Market Audit Flashcards
(19 cards)
What part of McDonald’s 2007 strategic planning process does the market audit fall into
Phase 2: Situation Review
What are the 3 marketing environments a business needs to be aware of?
- Internal: Strengths & weaknesses
- External: Opportunities & threats
- Performance
What are some ways to analyse the internal environment?
- GE Matrix
- Porters 5 forces: Bargaining power of suppliers, threat of substitutes, threat of new entrants, bargaining powers of buyers
- Competitors
- The media
What are some ways to analyse the external environment?
- PESTLE
- Part of the SWOT
How can a business analyse its own performance?
- SWOT
- Finance
- Ansoff
- Stakeholders
Discuss how the market audit process can be intertwined with customers:
- Current and potential market segments: Who are we servicing
- Company market shares within each segment: How dominant, or not, are we?
- Customer buying behaviour: Are we keeping or losing our customer base?
What is a competitive audit?
A comparison between yourself and competitors on a component/(s) of your choice. e.g. sales
What are some ways in which you can conduct a portfolio audit?
- BCG Matrix: Star, Cashcow, Dog, Questionmark
- Ansoff Matrix: New products, existing markets, existing markets, new markets
- Shell: Shows their competitive capability
- General Electric matrix
What is a resource audit?
An analysis/inspection of the resources that an organisation has
What types of resource audit are there?
- Human
- Informational
- Financial
- Supply
How can metrics be divided?
- Internal Metrics
- External Metrics
What are some of the internal metrics that an organisation can use?
- Sales figures
- Profit levels
- Trade ups (How many consumers get the next best product in the product line)
What are some of the external metrics that an organisation can use?
- Competitors sales figures
- Market share
- Market growth
- Customer attitude
What is a balanced scorecard?
A strategy performance management tool - a semi-standard structured report
What do companies need to use metrics to measure and monitor things?
- For accountability purposes
- Try to avoid large costs
- Provides legitimacy for senior management
What is brand equity?
The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself.
What is a competitive advantage?
Sustained differentiation from rivals
What is passive data collection methods?
Passive data collection occurs without any overt consumer interaction and generally includes capturing user preferences and usage behavior, including location, etc.
What are some passive data collection methods?
- From cash registers
- Cookies
- Online purchases & accounts
