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Marketing Audit - Assignment

Added on - 22 Nov 2020

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Marketing Audit1
ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Marketing Definition......................................................................................................................2Q1. Do you think there is a difference between definition of marketing in traditionaland contemporary context?................................................................................................2Q2. Do you think increasing sales volume is the only way to generate high revenues?................................................................................................................................................3Q3. Do you think increasing sales revenue is the only financial objective of anenterprise?............................................................................................................................3Q4. Do you think product leadership is an essential strategic objective for anorganisation?........................................................................................................................4Q5. Do you think it is necessary to apply marketing concept in any organisation?..6Q6. Do you think as per marketing perspective, consumers and customers aresame?....................................................................................................................................7Q7. Do you think that consumers only include the actual buyers of the product offeredby an entity?.........................................................................................................................8Q8. Do you think that all the 3 constituents of times zones of buyer decision areequally important?...............................................................................................................9Q9. As per your thought is Blue Ocean a part of marketing planning process?......10Circle of satisfaction....................................................................................................................11Q10. Do you think that with the help of blueprinting, quality of products and servicesof a company can be improved?.....................................................................................11SWOT Analysis............................................................................................................................11Q11. Do you think that SWOT is the best tool to present information at strategicplanning?.............................................................................................................................11PESTELE Analysis.....................................................................................................................12Q12. Do you think that external market forces impact organisation more thaninternal?...............................................................................................................................12APPENDIX...................................................................................................................................14REFERENCES............................................................................................................................172
INTRODUCTIONMarketing is an essential activity of every company which conducts its operations indomestic or across international territory. This function of management deals with conducting anin-depth research of preferences and needs of customers and thorough study of overallbusiness environment. Market practitioner then decides the strategy and makes a market planaimed at promotion and sale of products and services of organisation. The business-marketingplanning process is a systematic approach that is aimed at engaging the members of anorganisation in developing marketing goals and then executing the in enterprise (Zeriti and et.al., 2014). This process is adaptive according to the situation, target customer base and positionof company in market. Business marketing planning process can be executed with the aid ofspecified marketing concepts, theories and philosophies. These are aimed at aligning the effortsof individuals within an organisation towards the desirable outcome. Market practitioner of anyentity identifies and fulfils the need and wants of customers for the long term benefit ofcompany.The current report is based upon marketing audit. It deals with the key considerations bymarket practitioner while designing a business-marketing plan. It also includes the 9 keyobjectives of any business enterprise in relation to the process of marketing. A marketingquestionnaire is prepared containing quantitative and qualitative questions in relation to thefunction of marketing. The questions included in questionnaire will reflect the relevance of thoseaspects for the company.Statement of purpose:Marketing audit can be carried by analysing the current market requirements and theefficiency of business efficiencies in coping with the situations that arise during the operations ofbusiness. There can be various hindrances in the application of this process. While conductingthe process of marketing in new location, there may be barriers like economic, political, socialand environmental factors.MAIN BODYMarketing audit is a process of studying the marketing process in business environment.It involves the stages of collecting, analysing, designing, developing, implementing andevaluating (CADDIE) the marketing planning environment. A qualified and professional personpossessing high knowledge of field of marketing, concerned about regular networking eventsrelated to it can be referred to as a marketing practitioner. The basic job of marketing3
practitioner is to analyse the environment by conducting research and then implementingmarketing concepts, theories and philosophies in the operations of business.Marketing DefinitionQ1. Do you think there is a difference between definition of marketing in traditional andcontemporary context?What:According to traditional definition, marketing is concerned with the satisfaction of needsand wants of customers along with exchange process. Exchange process, here, means theactivities conducted in relation to buying and selling of products and services. On the contrary,contemporary definition states that marketing involves listening, learning and adapting tochanges in market. All the strategies which are implemented in an organisation aim at providinga wide variety of products and services dependent upon the needs and wants of target market.While the traditional definition states that marketing is customer oriented, the contemporarydefinition concludes marketing to be a market oriented process. Marketing is that function of anorganisation that deals with exchange of relationship between customers and management ofan entity. This function is mainly aimed at satisfying the customers and their wants.Why:It is essential for marketing practitioner to understand the difference between traditionaland contemporary definition of marketing as this will equip them with the knowledge as to whatis to be included in the process of marketing. Marketing practitioners in an organisation areresponsible for laying down the foundation of marketing. Also, they plan and execute businessmarketing planning process for which understanding of the concept of marketing is necessary.By gaining an insight into the various aspects included under the process of marketing,marketing practitioners can aim at achievement of desired results.How:Understanding of both classical and contemporary definitions of marketing aids theorganisations while taking decisions about adopting various concepts, theories and philosophiesof marketing. Also, by gaining an insight into both the aspects of marketing, marketingpractitioners present in an enterprise can decide their way of implementing business marketingplanning process. By ensuring that the marketing department is well equipped with knowledgein relation to various theories of marketing, organisation aims at accomplishment oforganisational goals as the department will successfully execute marketing plan. This will resultin increased revenue for company.4
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