Complete the Marketing Audit for Valspar Corporation, using the attached Marketing Audit Guide.
Note: Use Valspar and Other websites for Company and product information.
Write a 2 to 3 pages executive memo, summarizing your findings and recommendations.
The memo should consist of the following:
1. Executive Summary
2. Table of Contents
3. Summary conclusion for each part of the audit, followed by bullet points listing key findings and supporting evidence, including numerical data
4. Recommendations to improve the marketing effectiveness of the subject organization
Section I.
1. Executive Summary (The executive summary should provide a thorough background on the topic, clearly described major points, and include recommendations.)
In preparing the executive summary, keep in mind that the summary will probably be the only part of the audit top management will review. It will be assumed that the full document provides all the support needed to reinforce both your conclusions and recommendations. For that reason, it is imperative that any claims you make in the summary be fully documented in the full audit, and that no conflicts exist between the summary and the audit. As you plan the summary, decide which conclusions and recommendations you consider the most important for management to accept. You may wish to consider, if applicable, enhancements to the marketing mix, optimization of marketing resources, and strategic/tactical-marketing adjustments in response to changes in the organization's environments. You will also need to consider additional categories. In most cases, major changes are needed in some of these areas as well.
Your executive summary should be double-spaced 2-3 pages MAXIMUM that highlight the conclusions from each section of the audit. Key findings and supporting data can be in bullet format. Conclude with a summary of recommended future action.
Section II.
1. The Final Audit: The Audit should address the below issues: (All major points and findings should be identified. The audit should clearly and logically describe why each point is relevant. All major findings should be supported with statistical data. Recommendations should be clearly stated and justified based upon supporting evidence. The recommendations and findings should be logically presented).
2. Environmental Aspects
a. Demographics: How have population and other demographic trends impacted the organization or brand? What adjustments have been made in response to those trends? Have they succeeded? What additional adjustments are being contemplated? Why?
b. Customers: How do customers view the organization or brand? How do they view the competition? Has the purchasing process changed? Is there a clear understanding of customer wants and needs? Are there different market segments? Are there emerging market segments? What adjustments have been made? Have they succeeded? What other changes are being contemplated? Why?
c. Competition: Who are the companies or brands with which the organization or brand competes? What are their sales and market share trends? How do their approaches to the market differ from the organizations, and from each other? Are there specific weaknesses in any competitors that can be turned into opportunities? Are there any specific strengths that are major threats? What adjustments have been made? Have they succeeded? What other changes are being contemplated? Why?
3. Marketing
a. Objectives: Are there clearly defined marketing objectives? Are they consistent with corporate mission statement and objectives? Are they measurable? Attainable? How close to meeting marketing objectives was the organization or brand in the most recent complete year? Should the marketing objectives be modified? Why or why not?
b. Strategies: Are there clear strategies to reach each objective? Are they logical in light of both internal and external conditions? Are they consistent with each other? Do they consider strengths, weaknesses, opportunities, and threats? Are all significant market segments covered? Can they be executed within the limits of organizational resources? Should they be modified? Why or why not?
c. Tactics: Are there defined tactics for each strategy? Are they innovative, or a repeat of prior tactics? Are the tactics fully integrated? Are there any mixed messages? Should any of the tactics be modified? Why or why not?
d. 4 Ps:
1. Product: Is the current product line appropriate? Should any items be discontinued? Added? Is product research being conducted? What changes should be made in how products are being handled?
2. Price: What pricing strategy is being used? How does pricing compare to competition? How often is pricing evaluated? Changed? How are price and value viewed by the distribution chain? Customers? Is profitability at, above, or below industry norms? Should pricing policy be changed? Why or why not?
3. Place: Does the organization have a clear distribution policy? Is it working? Are more retail outlets needed? How do retailers feel about the organization or brand? Are additional channels of distribution needed? Should any distribution channels be abandoned?
4. Promotion: Are both advertising and promotion strategies in place? Are they logical? How are they funded? How effective have prior advertising and promotion strategies been? Is there a measure of return on investment (ROI) for each strategy?
e. Marketing Information Systems: Is accurate information being obtained and distributed in a timely fashion? Is market research being conducted efficiently, and are research results being used for decision-making? Is sales forecasting accurate? Should any changes be made? Why or why not?
4. Conclusion:
Conclude your Marketing Audit by offering your final recommendations to management. (Logical conclusions should be made and flowed from the content of the paper; major points should be succinctly reviewed and recommendations should be summarized).