Essay about Marketing Audit Approach - Ikea
Marketing Audit Overview
“What is a marketing audit? Quite simply, it is a detailed analysis of the elements that constitute or influence a company’s efforts to profitably market its products- today and in future when both market and products may undergo radical change” ( John, Alexander, & Theodore, 1969). The marketing audit helps to understand the fundamentals of a company’s marketing planning process. Auditing is not only conducted not only at the planning stage and also conducted during various stages until the implementation of the marketing plan.
Organization The selected organization for the marketing Audit is IKEA Group. As part Phoenix University marketing course, the author of this …show more content…
Based on the evaluation, author will provide recommendations if necessary. The data that will support this process can be obtained from financial statements. However, the caveat is that the co-relation of the benefit vs. marketing efforts may not be interpreted directly.
This part of the audit will reveal the strategies that IKEA uses to achieve their objectives. The SWOT analysis can be used to evaluate the marketing strategy. The strategy audit will also evaluate whether all the market segments are covered or not. The author will also try to find the information about the resources being used for marketing and whether it is sufficient to achieve the marketing objectives or not. Based on the audit analysis, the author will provide recommendations. The data for this analysis can be obtained from IKEA’s student info website and articles from periodic magazines. The data and the analysis must include the key strategies such as “low price”, “the right quality” and “convenient shopping”.
Marketing Tactics This section of the audit report will define the tactics IKEA uses to implement the strategy. The one of the best example from the IKEA student’s info website would be “a day out for the whole family”. This tactic will attract the families to spend time at IKEA and buy more products. The author will analyze and provide a summary on the tactics used by IKEA by going through the IKEA’s website and