爱华网
MARKETING AUDIT
Critical Success Factors1. Cost Reduction – A major factor for NUTS would be to increase profits and aid cash flow through attracting sponsorship (funds would be used to buy equipment) to reduce hire costs and ultimately improve the bottom line.2. Increase Awareness - The primary research showed that the market was willing to “buy NUTS’ product” but a large proportion of their intended target market were unaware of NUTS’ existence. (See figure 10)aihuau.com3. Creation of a strong brand identity - To create a uniform, instantly identifiable brand image with a clear message to enable consumers to regularly associate with the “product” and connect one show to another is crucial to both the short and long term success of NUTS.4. Closer links with consumers – NUTS currently has no vehicle for collecting feedback and gathering general information on consumer needs and wants in order to make more informed decisions on how to tailor the “product”. Currently NUTS’ product is hitting the right market however this is felt to be through intuition as opposed to any other method.5. Increased efficiency of promotional efforts – It is doubtful that NUTS will be able in the future to increase its promotional spend radically. It is therefore vital for their success that their promotional methods are tailored and aimed carefully at the intended recipients.6. Penetration of New Segments – NUTS will have to develop their existing segments as well as break through into other segments in the future. From the primary research it shows that there is a market yet to be developed and penetrated. Without changing the product NUTS has considerable mileage left within the University Communities in the Newcastle area.7. Continuation of Student Input – Without a doubt the key factor of NUTS’ success is the talent and dedication of its members. It is therefore critical that it can continue to attract students with the necessary skill and enthusiasm.8. Continuation of Support from Key Influencers – NUTS at the moment has some support from inpiduals who are able to lend their help, knowledge and expertise, it is vital that these people are maintained and cultivated.Critical Failure FactorsMany of the critical failure factors are the opposite of the critical success factors listed above. However, in addition the following factors are believed to be critical.1. Loss of Reputation – Word of mouth has been shown to be NUTS’ most effective means of promotion. It is vital therefore that they maintain their high standards of production. It has been proven that people are more likely to tell others of a bad experience rather than a good one. NUTS could easily loose its good reputation quickly.2. Alienation from Student Market – NUTS’ core market is students, therefore the management must at all times consider them when making any changes to the product. An example of which might be a price increase (students are a price sensitive market).Withdrawal of Goodwill, Funding or Support – NUTS must continue to maintain and cultivate the relationships it has with “key influencers”. For example, a change in relationship with the Union Society could result in the loss of “match funding” which is crucial to NUTS.Marketing AssumptionsMarketing environment: Based on attendance at cultural events (Figure E) research held by national statistics, it is clear that the plays and theatre market shows a stable development in the last 15 years, and we can assume the theatre market will still keep this trend in future.Customer: People, especially university students will still support NUTS during the next two to three years, since there is no indication that price will increase, or quality will decrease. There is little chance of entrance by powerful competitors. Marketing Communication: It can be assumed that branding and marketing will improve during the next three years, efforts will be made to improve advertising methods, increase sale force (promotional team) and building public relations etc.Competition: There will be no new entrants to the “student market” in the next few years. Due to significant time and investment required to build a competitive university society and it is also less profitable for a professional company to enter the student market.Summary of Marketing Audit In addition to the critical success / failure factors and the marketing assumptions listed above, the following analyses were carried out - A competitive analysis, analysis of Porter’s Five Forces and a listing of the marketing assumptions. Each analysis is covered in detail (appendices 1- 3). The salient points arising from these are :8226; NUTS operates in a relatively insular environment -i.e the university8226; The student population in the Newcastle area is growing8226; NUTS is limited by its lack of equipment and by having no permanent venue.8226; In the broad entertainment environment, competition is fierce (appendix 4).
8226; The student market in which NUTS operate is price sensitive (figure 13) 8226; There is considerable ‘uniqueness’ of product which means there is a low threat of entry by competitors or substitutes.8226; NUTS not seen as a threat to the broader theatrics community.
