Strategic Marketing Master Assignment Example | Topics and Well Written Essays - 2000 words

Strategic Marketing Master - Assignment Example These three elements form the basis of a marketing management audit. The following sections will explain how one can use the marketing audit to uncover the information one will need to shape one's eventual marketing activities. First point of comparison between the two is that marketing audit is a comprehensive, systematic and periodic examination of a firm's environment, objectives, strategies and activities to find problem areas and opportunities to recommend a plan of action to improve the performance of marketing strategies of the firm. Whereas an audit of financial statements is defined as the assessment by an autonomous third party of the financial statements of an organization or a company or other, ensuing in the publication of a sovereign view on whether or not those financial statements are appropriate, correct and comprehensive. Financial audits are characteristically carried out by firms of practicing accountants, due to the expert financial reporting information they need. The financial audit is one of many declaration or evidence of tasks provided by accountancy firms, whereby the firm offers an independent view on published data. Financial audits also help investors deciding whether to invest in a firm or not. Marketing audits are also performed by independent third party with the purpose of defining the shortcomings of the present strategies of the firm. The Market Audit Element A market audit is an attempt to define the structure of the environment in which a company operates-the marketplace. Its function is to collect information and organize it in a fashion that alerts one to marketing needs, problems, and opportunities. This information becomes a document that provides a detailed, accurate, and unbiased view of the marketplace. Why Perform a Market Audit The purpose of performing a market audit is to find out what to expect from the marketplace one are currently in or are considering entering. It provides one with data on any barriers or limitations one might encounter in entering or expanding into a market so that one can determine what it will cost to exist or compete. It also tells one what the possible return will be; in other words, what the market is worth to one (market value) or what one can expect in terms of revenue generation (sales volume/ earning potential). The market audit is the base from which one will develop tactic to get these returns. A market audit builds the foundation for future marketing decisions. The golden rule in performing a market audit is that one must be objective and read the market as it actually is. This means the audit must not be structured around one's product, service, or business. Though these may be mentioned as reference points, don't make them central to the audit. To do so could result in conclusions slanted toward one's business, giving one an inaccurate picture of the market and defeating the purpose of the exercise. The audit is based on market research activities and must be completely independent from research on the performance of one's product, se

B-boy the Local Scene Essay Example | Topics and Well Written Essays - 1750 words

B-boy the Local Scene - Essay Example The culture is also further subdivided on the locality; this is so because music and arts in general is normally a reflection of a society. The lyrics in a song or the type of facts that a movie refers to are normally borrowed from the occurrences in the society. Given the differences in the societal structure, the activities in one society may vary slightly with those of another. This is later reflected in the composition of the music in the locality (Kitwana 87). The town of Bloomington, Indiana, also has its own local hip hop culture. The culture, just like in American hip hop, is influenced by the national hip hop to a greater extent. Hip hop was a music mentality brought into existence by Americans of African descent. These people loved rapping; a type of narration in which an artist simply counts his wordings accompanied by a beat to make music. To make them stand out from any other music genre, artists of this type of music adorned unique type of attires. For instance, they dr essed in baggy and very fashionable dresses which constituted baggy trousers, most preferably jeans, baggy T-shirts, and very expensive jewelry. Besides, the culture involves a show of liking for the basketball sport. This was a culture that was specifically coined out of the preferences portrayed by the African American population in America. Given theikr big bodies, these people loved and played basketball very well. They thus incorporated the love for the sport in the music thereby succeeding in making the sport a black phenomenon. The city of Bloomington, just like many other cities in America, has a cosmopolitan population. It has both blacks and whites living together. However, African Americans tend to dominate in matters of entertainment. This thus implies that hip hop culture is a little bit more predominant in the entertainment scenes in the demography. A bigger portion of youths of the city appreciate the culture. This is a factor they portray in their mode of dressing, t heir hair styles and their speech patterns. Just like addressed earlier, the hip hop showcased in this city borrows much from the national and international hip hop scene. However, given the unique way of life in this city, the trend in music and movie creation has a variance of its own (Watkins 78). Arts and culture is strongly appreciated in the city. Bloomington is a home to a number of cultural centers which have been attributed to the growth of the hip hop culture in the region. There are a number of both professional and armature theater companies including the Indiana university department of theatre and drama. The other is the Bloomington Playwrights Project as well as the Cardinal Stage Company and even Theatre of the People. Besides, the streets of the city are dotted with clubs, cinemas and discos. This points to the fact that arts and culture are a vibrant social aspects of the people in the city. This is also a factor that has led to the development of the hip hop cultu re since very many artists in the city own their own in house production studios. Producing media content is therefore cheap and virtually anyone having interest has the ability to put his interest into practice and turn their talents into sources of livelihoods. There are a number of national arts festivals held in the city that further support the growth of arts and culture in the city. These are platforms that have been used to help promote the hip hop cultu