MARKETING AUDIT Critical Success Factors 1. Cost Reduction – A major factor for NUTS would be to increase profits and aid cash flow through attracting sponsorship (funds would be used to buy equipment) to reduce hire costs and ultimately improve the bottom line. 2. Increase Awareness - The primary research showed that the market was willing to “buy NUTS’ product” but a large proportion of their intended target market were unaware of NUTS’ existence. (See figure 10) 3. Creation of a strong brand identity - To create a uniform, instantly identifiable brand image with a clear message to enable consumers to regularly associate with the “product” and connect one show to another is crucial to both the short and long term success of NUTS. 4. Closer links with consumers – NUTS currently has no vehicle for collecting feedback and gathering general information on consumer needs and wants in order to make more informed decisions on how to tailor the “product”. Currently NUTS’ product is hitting the right market however this is felt to be through intuition as opposed to any other method. 5. Increased efficiency of promotional efforts – It is doubtful that NUTS will be able in the future to increase its promotional spend radically. It is therefore vital for their success that their promotional methods are tailored and aimed carefully at the intended recipients. 6. Penetration of New Segments – NUTS will have to develop their existing segments as well as break through into other segments in the future. From the primary research it shows that there is a market yet to be developed and penetrated. Without changing the product NUTS has considerable mileage left within the University Communities in the Newcastle area. 7. Continuation of Student Input – Without a doubt the key factor of NUTS’ success is the talent and dedication of its members. It is therefore critical that it can continue to attract students with the necessary skill and enthusiasm. 8. Continuation of Support from Key Influencers – NUTS at the moment has some support from individuals who are able to lend their help, knowledge and expertise, it is vital that these people are maintained and cultivated. Critical Failure Factors
Many of the critical failure factors are the opposite of the critical success factors listed above. However, in addition the following factors are believed to be critical. 1. Loss of Reputation – Word of mouth has been shown to be NUTS’ most effective means of promotion. It is vital therefore that they maintain their high standards of production. I......More↓↓↓
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