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Marketing Audit: Toowoomba Chamber Of Commerce Add in library

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Question:

conduct a Marketing Audit that includes an analysis of the internal and external factors that will be relevant to the development of a marketing strategy for the Toowoomba Chamber of Commerce.
 
 

Answer:

Executive Summary

In Australia, Toowoomba Chamber of Commerce is the most famous chamber. Therefore, this report reflects the marketing audit report of Toowoomba Chamber of Commerce. In order to analyse or marketing audit of Toowoomba Chamber of Commerce, explain the overview of organisation. Analyse the internal and external environment using PESTEL, SWOT and TOWS analysis tools. Apart from that, this report describes the target market, customers and stakeholders of Toowoomba Chamber of Commerce. Through this report, it has been seen that Toowoomba Chamber of Commerce faces some problems and analyst also provides recommendation in order to mitigate problems.

Introduction

Park and Rim (2012) presumed that marketing audit provides the appraisal or review of existing market for business organisation along with their activities. On the other hand, Herbst et al. (2011) noted that marketing audit analyse the whole market for organisation with the activities and assess the present as well as past performance of the company. Based on marketing audit, management of the firm is able to evaluate possible actions for future success and long-term sustainability. Soldic-Aleksic and Rakic (2012) explained that marketing audit is very important for attaining success and long-term sustainability because external as well as internal environment of business change continuously. Therefore, with the consent of update, business firm has to reflect changes of external environment within their internal organisational process.

 
This report represents the marketing audit report for Toowoomba Chamber of Commerce. The company currently run their business in Australia. The company mainly provides guideline on behalf of protecting business interests for secure future to community. This report represents the internal and external market audit for Toowoomba Chamber of Commerce and summarised the main point of overall strategic approach

Section 1: Organisational Overview

In 1899, Toowoomba Chamber of Commerce started their journey in business environment. However, Toowoomba Chamber of Commerce shows their keenness that encourages business. They run their business 114 years with proud history. Apart from that, it has been seen that wide range of committee of Toowoomba Chamber of Commerce operates across the different region of Australia.

Purpose

The main purpose of Toowoomba Chamber of Commerce is to promote, advocate and link for local business of Australian region with the people (Toowoombachamber.com.au, 2015).

Mission

The CEO of Toowoomba Chamber of Commerce Ms. Helen Jentz said that they provide networking forum and advocate to the local community of business (Toowoombachamber.com.au, 2015). However, Toowoomba Chamber of Commerce ensures that their member receive high value for business community.

 

Mission of Toowoomba Chamber of Commerce

Table 1: Mission of Toowoomba Chamber of Commerce

Vision

The vision of Toowoomba Chamber of Commerce is to influence the formulation of government policy that affect Australian region. Apart from that, Toowoomba Chamber of Commerce tries to gather premier sources for professional development opportunities for the greater Toowoomba business community. According to the CEO of Toowoomba Chamber of Commerce, premier source of professional development can grow along with the growth of membership (Toowoombachamber.com.au, 2015). Thus, they can achieve most effective as well as largest business Chamber in the Australian region.

Goals

In terms of fulfilling the vision and mission, Toowoomba Chamber of Commerce develop seven major goals for their future improvement such as –

  • Increase membership up to 1000 members within five years.
  • Proactive in utilising member’s experience and promotions
  • Improve the system of advocacy for business
  • Regular review and update of constitution
  • Improvement of future leaders
  • Improve collaboration with organisations
  • Influence government and council according to the local business within Australian region

Section 2: Environmental Scan

The current environment of Toowoomba Chamber of Commerce operates largely. Therefore, due to changing environment, the Chamber faced several big picture issues at local and state levels. This section considers the major trends of the Toowoomba Chamber of Commerce by analyzing external audit such as political factors, economical, social, environmental, technical, etc and internal audit such as SWOT and TOWS analysis method.

2.1 PESTEL Analysis

Political Factors: Political factor was not eco friendly with the organisational process of Toowoomba Chamber of Commerce. The Chamber faced many challenges due to change of Queensland government in 2013. Apart from that, change of councillor Toowoomba also created several issues (Backhaus et al. 2011). Relationship with the councillors and TRC was also low. However, in 2013, Federal Election created lot of troubles for Toowoomba Chamber of Commerce.

