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Strategic Marketing Fall 2013 Instructor : RAZA ILLAHE Lahore Leads University Aims Situational Analysis Marketing Audit Checklist SWOT Analysis PEST BCG Strategic Marketing Planning Process Discuss ! Strategic Marketing Planning Process Environment and Situational Analysis SWOT Forecasting Market Objective Setting Research and Design Strategies Market Segmentation Product Positioning Strategic Marketing Program Situational Analysis What is Marketing Audit ? The marketing audit has certain similarities to a financial audit in that it is a review or appraisal of your existing marketing activities. Carrying out the marketing audit provides the opportunity to review and appraise your whole marketing activity, It enables you to assess past and present performance as well as to provide the basis for evaluating possible future courses of action. Marketing Audit Number of tools that can be used, for example SWOT analysis for the internal environment, as well as the external environment. Other examples include PEST and Five Forces Analyses, which focus solely on the external environment. These are the most popular tools. This lesson introduces Marketing Audit Checklist Marketing Audit Let’s consider the marketing audit under three key headings: The Internal Marketing Environment. The External Marketing Environment. A Review of Our Current Marketing Plan. The Internal Marketing Environment Checklist Revolves around 5 M’s The Internal Marketing Environment Checklist 5 M’s MEN MONEY MACHINERY MINUTES MATERIALS (Labour). (Finances). (Equipment). (Time). (Factors of Production). 5 M’s in detail There can be a collection of questions that can be asked while performing 5M’s analysis ,to learn about our resources. Although, not limited to then following questions, but common questions can be : The Internal Marketing Environment Checklist How is our marketing team organised? How efficient is our marketing team? How effective is our marketing team? How does our marketing team interface with other organisations and internal functions? . How effective are we at CRM? What is the state of our marketing planning process? Is our marketing planning information current and accurate? What is the current state of New Product Development? How profitable is our product portfolio? Are we pricing in the right way? How effective and efficient is distribution? . Are we getting our marketing communications right? Do we have the right people facing our customers? How effective are our customer facing processes? What is the state of our business's physical evidence? The External Marketing Environment Checklist What is the nature of our 'customer?' What is the nature of competition in our target markets? What is the cultural nature of the environment? What is the demography of our consumers? Such as average age, levels of population, gender make up, and so on. What is the economic condition of our markets? Is the political and legal landscape changing in any way? A Review of Our Current Marketing Plan What are our current objectives for marketing? What are our current marketing strategies? How do we apply the marketing mix? SWOT SWOT analysis is one of the bestknown and most frequently used tools within the marketing planning process. PEST Political/Legal Economic Factors Sociocultural Factors Technological Factors STRATEGIC BUSINESS UNIT BCG Matrix (Boston Consulting Group) 1.Build Share 2.Hold 3.Harvest 4.Divest Build Share Here the company can invest to increase market share e.g, turning a question mark into a star Hold Here the company invests just enough to keep the SBU in its present position. Harvest Here the company reduces amount of investment in order to maximise the short-term cash flows and profits from the SBU in its present position. Divest the company can divest the SBU by phasing it out or selling it – in order to use the resources elsewhere e.g investing in the more promising ‘question mark’.