Assignment:
"The Ultimate House of Luxury, Defining style and creating desire, now and forever."
"A marketing audit is a comprehensive, systematic, independent, and periodic examination of a company's-or business unit's marketing environment, objectives, strategies, and activities with a view of determining problem areas, identifying underutilized marketing resources, and opportunities and recommending a plan of action to improve the company's marketing performance. The process is a three-step procedure in which the first step is agreement on objectives, scope, and approach; the second is data collection; and the third and final step is report preparation and presentation." (Keller, p 127)
Progress Report
• Inventory of Chanel's existing marketing resources, assets, skills, competences, and key brand associations (define the perspective of the consumer and what deeply held perceptions and beliefs create the true meaning of the brand and products).
• Clearly identify brand hierarchy, market needs (appeal to Men, Children, and 20-29 age range), and problem areas (women 30+, expensive, exclusive, destroying unsold items yearly, fakes).
• Interpreting the data collected (performance trends) and provides a review of Chanel's position with respect to its customers (primarily women 30+ mid to upper class), competitors (Valentino, Versace, Dior, YSL, Armani, Hermes) and suppliers.
• Evaluation of the efficiency and effectiveness of the Chanel's current marketing activities (Analysis of the client's strengths and weaknesses).
• An inventory of the marketing resources, assets, skills, and competences, which I believe to be desirable for the Chanel to obtain.
• Translate findings into conclusions and recommendations as to a course of action by which Chanel could go about acquiring the desired marketing approach and expertise and to what expected effects.
Performance trends can be monitored against internal targets for process improvements, as well as external targets or benchmarks derived from the conduct of leading competitors.
Resources
https://www.nytimes.com/2002/08/15/business/media-business-advertising-chanel-makes-big-pitch-for-new-perfume-aimed-young.html
https://nylonnyc.blogspot.com/2010/12/segmentation-and-targeting-markets.html
https://www.ehow.com/about_5437699_happens-unsold-chanel-purses.html