Political

  • Relationship with Councillors and TRC
  • Queensland government change
  • Change of Toowoomba Councillor
  • 2013 federal election

Economical

  • Labour costs and Labour Supply
  • Growth rate of economy of TSBE (Toowoomba and Surat Basin Enterprise)
  • Cost of Capital
  • Australian economy strength

Social

  • Joint Venturing
  • Dynamic region of Australia
  • Cross cultural communication
  • Availability of labour force with high skills levels
  • High growth rate of virtual interaction

Technological

  • E-commerce websites
  • Advantage of NBN
  • Mobile technology proliferation
  • Transportation network and service access

Environmental

  • Infrastructure of local water supply
  • Impact of mining and climate
  • Global warming
  • Farming versus mining

Legal

  • Employment law
  • Law of Healthy and safety
  • Law of consumer

 

Table 2: PESTEL Analysis of Toowoomba Chamber of Commerce

Economical Factors: Economic helps Toowoomba Chamber of Commerce in order to grow their business. Toowoomba Chamber of Commerce closely related with the Toowoomba and Surat Basin Enterprise (TSBE). However, in 2012, growth rate of TSBE was 7 percent of overall business process (Krstic and Popovic, 2012). Interest rate of service also decreases due to high business cycle stage. Apart from that, labour cost and labour supply has low impact in the economics of Toowoomba Chamber of Commerce.

Social Factors: Australia is also known as the social dynamic in their different region. Therefore, it has great impact in the organisational process of Toowoomba Chamber of Commerce. Labour of Australia has high skills level as well as available. This also has high impact on Toowoomba Chamber of Commerce (Smith and Speed, 2011). Cross-cultural communication creates wide range of opportunity for increasing membership to Toowoomba Chamber of Commerce. However, Toowoomba Chamber of Commerce is known as the business-networking organisation (Cant, 2009). Apart from that, Toowoomba Chamber of Commerce involved the strategy of joint venturing with other organisation such as University of Southern Queensland, Toowoomba Regional Council, etc.

Technical Factors: Toowoomba Chamber of Commerce developed e-commerce website in order to interact with the members online. It demonstrates that communication technology is high for Toowoomba Chamber of Commerce (Nwankwo and Gbadamosi, 2011). Apart from that, Toowoomba Chamber of Commerce implements mobile technology for communication with other and provide update report of constitution to their members (Malhotra, 2011). However, Toowoomba Chamber of Commerce faced infrastructure challenges due to jet capable airfield and second range crossing.

Environmental Factors: Infrastructure of local water supply for Toowoomba Chamber of Commerce is high (Chernev, 2010). However, due to climate fluctuation and global warming, the company faces challenges. Apart from that, Toowoomba Chamber of Commerce has potential impact of both mining and climate on the farming community.

Legal Factors: Toowoomba Chamber of Commerce maintain healthy and safety law within their operational process (Beamish and Ashford, 2010). Moreover, they follow the rule of consumer law, employment law and corporation law in their operation.

2.2 SWOT Analysis

Strength: Toowoomba Chamber of Commerce runs their business for 114 years with proud. Therefore, long live proven success is the key strength of the organisation (Aaker, 2010). High brand value in establishing business in local community is also strength for Toowoomba Chamber of Commerce (Loudon, 2011). Apart from that, Toowoomba Chamber of Commerce that they are the expert of using Australian business policy such as consumer law, contract law, employment law, corporation law, etc.

 SWOT Analysis of Toowoomba Chamber of Commerce

 

Figure 1: SWOT Analysis of Toowoomba Chamber of Commerce

(Source: Herbst et al. 2011, pp- 971)

Weakness: Low membership and representative is the key weakness for Toowoomba Chamber of Commerce (Luther, 2011). Apart from that, new board member of Toowoomba Chamber of Commerce is not able to take regular review and update about continuous change of political environment.

Opportunity: In order to increase customer base, Toowoomba Chamber of Commerce adopted the strategy of joint venture and collaborate with other organisation such as Toowoomba Regional Council, Southern Queensland Institute of TAFE and University of Southern Queensland (Mullins, 2009). It will help Toowoomba Chamber of Commerce in increasing membership as well as future leaders.

Threats: Lower exposure of committee member of Toowoomba Chamber of Commerce is the major threat (Palmer, 2012). The organisation runs their operation for long time. However, they are not able to attain membership (Paley, 2009). After running the organisation, still they attain only 350 members and 120 leaders. This is also another influential threat for Toowoomba Chamber of Commerce.

2.2 TOWS Analysis

Threats: Lesser expertise is the potential threat for Toowoomba Chamber of Commerce. However, Toowoomba Chamber of Commerce has only presence in Australia. Therefore, membership is low. They have not any presence in outside of Australia.

 

Opportunity: New appointed CEO of Toowoomba Chamber of Commerce Ms. Helen Jentz collaborates with other large institute in the different region of Australia (Brodie et al. 2009). It may help in sharing information about the potentiality of organisation. Thus, Toowoomba Chamber of Commerce is able to fulfil their goals within 5 years.

Weakness: Base of membership is too much low according the long-term business sustainability of Toowoomba Chamber of Commerce. Moreover, majority of representatives or leaders are new (Bates, 2009). Therefore, they find difficulties in terms of providing update constitution to members.

