This paper is continuation of 111486 and also 111516 so its critical that the writer reference back to all this other papers to be able to complete this paper. The writer will have to clearly discuss each points in the questions following closely the instructions in the questions. The writer must clearly respond to each point using them as subheadings.
Identify an individual in your chosen organization to be interviewed who has knowledge of the questions below and use the responses for the purposes of this week’s assignment or use information gathered through last week’s interview if the person gave information patterning to the questions below. She or he should be an individual who understands the organization’s strategic use of marketing activities to achieve competitive advantage in the marketplace and is willing to meet with you to discuss these initiatives. Complete the marketing function and strategy audit from information gathered in your interview.
Marketing Function and Strategy Audit
each of the following main areas needs to be addressed as a part of this audit; the questions listed are only guidelines to help you gather the essential information to assist in your analysis. It is important to cover each particular topic, but in a way that is most meaningful for the organization that you have selected.
When the questions result in a simple affirmative or negative answer, please elaborate on how you reached your conclusion.
Marketing Function Audit
• What are the company’s product line objectives?
• What areas of product and brand strategy need improvement?
• What are the company’s pricing objectives, policies, strategies, and procedures?
• What are the company’s distribution objectives and strategies?
• Is there adequate market coverage and service?
4. Integrated Marketing
• What are the organization’s advertising objectives?
• Are the advertising media well chosen?
• Is there effective and sufficient use of sales promotion tools such as samples, coupons, displays, and sales contests?
• How is the company using direct, online, and database marketing?
1. Business Mission
• Is the business mission clearly stated in market-oriented terms?
• Is it feasible?
2. Marketing Objectives and Goals
• Are the company and marketing objectives and goals stated clearly enough to guide marketing planning and performance measurement?
• Are the marketing objectives appropriate, given the company’s competitive position, resources, and opportunities?
• Has the management articulated a clear marketing strategy for achieving its marketing objectives?
• Has the company developed an effective positioning and marketing mix for each target segment?
Write a summary (3 minimum pages) of your findings and analysis in the marketing function and strategy audit. Use each numbered item as a heading for your paper. You should also review the scholarly literature so that you are able to include a description of the significance of the marketing audit in your completed Paper. You may also wish to review the scholarly literature to help you gain insights into any of the major issues you identify for your selected organization.
• Marketing Management
o Chapter 6, “Analyzing Consumer Markets”
This chapter focuses on ways to analyze a consumer market and identify factors that influence customer decision-making.
o Chapter 7, “Analyzing Business Markets”
This chapter compares and contrasts business and consumer markets and then elaborates on the different needs that must be taken into consideration for business markets.
Chapter 8, “Identifying Market Segments and Targets”
This chapter describes specific market segments, the different levels of the segments, and the various characteristics that may be analyzed, such as geographical, demographical, and behavioral within a particular consumer group.
• Prahalad, C., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5–14. Retrieved from Business Source Premier database.
Beverland, M., Napoli, J., & Yakimova, R. (2007). Branding the business marketing offer: Exploring brand attributes in business markets. Journal of Business & Industrial Marketing, 22(6), 394–399. doi:10.1108/08858620710780154
The authors of this article describe a framework they have developed for creating a strong brand identity.
• Fugate, D. (2007). Neuromarketing: A layman’s look at neuroscience and its potential application to marketing practice. Journal of Consumer Marketing, 24(7), 385–394. doi:10.1108/07363760710834807
This article describes a new science, that of neuromarketing, which involves trying to determine what is actually occurring in the brain while an individual is making decisions about purchasing a product.
Szmigin, I., Canning, L., & Reppel, A. (2005). Online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16(5), 480–497. doi:10.1108/09564230510625778
In this paper, the authors describe service value, technical infrastructure, and interactivity as the elements that assist in creating customer bonding in online communities.
Nike, Inc is one of the multinational enterprises in the United States of America that designs and also manufactures sports apparels, foot wares, equipments among other accessories. Its major production subsidiary is Converse Inc, a company that specializes in designing and distribution of casual apparels, foot ware, and other personal sports outfits. Hurley International Company, specialiases in designing, marketing and distribution of sports ware and equipment for the youth.
Marketing Function Audit
Nike’s product line objective is based on performance oriented strategy that seeks to manufacture foot ware’s and sports apparels that can endure the rigorous training and competition pressures to achieve top most performance for their clients. For clients who purchase the products for casual use, Nike Inc aims at providing the best apparels and foot wares that is based on extensive research on personal performance and comfort.
Nike Inc product and brand overall strategy is mostly based on sports performance where a major of its revenues are derived from. But the overall casual market for its products is far larger than the sports market. More product branding and strategy should be focused on the casual market to achieve higher sales on the emerging market.
Nike’s pricing objective are based on the competitive market that also aims at providing the best sporting and casual foot ware and apparel in the market. Nike products are priced slightly higher above its competitors due to its products higher quality and endurance aspects of its products. Its pricing policy is based on value for the price offered but occasional its marketing strategists conducts assessments on the overall market reaction to its prices in various parts of the world using different sampling procedures especially in the US which provides almost 45% of its total revenues.
