An Action Plan for Marketing Audit of Target Corporation

The ability of a business to stay in significant period of time in the industry where it belongs is one measure of its success. This means that being able to survive is a necessity and survival translates to the ability of a business to compete. Since the 1980s, marketing strategies have played key roles in planning to overcome challenges (Paley, 1999). Paley also believed that this line of thinking will continue to direct the activities of business into the 21st century. Every business is subject to factors that affect its function as a whole. These factors are the ones attributed for the success or even the failure of a business (Oliver, 1997). In lieu, there are certain ways or techniques that can be considered in order to emerge and continue to be competitive within the marketplace in terms of marketing. In a profit-making business, the business organization obviously has to try and achieve this level of customer satisfaction as a way of staying ahead of the competition and making a profit (Moschis, 1994).

However, there are several other factors that are relevant to consider when talking about the future of the business. Among these are the internal as well as external conditions affecting the overall operations and its management. Basing it from the existing knowledge of management, internal conditions such as management, financial capability, human resources, etc. are supplemental factors to the overall business status. On the other hand, external conditions like target market, competition, economic environment of the business environment, legal matters and legislations, emerging approaches, etc. are sample determinants of business progression or downfall.

In marketing, it is important to recognize the most appropriate technique to be used in promoting the goals of the business. With this, the management‘s decision in conceptualizing the strategy to be utilized in all the operations of the business is crucial. The position that the management will take in relation to this matter can make or break the overall stature of the firm. As a universal fact, it is natural for every goal-oriented business to plan. In the stages of planning, one of the most important segments is marketing audit.

The main subject of this marketing audit approach will be Target Corporation, being one among the leading retailers that operate within the vicinity of the United States. Correspondingly, this marketing audit approach aims to present a comprehensive action plan that will serve as a helpful guide in the process of studying the identified areas of the said organization. The contents of this action plan are the steps necessary to complete the overall task. The following are the chosen areas to be tackled: the environmental aspects of brand personality, markets and market condition particularly its position in the online marketplace, organizational culture, customers, and competition. In addition, this action plan includes the identification and discussion of specific types of analyses to be performed, namely SWOT, PEST, and Porter’s Five Forces. In doing this task, this plan presents a provisional time table to gauge the duration of the endeavor. Lastly, it states any challenges that may be encountered in completing the audit.

Types of Information and Data to be reviewed

As previously identified the following are the chosen areas in which data and information will collected, reviewed, and to be included in the marketing audit:

• brand personality;
• markets and marketing conditions particularly its position in the online marketplace;
• organizational culture;
• customers; and
• competition.

Types of analysis to be performed

This action plan includes the identification and discussion of specific types of analyses to be performed, namely SWOT, PEST, and Porter’s Five Forces.

Provisional Timetable

TASKS TO BE DONE	DAY/WEEK
	Day/Week 1-3	Day/Week 4-5	Day/Week 6-7
Selection of topic or organization
Undertake preliminary literature search Define areas to be covered Write-up aims and objectives
Select appropriate methodology and locate sources of information Confirmation of access
Write-up Action Plan
Undertake and write-up draft critical literature review
Secondary and Primary Data Detailed Sources Consulted
Methodology written-up (including limitations and constraints)
Interviews and Data Gathering
Findings Analyzed Evaluated Written-up
Discussion findings are evaluated and discussed in relation to the literature review and theoretical framework
Main body of the report written-up and checked for logical structure
Conclusions drawn Recommendations made
Final format and indexing
Print

Potential Challenges and Limitations

Certainly, there are some potential challenges and limitations that will hinder the progress of the task implementation. First, it is recognized that there are elements of the marketing audit that maybe difficult to acquire. Also, the limitation of sources of specific information in relation to the chosen Company is present. A marketing audit aims to study the overall marketing planning process, thus, it is understood that the information to be collected will be use to the clarification of opportunities and threats in the marketing plan. Lastly, time is also a major limitation in the success of the audit.

References

Moschis, G. (1994) Marketing Strategies for the Mature Market. Westport, CT: Quorum Books.

Oliver, C. (1997) Sustainable competitive advantage: Combining institutional and resource-Based views. Strategic Management Journal, 18(9), pp. 697-713.

Paley, N. (1999) The Manager's Guide to Competitive Marketing Strategies. Boca Raton, FL: CRC Press.