Strength: Toowoomba Chamber of Commerce has high brand value in terms of establishing local business community within the region of Australia (Bolton and Lemon, 2009). Apart from that, Toowoomba Chamber of Commerce has long terms success stories (more than 114 years). This helps in creating positive impact on local business community of Australia.

Section 3: Customer, Competitors and Stakeholder Analysis

3. 1 Target Market Analysis

Toowoomba Chamber of Commerce is one of the most popular advocacy and business support providing organization within the local business community of Toowoomba (Kim and McAlister, 2011). However, the organisation delivers required advocacy for the large organisation in local business community within Australia (Zhang et al. 2012). The organisation has 350 members and 120 future leaders. The target market of Toowoomba Chamber of Commerce is those the local business community especially those business house that growing large within the country as well as outside of the country such as Action Metal Recyclers Toowoomba Pty Ltd, Barker signs, , Climate Assist Png, etc.

In order to increase membership, Toowoomba Chamber of Commerce identifies their potential customers such as Aba Pty Ltd, Allied Liquid Waste, etc (Toowoombarc.qld.gov.au, 2015). According to the CEO of Toowoomba Chamber of Commerce, they segment their customers based on organisational operational process such as financial marketers, agriculture marketers, printing and publishing, shopping and stores, etc. Apart from that, Toowoomba segment their target market demographically. According to the market review of 2014, Toowoomba Chamber of Commerce achieves more than 600 members (Brei et al. 2014).

3.2 Customer Analysis

From the point of view of advocacy service, Toowoomba Chamber of Commerce satisfies their customer’s needs and requirements properly. In order to satisfy the consumer and fulfil their requirement, Toowoomba develop new board and appointed new CEO name Helen Jentz. Increasing members in board, Toowoomba Chamber of Commerce provides wide range of facility to their customers including current up to date constitution. However, in terms of providing advocacy, the organisation segments their target market. In the diverse demand and continuous policy change climate in Australia, Toowoomba Chamber of Commerce successfully attains their unmatched membership. In modern days, majority of companies tries to develop business with full of ethics (Toowoombarc.qld.gov.au, 2015). Therefore, Toowoomba Chamber of Commerce review about the constitution rules and regulation of Australian repaid changing government and advocate to customer by properly maintaining the curret rules and regulation in local business community.

 

Apart from that, majority of organisation in these days are very much conscious about the environmental policy. Therefore, providing information and advocating them, Toowoomba Chamber of Commerce builds trust (Leonidou and Leonidou, 2011). The board member of Toowoomba Chamber of Commerce demands that they provide solutions to customer that purchase partial decisions. This factor allows in increasing growth rate within business community.

3.3 Competitor analysis

According to the present scenario, there is not competitor found of Toowoomba Chamber of Commerce in Toowoomba Region.

3.4 Stakeholder Analysis

Major stakeholders of Toowoomba Chamber of Commerce are the Mrs Taisoo Kim Watson, Toowoomba and Surat Basin Enterprise, Football Toowoomba Inc, University of Southern Queensland, Toowoomba Chamber of Commerce and Industry, Heritage Bank, etc.

The stakeholders of Toowoomba Chamber of Commerce play the important role in order to develop the network and make important contribution. It helps in attaining success via evaluating the program. Pirog (2010) argued that University of Southern Queensland plays the important role in developing program in different cities. On the other hand, Toowoomba Chamber of Commerce helps in advocating with other organisation in local business community that facilitate the sustainable growth for those organisations within the region of Toowoomba. Moreover, Toowoomba and Surat Basin Enterprise allow the organisation in providing information about development of economy to the customers. Apart from that, the governing body of Toowoomba and Surat Basin Enterprise involved in the advocacy service providing program of Chamber of Commerce closely (Toowoombarc.qld.gov.au, 2015). Mrs Taisoo Kim Watson is also play the vital role in operational process of Toowoomba Chamber of Commerce. Mrs Taisoo Kim Watson continuously engages with the government council board and interprets the service that helps in increasing income delegation.

Section 4: Conclusion and Recommendations

4.1 Conclusion

From the above market audit report, it has been identified that due to new member of advocacy board, Toowoomba Chamber of Commerce is unable to provide council with important information for the performance of Central Business District at local business community of Toowoomba. Apart from that, Toowoomba Chamber of Commerce is not meeting the demands regarding statutory obligations for ensuring ethical business activities. Moreover, Toowoomba Chamber of Commerce was not fulfilling the statutory requirements for their customers. The organisation is unable to amend planning scheme policy for customers. Due to change of government policy, Toowoomba Chamber of Commerce is unable to facilitate their customers.

