• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

The report discusses the relevance of adopting the marketing audit and the key external factors affecting the organisation of my choice (Argos LTD) and the industry that it operates within.

Extracts from this document...


The report discusses the relevance of adopting the marketing audit and the key external factors affecting the organisation of my choice (Argos LTD) and the industry that it operates within. Using this information I shall analyse the correlation between the external factors and planning within the internal environment of the organisation. Having identified some of the four aspects of the analysis in regard to the organisation, some recommendations will be made on possible conversion strategies. The marketing audit is formed of a range of element in order to asses both the internal and external environment within a business. The audit is formed of various elements which provide an overview of the position within the business its current market, allowing organisations to plan ahead and make appropriate adjustment within the business. The audit is a vital element of planning, as it demonstrates the position of the company around the market it functions within, providing a clear insight to the strengths and the weaknesses which could subsequently reduce competitive advantage and the bargaining power of customers. "The marketing audit is a template for assessing the organisation's current position in terms of its marketing activities. It provides a comprehensive system of examining everything that impinges on the organisation's marketing planning, but it is not itself a provider of answers" (Blyth J 2010). ...read more.


Business legislation, environmental legislation, the laws surrounding contracts and consumers are just a few examples of different legal sources to which an organisation must be fully aware of and comply with, such regulations in place to rule out biased competition and protect customers against businesses. Ignoring new laws and legislations both within the internal environment and the way the company chooses to deal with the external environment such as customers and suppliers can cause the brand image to deteriorate. The economic conditions have a strong impact on consumer purchasing power. With a cut in consumer spending within the recent years and the rise in inflation, marketers should develop innovative strategies to convert weaknesses to strengths. One of the strategies used by (Argos LTD) in recent years has been through issuing store credit cards, giving itself advantage of the limited availability of credit for consumers within tough economic climate. Analysing the competition is one of the most vital ways in obtaining, and sustaining competitive advantage in order to stay ahead of rivals, "Professor Michael Porter of Harvard University Business School's contribution to our understanding of the competitive environment of the firm has wide implications for many organisations in both the private and public sectors"(Lynch, R, 2003). It is useful to recognize the implications of Porters five forces for discussion of the different impacts, such factors can have on the organisation. ...read more.


Organisations take different approaches to these changes. "Various types of organisation which possess quite different capabilities, motivations and behaviours in this respect, they are Defenders, Prospectors, Analysers and Reactors" (Miles and Snow 1978). The main differences are firstly how they interpret the environment and secondly how they react to it. Therefore an organisation that adopts a proactive approach will be better prepared for such changes compared to the reactors. Businesses use methods such as Porter's five forces, SWOT analysis and PESTLE analysis to establish which factors can affect them and the severity of such affects. It is then for the organisation to determine its core internal capabilities and critical success factors to prepare for reaction to external forces by developing its organisation behaviour and cultures to achieve its best possible outcome. Therefore, we can say that external factors are extremely contributory to the success of an organisation, and if not suitably addressed or acknowledged, can have a damaging affect. Recommendations Through analysing the weaknesses of the organisation it is clear that a number of changes could be implemented. The company could digitally alert customers with the latest deals and price cuts. Collecting internal ad-hoc data via the marketing information system on trends such as the popularity of certain products and consumer preference could also help the organisation to remain a prime competitor. The threats opposing by improving efficiency with stores by improving customer service and staff training, providing faster delivery and in general maximising convenience for customers. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our University Degree Marketing section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related University Degree Marketing essays

  1. The PEST analysis - used for all external activities that could affect the business

    Financial stability of company - When the financial stability of a is strong they will have a lot of money that could be put into a new product launch; advertising or creating a new product this is a strength for Cadburys as they are a profitable business.

  2. KFC andthe Global Fast Food Industry (703).

    The performance of the organization is highly recognised by many consumers due to highly publicity activities they undertake 3.4 Stakeholders Analysis Who are the key stakeholders? Stakeholders Responsibilities shareholders ? Higher dividens, share price, assist and profits. ? Sound, well planned and implemented growth strategy.

  1. Examine the competitiveness of Avon cosmetics in the UK market with respect to its ...

    and move to the strategic group above its current one - where there is no competition - by further diversifying its product offering. 2.2 Strategic Clock In Avon's strategic group, players follow different generic strategies in order to compete. The following strategy clock is a schematic display of these strategies (Diagram 3).

  2. S.W.O.T. Analysis of Dalda Foods Pvt. Ltd.

    The lower most part is local and cheaper brands. This part is for poor people and they bought local and cheaper brands and they are not the users of Dalda. The number of middle class who buys Dalda is more than upper class and less than lower class.

  1. Zorbas Bakeries Ltd.

    are expecting from them to tell us their opinions and their thoughts". All the Brand Managers are persons well educated and well trained professionals who work to build and maintain long-term customer relationships by listening to their customers, assessing customer needs, and organizing the Company's effort to solve customer problems.

  2. Dell Competitive Advantage.

    Core competency in supplier's line of business 9. Technological capabilities (hardware & software) 10. For production suppliers: Continuity of Supply strategy 11. For production suppliers: Quality processes (ISO 9000 or equivalent) 12. Diverse supplier certification by a third-party: Small Business (SB), Small Disadvantaged Business (SDB), Small Business Administration 8(a)

  1. Chapter Notes on Marketing Management by Philip Kotler 10th Edition

    If economic indicators point to a recession, marketers can take steps to redesign, reposition, and re price their products so they continue to offer value to target customers. Stages in the Family Life Cycle 1. Bachelor stage: young, single not living at home Few financial burdens Fashion opinion leaders Recreation oriented.

  2. PESTEL analysis on the external business environment of Malaysia based whisky industry.

    wine and this ellagic acid is a highly effective ?free radical scavenger? that ?absorbs? rogue cells that occur in the body during eating. When the citizens of Malaysia aware of the health benefit from drinking whisky, more people will probably start to consume whisky and the existing consumers will also increase their consumption on whisky.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work