The Value of Market Auditing
Assess the value to small businesses of carrying out marketing audits. Illustrate your arguments with reference to an existing small business of your choice
In this essay I will be assessing the value of Market auditing for small businesses using the firm Abel and Cole as a model. Market auditing is the means by which a company can understand how it correlates to the environment in which it operates. It is a way by which a company can identity its own pros and cons as they relate to external opportunities and threats. It should be undertaken as part of the planning cycle, on an annual basis rather than a desperate response to an immediate crisis. Abel and Cole is a small private limited company, operating in the niche organic food market. Abel & Cole, the organic box delivery service, strictly directly organic food and drink to customers, buying their produce from mostly British farmers but also from European, and International farmers in between UK harvests but their “first choice is always British” .
Market Auditing involves looking at both internal factors/external factors influencing a firm. There are two mechanisms which can be used for structuring both the internal and external factors influencing Abel and Cole, The SWOT analysis and the PEST analysis. The SWOT analysis takes into account the strength’s, weaknesses, opportunities and threats of the business thus delving into both Internal and external factors.
One of Abel and Coles strengths is that they have excellent customer service. They were voted the UK’s best customer service award ‘the National Customer service award in 2006 and 2007’ because of their online ordering system and the fact that they deliver food for free. Their second strength as they can add value to their product due to their insistence on using just organic products. They can therefore charge a premium on any product sold. Abel and Cole also have contacts from European and international farmers when they need
In this essay I will be assessing the value of Market auditing for small businesses using the firm Abel and Cole as a model. Market auditing is the means by which a company can understand how it correlates to the environment in which it operates. It is a way by which a company can identity its own pros and cons as they relate to external opportunities and threats. It should be undertaken as part of the planning cycle, on an annual basis rather than a desperate response to an immediate crisis. Abel and Cole is a small private limited company, operating in the niche organic food market. Abel & Cole, the organic box delivery service, strictly directly organic food and drink to customers, buying their produce from mostly British farmers but also from European, and International farmers in between UK harvests but their “first choice is always British” .
Market Auditing involves looking at both internal factors/external factors influencing a firm. There are two mechanisms which can be used for structuring both the internal and external factors influencing Abel and Cole, The SWOT analysis and the PEST analysis. The SWOT analysis takes into account the strength’s, weaknesses, opportunities and threats of the business thus delving into both Internal and external factors.
One of Abel and Coles strengths is that they have excellent customer service. They were voted the UK’s best customer service award ‘the National Customer service award in 2006 and 2007’ because of their online ordering system and the fact that they deliver food for free. Their second strength as they can add value to their product due to their insistence on using just organic products. They can therefore charge a premium on any product sold. Abel and Cole also have contacts from European and international farmers when they need
Bibliography: Brassington, Frances and Pettitt, Stephen (2006), Principles of Marketing- Fourth Edition, Essex, Pearson Education Limited http://www.thisislondon.co.uk/standard/article-23526355-details/Organic+food+giant+sees+%C2%A310m+loss+in+its+first+year/article.do http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article1906922.ece http://www.timesonline.co.uk/tol/life_and_style/food_and_drink/real_food/article1380105.ece www.abelandcole.co.uk http://www.independent.co.uk/news/uk/this-britain/box-sales-boom-as-organic-food-market-nears-pound2bn-401103.html