4.2 Recommendations

Recommendation 1: Toowoomba Chamber of Commerce has to endorse the framework of Central Business District Metrics. Analysing the method need to prepare a plan and design specific group. Moreover, Toowoomba Chamber of Commerce has to engage council officers within their chamber of Commerce.

Recommendation 2: In order to make appropriate plan and amend local business community planning, Toowoomba Chamber of Commerce has to maintain or follow the guideline of Statutory Guideline 02/13. This will help in making the minor amendment that consists successful business for customers.

Recommendation 3: In order to mitigate the problem of amend planning scheme policy, Toowoomba Chamber of Commerce has to adopt standards engineering for the drainage and road infrastructure in terms of modifying the consideration of submission

Reference List

Books

Aaker, D. (2010) Strategic Market Management: Global Perspectives. 6th ed. Oxford: Blackwell Publishing.

Beamish, K. and Ashford, R. (2012) CIM Course book 07/08 Marketing Planning. 3rd ed. New York: Free Press.

Cant, M. (2009) Marketing Management. 3rd ed. New York: Free Press.

Chernev, A. (2010) Strategic marketing management. 7th ed. Bedford, London: Thomson Learning.

Loudon, D. (2011) Marketing Management: Text and Cases, 6th ed. London: Prentice Hall.

Luther, W. M. (2011) The Marketing Plan: How to Prepare and Implement It. 6th ed. Oxford: Blackwell Publishing.

Malhotra, N. K. (2011) Review of Marketing Research: Special Issue - Marketing Legends - Page 107, 1st ed. Bingley, UK: Emerald Group Publishing

Mullins, J. (2009) Marketing Management: A Strategic Decision-Marketing Approach. 4th ed. London: Palgrave Macmillan.

Nwankwo, S. and Gbadamosi, T. (2011) Entrepreneurship Marketing: Principles and Practice of Sme Marketing, 4th ed. New York: Business Expert Press.

Paley, N. (2009) The manager's guide to competitive marketing strategies. 4th ed. London, Washington: Sage Publications.

Palmer, A. (2012) Introduction to Marketing: Theory and Practice - Page 501, 3rd ed. Oxford: Oxford University Press

Journals

Backhaus, K., Lügger, K. and Koch, M. (2011). The structure and evolution of business-to-business marketing: A citation and co-citation analysis. Industrial Marketing Management, 40(6), pp.940-951.

Bates, T. (2009) ‘Analysis of Survival Rates among Franchise and Independent Small Business Startups’, Journal of Small Business Management 33(2): 26–36.

 

Bolton, R. N. and Lemon, K. N. (2009) A dynamic model of customers’ usage of services: Usage as an antecedent and consequence of satisfaction. Journal of Marketing Research, 36, 171–186.

Brei, V., Vieira, V. and Matos, C. (2014). Meta-Analysis In Marketing. REMark, 13(02), pp.84-97.

Brodie, R J, Brookes R .W. and Little, V. (2009) ‘Towards a paradigm shift in marketing; an examination of current marketing practices’. Journal of Marketing Management, 13(5), 383-406

Farahmand, N. F. ((2011) Organizational marketing planning by management educated managers, African Journal of Marketing Management 3(8), pp. 178-187

Herbst, U., Voeth, M. and Meister, C. (2011). What do we know about buyer–seller negotiations in marketing research? A status quo analysis. Industrial Marketing Management, 40(6), pp.967-978.

Kim, M. and McAlister, L. M. (2011) Stock Market Reaction to Unexpected Growth in Marketing Expenditure: Negative for Sales Force, Contingent on Spending Level for Advertising. Journal of Marketing, 75:4, 68-85

Krstic, B. and Popovic, A. (2012). Analysis of Interbrand, BrandZ and BAV brand valuation methodologies. Marketing, 42(4), pp.237-256.

Leonidou, C. and Leonidou, L. (2011). Research into environmental marketing/management: a bibliographic analysis. European Journal of Marketing, 45(1/2), pp.68-103.

Park, Y. and Rim, M. (2012). Factors Analysis Affecting Success of RFID Implementation. The Journal of Korea Information and Communications Society, 37(2C), pp.157-167.

Pirog, S. (2010). Promoting Statistical Analysis in the Marketing Curriculum: A Conjoint Analysis Exercise. Marketing Education Review, 20(3), pp.249-254.

Smith, G. and Speed, R. (2011). Cultural branding and political marketing: An exploratory analysis. Journal of Marketing Management, 27(13-14), pp.1304-1321.

Soldic-Aleksic, J. and Rakic, M. (2012). Analysis of satisfaction of tourists staying in Serbia. Marketing, 43(2), pp.93-103.

Zhang, B., Jia, Z., He, L., Wang, G. and Peng, G. (2012). Characterization of the protein phosphatase 2c gene from Porphyra yezoensis and functional analysis under dessicating conditionsa. Botanica Marina, 55(4).

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