Market Audit Flashcards

1
Q

What part of McDonald’s 2007 strategic planning process does the market audit fall into

A

Phase 2: Situation Review

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2
Q

What are the 3 marketing environments a business needs to be aware of?

A
  • Internal: Strengths & weaknesses
  • External: Opportunities & threats
  • Performance
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3
Q

What are some ways to analyse the internal environment?

A
  • GE Matrix
  • Porters 5 forces: Bargaining power of suppliers, threat of substitutes, threat of new entrants, bargaining powers of buyers
  • Competitors
  • The media
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4
Q

What are some ways to analyse the external environment?

A
  • PESTLE

- Part of the SWOT

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5
Q

How can a business analyse its own performance?

A
  • SWOT
  • Finance
  • Ansoff
  • Stakeholders
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6
Q

Discuss how the market audit process can be intertwined with customers:

A
  • Current and potential market segments: Who are we servicing
  • Company market shares within each segment: How dominant, or not, are we?
  • Customer buying behaviour: Are we keeping or losing our customer base?
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7
Q

What is a competitive audit?

A

A comparison between yourself and competitors on a component/(s) of your choice. e.g. sales

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8
Q

What are some ways in which you can conduct a portfolio audit?

A
  • BCG Matrix: Star, Cashcow, Dog, Questionmark
  • Ansoff Matrix: New products, existing markets, existing markets, new markets
  • Shell: Shows their competitive capability
  • General Electric matrix
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9
Q

What is a resource audit?

A

An analysis/inspection of the resources that an organisation has

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10
Q

What types of resource audit are there?

A
  • Human
  • Informational
  • Financial
  • Supply
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11
Q

How can metrics be divided?

A
  • Internal Metrics

- External Metrics

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12
Q

What are some of the internal metrics that an organisation can use?

A
  • Sales figures
  • Profit levels
  • Trade ups (How many consumers get the next best product in the product line)
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13
Q

What are some of the external metrics that an organisation can use?

A
  • Competitors sales figures
  • Market share
  • Market growth
  • Customer attitude
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14
Q

What is a balanced scorecard?

A

A strategy performance management tool - a semi-standard structured report

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15
Q

What do companies need to use metrics to measure and monitor things?

A
  • For accountability purposes
  • Try to avoid large costs
  • Provides legitimacy for senior management
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16
Q

What is brand equity?

A

The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself.

17
Q

What is a competitive advantage?

A

Sustained differentiation from rivals

18
Q

What is passive data collection methods?

A

Passive data collection occurs without any overt consumer interaction and generally includes capturing user preferences and usage behavior, including location, etc.

19
Q

What are some passive data collection methods?

A
  • From cash registers
  • Cookies
  • Online purchases & accounts