Describes the need for a marketing audit and describes structured approaches for conducting market audits such as the SWOT (strengths, weaknesses, opportunities and threats) analysis.
Examines the ‘P' of pricing, the major determinant of profitability. For this unit's Individual Assignment, this chapter will show the dangers of pricing too high or two low or not integrating pricing with the other P's.
Describes promotional strategies for a marketing mix. The importance of paying attention to various kinds of messages (e.g. emotional, informational) is addressed. Includes a list of key characteristics of core tools of the promotional mix.
Distribution and location of services make up the ‘place P' of a marketing mix. Chapter 17 outlines what makes an effective distribution plan for a marketing mix. In short, products must be available and in the right quantities and location, among other criteria, to meet the needs of the target customers.
To complete this Shared Activity:
• Conduct an internal audit on your selected organisation's marketing strategy using a SWOT analysis. Identify the strengths, weaknesses, threats and opportunities you identified in the organisation's internal environment using a SWOT matrix. Identify at least three items for each SWOT category.
• Explain the strengths, weaknesses, opportunities and threats related to the internal environment of your selected organisation at the overall organisational level. Could any of the items that you listed cross different cells? For example, could something be both a strength and a weakness, or a strength and an opportunity? If so, explain, using concrete examples.
Attachment:- Marketing Audits Using SWOT Analyses.rar