Strategic Marketing: Market Audit, Competitors Analysis, Macro and Micro Economic Forces, Customer Analysis, Stakeholder Analysis

This report discusses the importance of strategic marketing for organizations, with a focus on Yorkshire Tea. It includes market audit, competitors analysis, macro and micro economic forces, customer analysis, and stakeholder analysis. The report emphasizes the need for organizations to examine internal and external factors that affect their growth and development in the market. It also highlights the importance of satisfying customer needs and wants, as well as maintaining stakeholder relationships. The report concludes with key strategic marketing objectives for a marketing plan.

STRATEGIC
MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
MARKET AUDIT.....................................................................................................................3
Market Size and Trend Data..............................................................................................3
Competitors Analysis.........................................................................................................4
Macro and Micro Economic Forces Affect The Organization..........................................5
Customer Analysis.............................................................................................................8
Stakeholder Analysis.........................................................................................................8
Key Strategic Marketing Objectives for marketing Plan.....................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Strategic Marketing is very essential method which every organization have to apply in
their organization. In this management plan that how they survive for long-term in market by
implementing strategies which help them to beat their competitors in market and they gain
competitive advantages. In strategic management they focus on their strength that how they
utilise their strength in organization to increase their performance level and they try to minimise
their weakness so that they don't suffer from huge loss (Beirman, 2020). This report is based on
Yorkshire Tea which is established in UK and it is manufactured black tea and many other
confectionary items. This report includes Market Audit in this it will include market size and
trend data and competitor’s analysis and macro and micro economic forces affecting the
organization and customer analysis and stakeholder analysis. This report also includes that is
based in marketing audit for the organisation to identify the key strategic marketing objectives
for marketing plan.
MAIN BODY
MARKET AUDIT
Management of an organization have to do market auditing for their organization that
what are the factors which affect the organization in positive and negative way. Market audit is
very important for organization for its growth and development of organization in market. If
management will do market auditing sincerely then they become to know about the market
competitors and demand of the market which will satisfy needs and wants of the organization.
Yorkshire Tea have to examine all the internal and external factors which affect the organization
while when they doing market auditing (Chernev, 2019). It helps Yorkshire organization to
analyse the competition level and demand level of tea and other confectionary items in market.
When Yorkshire Tea doing market audit then they have to focus on some factors which is
necessary for organization.
Market Size and Trend Data
Market Size: In organization market size is that how much customer have potential buyers in
market to purchase the product and how much they generate profits from its. If potential buyers
of customers are more in market towards the organization, then organization have huge number

of market share in market. It means they generating more revenue in market. Market size matter
for the organization because it directly impacts on revenue that is why management of an
organization have to maintain the market size (Chernev, 2019). Yorkshire Tea capture the market
size by fulfilling the needs and wants of customers in market. They always try to adopt changes
according to customer taste and preferences because it will help them to capture the huge
customer in market towards their organization. If Yorkshire Tea want to maintain the market size
in market, then they have to compete their competitors and try to satisfy needs and wants of
customers in market then only it is possible to sustain and hold this position for long time in
market.
Trends Data: Management of an organization collect essential data which is important for
organization to predict their future growth in present. The trends data help management to make
an effective decision-making which help them to grow and developed in market. Trends data
represent the data which are of three types first is uptrend in which it represents upward trends
means that your data points are increasing. In upward market trends it involves the bull market in
which each and every information of the organization related to its market share are disclosed.
Second is Downward Trends in this bear market are involved in which value is decreasing
variable. The investors research financial assets, trend analysis will be done on the basis of
historical data of assets. Third is Horizontal trend it involves the horizontal line indicates
stagnation. In which prices or any other metrics are not going up or downwards they still remain
stagnant. Yorkshire Tea have to collect all the information related to their trend data of
organization so that they able to make any decision and decide in present that where they want in
future in market (Direction, 2018). Yorkshire Tea have to focus three types of Trends data
which is discussed above because they help management to run their organization on this basis in
market.
Competitors Analysis
In market for any organization the competitor’s analysis is very important factors because it will
affect the organization performance and growth. The competitors are hurdles for your
organization which will create a problem and stop them to achieve the targets which they have to
accomplish in market. So for this management of an organization have to prepare a strategy by
proper analysing the competitors in market. Before organization establish the management have

