The Component B re-assessment is an individual business report in which students must develop an elementary marketing plan that builds upon the marketing audit undertaken for the Component A assessment

Running head: VALUE FOR CONDUCTING MARKET AUDITING 1

VALUE FOR CONDUCTING MARKET AUDITING 5

Value for Conducting Market Auditing

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Value for Conducting Market Auditing

Marketing auditing is a very important exercise that involves consideration of all the external factors affecting the running of the business. It also involves an independent examination of the business performance in the environment. This is a critical exercise that makes it possible to collect important data in the businesses` environment which helps in an effective decision-making process. This also helps in the identification of the problems and opportunities within the firm hence helping in initiating the decision required at the right time and place. Therefore, this article analyzes the effects of the marketing auditing in hotels when planning for the short term, medium and long term decision-making process.

Short Term Decision Making

Market auditing helps in an essential understanding of the business and how it performs in the prevailing environment. In the hotel sector, this makes it easier in decision making for short term goals. For instance, some of the goals that can be initiated with market auditing are;

· To attract and retain the most talented employees for the effective running of the business

· Building and nurturing of the customer relationships through improving their experience at the restaurants

· To improve the productivity of the hotel by making daily changes in the running of the activities within the hotel.

· Making the sales and marketing of the products that the hotel deals with a priority.

· To improve on the customer relationships through improving the listening ability to the customers (Gunn, Kawada & Michas, 2019).

These are essentially short term goals that for the hotel industry if appropriately followed they might gradually transform the industry into achieving the overall goals that have been set.

Medium Term Decision Making

Medium-term goals of the hotel that require making medium-term decisions are also essential in the running of the businesses. Therefore, through market audits, we should be able to make the right decisions on achieving the medium-term goals of the hotel. In this regard, some of the decisions that can be made are such as:

· To pay off all existing debts with all the stakeholders and be in good records with the suppliers and the creditors being satisfied with the services of the hotel

· To improve the marketing and promotion of the services rendered.

· To have an increase in the market penetration and accessibility of the services that we provide to our customers (Huang, 2020).

· To increase efficiency through the use of the modern and digital technologies that would make it easier in marketing and delivering services.

Achieving these goals requires effective decision making and this can only be achieved through an effective analysis of the market in which we understand our strengths, weaknesses, opportunities, and threats that we face in the market.

Long Term Decision Making

There are also long term goals that have to be achieved by the hotel management. To achieve these goals market auditing helps in the understanding of the environment and thus making it possible to set goals such as:

· To increase the hotel awareness across the region

· To reduce the overall production expenses of the hotel by at least 5% in the next five years

· To increase the revenue collection by 15% in the next ten years

· To automate the services and increase customer satisfaction through the use of the available resources (Chen & Yang, 2019).

Therefore, through effective market auditing, the running of the hotel and achieving the set goals will easily be achieved within the set period. This is a valuable exercise that should be always being conducted within the organizations to help in achieving the set goals.

References

Chen, H. C., & Yang, C. H. (2019). Applying a multiple criteria decision-making approach to establishing green marketing audit criteria. Journal of Cleaner Production, 210, 256-265.

Gunn, J. L., Kawada, B. S., & Michas, P. N. (2019). Audit market concentration, audit fees, and audit quality: A cross-country analysis of complex audit clients. Journal of Accounting and Public Policy, 38(6), 106693.

Huang, H. W. (2020). Market reactions to audit committee director’s gender: evidence from us-traded foreign firms. International Journal of Banking and Finance, 8(1), 59-75.