning and evaluating brand strategies; 2) to provide the appropriate theories, models, and other tools to make better branding decisions; and 3) to provide a forum for students to apply these principles. Specifically, we will cover: • Building customers’ brand knowledge • Generating brand identities and value propositions • Using the marketing mix to effectively deliver the brand to the marketplace • Measuring brand equity • Creating a comprehensive and effective brand architecture • Managing brands over time Course Organization and Administration: Strategic Brand Management is...
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...and Treat that points out the core issues about the company’s position on it’s operation. It “serves as a catalyst to facilitate and guide the creation of marketing strategies that will produce desired result” O.C. Ferrell, Michael D.,George h and David l (1999) using the SWOT analysis organizations can examine the various factors both internally (Strength and Weakness) and Externally (opportunities and treats) to improve business performance. The analysis will be used to “quickly overview the business strategy” Jobber and Ellis-Chadwick, (2013). Swot Analysis provides a core information on the business organization not only the marketing aspect but also other components that contribute and affects the success of it’s business operation, Management can prepare itself for taking proper course of action in identifying marketing objectives and designing core strategies and gain competitive advantage in breaking the market. Marketing Audit Organizations develop a plan of action through which they proceed with their business operation, in order to assess their past performance, current position in the market as well as where they want to be in future operations. One of the tool that can answear these issues are to have an internal and external audit. ” The marketing audit is a systematic examination of a business’s marketing environment, objectives, strategies and activities, with a view to identifying key strategic issues, problem areas and opportunities’ Jober and Ellis Chadwick...
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...McCombs School of Business Fall 2010 The University of Texas at Austin 05105 Marketing 382 Strategic Brand Management MW 8:00 – 9:15 CBA 3.130 http://courses.utexas.edu Office Hours: Professor Leigh McAlister M/W 9:30-11 and by appointment CBA 7.228 leigh.mcalister@mccombs.utexas.edu TA: Jeremy Battier By appointment jeremy.battier@mba11.mccombs.utexas.edu Required Readings Course Reading Packet (CP): Required Available in GSB Copy Center Everyone must purchase his/her own copy of the packet. Do not share copies of the packet as this is a violation of copyright. Additional readings posted on course web site (BB) (http://courses.utexas.edu) Course Objectives Some of a firm’s most valuable assets are the brands that it has invested in and developed over time. Although manufacturing processes can often be duplicated, strongly held beliefs and attitudes established in consumers’ minds cannot. This course provides students with insights into the creation of profitable brand strategies. It addresses three important questions: (1) How do you build brand equity?; (2) How can brand equity be measured?; and (3) How do you capitalize on brand equity to expand your business? Its basic objectives are to provide an understanding of: (1) Important issues in planning and evaluating brand strategies; and (2) Appropriate concepts and techniques to improve the long-term profitability of brand strategies. The course...
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...Qualification structure and syllabus CIMA Chartered Management Accounting Qualification 2010 December 2008 Contents CIMA now designs its qualifications in what we believe to be a unique way. Based on rigorous international primary research with all of our key stakeholders and involving the participation of over 6,000 individuals and organisations – members, students, employers (both existing and potential), CIMA tuition partners, universities and our examiner and marker team – we have designed a professional finance training and development solution that is second to none. I commend this revised CIMA Professional Qualification to you. It will be examined for the first time in 2010, so there is plenty of time to absorb the exciting changes contained in the pages that follow. A qualification focused on the future – fit for purpose, relevant and unique I am honoured to introduce the new 2010 Chartered Management Accounting Qualification to all of our stakeholders. With seismic shifts occurring in the world’s economy, coupled with accelerating concerns about the sustainability of our planet, never before has there been a greater need for organisations to train and develop their people to manage the impact of these changes. With this revised qualification CIMA remains true to its long and proud history of providing finance professionals with a difference – Chartered Management Accountants – who combine management and finance skills in a unique way and who fully understand...
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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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