Marketing Audit: Key Considerations and Objectives Analysis

This report presents a comprehensive marketing audit, examining the core concepts and objectives within the field. It begins with an introduction to marketing and its significance, followed by a detailed analysis of key questions related to marketing definitions in traditional and contemporary contexts, revenue generation, financial objectives, product leadership, and the application of marketing concepts. The report delves into the importance of understanding these concepts and their impact on strategic planning, including the role of SWOT and PESTELE analyses. It explores the significance of customer satisfaction and the impact of external market forces. The report concludes with appendices and references, providing a thorough overview of marketing principles and their practical application in business contexts. The report aims to provide a thorough understanding of marketing principles and their practical application in business contexts.

Marketing Audit
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Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Marketing Definition......................................................................................................................2
Q1. Do you think there is a difference between definition of marketing in traditional
and contemporary context?................................................................................................2
Q2. Do you think increasing sales volume is the only way to generate high revenues?
................................................................................................................................................3
Q3. Do you think increasing sales revenue is the only financial objective of an
enterprise?............................................................................................................................3
Q4. Do you think product leadership is an essential strategic objective for an
organisation?........................................................................................................................4
Q5. Do you think it is necessary to apply marketing concept in any organisation?. .6
Q6. Do you think as per marketing perspective, consumers and customers are
same?....................................................................................................................................7
Q7. Do you think that consumers only include the actual buyers of the product offered
by an entity?.........................................................................................................................8
Q8. Do you think that all the 3 constituents of times zones of buyer decision are
equally important?...............................................................................................................9
Q9. As per your thought is Blue Ocean a part of marketing planning process?......10
Circle of satisfaction....................................................................................................................11
Q10. Do you think that with the help of blueprinting, quality of products and services
of a company can be improved?.....................................................................................11
SWOT Analysis............................................................................................................................11
Q11. Do you think that SWOT is the best tool to present information at strategic
planning?.............................................................................................................................11
PESTELE Analysis.....................................................................................................................12
Q12. Do you think that external market forces impact organisation more than
internal?...............................................................................................................................12
APPENDIX...................................................................................................................................14
REFERENCES............................................................................................................................17
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INTRODUCTION
Marketing is an essential activity of every company which conducts its operations in
domestic or across international territory. This function of management deals with conducting an
in-depth research of preferences and needs of customers and thorough study of overall
business environment. Market practitioner then decides the strategy and makes a market plan
aimed at promotion and sale of products and services of organisation. The business-marketing
planning process is a systematic approach that is aimed at engaging the members of an
organisation 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 position
of company in market. Business marketing planning process can be executed with the aid of
specified marketing concepts, theories and philosophies. These are aimed at aligning the efforts
of individuals within an organisation towards the desirable outcome. Market practitioner of any
entity identifies and fulfils the need and wants of customers for the long term benefit of
company.
The current report is based upon marketing audit. It deals with the key considerations by
market practitioner while designing a business-marketing plan. It also includes the 9 key
objectives of any business enterprise in relation to the process of marketing. A marketing
questionnaire is prepared containing quantitative and qualitative questions in relation to the
function of marketing. The questions included in questionnaire will reflect the relevance of those
aspects for the company.
Statement of purpose:
Marketing audit can be carried by analysing the current market requirements and the
efficiency of business efficiencies in coping with the situations that arise during the operations of
business. There can be various hindrances in the application of this process. While conducting
the process of marketing in new location, there may be barriers like economic, political, social
and environmental factors.
MAIN BODY
Marketing audit is a process of studying the marketing process in business environment.
It involves the stages of collecting, analysing, designing, developing, implementing and
evaluating (CADDIE) the marketing planning environment. A qualified and professional person
possessing high knowledge of field of marketing, concerned about regular networking events
related to it can be referred to as a marketing practitioner. The basic job of marketing
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practitioner is to analyse the environment by conducting research and then implementing
marketing concepts, theories and philosophies in the operations of business.
