Research problem
A marketing audit amounts to an evaluation and assessment of all factors which affect the firm’s marketing performance. The factors can be internal to the firm or can be part of the external environment. The internal audit comprises a detailed analysis by product/service of the market share and profitability of the various lines. In addition, strategies relating to marketing mix elements are reviewed and studied together with the use made of marketing research data (Lancaster & Reynolds 2001). At the same time, an examination is made of marketing budgets and how they were drawn up and related to previously set agreed objectives. The external audit examines the organization’s external environment. It commences with a review of the general economy and then makes an assessment of the prospects for the firm’s markets. The external audit attempts to estimate what should be the appropriate action taking into account economic and market indicators. The idea behind the marketing audit is to identify marketing strengths and resources that you can build on and use to advantage in the new product. The shrewd strategist always attacks from a position of strength. An essential step in the strategy-development process, therefore, is to understand what the strengths really are, and to identify and correct any weaknesses in the firm's marketing resources that could have a negative impact on the new product. A facet of the marketing audit is to look at the marketing performance over time at current products and, perhaps, at other recent launches. Consider market shares, margins, and marketing costs against the strategies employed (Proctor 2000). This paper is a proposal to create a study on the benefits of marketing audit to companies like retail banks in Botswana.
Aims and objectives
Literature review
The ranks of banking's competitors were further swelled when companies began selling deposits, insurance, and other services to households across the nation. At roughly the same time some industrial and service corporations launched credit card programs as a supplement to their main business lines, while insurance companies developed a full line of financial services for large corporations previously the mainstay of bank lending and leasing programs. Despite rapid ATM growth, full-service banking offices advanced from less than forty-six thousand to more than sixty thousand and may continue to grow for a time alongside computer networks and automated machines to benefit those customers who do not trust or understand the new information technologies and to serve as a necessary platform for the sale of an ever expanding range of bank services, from credit and savings to retirement planning and risk management (Ashdown 2002). Sustained prosperity often seems to breed contempt for prudent and careful lending practices. Moreover, a nation's overall prosperity masked serious economic problems in selected regions of a country where the collapse of real estate and energy markets resulted in a glut of nonperforming loans that overwhelmed the capital of both large and small banking organizations. Anxious to find new capital in order to rescue troubled banks and thrift institutions, many states passed liberal interstate banking laws in an effort to encourage outside banking companies to enter and bring their expertise to bear upon the problems at hand The high-net-worth private banking client is likely to remain an important factor in international banking for the foreseeable future, although the pattern of wealth ownership will probably shift steadily from inherited wealth to that created by the current generation (Rose 1997).
Methodology
Sample collection
To determine the number of respondents that will be asked to participate and give information regarding the study convenience sampling will be used. Convenience sampling means to collect or interview individuals who actually experience the phenomenon. Convenience sampling will focus on individuals that experienced diabetes mellitus or has someone in the family that experienced such disease.
Methodology/Data Collection
Primary and secondary sources of data would be used for the study. Surveys will the primary method of data collection. Internet surveys would be the primary source of data. Internet surveys have been both hyped for their capabilities and criticized for the security issues it brings. Internet surveys would also require less time for the researchers and the respondents. Secondary source of data would involve the use of books and journals.
Data Analysis
In analyzing the collected data, the paper will be divided into the demographic profiles of the respondents and the ideas of respondents. The data that will be acquired will be put into graphs and tables.
References
Ashdown, NH 2002, The impact of banking policy on trade and
global stability, Quorum Books, Westport, CT.
Lancaster, G & Reynolds, P 2001, Marketing: The one-semester
introduction, Butterworth-Heineman, Boston.
Proctor, T 2000, Strategic marketing: An introduction,
Routledge, London.
Rose, PS 1997, Banking across state lines: Public and private
consequences, Quorum Books, Westport, CT.
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