A marketing audit is not unlike a financial audit in that it helps the organisations to examine progress or lack of process towards the goals.
A marketing audit is an evaluation of the marketing within an organisation to see if their strategies in place are effective within the marketing environment.
There is an “internal and external” form of audits. The internal audit assists with considering the effectiveness of the marketing strategies in place at the time of the audit. The “external” audit considers the factors that are external to the organisation - for example environmental changes, Customer preferences, trends and competitor’s activities. Competitor’s activities can present a threat to the organisation (gaining more market share)
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Market analysing will allow the organisation to have a better understanding of their industry current and future market which will allow the appropriate marketing strategies to be implemented.
Competitive Analysis:
A competitive analysis is an assessment of the strengths and weaknesses of a current or potential competitor. A competitive analysis is both offensive and defensive strategic which will identify the opportunities and threats of the market. A competitor analysis is essential for a corporate strategy.
Competitive analysis is an analysis of the companies in a certain industry or market. The analysis may be an in-depth exploration of a large number of competitors. The benefits of a competitive analysis is that it gives you a better understanding of what competitors are doing, what they are offering and how your company can compete in the market.
The advantages in Marketing Audits are that it can define and comprehend procedures of checking the marketing activities of concern. There are many benefits to a marketing audit; it’s a complete picture of the entire operation, while revealing the various threats. A Marketing audit can also be used to improve and assist in a new marketing plan.
There is also a competitive advantage to doing marketing audits, as other companies and competitors are looking for
left of disposable income after paying for necessities” (Quester et al, 2007, p. 744). Because of the
Market analysis is determining the attractiveness of a market and looking for growth opportunities and threats related to the strengths and weaknesses of the company (Aaker, 2008).
A market analysis, or market research, helps to understand the community an organization is working for, as well as come up with ideas for the future (Berkowitz, 2011). This is true for any organization, and even more important for smaller organizations, as that may not have a large amount of money to use for new ventures, services, and products. Not to mention the organization needs to determine the best plan of action for their consumers, as well as those that are not yet utilizing the services and products being offered.
Competitive intelligence and analysis is an important part of a business. Competitive intelligence is the art of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, individuals, concepts, information, ideas or data needed to support executives and managers in making strategic decisions for a business. This includes a broad array from government intelligence to market intelligence to business intelligence (Competitive Intelligence, n.d.).
Competitive intelligence is a great tool to use in marketing research. It is “A systematic and ethical program for gathering, analyzing, and managing external information that can affect your company 's plans, decisions, and operations” (“Definition competitive intelligence“, 2011, para. 2). A company can use competitive intelligence to learn more about their competition and figure out ways to better market to their company against their competition.
Competitive analysis main objective is to research, analyze, and compare the competition in relation to the company. Analytical tools used for competitive analysis include the five forces framework, value net, driving forces, strategic groups, competitor analysis, and key success factors are analytical tools. The competitive analysis will enable the trucking company to understand more about the industry and the competition, to be able to develop a competitive strategy that will give the company a competitive advantage by taking into account the actions and responses of the competitions (Thompson, Peteraf, Gamble & Strickland, 2016).
Competitor analysis is a serious part of the organization therefore; Target must identify and address all issues pertaining to the business. Target must pinpoint the tangible competitors, and substitutes, evaluate opponents’ objectives, strategies, strengths and weaknesses, and opportunities and threats, and uncover what opponents Target should take on or stand clear of. Therefore, Target must analyze the company’s economic, sociocultural, technological, political, and future.
Porter, M. E. CompetitiveS trategy. (1980): Techniques for Analyzing Industries and Competitors. New York: Free Press.
Chapter 4) to gain insights into how our customers are talking about and engaging with our brand. Monitoring competitive market intelligence through the use of competitor analysis (Identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reactions patterns; and selecting which competitors to attack or avoid. Chapter 18) will also allow us to make better strategic decisions by understanding the current consumer environment, tracking competitor actions, and providing warnings for potential opportunities.
Finally, we can say that the marketing audit, apart from focusing on a particular part of business operations, should analyze and assess the effectiveness of the overall marketing function. From past experience, it has been observed that problems arise in other areas of focus than the ones that the marketing audit procedure seeks to evaluate.
In this Assessment Task, you are required to prepare for a marketing audit by developing a plan
A competitive strategy is a plan of action that a company develops towards attaining a competitive advantage over its competitors in the industry. Companies examines and research their competitors strengthen and weaknesses and compare them to its own. A company strategy can incorporate efforts to please customers, ward off competitive threats, and meet a unique competitive advantage.
Competitive analysis is an important part of your business plan, there are a lot of different alternatives in the market, costumers usually look for different sets of values to focus on, benefit levels and what does the item include when they are choosing where to buy the product from. Even though costumers usually choose similar products to those alternatives, and that’s where competition is created.
Strategic objectives- pertain to value creation management makes on behalf of shareholders. Longterm strategies look
Market analyze is very important to get customers feedback. By gathering market data , market growth the organization will get to know about the competitors.