Marketing Definition
Q1. Do you think there is a difference between definition of marketing in traditional and
contemporary context?
What:
According to traditional definition, marketing is concerned with the satisfaction of needs
and wants of customers along with exchange process. Exchange process, here, means the
activities conducted in relation to buying and selling of products and services. On the contrary,
contemporary definition states that marketing involves listening, learning and adapting to
changes in market. All the strategies which are implemented in an organisation aim at providing
a 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 contemporary
definition concludes marketing to be a market oriented process. Marketing is that function of an
organisation that deals with exchange of relationship between customers and management of
an 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 traditional
and contemporary definition of marketing as this will equip them with the knowledge as to what
is to be included in the process of marketing. Marketing practitioners in an organisation are
responsible for laying down the foundation of marketing. Also, they plan and execute business
marketing 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 the
organisations while taking decisions about adopting various concepts, theories and philosophies
of marketing. Also, by gaining an insight into both the aspects of marketing, marketing
practitioners present in an enterprise can decide their way of implementing business marketing
planning process. By ensuring that the marketing department is well equipped with knowledge
in relation to various theories of marketing, organisation aims at accomplishment of
organisational goals as the department will successfully execute marketing plan. This will result
in increased revenue for company.
4

Marketing Objectives
Q2. Do you think increasing sales volume is the only way to generate high revenues?
What:
Increasing sales revenue is the primal-facie objective of any organisation that aims to
gain a competitive stake in market. For this, business entities understand the need of improving
unique value proposition of products. By this, they aim at making the product more desirable
and preferable among customers. Customers may then be willing to pay a premium price in
response to the quality products and services delivered to them. High prices for same products
would imply larger generation of revenues for the entity. This reflects that high revenue
generation is not just associated with increasing the sales volume of products.
Why:
It is imperative for any organisation to understand that increasing sales volume is not the
only way of revenue generation for company. Along with that, business entity needs to adopt
such methods which are helpful in meeting the needs and requirements of customers. Gaining
an insight into other methodologies and techniques to increase sales may assist the business in
gaining a competitive edge in market. Also, research conducted by market practitioner to gain
knowledge of customer behaviour is important to develop marketing strategies for an
organisation.
How:
Understanding that there are other ways of increasing revenue for company than just by
increasing sales volume, company can grow into market by analysing the needs and wants of
customers. By equipping other tools like enhancing quality of products without compromising
with any other aspect of business operations, company can gain a competitive advantage in
market ahead of its competitors. Increased revenue would ensure ways of growth and
expansion of entity and its operations across various geographical locations.
Q3. Do you think increasing sales revenue is the only financial objective of an
enterprise?
What:
Financial objectives of an enterprise are the goals in relation to revenue generation for
company. These include a number of aspects like increasing sales revenue, reducing cost as a
percentage of sales and developing values of entity. All these objectives together constitute the
foundation of financial objectives. Increasing sales revenue may lead to increased revenue
generation. But along with increase in sales revenue, cost associated with production or
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manufacturing also rises. To deal with this, the marketing objective is reduction of cost in
proportion to sales. Reduction in cost as a percentage of sales will result in enhancing the level
of satisfaction in customers and will lead to enhanced customer loyalty towards the brand and
company. As a result of this, the stake of business entity in market will flourish.
Why:
It is imperative for an organisation to understand that increasing sales revenue is not the
only way to raise revenue generated by company through sales. Along with raising sales
revenue, it is necessary for marketing practitioners to understand that reducing cost of
production as a percentage of sales and building company values that aim at customer
satisfaction are important financial objectives. When all these 3 objectives are met by the
company in long run, it ensures that company maintain its name and brand position in market.
Also, developing an understanding of the 3 financial objectives is necessary so that business
entity can maintain its stake in market.
