Essay on Evaluating Sme Toolkits

2246 Words Apr 5th, 2016 9 Pages
1207526

Supporting the Development of Marketing Capability of Small Businesses: The use of Diagnostic Audits to Benchmark an SME’s competencies against critical marketing success factors

Contents
Introduction-2
The Identification of Critical Success Factors in Marketing-2
Showcasing/Evaluation of key diagnostic audit tools-4
Conclusion-6
References-7

Introduction

In this paper I will showcase how supporting the Development of Marketing Capability of Small Businesses and The use of Diagnostic Audits to Benchmark an SME’s competencies against critical marketing. Small businesses struggle with lots of elements of the business world both external and internally exploring the use of business tool kits, the paper will discuss
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From this, the processes and products strengths and weaknesses can be identified (2010, pg. 109). Once the strengths and weaknesses have been established, and connections can be made between the SWOT analyses which were conducted before production, it should be easier to identify how things can change. Any of these weaknesses could link to the product itself, the marketing and promotional strategies of the product, the resources used during the processes of production and the capabilities of the company. Small business , having a lot of competitors, it is important that these measures are controlled, so that new product matches the same high quality standard as the market and specifically larger competitors and try’s to exceed this standard. This is important as other larger firms will have a greater brand awareness and recognition by customers.

Strategies designed to monitor changes in customer opinion and the successes of the product, would be established within the corporate strategy. This element of the marketing plan gives the processes direction and control, in case problems do occur. Small business struggle to undergo related (concentric) diversification, whereby their new product is related to the original (2010, pg.196). This is due to a lack of funds, time and personal for research and development. This concept can help growth and competitive strategy.…

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