2. Marketing Audit

Question 1

Marketing Management - Definition 4

Answer 1

1. • The process of analyzing, planning, implementing, coordinating, and controlling marketing programmes
2. • 4 Ps
3. • decision making focus : what to do, when, how
4. • Analysing 4 Cs

Question 2

4 Cs

Answer 2

1. Company
2. Context
3. Customers
4. Competitors

Question 3

Recent Developments 4

Answer 3

1. Globalization
2. Increased importance of service
3. Information technology
4. Relationships across functions and firms

Question 4

Marketing Management Process 5

Answer 4

1. Market Opportunity Analysis
2. Formulate Strategic Marketing Programmes
3. Formulating strategic marketing programmes for specific situations
4. Implementation
5. Control of the Marketing Programme

Question 5

Market Opportunity Analysis 4

Answer 5

1. • Understanding market opportunities
2. • Customer analysis
3. • Marketing research and forecasting
4. • Market segmentation, targeting, and positioning decisions

Question 6

Market segments

Answer 6

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

Question 7

Formulate Strategic Marketing Programmes 2

Answer 7

1. • Specifying marketing objectives and strategies
2. • Marketing programme components:

• Marketing mix
• The 4 Ps

Question 8

Marketing mix

Answer 8

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

Question 9

4 Ps

Answer 9

1. Product offering
2. price
3. promotion
4. place

Question 10

Formulating strategic marketing programmes for specific situations

Answer 10

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.

Question 11

Implementation; Control of the Marketing Programme

Answer 11

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)

Question 12

The Marketing Plan

Answer 12

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

Question 13

Environmental Analysis 3

Answer 13

1. Internal Factors
2. External Factors
3. Competitive Factors.

Question 14

The Macro environments factors

Answer 14

external forces that impact overall marketing strategy and performance.

Question 15

Micro environmental factors

Answer 15

directly influence marketing strategies and activities (customers, competitors, channel members, partners, suppliers, and employees.)

Question 16

SWOT ANALYSIS

Answer 16

Internal:

• Strengths
• Weaknesses

External:

• Opportunities
• Threats

Question 17

SO strategies 3

Answer 17

Strenghts -Opportunities

1. • enable competitive advantage
2. • external opportunities match well with internal strengths
3. allows for competitive advantage to be built and maintained.

Question 18

WO strategies 2

Answer 18

Weaknesses- Opportunities

1. • Acquisition/Development Strategies
2. • develop new resources/capabilities to take advantage of external opportunities

Question 19

ST Strategies 3

Answer 19

Strenghts - Threats

1. • Mitigation Strategies
2. • firm possesses internal strengths that facilitates neutralisation of external threats
3. • may lead to temporary advantage if competitors are impacted by environmental threats.

Question 20

WT strategies 2

Answer 20

Weaknesses- Threats

1. • Consolidation/Exit Strategies
2. • if firms can’t find ways to convert weaknesses to strengths via acquisition/development, exit from market is recommended.

Question 21

PESTEL

Answer 21

Political

Economic

Social

Technological

Ethical forces

Legal

Question 22

Competitive Environment Analysis 3

Answer 22

1. • Current competitors
2. • Futur competitors
3. • Porter 5 forces

Question 23

Porter 5 forces

Answer 23

1. • Threats of new entrants
2. • Rivalry among existing competitors
3. • Bargaining power of buyers
4. • bargaining power of suppliers
5. • Threats of substitute products or services

Question 24

Rivalry among existing firms 5

Answer 24

1. Competitors are roughly evenly balanced
2. Low market growth
3. Exit barriers are high
4. Product differentiation is low
5. Fixed costs are relatively high

Question 25

Threat of Market Entry 3

Answer 25

1. Costs of entry are low
2. Existing or new distribution channels are open to use Differentiation is low
3. There are gaps in the market

Question 26

Threat of Substitute 2

Answer 26

1. Making existing technologies redundant
2. Incremental product improvement

Question 27

Bargaining Power of Suppliers 3

Answer 27

1. Suppliers are more concentrated than buyers
2. Costs of switching suppliers are high
3. Suppliers’ offerings are highly differentiated

Question 28

Bargaining power of buyers 3

Answer 28

1. More concentrated than sellers
2. Alternative supply sources are readily available
3. Buyer switching costs are low