Marketing Audit and its Importance for Future Planning of Nikkei
In what way does the hanging consumer environment influence the marketing plan of Nikkei? (Pass 1. 1). 7 part D Conclusion and Recommendations 1 . Based on your findings in part A to C, in at least 500 words, summarize and evaluate the key issues relating to Nine's capability for planning its future marketing activities (Pass 1. 2). 7 Reference 9 such an audit (Pass 1. 3) Review or evaluation of marketing activities in a detailed and a systematic way can be identified as marketing audit of an organization. Assessing similar situations in the past can create opportunities for the present.
Marketing auditing allows all marketing activities for reviewing and evaluating opportunities for the future. Due to the constantly changing business environment, marketing audit and external environment changes constantly with updates that reflect their experience should be used as reference material. This can be used to position where the company stands in its own objectives. For marketing audit, STEEPLE factors of environment, SOOT analysis, Porter's five forces analysis are used as tools. For analyzing the macro environment, the factors are Social, Technological, Economic, Environmental, Political, Legal, and Ethical.
Commonly known as Studying these factors and their behaviors enable to make correct decisions in marketing. Social habits, values, beliefs, and its part of what shapes personality and human reality. There are many factors that affect the organization internal or external. These factors include the demographic and cultural values, the changing role of women, education, lifestyle changes, and so on. They play an important role in the formation of the organization in terms of their roles, activities and functions that are practiced within the organization. Technology is developing rapidly day by day.
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In promotion and other aspects of a business it is vital to consider technology advancement. The marketing plan should concentrate on the technology as well. Economy of country contributes to business. It may create opportunities or threaten a business. Such as tax policies of a country may influence or discourage imports. Environmental factor has more concern on a company's image. Waste management, air, water and noise pollution has a great impact on company's decisions. The green organization concept plays a major role in their long term objectives and their visions.
Political stability ND a leadership of a country do have the impact on marketing decisions and their plans depending on their attitudes towards the economy and their policies. Laws and regulations of a country has affect of the activities or the operations of a company. And the marketing plan has to be aligned with the constitution of a country. Ethical processes has to be followed in marketing planning, in order to maintain the image and the goodwill of the company. Porter's flee forces analysis is also another tool used to analyses marketing audits.
The threat of new entries - Highly profitable markets will attract new competitors. In order to retain the market share planning will play a major role. Bargaining power of buyers - Buyers sensitiveness towards the price and the amount of pressure a buyer can put to the company is described with this. Planning on loyal customer programs can minimize the situation. Threat of substitute products or services - Propensity to switch to alternative products is meant by this phrase. If situations can be predicted as such, measures need to be taken to react accordingly before losing the market share.
Bargaining power of suppliers - Suppliers of raw materials, parts, labor and services o the company can be a source of power over the company, if there are several alternatives. Suppliers may refuse to work with the company, Rivalry among existing innovation has to be further and determined in a industry where a rivalry among the competitors are high. 2. Using appropriate tools, analyze the external factors that would influence the marketing planning of Nikkei (Pass 1. 4) Nikkei as the market leader in the shoe industry still keeps existing products developing and researching for new products.
So far Nikkei has established 700 factories around the world to cater this huge market. As the third course of the our actions of Anions matrix, Nikkei keeps inventing and developing new products as mentioned in their mission statement. Such as Nikkei air. Currently as mentioned a new departments has been opened for Nikkei +. In addition, the company has invaded cyberspace through this project to give a supportive service by allowing to store personal data in their web sites from Nikkei + products. Nikkei is diversified. They are now looking for new markets around the world with new products.
With initiative approach with electronic integration with shoes. Even the promotion is done through Weber space through social media for these kinds of new products with good responses, results other than television. Part B 1 . Discuss how the following issues act as barriers to Nine's marketing planning (Pass 2. 1) a. Nine's huge and bureaucratic organization. Factories of Nikkei are all around the world. In different nations, Different languages, different ethical and social backgrounds. Coordination among factories and departments comes as a barrier.
In functions marketing, Human resources Finance, Productions and distribution is located in different locations and the procedures and recesses are a barriers, Due to the fact that the employees shows loyalty to their immediate departmental head other than understanding of the Core values and ethics of the company. Organizational cultures do play a role in the barriers, such as in a need to change, the employees might slow down the processes with different beliefs. And underestimate the plans to change. And hesitate to take advantage of unexpected favorable conditions.
Lack of good leaderships poor ethical issues have also generated trouble for Nikkei over the years. Such as using Child labor and factories with poor working environment. . Customer expectations for Nine's products. Nines most of the advertising is done with superstar athletes. When these superstars fail the the reputation for the brand name too decreases. Failure to understand the cultures sensitivities in a target market may have negative outcomes of a marketing planning, Due to the fact that the Nikkei is mainly trading in the international market. Approach of McDonald's. A. Nine's huge and bureaucratic organization.
Situate marketing within operations Have departments, marketing and sales report to one person to reduce confusions among the departments. Systematize the process Have a set of written procedures and common format for marketing planning. This will help to overcome the demographic barriers. Style and culture Promote active support and participation by the leaders in the company, thus creating the right culture for marketing planning. This will enable to create the idea in the minds of the employee that they are working for a one big company. B. Customer expectations for Nine's products.