How:
Developing an understanding of financial objectives of organisation helps the marketing
practitioner to realise that increasing sales revenue is not the sole financial goal of any
company. Along with that, keeping the other two aspects of financial objectives in consideration
tends to make sure that business retains its identity in market for long run. This will lead to
widespread acceptance of products and services offered by company among the people. By
ensuring low cost of production without sacrificing with the quality of products, organisations aim
at larger customer satisfaction and building an ethical image in market. This develops a sense
of loyalty and belongingness in customers towards the brand and company. Increased customer
loyalty gives the organisation a competitive edge in market ahead of its competitors and raises
the stake of company in business industry and market. This opens up the routes of growth and
expansion for company. Growth can be in terms of increasing the reach of business by opening
up new stores or outlets across different parts of globe. Furthermore, expansion may include
routes like increase in product lines, launch of new product or service and introduction of
variants of existing products.
Q4. Do you think product leadership is an essential strategic objective for an
organisation?
What:
Product leadership as a strategic marketing objective aims to build a culture in
organisation that continuously brings superior products to market. Products developed by an
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enterprise are distinct, distinguishable and discernible from other products available in market in
same product line. Such products which are differentiable from alternate products of competitive
business organisations provide meaningful benefits to customers at a cost they are comfortable
to afford. Product leaders recognise that excellence in creativity, innovation and teamwork is
critical to the success of product in business industry and also the success of organisation in
market.
Figure 1: Product Leadership
(Source: Product Leadership, 2018)
Why:
Product leadership strategy is imperative for every organisation as it is concerned with
bringing unique value to the marketplace and customers. Companies that focus on product
leadership encourage the process of product development as per the needs and preferences of
customers and the upcoming trends in technology and business environment. They create
products that change the way customer lives bringing superior comfort to customers in terms of
satisfaction. Entities create a culture of innovation, out of the box thinking and develop products
beyond the thinking of rivals and buyers. This provides a strategic edge to business for
conducting its operations in the long run in market.
How:
Developing an understanding of product leadership strategy is necessary for every
organisation. Marketing practitioners realise the need to pursue product innovation at regular
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intervals both in order to retain their leadership in the market with the existing products as well
as to introduce new revolutionary products in marketplace. Some organisations pursue the path
of improving the current products by innovating them using new technology. There are other
business entities who strive to understand the preferences and needs and demands of
customers and work in accordance to develop those products that address the needs. By
offering such products to customers that are leaders in related industry, organisation charge
premium prices from customers. Also, customers are ready to pay high prices for such products
as they best suit the needs of buyers and derive maximum customer satisfaction.
Marketing Concept
Q5. Do you think it is necessary to apply marketing concept in any organisation?
What:
Marketing concept is a premise stating that organisations that satisfy the needs and
wants of customers in market are best placed to satisfy their own organisational needs.
Customers have the tendency to search for and then select those products that they think to
have best satisfied their preferences and needs. Thus, organisations keep in consideration this
aspect and deliver the best perceived value. Such organisations are the first priority of
customers and are most likely to stay in market for a long run (Kim and et. al., 2012). Also,
every organisation exist to solve a problem that customers experience while living and thus
every organisation that takes decisions and investment in favour of customer have chances of
long term sustenance in market. Along with that, conducting business operations with a
customer centred approach tends to gains widespread acceptance from people.
Why:
The organisations that run with a customer centred approach aim at maintaining their
brand position and stake in market. These organisations can think of growth and expansion due
to its wide spread acceptability within the market and customers. Also, following a market
concept in the organisation can assist market practitioner to gather knowledge about the needs
and demands of people and develop products or render services according to changes in
preferences of customers or new trends in society or market. A product that best satisfies the
needs of selected target market of customers, fulfils all the promises made by seller in relation
and gains acceptance from buyers seems to stay in market for sale for a long period of time in
future.
How:
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Every organisation runs for the motive of profit making and maintaining its brand image
and position within the business industry and market. Organisations that follow the marketing
concept gain acceptance and selection from a wide base of customers present within an
economy. Such organisation develop a feeling of satisfaction among customers are able to build
customer loyalty to brand and company for a long period of time. Also, such organisations can
easily look for expansion in terms of increasing the product lines or introducing variants of
existing products or launching a new product in market due to its widespread acceptability.
