Market Audit
Market Analysis:
Outlining the Process and Exploring its Value to an Organisation
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1. Introduction
2. Market analysis process 2.1 Macro environment analysis 2.2 Micro environment analysis 2.3 S.W.O.T. Analysis 2.4 Critical Success Factors
3. Identification of short, medium and long term benefits of a Market Audit
4. Identification of the challenges facing marketers undertaking a market audit and the dangers of not doing so.
5. Conclusion
6. Bibliography
1. Introduction
Step 1 Macro Analysis
Step 2 Micro Analysis
Step 3 TOWS/SWOT
Step 4 Identification of Key or Critical Success Factors
Step 1 Macro Analysis
Step 2 Micro Analysis
Step 3 TOWS/SWOT
Step 4 Identification of Key or Critical Success Factors
A market audit is a strategic planning process that enables businesses to work out the steps needed to achieve their objectives. It can be defined as, “…a systematic process for assessing marketing opportunities, helping organisations stay in touch with marketplace trends and to keep abreast of customer needs,” (Dibb, 2002). A marketing audit helps a company to understand how it relates to the environment in which it operates. It can aid in the identification of a company’s strengths and weaknesses in relationship to external opportunities and threats (SWOT.)
The structure of a market audit has four stages and includes the following: macro analysis, micro analysis, SWOT analysis and finally, identification of critical success factors. An effective market audit allows businesses to carefully watch the market environment and spot potential threats and opportunities.
I will explain the step by step process of a market audit and use visual tools to illustrate the stages. The company that I will use in the explanation of the market
Outlining the Process and Exploring its Value to an Organisation
WORD COUNT: 2651
Contents Page
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Pg. 4
Pg. 5
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1. Introduction
2. Market analysis process 2.1 Macro environment analysis 2.2 Micro environment analysis 2.3 S.W.O.T. Analysis 2.4 Critical Success Factors
3. Identification of short, medium and long term benefits of a Market Audit
4. Identification of the challenges facing marketers undertaking a market audit and the dangers of not doing so.
5. Conclusion
6. Bibliography
1. Introduction
Step 1 Macro Analysis
Step 2 Micro Analysis
Step 3 TOWS/SWOT
Step 4 Identification of Key or Critical Success Factors
Step 1 Macro Analysis
Step 2 Micro Analysis
Step 3 TOWS/SWOT
Step 4 Identification of Key or Critical Success Factors
A market audit is a strategic planning process that enables businesses to work out the steps needed to achieve their objectives. It can be defined as, “…a systematic process for assessing marketing opportunities, helping organisations stay in touch with marketplace trends and to keep abreast of customer needs,” (Dibb, 2002). A marketing audit helps a company to understand how it relates to the environment in which it operates. It can aid in the identification of a company’s strengths and weaknesses in relationship to external opportunities and threats (SWOT.)
The structure of a market audit has four stages and includes the following: macro analysis, micro analysis, SWOT analysis and finally, identification of critical success factors. An effective market audit allows businesses to carefully watch the market environment and spot potential threats and opportunities.
I will explain the step by step process of a market audit and use visual tools to illustrate the stages. The company that I will use in the explanation of the market
Bibliography: BBC. (2012). Inflation fear as oil price rises over Iran. Available: http://www.bbc.co.uk/news/business-17108222. Last accessed 25/02/2012 David Jobber, (2007). Principles and Practice of Marketing, 5th edition. McGraw-Hill Education, 385 – 405 pp. Factors That Influence Ford Motors Operational Planning | eHow.com. 2012. Factors That Influence Ford Motors Operational Planning | eHow.com. [ONLINE] Available at:http://www.ehow.com/info_7757855_factors-Ford-motors-operational-planning.html#ixzz1ngqG6Vz0. [Accessed 25 February 2012]. Ford UK - The Official Homepage of Ford UK. 2012. Ford UK - The Official Homepage of Ford UK. [ONLINE] Available at: http://www.ford.co.uk. [Accessed 13 February 2012] Kotler P., T. Gregor W., H. Rodgers III W. (2005). The Marketing Audit Cones of Age. Available: http://naabmarketing.com/Documents/The%20Marketing%20Audit%20Comes%20of%20Age.pdf. Last accessed 28/02/2012. The Industry Handbook: Automobiles | Investopedia . 2012. The Industry Handbook: Automobiles | Investopedia . [ONLINE] Available at: http://www.investopedia.com/features/industryhandbook/automobile.asp#ixzz1nho4GDD. [Accessed 20 February 2012] Palmer and Hartley, A.P, B.H., 2010. The Business Environment. 5th ed. London: Prentice Hal Porter, M.E. (1985), Competitive Advantage: Creating and Sustaining Superior Performance, Free Press, New York, NY.