Nike’s Converse Inc specializes in designing and distribution of casual apparels, foot ware, and other personal sports outfits for the general public and sportsmen while Hurley International Company, specialiases in designing, marketing and distribution of sports ware and equipment for the youth, colleges and other sports events for teenagers. Besides the wholesale customers, Nike also sells directly to customers through the Direct Consumer Operations. Nike has a global presence in most of the countries worldwide and its marketing strategy is very effective and adequate. (Beverland, Napoli & Yakimova, 2007) Its product is available to most of its consumers globally besides the normal orders that can be placed under the Direct Consumer operations. (Hauser, 2007)
Nike has won the Emmy Award for best commercial on two occasions in the years 2000 and 2002. (Nike Annual Report, 2003) Its advertising objective is to create a trademark that is associated with excellence performance in the track and field for athletes and other sportsmen and women and also for casual use.
The advertising media for Nike is well chosen and effective. The decision to use sports celebrities to market and promote its products and also to demonstrate the performance of their technology and design is proving to be the best decision. Nike Inc signed in the NBA player Mike Jordan, in the year 1984, and its revenues increased dramatically hence the introduction of the Jordan brand name in one of its foot ware products. (Beverland, Napoli & Yakimova, 2007) Nike adopted the internet and email marketing management technologies since its inception in the early 2000 and it’s currently using the broadcast and narrowcast satellite communication technologies to drive its multimedia marketing campaigns. (Schibrowsky, Peltier & Nill, 2007; Szmigin, Canning & Reppel, 2005)
1. Business mission
Nike business mission is clearly stated in market oriented terms and represented wholly by its trademark in all its designs. (Nike Annual Report, 2013) In the year 2010, the value of its brand alone was estimated to be worth more than $10.7 billion. Nike’s brand name is very feasible and it actually leads its sales. Its trademark represents all its mission strategies and accomplishments.
Marketing Objectives and Goals
Nike’s marketing objectives and its goals are well stated, adequately enough to plan its marketing and performance operations to facilitate global expansion and achieve highest returns. Nike’s athletic foot wares for example, are aimed at providing specific athletic use and they have been designed with the same purpose in mind. (Prahalad & Ramaswamy, 2004)
The company’s objective is appropriate given its competitive nature and huge resources and opportunities available. These can be confirmed from its huge revenues that are derived from its sales revenues and the popularity of its products. In the year 2012, Nike posted more than $24.1 billion dollars in its total revenues.
The management of Nike Inc has a clear strategy of achieving its marketing objectives. The US forms its target segment with an estimated 45% of its entire revenues coming from the US alone; its major strategies are tailored for the American market. Product positioning refers to the development and marketing of the company’s products brand as the true and real images of the company’s major product. (Kotler & Keller, 2012) To form an impressive strategy, Nike has chosen a communication strategy that is unique and competitive to the nature of its products. The use of sports celebrities as its promotion strategy has created an effective marketing strategy. (Nike, 2014) Most of its customers view the Nike brand as an epitome of success something which influences its pricing policy. (O D’Esopo & Almquist, 2007). It’s a process known as brand equity and it occurs where the company’s loyal customers are even more willing to pay much more to obtain their choice of product mostly because of its positioning in the market.
Beverland, M., Napoli, J. & Yakimova, R. (2007) Branding the business marketing offer: Exploring brand attributes in business markets. Journal of Business & Industrial Marketing, 22(6), 394–399. Doi: 10.1108/08858620710780154
Hauser, W. (2007) Marketing analytics: The evolution of marketing research in the twenty-first century, direct Marketing, 1(1), 38–54. Doi: 10.1108/17505930710734125
Kotler, P. & Keller, K. (2012) Marketing management, Upper Saddle River, New Jersey: Pearson Prentice Hall.
Lee, N. & Broderick, A. (2007) The past, present, and future of observational research in marketing. Qualitative Market Research, 10(2), 121–129. Doi: 10.1108/13522750710740790
Nike Annual Report (2003) http://www.annualreportowl.com/Nike/2003/Annual%20Report
Nike Annual Report (2013) http://www.annualreportowl.com/Nike/2013/Annual%20Report
Nike. (2014) Strategy, Available at http://www.nikebiz.com/crreport/content/strategy/2-1-1-corporate-responsibility-strategy-overview.php?cat=cr-strategy (Accessed September 4, 2014).
O D’Esopo, M., & Almquist, E. (2007). An approach to mastering the marketing mix. Business Strategy Series, 8(2), 122–131. Retrieved from Proquest Central database.
Prahalad, C. & Ramaswamy, V. (2004) Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5–14. Retrieved from Business Source Premier Data base.
Schibrowsky, J., Peltier, J., & Nill, A. (2007). The state of Internet marketing research: A review of the literature and future research directions. European Journal of Marketing, 41(7/8), 722–733. Doi: 10.1108/03090560710752366
Szmigin, I., Canning, L. & Reppel, A. (2005) online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16(5), 480–497. Doi: 10.1108/09564230510625778
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