Marketing Audit for AIA Singapore

MARKETING AUDIT: AIA
Marketing Audit for AIA Singapore
Student’s name
Name of the Institute

MARKETING AUDIT: AIA
Executive Summary
This report discusses the marketing audit of AIA. The report highlights that AIA is one of
the top market players in Singapore. The report discusses the external factors and internal factors
for AIA. The report also discusses the SWOT analysis and strategic priorities for AIA. Based on
the discussion it can be said that AIA have a big opportunity as the insurance sector is a growing
industry in Singapore. It is important that AIA should have a clear mission and vision in place to
tap the market.

MARKETING AUDIT: AIA
Table of Contents
1.0 Introduction.........................................................................................................................................4
2.0 Organizational background...........................................................................................................4
3.0 Situational Analysis...........................................................................................................................5
3.1 Environmental analysis.......................................................................................................................... 5
3.1.1 Macro environmental analysis...........................................................................................................................................5
3.1.2 Micro environment..................................................................................................................................................................8
3.2 SWOT analysis........................................................................................................................................... 9
3.3 Competitive Analysis............................................................................................................................ 11
4.0 Strategic Priorities..........................................................................................................................12
5.0 Conclusion and Recommendations............................................................................................13
References.................................................................................................................................................15

MARKETING AUDIT: AIA
1.0 Introduction
Today, marketing has emerged as a key organizational function. The large organizations
have realized the importance of marketing audit. Simply defined, a marketing audit is a thorough
review of the marketing plan, objectives, strategies, and current activities being executed in the
business. The goal is to see what's working and what isn’t, so businesses can identify areas for
improvement. It is important that the marketing audit should be based on the overall business
strategy of organization. At the same time, organizations and leaders should involve various
internal and external stakeholders to conduct marketing audit. There are various activities that
are done as part of marketing audit (Brodie, Ilic, Juric & Hollebeek, 2013). The two-key set of
activities undertaken as a part of marketing audit is to assess the internal and the external
environment. The tools like competitive analysis and SWOT analysis are used to assess the
internal and external environment. A Marketer has to study local culture of the desired market in
depth before offering any product or services in order to have a certain chance of success for that
particular offering. This has to be done because every product required a communication channel
in order to do promotions and to influence customer’s decision (Stratton & Northcote, 2014). As
per human tendency, everything comes under the judgement as per their cultural measurements
and self-learning process. The objective of this report is to do the market audit of AIA-
Singapore. A brief organizational background can be discussed as:
2.0 Organizational background
AIA Group Limited, known as AIA, is the largest public listed pan-Asian life insurance
group. It offers insurance and financial services, writing life insurance for individuals and