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A Marketing Audit of "FairPrice"

Write a report on undertaking a marketing audit of your organization using appropriate marketing theory and provide marketing recommendations based on the analysis.

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Added on  2022-08-15

A Marketing Audit of "FairPrice"

Write a report on undertaking a marketing audit of your organization using appropriate marketing theory and provide marketing recommendations based on the analysis.

   Added on 2022-08-15

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Running head: A MARKETING AUDIT
A Marketing Audit of "FairPrice"
Name of the student:
Name of the university:
Author note:
A Marketing Audit of "FairPrice"_1
A MARKETING AUDIT1
Executive summary
A marketing audit is a good way to measure the organisational assets and its internal capabilities
as well as investigate the external business environment. Such investigation helps to know the
threats and opportunities rising for a business concerned. By being able to know such facts a
business can bring necessary changes to its already existing marketing strategy. Indeed, changes
need to be brought to the marketing strategy to keep it flexible with the current market demand.
The findings of the study indicate that FairPrice occupies a larger space in the supermarket
industry of Singapore. It effectively positions its brand image of a retailer that sells variety of
products under its variety of store formats at competitive prices. Private-label products are the
essential part of its product portfolio. The paper also recommends it to sell private-label foods to
increase its profit margin and satisfy the healthy needs of millennials.
A Marketing Audit of "FairPrice"_2
A MARKETING AUDIT2
Table of Contents
Introduction......................................................................................................................................4
Rationale..........................................................................................................................................4
Main Body:......................................................................................................................................4
1. Introduction to the organisation ("FairPrice").........................................................................5
1.1 Company situation.............................................................................................................5
1.2 market situation.................................................................................................................5
2. Strategic analysis.....................................................................................................................6
2.1 Porter's value chain............................................................................................................6
2.2 Product life cycle...............................................................................................................9
3. Financial summary.................................................................................................................10
3.1 Summary of profit and loss..............................................................................................11
3.2 Summary of balance sheet...............................................................................................11
4. Business analysis...................................................................................................................12
4.1 SWOT analysis................................................................................................................12
4.2 PEST analysis..................................................................................................................13
4.3 Porter's five force analysis...............................................................................................15
5. Marketing mix.......................................................................................................................17
5.1 Product.............................................................................................................................17
5.2 Price.................................................................................................................................17
A Marketing Audit of "FairPrice"_3
A MARKETING AUDIT3
5.3 Place.................................................................................................................................18
5.4 Promotion........................................................................................................................18
6. "FairPrice" branding..............................................................................................................19
7. Conclusion and Recommendations............................................................................................19
Recommendation.......................................................................................................................19
References......................................................................................................................................20
A Marketing Audit of "FairPrice"_4
A MARKETING AUDIT4
Introduction
Marketing audit is a good strategic process to recollect the marketing objectives of the
business, assess its current business performance and identify the areas of improvement to be
benefitted in numerous ways. The benefits can include incrementing shares of the target market,
increasing customer repeat rate, growing customer base, increasing revenues and widening profit
margin (Mahdavi and Daryaei 2017). The purpose of these marketing basics and more to come in
the later part of this report is to conduct a marketing audit of "FairPrice". The audit is expected to
bring a few areas of improvement to the company’s notice.
Rationale
The marketing audit of "FairPrice" will use several management tools and models to
assess the company and its business environment from diverse perspectives of a business. The
findings of the audit would not just tell about the strengths and weaknesses in the company; but
also its rising opportunities and threats. Moreover, the findings will organize many essential
things into a document making this easier for the management and the concerned team to design
and plan their actions accordingly.
Main Body:
In this section, a marketing audit of "FairPrice" will be conducted using various
management tools and models as structured below.
A Marketing Audit of "FairPrice"_5
A MARKETING AUDIT5
1. Introduction to the organisation ("FairPrice")
1.1 Company situation
"FairPrice" is a co-operative of NTUC (National Trades Union Congress). It is a chain of
supermarket, the largest in Singapore. The product portfolio includes general grocery, general
merchandise, frozen foods, etc. (Fairprice.com.sg 2020). Studies indicate that the company is
doing many things to make shopping easier and convenient for customers. The company runs its
official e-commerce platform named ‘FairPrice On’ where customers can purchase a variety of
goods in easy shopping steps. "FairPrice" has launched a dedicated mobile app for those who
prefer shopping on the phone and find it the most convenient shopping platform
(Fairprice.com.sg 2020).To fill the stocks at faster pace "FairPrice" uses robots in its store
facilities. The company uses data analytics to send targeted promotion offers to customers based
on their shopping profile, consumption habits and interests (CNA 2020).
1.2 market situation
Singapore retail market is highly competitive as many supermarket brands are finding it
difficult to survive. Common reasons of difficulty faced by many retailers include low footfalls
in a few country areas such as “Junction 10”, “Jalan Tenteram”. “ViVoCity”, etc., rising rental
rates and too many minimarts or supermarkets in the neighborhood (Singapore Business Review
2020). However, there are some like FairPrice, which really do well even in such competitive
environment. The ability to cater to the needs of the target people in the given area, having
attractive shop fronts, good product displays and competitive prices seem to have paid off for
FairPrice (Singapore Business Review 2020).
A Marketing Audit of "FairPrice"_6

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