Answer To: Aim: The objective of this assignment is: · To enable you to understand marketing strategy and the...
David answered on Dec 27 2019
Marketing Audit for The Bank of Cancer Research 1
Running head: MARKETING AUDIT FOR THE BANK OF CANCER RESEARCH
MARKETING AUDIT FOR THE BANK OF CANCER RESEARCH
The Bank of Cancer Research (BCR) is generally determined as a new concept for a bank in which it uses its financial profits to fund the cancer research. In other words, banking profits are used to fund cancer research for the benefits of cancer patients by treating cancer effectively. It is the true fact that banks make billions of dollar profits every year that can be used to fund the cancer research in order to create great impact on cancer treatments and curing the cancer within a lifetime (Ferrell & Hartline, 2012). At the same time, BCR is a real-life project because it can help to find a cure/remedy for a disease that usually touches nearly every family.
Although there is difficulty in order to find out an issue of cancer of many lives because of the expensive nature of cancer research. Therefore, research is important to find out a cure to help everyone as believed by most of the many scientists, and doctors, as well as other experts. The possibility in finding treatment/cure options of cancer, it has inspired to create the Bank of Cancer Research and working hard to become into reality (Ferrell & Hartline, 2012). The Bank of Cancer Research can be run just like banks where people can deposit money; but the profits of BCR can be used to fund the cancer research to solve the greatest problems of the world.
This paper is taken to conduct a marketing audit for the Bank of Cancer Research through customer analysis, company analysis and competitor analysis. This paper would also evaluate elements of the marketing mix and problem solving techniques by leveraging strategic marketing analysis. The tactical marketing mix decisions would also be considered in this study to create successful planning initiatives. The sustainable, social and ethical concepts would also be considered to make effective planning in the marketing audit for the Bank of Cancer Research.
Marketing Strategy and Elements of Marketing
According to the Luther (2011), marketing strategy of the organizations is the combination of the marketing goals with the comprehensive plan that is drawn from the market research. Additionally, the focus of the marketing strategy is associated with using the right product mix to gain the maximum profit for in the business operations potentially and sustainable. Therefore, it can be stated that the marketing strategy of the organizations is the base of a marketing plan in which products or services are managed effectively for the end-users or customers. In the words of Longenecker et al. (2011), marketing strategy of the BCR can face various challenges as issues in the market, such as difficulties in the financial arrangement, lack of trust/faith of the customers, needs of huge money for the cancer research, etc.
In case of BCR, marketing strategy is one of the most important considerations to increase awareness about the cancer research and purpose of such type of organizations. The marketing strategy can create a strong foundation for the BCR to get success in the future for a long-time. This new concept for cancer research is attractive and beneficial when the marketing strategy would be adopted effectively and efficiently. The efforts of the Bank of Cancer Research can develop medicines as the products to treat cancer or control the cancer for a long-time.
Elements of Marketing:
Customer Analysis: The Bank of Cancer Research is the essential initiative in the field of medical field. BCR is a new concept in the world that specifically works as banking process. However, the profits of the BCR would be utilized for the cancer research to provide benefits to the needy people. In this scenario, customers would be common people, other organizations or industries, investors, etc. that can open their accounts in the BCR and can operate their accounts like common banking system (Lamb, Hair & McDaniel, 2011). But, the true fact would be cancer research by funding the profits. These customers can be the part of BCR for a long-time, like a common bank in their life. This could help to arrange more money for the cancer research.
Company Analysis: The BCR is not a common bank in the present scenario; but, it is considered as a social enterprise with the mission of pursuing as cancer research from its profits to help finding a cure for a disease that affects nearly each and every family at the global level. The annual profits of the BCR can be utilized in the cancer research to find out the cancer treatment procedure (Lamb, Hair & McDaniel, 2011). The activities of...