The creation of utility, the power of goods and services to satisfy wants or needs, is of utmost importance to a marketer. For a service or product to be considered valuable in the market, it has to benefit customers and offer lucrative returns to a company (Boone and Kurtz, 2009, p. 5). Critical analysis of marketing strategies is required if a company is to attain utility for its products and services. PEST, SWOT, stakeholder, customer and environmental scan analysis must be conducted to appraise current business strategies and formulate recommendations for the establishment of new strategies or improving on current ones. E-cofueling, a company based in Brisbane, is the focus of this marketing audit report. The company, which dealing in the development and distribution of ethanol co-fueling of diesel engines, as well as development of viable emission technologies, was established in 2009.
Environmental scanning refers to the progressive process of gathering data regarding different phenomena in the market with a view to identify opportunities, as well as threats. As the current market remains active, changes are inevitable, which presents its fair share of threats and opportunities to a company. In order to carry out appropriate environment scans, a marketer must carry out extensive research and gather information pertaining social, technological, competitive, regulatory and economic factors that have a direct impact on market trends. ...Show more