MKTG716MarketingAuditWorksheetSummer2023v2

.docx

School

University of South Carolina, Aiken *

*We aren’t endorsed by this school

Course

A716

Subject

Marketing

Date

Jan 9, 2024

Type

docx

Pages

8

Uploaded by Private_Science_PrairieDog5

Overview of the Marketing Audit Project For this project (and all deliverables in the class) it is expected that students will submit their best work. Each assignment will only be graded once (there are no “do-overs”). While Dr. Steen will happily answer specific questions you have, entire assignments will not be “looked over” before submission since this essentially pre-grading the assignment. This course-long project will have students conduct a marketing audit for an organization/product/brand of their choice. The marketing audit will consist of a written report based on the template provided in the marketing audit worksheet below. There is a sample marketing audit posted on Blackboard. IMPORTANT: Please choose an organization/business that would benefit from the marketing audit and suggestions for improvement to their marketing plans. Due to the timeframe of the class, small (even micro) businesses work well. Many students choose to conduct the audit on a business owned by a close friend or family member. The company/product/brand needs to already exist. It is difficult (if not impossible) to conduct a marketing audit on a fictional (or even future) company/product/brand. There are three different assignments associated with the marketing audit: 1. Marketing Audit Topic Assignment: Each student will submit a paper describing their proposed topic for the marketing audit. This assignment should include the company background section (see sample Marketing audit) and address how the student will obtain access to the information needed to write the marketing audit. 2. Marketing Audit Situational Analysis & SWOT Assignment: Each student will submit the Situation Analysis and SWOT Analysis (including the SWOT Matrix) section of their marketing audit. See the sample marketing audit and the outline posted below. NOTE: The maximum length for this section of the audit (not including cover page, company background, etc. is five single spaced pages). 3. Final Marketing Audit: Each student will submit a complete marketing audit based on the outline below (also see the Sample Marketing Audit on Blackboard). This audit should include an executive summary and table of contents. NOTE: The maximum length of the final marketing audit is ten single spaced pages (this does not include the title page, table of contents, or reference page, if needed). Keep in mind that in most business settings, information that is both thorough yet concise/succinct is expected. All written assignments should be neatly typed, well organized, visually appealing, legible, and free of all errors in grammar and spelling. Each of the three assignments are to be submitted on Blackboard by 11:59PM Eastern Standard Time on the respective due dates. Assignments submitted late will receive a 10% point penalty per day. 1
Marketing Audit Worksheet This worksheet will assist you in writing a formal marketing audit. Worksheets are a useful planning tool because they help to ensure that important information is not omitted from the marketing audit. Answering the questions on these worksheets will enable you to: 1. Organize and structure the data and information you collect during the situation analysis. 2. Use this information to better understand a firm's strengths and weaknesses, and to recognize the opportunities and threats that exist in the marketing environment. 3. Analyze current marketing strategies/tactics being used. 4. Make recommendations that will enhance marketing for the organization/product/brand. In completing the situation analysis section, be sure to be as comprehensive as possible. However, there may be sections that do not apply to the chosen organization/product/brand. The viability of your SWOT analysis depends on how well you have identified all of the relevant environmental issues. Likewise, as you complete the SWOT analysis, you should be honest about the firm's characteristics. Do not depend on strengths that the firm really does not possess. Honesty is also important for your listing of weaknesses. Remember to label (Figure 1: SWOT Matrix) and refer to your SWOT matrix within your paper (e.g. As shown in Figure 1, .... ). I. Situation Analysis (NOTE: The situational analysis section of the marketing audit is basically a report on the current state of the external and internal environment.) A. The External Environment (see sample audit) NOTE: Be sure to write this section from an EXTERNAL point of view. These factors apply to all firms in an industry. Political, legal, and ethical Identify any political activities affecting the industry with respect to changes in elected officials (domestic or foreign), potential regulations favored by elected officials, industry (lobbying) groups or political action committees, and consumer advocacy groups. What are the current and potential hot button political or policy issues at the national, regional, or local level that may affect the industry? Identify any changes in international, federal, state, or local laws and regulations affecting the industry’s marketing activities with respect to recent court decisions, recent rulings of federal, state, or local government entities, recent decisions by regulatory and self-regulatory agencies, and changes in global trade agreements or trade law. Identify the ethical and social responsibility issues that the industry faces. How are these issues expected to change in the future? 2
Sociocultural With respect to the firm’s target customers, identify changes in society's demographics, values, and lifestyles that affect the industry. Technological How have recent technological advances affected the firm's customers with respect to needs/wants/preferences, access to information, the timing and location of purchase decisions, the ability to compare competing product offerings, or the ability to conduct transactions more effectively and efficiently? Have customers embraced or rejected these technological advances? How is this issue related to customers’ concerns over privacy and security? How have recent technological advances affected the industry with respect to manufacturing, process efficiency, distribution, supply chain effectiveness, promotion, cost-reduction, or customer relationship management? What future technologies offer important opportunities for the firm? Identify any future technologies that may threaten the firm's viability or its marketing efforts. Economic Identify the general economic conditions of the country, region, state, or local area where the firm’s target customers are located. How are these economic conditions related to customers’ ability to purchase the firm’s products? Describe the economics of the industry within which the firm operates. These issues might include the cost of raw materials, patents, merger/acquisition trends, sales trends, supply/demand issues, marketing challenges, and industry growth/decline. B. The Competitive Environment (see sample plan) Threat of New Entrants How strong are entry barriers based on capital requirements or other factors? Rivalry among Existing Firms Identify the firm’s major competitors. How much direct competition is there? How much indirect competition? How strong are the firms in both categories with respect to size, growth, profitability, target markets, products, and marketing capabilities (production, distribution, promotion, pricing)? What other major strengths and weaknesses do these competitors possess? Threat of Substitute Products What substitutes exist for the products/services the company produces? How much of a threat do these substitutes possess? 3
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