to examine all competitors in market which may affect your organization. It is necessary because
they will become to know that what are the future hurdles which may impact our organization in
future (Dogu and Albayrak, 2018). So for that they prepare in present so that when it will occur
in future then it will not impact that much and they try reduce the risk factors. If management
have strong competition in market, then have to prepare their strategy accordingly because then
only it is possible for organization to survive long term in market and accomplishing their
objectives in market. I management fail to achieve the objectives then it is not possible for
organization to survive long term in market because they don't run their operation smoothly in
market. In future competition level in increasing in market due to the technology advancement
and people change is taste and preference. It is very important that how management prepare
strategies for these competition level also because they know that in future market will change
and people taste and preference will not remain same for long time in market. The management
have to analyse all these factors carefully and then prepare then prepare and make any decision
which will affect the organization in positive way and developed and grow their business in
market. Yorkshire Tea have to analyse all competition level in market which will affect the
organization in market (Gerritsen and van Olderen, 2020). Yorkshire Tea have to analyse all
those important factors which is necessary for organization for its growth and development in
market.
Macro and Micro Economic Forces Affect the Organization
Macro-Economic farces which affect the organization by applying PESTLE analysis in their
organization. PESTLE analysis help management of organization to know about the external
factors which affect the organization for it growth and development of their organization. It is
important for organizations of Yorkshire Tea management that how they will reduce the Macro
risk factors by proper examine of PESTLE analysis. Let's discuss in brief about PESTLE
analysis.
Political Factors: In this management have to examine the political factors which affect
organization. If political factors change then they have to adopt that changes in organization
because then only it is possible for organization to sustain long term in market and generate
profits (Guercini, 2020). If they don't follow and adopt the chages in organization which is done

in political factors, then they have to face many problem and organization may have to shut
down due to political factors.
Economic Factors: In organization management have responsibility for economic development.
The management try to reduce those factors in organization which will affect the organization in
negative way. Economic factor is very essential for the nation which organization have to
maintain so that they sustain long term in future. If an economy condition is not good for
organization then it will create a problem for organization that they have to charge high cost for
everything because they also pay high charges for the raw material (Hansen and Juslin, 2018). So
organization need to maintain economic factors which is essentially required to maintain and
developed the economics of the nation.
Social Factors: The management of an organization have to take care of social factors because it
is very important if their products are affecting any social factors then they have to change the
product because if people will not like the product then they don't able to sell the products in
market and they can't generate profits in organization. This is very important factor that before
choose nay product the management need to examine the social factors so that they choose
appropriate product and people will like the product and management able to sell products in
market and they able to sustain long-term in market.
Technological Factors: In market the technology is growing very fast and organization need to
necessary to adopt the technology factors which help them to beat the competitors and their
production level is also increased in market so that they able to capture a huge customer in
market. If management will not adopt the latest technology in market, then they don't able to beat
their competitors in market and their production level is also decreased as compared to the latest
technology production level so it become difficult for organization to survive long term in
market.
Legal Factors: The management have to keep examine that no illegal activity is done in
organization if any illegal activity is found then it will create a problem for the organization that
they have to bear the charges and pay penalty for this and may be organization will shut down in
market. It is very important for organization that they will operate their activities according to
legal factors only which is made by government for organization, so that no problem will occur
in the future and no government interfere is done when the organization run their business in le\
gal way and they pay tax on time to government (Pierce, 2021).