Along with that, organisations that apply marketing concept to their working can look for growth
in terms of opening up stores or outlets in new locations within domestic country or reaching
various geographical locations across the world.
Figure 2: Circular nature of Marketing Concept
Consumer/Customer
Q6. Do you think as per marketing perspective, consumers and customers are same?
What:
Consumers and customers are two words that are often interchangeably used in
everyday conversations without much consideration. But it is important to distinguish between
the two aspects. Customers are those persons that get involved in the exchange process with a
particular organisation (Fernando, Saad and Haron, 2012). As per marketing perspective,
generally, marketers refer to ‘consumers’ as this comprises of a broader group including both
consumer and customers. Customers are a narrower group of people who enter into an
exchange process. In simple words, consumers are those people who consume the goods
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which are not originally purchased by them and they have not entered an exchange process
with an organisation for buying the commodity.
Why:
An understanding of difference between customer and consumer is important for any
organisation as this helps the entity in decide who their target base for an exchange process
would be. Also, this helps them decide who will be the final group of people who will be offered
the goods produced by company for selling purpose and will ultimately enter the exchange
process with the company.
How:
Developing an understanding of difference between a consumer and customer tends to
provide information to organisation as to who are the real buyers of the goods produced by
them. It is imperative for any business organisation to ascertain the behaviour of buyers in
relation to the exchange process. Gaining an insight into the fact that the good purchased by
any buyer is for his own use or for any other person’s consumption helps the marketing
practitioner to analyse the nature and tendency of customer in relation to a specified product
offered by company in market.
Q7. Do you think that consumers only include the actual buyers of the product offered
by an entity?
What:
According to marketing perspective, consumer is a wide term which not includes the
actual buyers of the product but also the suspects and prospects for entering the exchange
process with the organisation. Suspects are those individuals who suspect that a particular
product of an organisation can meet their needs, desires and preferences. Prospects are those
people who have collected and analysed the information about a specific product of an entity.
Although they haven’t given commitment to the process of exchange with enterprise, they are
considering the alternatives to the product and taking decision as to which product best satisfies
their demands. Actual buyers are the persons who actually enter into an exchange process with
the organisation (Eggers, Hansen and Davis, 2012). These may include first time customers,
casual customers, repeat customers, one-off customers etc. Together these 3 components
constitute the broad term ‘consumer’.
Why:
It is imperative for business organisation to gain knowledge about the term ‘consumer’. It
is essential that marketing practitioners realise the constituents of consumer group. All the three
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elements of consumer group are necessary for a business to execute the process of exchange.
Thus, gaining an understanding of the suspects and prospects of the products offered by
company is as important as gathering information about the actual buyers of the specified
commodity offered by company.
How:
An understanding of the three aspects of consumer group is necessary for any
organisation to ascertain the potential buyers of a specified product offered by the enterprise in
market. Also, prospects and suspects need to be kept in consideration by entity so that they can
be targeted in future for pursuing to buy the product offered by company in market.
3 Times Zones of Buyer Decision
Q8. Do you think that all the 3 constituents of times zones of buyer decision are equally
important?
What:
The 3 time zones of buyer decision are purchase behaviour, product delivery and post
purchase behaviour. Purchase behaviour is all about recognition by customer of an unmet need
and then the drive and direction that they derive to satisfy the need. For this, they carry out a
research by collecting information about the various aspects of product. After analysis, decision
is taken by buyer in relation to whether the exchange process will be entered by him or not.
Along with that, product delivery is all about establishing the value of product and the process of
transformation of potential customers into actual buyers of the product of company. This can
also be considered as response of customers in relation to the specified product offered by
company in market. Post purchase behaviour is all about the experience of customers after
consuming the product offered by enterprise (Deumes and et. al., 2012). It is the reflection and
evaluation of satisfaction derived by customers after consuming the product.
