Supporting The Development Of Marketing Capability Of Small Businesses: The Use Of Diagnostic Audits To Benchmark An Sme’s Competencies Against Critical Marketing Success Factors

2129 words - 9 pages

1207526Supporting the Development of Marketing Capability of Small Businesses: The use of Diagnostic Audits to Benchmark an SME's competencies against critical marketing success factorsContentsIntroduction-2The Identification of Critical Success Factors in Marketing-2Showcasing/Evaluation of key diagnostic audit tools-4Conclusion-6References-7IntroductionIn this paper I will showcase how supporting the Development of Marketing Capability of Small Businesses and The use of Diagnostic Audits to Benchmark an SME's competencies against critical marketing. Small businesses struggle with lots of elements of the business world both external and internally exploring the use of business tool kits, the paper will discuss how these will help SME's and which kind of tool kit is best for certain company's.Small micro-businesses generally only employee between 0-9 people, which in 2012, there were 4.7 million micro businesses within the UK. This figure constituted towards 96% of all businesses (, 2013). SME's will play a key role in helping to stimulate economic growth in the UK and help the recovery from recession.The Identification of Critical Success Factors in MarketingThe introduction of a product to a market place with success is a difficult process, given that successes in a sector can be few and far between for small business. Segmentation is a key issue, exploiting gaps within this market, can lead to rapid growth when coupled with a good marketing plan. It is important to implement some strategies where the progress of the small business can be monitored and control measures can be established. These control measures can be used to monitor prices, brand positioning and reputation. This idea is based around value chain analysis, as it involves all aspects working together to create customer value (2010, pg. 108).Implementing a value chain analysis, will allow small businesses to access all areas internally to ensure that the processes taken to produce this product create high levels of customer value and satisfaction. From this, the processes and products strengths and weaknesses can be identified (2010, pg. 109). Once the strengths and weaknesses have been established, and connections can be made between the SWOT analyses which were conducted before production, it should be easier to identify how things can change. Any of these weaknesses could link to the product itself, the marketing and promotional strategies of the product, the resources used during the processes of production and the capabilities of the company. Small business , having a lot of competitors, it is important that these measures are controlled, so that new product matches the same high quality standard as the market and specifically larger competitors and try's to exceed this standard. This is important as other larger firms will have a greater brand awareness and recognition by customers.Strategies designed to monitor changes in customer opinion and the successes of...

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