Environment Factors: The environment factors are now very concern for organization that they
will not manufacture any product which will affect the environment because due to environment
factors the people will face many problems so for that management need to avoid the products
manufacturing which may include the natural raw material. Then only it is possible to keep the
environment healthy.
These all factors need to examine properly by Yorkshire Tea management and then operate their
activities accordingly. This will help Yorkshire Tea to compete their competitors in market and
they able to sustain long term in market by generating profits. The management make policy
according to political factors which may affect the organization.
Micro Economic farces which affect the organization by applying the Porter's Five Forces Model
analysis in their organization. Porter's Five Forces Model help management of organization to
know about the external factors which affect the organization for it growth and development of
their organization (Richelieu and Webb, 2021). It is important for organizations of Yorkshire Tea
management that how they will reduce the Micro risk factors by proper examine of Porter's Five
Forces Model analysis. Let's discuss in brief about Porter's Five Forces Model analysis.
Bargaining Power of Buyers: In market the management have to know about the bargaining
power of buyers that how much the customer has buying option for same products if the more
buyers available in market then they have to sell the products according to market price. If they
sell their products in market with higher price according to market price, then customer shift to
new buyers immediately so buyers have to sell their products accordingly. If the buyers of
products are less available, then they management can sell their products at higher price.
Bargaining Power of Supplier: In market if supplier is more available then management can
buy the raw material with different buyers if their supplier charge high in market according to
other supplier then management shift to new supplier in market. If in case the supplier is less
available, then buyers have to purchase that products from that supplier only due less availability
of supplier.
Threats of Substitute: If substitute products are available in the market easily then seller have
to make a bond with customer then only it is possible to sell their products and management have
to prepare their products accordingly (Sahaf, 2019). If substitute products are not available in the
market, then seller can demand the high price from customers in market.

Rivalry among existing competitors: If new organization established their business in market
then they have to examine their existing competitors in market if the competitors is high then
they have to change the products then enter in the market so that they able to generate profits. If
the competitors are less, then they proceed with same products in market and they don't have to
make any new strategy for competitors in market.
Threats of new entrants: If new organization is entering in market then before they enter in
market they examine the market and competitors level then only they choose the products
accordingly. So it will create problem for the existing organization in market because new
organization choose the products according to needs and demands of customers. The existing
management also have to prepare for this that they have to prepare strategy in present for future
so that it will not affect more to the organization and they able to beat that new entrant
organization.
Customer Analysis
In organization the management need to satisfy the customer needs and wants in market. In this
management need to do the process of customer analysis in which the necessary information
about customer is found out from market research where they get to know about the like, needs
and wants of the customer. In this they also know about the target customer in market and target
market which help organization to develop and grow their business by generating more revenue
in market (Shukla, 2018). In this process three things are involved which management have to
take care first is behaviour, second is Environment and third is affection & cognition. The
Yorkshire Tea organization have to target their customer and they need to know that what
customer needs and wants for customers in market so Yorkshire have to fulfil those needs so that
they able to maintain and capture their customer and sustain long term in market.
Stakeholder Analysis
In this management have to include various shareholders of organization, customer which they
target in market to sell their products of an organization, Staff which is worked in organization to
help organization to accomplished their target and local community which help them to generate
their profits and run their operation activity smoothly in market (Volle, 2021). Stakeholders are
very important for business because they invested in business to run their business activity

smoothly and help to promote their business in market. The Yorkshire Tea also have to maintain
their stakeholder in the organization then only it is possible to run their organization smoothly in
market because they help Yorkshire Tea to promote their brand in market and able to build good
brand value in market.
Key Strategic Marketing Objectives for marketing Plan
Marketing Strategic plan is very important for organization to achieve objectives by doing proper
planning and applying relevant methods in organization. This market strategic includes three
types of marketing elements to attain the goals of organization which are selecting target market,
specifying the market strategy and creating a market mix (Schiavone and Simoni, 2019). In this
management will help to build brand awareness in market so that customer easily attracts
towards their product in market and this will also help them to grow market share of the
organization in market. The Yorkshire tea have to prepare key strategic marketing objectives for
marketing plan which help them to capture the huge customer in market and they will able to
generate more revenue from market in organization.

CONCLUSION
From this above report it conclude that strategic marketing is very import for the business it
concludes that how market audit will impact their business in market and it includes various area
in which market audit has been perform first is market size and trend data second is competitor
analysis third is Macro and Micro economic forces which affecting the organization, customer
analysis and Stakeholder analysis. This report also concludes that how market audit for
organization identify key strategic marketing for marketing plan.

REFERENCES
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