Once youre further down the lin regularly scheduled

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ground, an audit can be a great way to help kick off strategy. Once you’re further down the line, regularly scheduled audits are useful to keep marketing strategy aligned with business priorities. As an entrepreneur with a fledgling business, you may want to stick to an annual audit. As you add to your roster of tactics, employees and customer base, you may find it handy to ramp up to a quarterly timeline. The gist of it is, the more robust your marketing strategy and structure, the more frequently you should be auditing. Question 12: Explain the four (4) main characteristics of a marketing audit. Answer in 150-200 words. 1. Periodic Marketing audits should be conducted regularly and not just merely at the time of Crisis. In all situations, marketing audit can benefit the companies to improve the situation. 2. Comprehensive A marketing audit extends to all the marketing activities of the company. If it confines to only a few marketing activities, it would be called a functional audit. Although the functional audit is
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useful, sometimes it may mislead to management, as it may not be able to detect the root of the problem. 3. Systematic The Marketing audit is a systematic examination of the organizations’ environments, strategies, and objectives. The audit indicates the most needed improvements, which can be incorporated in the short and long-term improvement plans to improve marketing effectiveness. 4. Independent Although marketing people from within the company can conduct a marketing audit. However, there will be more credibility, and objectivity if it is conducted by an independent and experienced consultant. Question 13: List the three (3) participants involved in marketing audit. The participants of marketing audit are as following: 1. Staff: Those responsible for the marketing activities of the business or who contribute information to the process of developing marketing material. 2. Customers: Those who purchased products or services, based on the marketing activities. 3. Public: Potential new customers. Question 14: Answer the following questions: a. Explain the role of market analysis in business growth improvement. Write your answer in 150-200 words Behind every successful product or service present in the market today, there is a story of substantial market analysis on competitors and customers. It is the first and the most important step in the development of any marketing plan Market analysis is the thorough process of data collection to choose whether the product or the service that is going to come will cater to customers’ needs. Effective market analysis can help in getting valuable insights into shifts in the economy, competitors, ongoing market trends, demographics, and the traits of customers’ expenditure. Market analysis is one of the vital components to help business with all the essential information and making wise business decisions.
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b. Explain the roles and uses of qualitative and quantitative research. Write your answer in 100-150 Quantitative research is considered to have as its main purpose the quantification of data. This
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  • Fall '15
  • Marketing, Marketing Organization, marketing manager

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