Organization
Ikea® is the selected company for the marketing audit. This audit will review the marketing process of Ikea® with a final report at the conclusion of week six of marketing 551.
Marketing Audit Approach
This report will provide an approach to the audit of the marketing process, including the steps needed. The final project document will include an executive summary, which, summarizes the audit purpose, key findings, major highlights, and concludes with recommendations. The executive summary is more than likely the only portion of the report top managers will read (Kernin, R.A. & Peterson, R.A., 2007).
Company Overview
The first step in a marketing audit is for the reader to understand the company’s vision, products, and marketing strategy. The IKEA® group information obtained is from the student information website and from the IKEA® website.
Marketing Environment Analysis
Understanding of the businesses environment is imperative to the success of any marketing campaign. Detailed information of key environmental aspects will consist of
- Customers
- Demographics
- Markets
Each of these categories will be analyzed using information gathered from the IKEA® group website, the student information website, and resources from University of Phoenix library. The audit will target key questions of
- Customers: Understanding the nature of IKEA’s® customers in terms of:
- Customer needs and how to satisfy those needs?
- The perception of the IKEA® brand?
- How can IKEA® provide value to those customers?
- What is the buyer decision process and consumers behavior?
- What is the nature of the market segment, target, and IKEA’s® position?
- Demographics: Understanding and evaluating the customers average age, gender, and levels of population.
- How has technology influenced the market?
- How internet technology helps IKEA® in marketing?
- The ways in which the goods are manufactured and provided to the customer?
- The use of technology and media for marketing?
- Markets: What is the market condition for IKEA®?
- Is the market expanding for IKEA®?
- What population segments provide the greatest potential?
- What changes need to be in effect to adjust to the markets?
The audit will also contain a SWOT analysis and situation analysis that will provide a detailed report on IKEA’s® present position in the market.
Marketing Objectives
Any marketing plan needs to start with an objective(s). This audit addresses IKEA’s® objectives by the review of the vision, business idea, and market position statement, which is obtained from University of Phoenix information website. A SMART analysis is also included to identify the effectiveness of the marketing objectives. The SMART analysis consists of
S – Specifics?
M – Measurable?
A – Attainable and achievable?
R – Realistic in terms of resources, money, and time?
T – Time frame?
The findings of the audit may open up the need for recommendations that will be included. The data obtained from financial reports will support this process.
Marketing Strategies
The SWOT analysis evaluates the marketing strategies used by IKEA®. This audit will also discover whether all market segments are covered as well as; discover any information about the resources used for marketing, and whether this information is sufficient to achieve the set objectives. The results of the audit will uncover the need for any necessary recommendations. The data required for this audit is uncovered from the IKEA® student website and possibly articles from periodic magazines. This data and analysis will include key strategy components of quality, price, and convenience.
Marketing Tactics
The tactics IKEA® uses to implement the marketing strategy are included in this portion of the paper. The audit will uncover any necessary changes needed through a summary of the tactics gathered through the University of Phoenix and IKEA® websites.
The Four P’s
This section of the report will provide details on the four P’s in respect to IKEA®. The four P’s are to include
- Product:
- Price:
- Place:
- Promotion:
Sales
Answers to the following questions found in this section of the report pertain to.
- Does the sales force have a clear understanding of obtainable objectives?
- Is the structure set up for optimal results?
- Is the training sufficient?
By the review of the IKEA® website for Human Resources, the answers to these questions are uncovered.
Conclusion
This section will summarize the report and provide potential recommendations for IKEA’s® marketing plan.
Time-line
January 20 - 23, 2011- Pick a company and complete an audit approach.
January 23 – February 11, 2011- Understand marketing audit through reading of UOPX material. Conduct and document research for information pertaining to IKEA®. Ensure the data collected is relevant to project. Perform SWOT and situation analysis.
February 11 – 17, 2011 - Write conclusion based upon the discoveries of the research with any necessary recommendations included. Produce rough draft for submission to Writepoint© and the plagiarism-checker©.
February 18 - 20, 2011 Take information from Writepoint© and Plagiarism-checker© and finalize report.
February 20, 2011: Submit final assignment with accompanying Certificate of Originality.
References
Kerin, R.A., & Rudelius, W. (2009). Marketing (9th ed.)., New York, NY : McGraw-Hill
Konvalinka, John w., Gordon, Alexander r., & Schad, Theodore G. (1969). The marketing audit
New York Certified Public Accountant, 39(000012), 969. Retrieved January 21, 2011
fromABI/INFORM Global Database.
Marketing. 2011. Merriam-Webster Online Dictionary. Retrieved January 23, 2011, from
http://www.merriam-webster.com/dictionary/marketing
Rural Naukri. 2010. Fundamentals of marketing. Retrieved on January 21, 2011 from
http://www.ruralnaukri.com/uploads/Marketing.doc
