STRATEGIC MARKETING AUDIT

Strategic Marketing Audit for a UK company

Table of Contents

Introduction3

Discussion3

Marketing Mix of Nokia Company3

Product4

Price4

Promotion4

Place4

SWOT4

Strengths5

Weaknesses5

Opportunities6

Threats6

PESTLE7

Political7

Economic7

Social7

Technological8

Environmental8

Legal9

Porter's 5 Forces Framework9

Threat of New Entrants9

Power of Suppliers9

Powers of Buyers9

Threats of Substitute's Products10

Competitive Rivalry10

Conclusion10

References11

Strategic Marketing Audit for a UK company

Introduction

Marketing plan is a part of an overall business plan and marketing strategy is considered as the foundation of a well-designed marketing plan. A marketing plan is comprised of a list of actions. The main purpose of the strategic marketing plan of any company is to design the marketing decisions to ensure the progress with maximum profitability.

The selected company is Nokia. It is a multinational communications and information technology corporation. The basic products of Nokia are portable IT devices and mobile telephones. This company offers a wide range of services involving games, applications, music, messaging and media through digital map information, navigation services and Ovi platform through its wholly owned subsidiary Navteq(Cateora, and Graham, 2002, p.26-39).

From 1998 to 2008, Nokia was considered as the world's leading vendor of mobile phones. It has been suffering declining market share over the past five years with the increasing use of tablets, android devices and smartphones from various other vendors. The dynamics of the mobile phone industry have changed dramatically. The leading player of the market was always Nokia that not only dominated the market through its market share but had an unmatched loyal customer base. Recently, however, the company has lost its ground in major markets such as the United States of America, United Kingdom and Africa. The new iPhone 5 has taken the market which now wants smart phones by storm (Gronroos, 2004, p.9).

Discussion

Marketing Mix of Nokia Company

Product

Variety: There is larger number of variety in every series of Nokia sets.

Quality: 35% of market shares are gained by Nokia brand and this is because of its high quality.

Design: there is variety of designs available in Nokia sets such as Flat sets, flip sets, Slide sets and the Sets with rotating Camera etc

Features: there are specific features for each of Nokia set.

Price

Price of Nokia sets range covers the purchasers from all the classes of society.

Cash allowances are also offered by Nokia.

It also uses the strategy of skimming price.

Promotion

Marketing and Advertising is done through newspapers, magazines, Radio, TV commercials, Bill boards, Sign boards, Broachers, Posters, and display stands.

Road shows - Nokia football crazy and N-gage.com are arranged for game lovers.

Place

All the variety of products of Nokia is easily available at Nokia gallery.

It has established mobile phone dealership like Link and Carphone warehouse (Cateora, and Graham, 2002, p.26-39).

SWOT

The basic objective of undertaking a comprehensive external market analysis is to identify some of the issues or possible strengths and draw conclusions on the market. These are then analyzed and translated into strategic actions. The SWOT Analysis of the company is given as follows when compared with the SWOT of the mobile handset industry in United Kingdom:

Strengths

The major strength of Nokia in the UK market is that the company is the leader and the brand of ...