Reference no: EM132386479
Scope
Identify an entrepreneurial business and carry out a marketing audit on the organization.
Definition
Marketing audit is a systematic and periodic examination of a company's environment, objectives, strategies and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance (Kotler, Armstrong, Wong and Saunders, 2008; p. 153).
Objective
Marketing audit seeks to address some of the key issues of the marketing planning process. It asks the question "Where are we now? How did we get here? And where are we heading?" (Jobber, 2010; p.39).
The results obtained from the marketing audit provides a compass for the business in the future. Sample Outline (Use as a guide, you can adapt to suit the purpose of your marketing audit)
Title page
Table of contents
Executive summary
1.0 Introduction (examples of content can include: Name of company; Is this B2C or B2B, Any relevant definitions? Objective of your marketing audit)
2.0 Company background (examples of content can include: How did you decide that this is an entrepreneurial company? Industry of operation, when did the company launch, number of employees, mission statement, number of employees, number of towns and cities of
operation)
3.0 Analysis of the business environment
3.1 The macroenvironment (brief introduction and presentation of the framework or model you will be using to analyse the macroenvironment. Most likely will be the PEST OR PESTEL framework. Analyse these factors and state whether they constitute a strength, weakness, opportunity or threat to the business)
3.1.1 Political environment
3.1.2 Economic environment
3.1.3 Social-cultural environment
3.1.4 Technological environment
3.2 The Microenvironment (brief introduction of this subsection can include definition of microenvironment and the factors that will be covered in your audit. Create subsections for the microenvironment you want to analyse and present the analysis accordingly).
4.0 The organization's marketing mix (if you are using the 8ps, state why. If you are using 5ps, state why. Ensure you use the right combination of the marketing mix. For example, you cannot be examining a company that offers both products and services using the 5ps. Create the subsections for each factor of the 5/8ps and discuss in detail. You can use tables to list all products and/or services. It may add value if you identify the product-mix width and a product-line length. Use diagrams if available and state the references for the pictures,
figures or diagrams.
5.0 Segmentation, targeting and positioning (Provide good introduction for all new sections). Example of a good introduction is presented below.
This section will analyse the segmentation, targeting and positioning for company XXX. Although it is desirable that all customers be treated specially with the perfect product for each individual, unfortunately, this is not often realistic (Solomon et al., 2009). Hence, the need to fragment market into segments.
The introduction above is just for illustration. Do not use it in your audit; it will be regarded as plagiarism. Create your own introduction.
Create subsections and discuss in detail what your company does in regards to STP.
Answer sections such as: What segment of the market is each product/service targeting?
What variables were taken into consideration for the segmentation? What targeting strategy does the company use? How effective has this been for the company?
6.0 Recommendations and conclusions (This is your opportunity to state your own opinion. In the audit, you have answered: where are we now and how did we get here? In your recommendation, you need to answer the question "where are we heading?"). Present compelling arguments.
It is important that you use a model/framework to guide your discussion in the recommendation section. Use a framework for business growth or business strategy such as Ansoff Matrix or SWOT analysis. Consider the weaknesses and threats of the macro and micro environment of the organization and discuss how these can be converted into strengths and opportunities.
References (Ensure that in-text citations are relevant and properly presented. List of references
must also be complete and consistent)
Appendix (can include evidence of primary and secondary data collection)
Additional instructions
If your chosen organization is not an entrepreneurial organization, you will lose marks.
Word count is 4500