Marketing Audit Example
Marketing Audit Example
1. Explain how information technology puts powerful tools in the hands of global martekers.
technology is very important in now times this is why in every area of the business technology is a very important tool, information technology and international marketing are working very closely; information technology innovations is improving marketing process and the way we interact with the customers. So thanks to information technology markters now have more information about customers and they can reach them easily due to data bases. Also information technology has changed the competitive environment, consumers have more information about competitive offering, also thanks to internet a new way of marketing has emerged and new ways to reach the consumer.
2. what is the difference between existing, latent and incipient demand? how might these differences affect the design of a marketing research project? Existing demand where there are existing suppliers; latent demand, where there is a need or desire that is not currently satisfied because there is non suitable supplier; and incipient demand that is the demand in which certain trends project shows an emerging need but customers are not really aware of it. when designing a marketing research we have to make sure what kind of market we are dealing with and which type of demand, if the market is mature and the demand is existing the consumer is already familiar with the products and the strategy to be used is different than if the demand is existing and the needs of the consumers hasn’t been satisfied.
Also the approach to the different kind of demand will be different and the knowledge that we have form the different markets will make the research more successful. In the marketing research we could include how is the actual demand or we can investigate how will be the future demand. in conclusion marketer could focus their marking research in the deemed estimation, to determinate how is the approximate level of demand for a product. 3. describe some of the analytical techniques used by global marketers. when it is approbated to use each technique? Analytical marketing technics are often used where the research data are interpreted using computerized analytical techniques. The database in such a system is composed of a statistical bank of information, which enables marketers to draw conclusions from data using statistical procedures. also a model bank of information, which enables marketers to make better marketing decisions using models .
key Analytical Tools & Techniques
Perceptual Mapping Tool – these maps take empirical customer-based evaluations of key brand attributes and translate this data into visual maps. These maps provide a method for calculating the ROI of positioning changes, identifying product strengths & weaknesses, and determining unmet customer needs. Read this article by Marketing NPV’s Managing Partner to learn more.
Resource ReAllocator – by combining management science, historical data, and executive judgments, this model can be used to size and allocate marketing resources such as salesperson headcount. Bass Diffusion Modeling Tool – use this technique to accurately forecast revenue for a new product where you have no historical data. Markov Chains – this technique can be used to understand the future of your market such as how your customers will make purchasing decisions. Many organizations have used Markov chains to forecast the impact of market changes. Follow this link to learn more about this technique.
Marketing ROI – measuring return on investment is one of the most frequently used methods for analyzing the success of marketing programs. Follow the preceding link to develop a Forward ROI model.
Decision Trees – this technique provides a method for breaking large decisions into manageable pieces, analyzing the expected outcomes, and determining potential payoffs. Simulation Tools – using turbocharged Excel spreadsheets can provide insight into the effectiveness of a particular marketing program. Follow the preceding link to download the required plug-in for Excel and start simulating.
Competitive Radar – use this tool to graphically represent your competitive matrix.