Why:
All the three constituents of time zones of buyer decision are necessary to be considered
by any company to stay in market for long run. It is of significance that companies evaluate the
needs and requirements of customers and then offer a product that best satisfies their
demands. Companies that concentrate on customer segment and their demands and keep
evaluating the response of customers in relation to the products delivered by enterprise
maintains its stake in market for long run.
How:
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Realising the importance of 3 time zones of buyer decision is important for any
organisation as it increases the chances of widespread acceptability of products offered by
company and also raising the stake of company in market. Building an understanding of the 3
time zones of buyer decision assist the entities in viewing the buyer decision process from the
point of view of customers. This enables them to design and develop a better customer
experience aimed at maximum satisfaction to customers in future when they enter an exchange
process with company.
Blue Ocean
Q9. As per your thought is Blue Ocean a part of marketing planning process?
What:
Blue Ocean is that thinking of firm which enable them to get great amount of positive
attention from the side of marketing practitioner. This is related to the practice of working
together and discussing that why changes are necessary and how can they be implemented in
an organisation (Daghfous, Ahmad and Angell, 2013). This is one of the most widely used
marketing practices which creates growth and expansion opportunities for business
organisations in context of market.
Why:
Blue Ocean is an essential element of market planning process in today’s context as
there are ample number of opportunities available to a company which must be considered and
taken advantage of by the business entities. By gaining these opportunities and employing them
in the daily operations of business, entity aims at gaining high stake in market and gaining high
customer loyalty. It is imperative that marketing practitioners are identifying the gaps between
markets so that opportunity could be ascertained and incorporated with a vision to introduce
new product or enter new markets.
How:
Blue ocean thinking will assist the company in introducing their new product in existing
market, existing product in new market, new product in new market, and existing product in
existing market. All of these will result in growth and expansion opportunities for company so
that it can remain in market for long run with widespread acceptability from target customers.
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Circle of satisfaction
Q10. Do you think that with the help of blueprinting, quality of products and services of a
company can be improved?
What:
Blueprinting is an exceptional tool which helps in determining how and in what specified
manner do customers interact with a business entity. Especially in case of service industries,
this tool is strongly recommended by marketing scholars. This tool can be extensively used with
the help of flowcharts and Gantt charts. If all the activities are coded and deviations in quality
are measured against each code, it will assist in identifying and rectifying the points of failure in
respect to products. By identifying product deviations from pre-decided standards, managers
are able to rectify the issues as many a times the product failure is related to recurring
problems.
Why:
Adopting bluepriniting as a technique to improve quality of products assist the
management in recognising the deviations in product from specified standards and helps in
rectifying the same so that in future, same issues in product development and product delivery
does not occur.
How:
Blueprinting is helpful to company as it enables the firm to increase interaction with
customers. This assists the enterprise in gaining an understanding of their needs and wants.
Also by allotting codes and setting performance standards for products, company can measure
the actual deviation from the standards and take corrective action to rectify the same.
SWOT Analysis
Q11. Do you think that SWOT is the best tool to present information at strategic
planning?
What:
SWOT is an acronym for Strength, Weakness, Opportunity and Threat. It is a tool that
will help organisation to collect and analyse information about the internal environment of
company (Alzeban and Gwilliam, 2014). These are also known as situational factors as these
factors depend upon the situations prevailing within the premises of company. Every situation
that arises has a positive and negative impact on the operation of company.
Why:
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The basic objective behind using SWOT analysis is to gain an understanding of the
various aspects of company. Also, the use of this tool is aimed at increasing the strengths of
company, lowering weaknesses, identifying threats and grabbing all the opportunities that are
available in market. By being able to achieve this, organisations aim at achieving a strategic
edge in industry.