Shared values about marketing Marketing should be customer oriented to add value to the products that they purchase. Scan the environment thoroughly Identify the customer needs through an effective marketing audit. To be align with the customer expectations. 1 . Explain how ethical issues would influence Nine's marketing planning (Pass 4. 1). Nikkei should have the infrastructure to discover, disclose, expose and resolve ethical issues as they occur. In order to do it the company has to set a body of principals or standards of conduct governing behavior of individuals and departments in the company.
This will enable to mitigate the extent of damage to the company. Nine's marketing plan shall be based on this regarding resolving ethical matters. 2. Nikkei as been accused of using child labor in the production of its soccer balls in appropriately (Pass 4. 2). Nikkei accepted the fact that they used child labor to produce soccer balls in Pakistan. Apart from this incident, Workers had been abused physically and mental in a Converse factory in Indonesia. Factories with poor working environments had been found out in China. Humanitarian questions roused with these incidents.
Consumer's mindset becomes negative for the brand name. Customer will avoid Nikkei products due to the negative impression given by Nikkei. The media and the social media will also play a role in these types of events. Nikkei should act accordingly to the situation to minimize the damage done to their reputation. In a Pakistan case, Nikkei should be needed to do more of children related welfare activities to lift up their reputation. They must ensure that the company in accordance with the guidelines for the recruitment, training, health, safety and welfare.
The management of the company should also monitor that the environmental practices. The company should follow the procedures that they are responsible for the management and prevention and energy. Nikkei management will be necessary to understand why the ethical responsibility of he company. Decisions , welfare services and the company , and how well the human rights , governance , ethics , growth , employment conditions , community interests of developing actions in the system, the relationship of the management with suppliers and customers of the company with different cultures and different people and respect them. . Discuss how Nikkei could be affected by consumer ethics issues, and how this affects the marketing planning (Pass 4. 3). Consumer ethics involve Honesty, Responsibility, Fairness, Respect, Transparency and Citizenship according to American Marketing Association (AMA). Honesty is to be truthful to customers and the stakeholders. And Nikkei has dealt well in this regard so far. Responsibility to accept the consequences of marketing decisions and strategies affects the marketing planning; which includes recognition of vulnerable market segmentation, considering environmental stewardship, etc.
Fairness - to balance Justly the needs of the buyer with the interests of the seller. This includes clear selling and advertising, avoid deceptive advertising, avoid price fixing, predatory pricing, est... But the Nikkei had been somewhat close to these issues since they started producing the series of Air Jordan hoes. In 2007 the cost for a pair of shoes had been $16 without the marketing cost and it's been sold for $189 dollars. But in return they have rewarded the shareholders and the share prices had increased up 200%.
Respect - To acknowledge the basic human dignity of all stakeholders. Nikkei lacked this matter when they were found using child labor in Pakistan, and various other similar incidents in other countries. Transparency - to create a spirit of openness in marketing operations. Being clear and communicate with all constituencies. Disclose of price lists, terms, price adjustments, and price deals Etc. Citizenship -As a global company Nikkei has to meet the other countries economical, legal, philanthropic and societal responsibilities.
Which is different to the mother company or the Head office which is situated in USA. Changing consumer environment influence the marketing plan of Nikkei? (Pass 1 . 1). Digital media, cyber space has invaded all professions and majority of activities all around the world, as a matter of fact personal life of an individual are filled and occupied with a lot of electronic devices and internet. Television advertising had moved to cyber space as a result, Many people with busy lives spend more time in internet and social media than the television.
As a result Nine's customers have moved along with the trend. In order to change according to the consumer environment, Nikkei has to do most of the advertising on cyber advertising, e marketing to reach more customers. Nikkei has produced results doing so by launching, advertisements on social media, and proven it's more effective than the television. 1. Based on your findings in part A to C, in at least 500 words, summarize and the design , development and worldwide marketing and sales , is engaged in a U. S. Multinational company . In its fiscal year 2012, revenues in excess of U.
Nikkei reached their goal with other ethical and other matters surrounding them; such as using child labor, sweatshops and physical and mental harassments in factories. Due to the vastness of the company the management may not be much aware of what's really happening in the corner of the world although they cannot risk their reputation they build over the years. The issues are paid attention when it's brought up by media mostly than they discover it themselves. And they have to pay a high price with money and with market share before the matter is settled.
Close attention from the top level was not done regularly to mitigate these situations. And some of these events have taken place in sub contracts given by Nikkei and was not monitored until their reputation is spoiled. Nines top managements close attention is needed to overcome these types of situations. This makes even the sub contractors feel more responsible for their work and the manner of their working. As a global organization the benefits should reach the bottom lines employees as well. A good working environment has to be made for the employees and to enhance the global reputation of the company.
Ethical values should be increased and the new project for social responsibility has to be launched in the factory situated areas. Welfare of the employees and their families should be done with respect for the commitment they make for the company. Strengthening and broadening their management levels according to their global expansion has to be done to meet these circumstances. Marketing planning will have to pay more attention on these areas. Http://www. Minimize. Com/ http://www. Objectifications. Com/ http://www. Invested. Com/ http://www. Owe. Com/ http://blockings. Burch. CUNY. Du/segregationist's/02/23/272/
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