UMKDFG-15-M: Market Audit and Strategic Analysis Report

This report analyzes market audit and strategic analysis approaches, focusing on Cadbury. It begins by exploring alternative methods for conducting a market audit, including outside, task force, and self-audits. It then examines strategic marketing analysis methods such as price focus and differentiation. The report critically evaluates different marketing audit and strategic analysis approaches, including marketing environment, strategy, and organization audits, along with situational analysis and marketing objectives. It highlights their benefits and limitations. Finally, it discusses the benefits and constraints of conducting market audits and analysis as the basis for strategic marketing decisions, emphasizing how these processes can inform product innovation, goal alignment, and strategic decision-making. References from academic journals are included to support the analysis.

CUSTOMER
AND
INTERNATIONAL MARKET ANALYSIS

P 1.1 Alternative options in conducting a market
audit and strategic analysis
Marketing audit and strategic analysis:
Marketing audit is a method in which some essential data is
gathered and analysed with the assistance of information and
data gathered by internal and external climate of the business
and also involving information of corporation and economic
environment. Marketing audit is a survey method in which
organisation's marketing effort can be identified efficiently
(Taylor, 2012)

There are several alternative method of conducting a market
audit for Cadbury:
Outside audit: In this method the company can conduct an
audit from outside of the organisation by including
company's professionals and consultant of some marketing
agencies. They provide appropriate suggestion about
preparing specific marketing plan. With the help of them the
business audit can assess their marketing performances in
the market effectively.

Task force audit: In task force audit approach, Cadbury
company can appoint their employee in order to conduct a
marketing audit effectively within the business. Each
professionals in the audit must be in highly skilled (Maklan
and Klaus, 2011).
Self audit: In this method, Cadbury can appoint the marketing
manager to conduct a proper marketing audit in order to make
strategic marketing plan for the business and also they also
conduct a marketing plan themselves at the workplace in order
to examine their organisational marketing performance in the
industry.

There are some method for conducting a strategic marketing
analysis:
Price focus: Price focus is most necessary element for
Cadbury dairy milk product in order to formulate a strategic
marketing plan In the industry which can help the business
to compete their competitors in the market more effectively.

Differentiation: Cadbury business should know about their
large competitors in the market and then they can analyse
the position of their competitor in the market and then they
must come up in the market with introducing new flavour of
chocolate flavour which can attract their targeted customer
more effectively.

P 1.2 Critical evaluation of different marketing audit
and strategic analysis approaches and their
benefits and limitations
Marketing environment audit: This kind of audit is
concerned about to external environment of the business. In
which Cadbury firm need to analyse some essential factors
which environmental, economical, political and
demographical etc. all these factor can furnish proper
information about to formulation of strategic marketing plan
and performance in industry (Williams and Naumann,
2011). The benefits of this approach is that it helps to
provide all external environmental information regarding
the business which can help to formation in effective
marketing plan for the corporation. Limitation of this audit
approach is that it is difficult to conduct in the firm.

Marketing strategy audit: Marketing strategic audit is
critically analysis of marketing impersonal and strategies of
Cadbury firm effectively. This audit is to be done in terms
of identify the tools and utility which can be used in
formation of strategic marketing plan for the business
effectively. Major advantage of this approach is that it is
easy to conduct in the business and no need to higher cost
and drawback of this audit is, it is very complicated method
for professionals.

Marketing organisation audit: Marketing organisation audit
is proper way for analysing the resources of Cadbury
business like manpower, R&D, Motivation, communication
etc. these factor can help the business in order to formation
of strategic marketing plan and also help in examination of
performance of marketing strategy in industry. Benefit of
this approach is that it provides important information about
to the corporation and drawback of this approach is that it is
very costly process at the workplace.

Situational analysis: this kind of marketing strategy
approach can be done through analysing the situation of the
business in order to identify their strength, weakness,
opportunities and threats effectively. The manager of
Cadbury business can analyse these factor and prepare
strategic marketing plan to organisational growth (Jana and
Chandra, 2016). Benefit is that it furnishes the information
about relevant changes that can lead innovation in the
corporation. Limitation is that it needs higher profession to
conduct in the business.

Marketing objectives: Marketing objectives is the approach
in which Cadibury business marketing manager do proper
check out their marketing measurable goals and objectives
in order to assessing strategic marketing plan properly in the
firm. In this approach marketing objectives such as sales,
profit, revenue and market shares are identified and then
according to them proper strategic marketing objectives are
to be set up by their professionals (Wang and Ji, 2010).
Benefit if this approach is that it assist to set up wide range
of objectives in the business and disadvantage is that it is
totally based on approximation which is difficult to achieve
in the future.

P 1.3 The benefits and constraints of conducting a
market audit and analysis as the basis of
strategic marketing decision
Marketing audit benefits and constraints:
Marketing audits assist Cadbury business to reintroduce your
product and services effectively in terms of add innovation
in your chocolate product which can more attract your
customer towards your existing products (Gurău, 2012).
Marketing audits remind Cadbury firm to their vision and
goals which they want to accomplish so that company can
more focus on their goals and objectives in the business
efficiently.
Marketing audit is not same as financial audit in the business
so that Cadbury organisation can not proper focus on their
financial goals within the business efficiently.