2. Marketing Audit Flashcards
Marketing Management - Definition 4
- The process of analyzing, planning, implementing, coordinating, and controlling marketing programmes
- 4 Ps
- decision making focus : what to do, when, how
- Analysing 4 Cs
4 Cs
- Company
- Context
- Customers
- Competitors
Recent Developments 4
- Globalization
- Increased importance of service
- Information technology
- Relationships across functions and firms
Marketing Management Process 5
- Market Opportunity Analysis
- Formulate Strategic Marketing Programmes
- Formulating strategic marketing programmes for specific situations
- Implementation
- Control of the Marketing Programme
Market Opportunity Analysis 4
- Understanding market opportunities
- Customer analysis
- Marketing research and forecasting
- Market segmentation, targeting, and positioning decisions
Market segments
Distinct subsets of people with similar needs, circumstances, and characteristics that lead them to respond in a similar way to a particular product or service offering or to a particular strategic marketing programme
Formulate Strategic Marketing Programmes 2
- Specifying marketing objectives and strategies
- Marketing programme components:
- Marketing mix
- The 4 Ps
Marketing mix
The combination of controllable marketing variables that a manager uses to carry out a marketing strategy in pursuit of the firm’s objectives in a given target market
4 Ps
- Product offering
- price
- promotion
- place
Formulating strategic marketing programmes for specific situations
The strategic marketing programme for a product or service should reflect market demand and competitive situation .
Marketing strategies are adapted for different market conditions and different product life-cycle stages.
Implementation; Control of the Marketing Programme
This depends on whether the strategy is consistent with the organisation’s resources, the organisational structure, the coordination and control systems, skills and experience of company personnel (the internal market)
The Marketing Plan
A written document detailing the current situation with respect to customers, competitors, and the external environment and providing guidelines for objectives, marketing actions, and resource allocations over the planning period for either an existing or a proposed product or service
Environmental Analysis 3
- Internal Factors
- External Factors
- Competitive Factors.
The Macro environments factors
external forces that impact overall marketing strategy and performance.
Micro environmental factors
directly influence marketing strategies and activities (customers, competitors, channel members, partners, suppliers, and employees.)
SWOT ANALYSIS
Internal:
- Strengths
- Weaknesses
External:
- Opportunities
- Threats
SO strategies 3
Strenghts -Opportunities
- enable competitive advantage
- external opportunities match well with internal strengths
- allows for competitive advantage to be built and maintained.
WO strategies 2
Weaknesses- Opportunities
- Acquisition/Development Strategies
- develop new resources/capabilities to take advantage of external opportunities
ST Strategies 3
Strenghts - Threats
- Mitigation Strategies
- firm possesses internal strengths that facilitates neutralisation of external threats
- may lead to temporary advantage if competitors are impacted by environmental threats.
WT strategies 2
Weaknesses- Threats
- Consolidation/Exit Strategies
- if firms can’t find ways to convert weaknesses to strengths via acquisition/development, exit from market is recommended.
PESTEL
Political
Economic
Social
Technological
Ethical forces
Legal
Competitive Environment Analysis 3
- Current competitors
- Futur competitors
- Porter 5 forces
Porter 5 forces
- Threats of new entrants
- Rivalry among existing competitors
- Bargaining power of buyers
- bargaining power of suppliers
- Threats of substitute products or services
Rivalry among existing firms 5
- Competitors are roughly evenly balanced
- Low market growth
- Exit barriers are high
- Product differentiation is low
- Fixed costs are relatively high
Threat of Market Entry 3
- Costs of entry are low
- Existing or new distribution channels are open to use Differentiation is low
- There are gaps in the market
Threat of Substitute 2
- Making existing technologies redundant
- Incremental product improvement
Bargaining Power of Suppliers 3
- Suppliers are more concentrated than buyers
- Costs of switching suppliers are high
- Suppliers’ offerings are highly differentiated
Bargaining power of buyers 3
- More concentrated than sellers
- Alternative supply sources are readily available
- Buyer switching costs are low