How:
With the help of SWOT analysis, market practitioner gain an insight into the overall
operations of company. They get to understand who are the facilitators and who are the hurdles
to strategic decisions of company. They will apply their efforts in maximising strengths and
opportunities and minimising weakness and threats.
(Source: SWOT Analysis, 2018)
PESTELE Analysis
Q12. Do you think that external market forces impact organisation more than internal?
What:
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Illustration 1: SWOT Analysis

Often a market analysis includes micro and macro factors that impact the organisation
and overall market. In various organisations, marketing practitioners work with other disciplines
to explore the external factors of environment that affect the operations of an entity. This is also
referred to as environmental scanning. PESTELE analysis is often used by organisations to
analyse the impact of external environment on business. PESTELE is an acronym that stands
for Political, Economic, Sociocultural, Technological, Environmental, Legal and ethical factors.
Why:
A business conducts its operations in dynamic environment which reflects the need to
analyse the constant changes that may take place in economy. These changes often have
significant impact on an entity. Any business that operates in an economy is required to comply
with all sorts of changes that are available and applicable to the enterprise. Factors like political
conditions of economy, emerging technology, monetary policies, customer decision making,
sustainable development, ethics and moral need to be considered by company in order to
survive in industry in long run.
How:
PESTELE Model is useful to business entities as it ascertains the probable threats and
opportunities available by way of various factors of economy for the business to conduct its
operations. An analysis of these aspects helps the business in understanding and adapting to
any desirable change in marketplace.
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APPENDIX
Q1. Do you think there is a difference between definition of marketing in traditional and
contemporary context?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q2. Do you think increasing sales volume is the only way to generate high revenues?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q3. Do you think increasing sales revenue is the only financial objective of an
enterprise?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q4. Do you think product leadership is an essential strategic objective for an
organisation?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
16

 Disagree
 Strongly Disagree
Q5. Do you think it is necessary to apply marketing concept in any organisation?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q6. Do you think as per marketing perspective, consumers and customers are same?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q7. Do you think that consumers only include the actual buyers of the product offered
by an entity?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q8. Do you think that all the 3 constituents of times zones of buyer decision are equally
important?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q9. As per your thought is Blue Ocean a part of marketing planning process?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
17

 Strongly Disagree
Q10. Do you think that with the help of blueprinting, quality of products and services of a
company can be improved?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q11. Do you think that SWOT is the best tool to present information at strategic
planning?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
Q12. Do you think that external market forces impact organisation more than internal?
 Strongly Agree
 Agree
 Neither Agree nor Disagree
 Disagree
 Strongly Disagree
18

REFERENCES
Books and Journals
Alzeban, A. and Gwilliam, D., 2014. Factors affecting the internal audit effectiveness: A survey
of the Saudi public sector. Journal of International Accounting, Auditing and
Taxation. 23(2). pp.74-86.
Daghfous, A., Ahmad, N. and Angell, L. C., 2013. The KCRM knowledge audit: model and case
illustration. Vine. 43(2). pp.185-209.
Deumes, R. and et. al., 2012. Audit firm governance: Do transparency reports reveal audit
quality?. Auditing: A Journal of Practice & Theory. 31(4). pp.193-214.
Eggers, F., Hansen, D. J. and Davis, A. E., 2012. Examining the relationship between customer
and entrepreneurial orientation on nascent firms’ marketing strategy. International
Entrepreneurship and Management Journal. 8(2). pp.203-222.
Fernando, Y., Saad, N. M. and Haron, M. S., 2012. An extension of internal service quality
concept: lesson from the best low-cost carrier in the six regions of the
world. International Journal of Services and Operations Management. 11(1). pp.13-34.
Kim, K. H. and et. al., 2012. Effective employment brand equity through sustainable competitive
advantage, marketing strategy, and corporate image. Journal of Business
Research. 65(11). pp.1612-1617.
Zeriti, A. and et. al., 2014. Sustainable export marketing strategy fit and performance. Journal of
International Marketing. 22(4). pp.44-66.
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