Marketing Audit

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  • 1. 5/29/2009 Marketing Audit g Suhermin Ari Pujiati Dayaolahawarta - 2009 Should you audit your marketing strategy? Are you concerned about factors such as your personnel skills, current performance, how to use the Internet to grow your business, industry trends, current capabilities, capabilities required in the future, sales processes, organizational structure, pricing promotion advertising ? structure pricing, promotion, advertising...? 1
  • 2. 5/29/2009 Marketing Audit ? The marketing audit is to the marketing department what a financial audit is to the accounting department. A comprehensive review of a company's marketing environment, objectives, strategies, and activities, the marketing audit identifies operational strengths g p g and weaknesses and recommends changes to the company's marketing plans and programs. Marketing audit using expert system software Business Insight called the quot;MBA on a disk , offers a Insight, MBA diskquot; unique way for you to bring structure and expert knowledge to the process of a marketing audit. You describe your business and Business Insight matches your strategy against thousands of expert system rules drawn from real world experience and published academic research Your research. insight is gained as the software leads you through the extensive analysis results. 2
  • 3. 5/29/2009 Expert System Knowledge Base Business Insight uses its extensive knowledge g g base of hundreds of marketing concepts to generate analyses specific to your business. As you review the analyses, each marketing concept is explained and what influence factors unique to your business have on them You can try quot;what them. what ifquot; scenarios and observe the changes in the analyses The analyses : A score card that rates your chances for success in key areas. These ratings provide the incentive for and the means of measuring improvements. A list of your strengths and weaknesses. This helps to leverage your strength and correct or compensate for weaknesses. Observations about inconsistencies in your marketing strategy. A powerful strategy is possible only if all parts of your business work together consistently. A written critique of your strategy. This constructive criticism can serve as the basis of your formal marketing plan plan. A review process. Tells which factors can be changed to have the most positive impact on your business. A comparison of alternative strategies. Shows the positive and negative impacts of changing strategic factors. 3
  • 4. 5/29/2009 Top 10 list of the things a marketing audit should assess Key factors that impacted the business for good or for bad during the past year. Including an evaluation of marketing quot;surprisesquot;—the surprises the unanticipated competitive actions or changes in the marketing climate that affected the performance of the marketing programs. Customer satisfaction based on research among key target groups. Distributor, vendor, or intermediary satisfaction. Marketing knowledge, attitudes, and satisfaction of all executives involved in the marketing function. The extent to which the marketing program was marketed internally and bought into by top management and non- marketing executives. Top 10 list of the things a marketing audit should assess The extent to which each decision in the marketing mix—e.g. targeting, positioning, pricing, advertising, etc.—was made correctly after evaluating many t d tl ft l ti alternatives in terms of profit-related criteria. The performance of advertising, promotion, sales force, and marketing research programs with an emphasis on return-on-investment issues. Whether the marketing plan achieved its stated financial and non-financial goals and objectives. Which aspects of the plan that failed to meet objectives with specific recommendations for improving next year's performance. The current value of brand and customer equity for each brand in the product portfolio. 4
  • 5. 5/29/2009 External Audit External factors can be split broadly into three groups, the economic environment, the competitive environment and your own market environment. Consider these areas from your own business's point of view - will any changes have an impact on your business, will they affect your competitors, will they allow you to compete where p , y y p you could not, or inhibit your ability to compete. If the answer is yes, then the factors should be included in the audit. External Audit 1.1 1 1 The Economic Environment Political Government actions, tax levels, privatisation, schools policy etc EconomicIncome levels, employment levels, rate of inflation, rate of economic growth Social and CulturalDemographics (population growth/distribution, age), lifestyles and cultural values (changing beliefs, skills, family values) TechnologicalIT, internet, home shopping LegalUK Law ( (health & safety, employment law, store opening etc), EU y, p y , p g ), Law EnvironmentalAffect of your business on environment, 'green' credentials 5
  • 6. 5/29/2009 External Audit 1.2 Competitive Environment How competitive i your market? Wh t are your competitors doing, H titi is k t? What tit d i likely to be doing? Evaluate the following: The threat of new entrants to your industry The threat of substitute products The bargaining power of customers The bargaining power of suppliers The rivalry amongst current competitors Who are your competitors? Who are your major competitors, how big are they, what is their market share? What reputation do they have? How do they distribute their products, what are their production capabilities? What is their marketing like - do they diversify? What are their key strengths and weaknesses? External Audit 1.3 The Market Environment Total market size growth and trends Market characteristics, growth and trends Products, prices Physical distribution channels Customers/consumers Industry practices 6
  • 7. 5/29/2009 Internal Audit This is your opportunity to put your own business under the microscope - do you know as much about your own situation as you should? Sales (total, split by geography, industry, customer, product) Market shares Profit margins Costs Marketing information research Effectiveness of marketing mix Source : http://www.brs-inc.com http://www.copernicusmarketing.com http://www.cim.co.uk/ 7