Market Audit Flashcards
What part of McDonald’s 2007 strategic planning process does the market audit fall into
Phase 2: Situation Review
What are the 3 marketing environments a business needs to be aware of?
- Internal: Strengths & weaknesses
- External: Opportunities & threats
- Performance
What are some ways to analyse the internal environment?
- GE Matrix
- Porters 5 forces: Bargaining power of suppliers, threat of substitutes, threat of new entrants, bargaining powers of buyers
- Competitors
- The media
What are some ways to analyse the external environment?
- PESTLE
- Part of the SWOT
How can a business analyse its own performance?
- SWOT
- Finance
- Ansoff
- Stakeholders
Discuss how the market audit process can be intertwined with customers:
- 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?
What is a competitive audit?
A comparison between yourself and competitors on a component/(s) of your choice. e.g. sales
What are some ways in which you can conduct a portfolio audit?
- BCG Matrix: Star, Cashcow, Dog, Questionmark
- Ansoff Matrix: New products, existing markets, existing markets, new markets
- Shell: Shows their competitive capability
- General Electric matrix
What is a resource audit?
An analysis/inspection of the resources that an organisation has
What types of resource audit are there?
- Human
- Informational
- Financial
- Supply
How can metrics be divided?
- Internal Metrics
- External Metrics
What are some of the internal metrics that an organisation can use?
- Sales figures
- Profit levels
- Trade ups (How many consumers get the next best product in the product line)
What are some of the external metrics that an organisation can use?
- Competitors sales figures
- Market share
- Market growth
- Customer attitude
What is a balanced scorecard?
A strategy performance management tool - a semi-standard structured report
What do companies need to use metrics to measure and monitor things?
- For accountability purposes
- Try to avoid large costs
- Provides legitimacy for senior management