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 (Parliament.uk, 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...

Find Another Essay On 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

Advertising Agencies and the Success of Sainsbury’s Marketing Campaign

1847 words - 7 pages that the campaign does well, some people may bring to the project new marketing communication skills allowing ideas to be put forward so that a wider audience can be reached. If Sainsbury’s are able to use an agency with a good track record it will be the benefit of Sainsbury’s because it will boost the value of Sainsbury’s. In addition to all of this their may come a time where Sainsbury’s may not agree with the way the agency may be dealing

How Professional Advertising Agencies Contribute to the Success of a Marketing Campaign

1709 words - 7 pages How Professional Advertising Agencies Contribute to the Success of a Marketing Campaign Professional advertising agencies can contribute to the success of a marketing campaign in many ways. If a new company is just starting out and wish to make the most of their money for advertising, then it is probably best for them to hire someone from an advertising agency to help them along the way, as they know they are doing, and know how to use their

The use of the marketing concept as guiding philosophy for an organisation.

1740 words - 7 pages Marketing has become more important for the organization management in recent decades. Most successful companies carry out marketing-oriented strategy such as Coca-cola, Dell and P&G. With the development of the globalization, marketing is not an unfamiliar term to many Chinese companies. Shanghai GM, the largest joint-venture company in china, adopts the marketing concept as guiding philosophy to cope with the knee competition.Shanghai GM

Critically evaluate the use of lifestyle analysis in consumer marketing

2166 words - 9 pages they are associated with a certain lifestyle. Hence, lifestyle marketing strategies try to position a product by fitting it into an existing pattern of consumption. The goal of lifestyle marketing is provide consumers with opportunities to pursue their chosen way of enjoying their lives and express themselves in their social setting."A lifestyle is a person's pattern of living in the world as expressed in activities, interests, and opinion

Critical Success Factors for Small Business Enterprises in Saudi Arabia

1478 words - 6 pages The overall objective of this research is to study which the critical success factors that are necessary for achieving success for a small business in Kingdom of Saudi Arabia. Small Business Enterprise or Small-Medium Enterprise (SME), in today's business environment, faces a lot of daily major challenges. Balancing the SME’s effort to address these challenges can be an intimidating task, unless a systematic approach is identified and followed

Entrepreneurial characteristics, successful factors, distress they have faced , growth aspirations for small businesses by interviewing a operator of Xinhui ltd

1693 words - 7 pages the development and operation of the company is a identical case to research and analyze characteristics, successful factors, problems and other relevant knowledge of small businesses, for the company is in the possession of wisdom leaders, hard-working teams, specific experiences containing distress and boom, and innovative and aggressive spirits. In this case study report, the interview with Mr Liu Zipeng will be sorted out and analyzed from 5

Impact of Environmental Factors on Marketing Decisions of Costco

2014 words - 8 pages Wholesale CorporationEnvironmental factors consist of all the factors and activities which have a considerable impact on the running of the business. Environmental factors have a powerful impact on the normal functioning of the any business, especially in the marketing decisions (Pagell & Halperin, 2000). These factors pose challenges and threats to the success of any business. In order to deal with such environmental factors a firm should

integrated marketing and the many factors

599 words - 2 pages organizations to contact prospective and current customer directly and address their unique needs through way of Telemarketing Handouts Outgoing E-mail/ postal mail Door-to door marketing Sending out catalogues to named contacts Advertising is “non-personal communication of information usually paid for with an identified sponsor who is persuasive in nature about products or ideas.” (Marketing Seminar MKT5540: 2003) The advantage of this marketing

Model of Critical Success Factors and Success Criteria for Project and project Management Success in a Developing Country

2107 words - 8 pages shows relationships with FRT and FRPO. Iron triangle which is extensively discussed in the literature of project management to measure success of project management has significant relationship with factors related to project (FRP), factors related to team members (FRT). When we take an in-depth look in these two CSFs groups, we found that these two CSFs groups are developed and controlled by the project initiators and implementers. During

There are five factors that distinguishes services marketing from product marketing. Comment on any three of these factors.

654 words - 3 pages The three factors that distinguishes services marketing from product marketing are Intangibility, Inseparability and Heterogeneity You cannot own and store a service like you can a product. Services are used or hired for a period of time. For example when buying a ticket to the USA the service lasts maybe 9 hours each way , but consumers want and expect excellent service for that time. Because you can measure the duration of the service

Can relationship marketing be applied to all service businesses?

2481 words - 10 pages successful implementation of relationship marketing can be a rewarding experience for both the marketer and the consumer. With globalisation of business, there has been an increase in the recognition of the importance of customer retention and relationship economics. Relationship marketing can and should be applied to all service businesses. Each service business will differ in the degree in which they utilise relationship marketing. At present, firms

Similar Essays

Marketing Strategy: Define Marketing, Discuss Some Of The Processes Used, And How Companies Have Used Marketing To Their Success.

680 words - 3 pages direct was to give the customer a choice between two powerful engines. "Extremely Powerful Engines to meet the diversified needs of different customers" (Ford Motor, 2006)Advertising is not a definition for marketing, but is a key component in marketing. In today's age word of mouth is your best advertising."76% of Americans talk about at least one product per day (an average of 10), 74% of consumers having heard a personal negative recommendation

Use Of Social Marketing To Control The St Ds Pandemic

2020 words - 8 pages was accessibility to getting free condoms, place was at various businesses among the five boroughs, and the promotion was through various high profile campaigns on TV, radio, websites. Overall, social marketing strategies are used widely as the implementation is easy and inexpensive to use. Social Network Theory The social network theory examines the social networks surrounding an individual, their dynamics, and the influences that

Lethal Punishment. Supporting Arguments Against The Use Of Execution By The State

2688 words - 11 pages ship Zero, were found guilty of murdering Captain Colin C. Benson during a mutiny. Douglas, who was white, had his sentence commuted to banishment for life, while Dowsey, who was black, was hanged.It should come as no surprise to anyone that minorities in any country are discriminated against and shown little to no mercy when it comes down to the verdict. It's been an axiom of civilization that just as man loves his wife and fears death, he hates

Measuring The Impact Of Critical Success Factors Of Project On Project Success In The Telecom Firms

2175 words - 9 pages data for success factors and success criteria. All of the questionnaires have been self-administered to ensure hundred percent responses. It is ensured that all the respondents are working with different projects as Project Managers, Assistant Project Managers, Project Coordinators, Executives, Project Directors and employees working in supporting functions. Prior to fill in the questionnaire, the respondents were asked to recall an explicit