Business Audit Paper - BuView

BuView Business Audit

Elijah Clark

2016

BUVIEW BUSINESS AUDIT

Abstract

Marketing is known as the process of executing and planning the conception, promotion, pricing,

and distribution of goods, ideas, and services to create exchanges and satisfy individual and

business goals (Jankovic, 2012). Drawing from a series of interviews with the current marketing

manager of BuView LLC., an assessment was conducted to determine the state of the firm's

strategic marketing efforts. Performing a marketing audit is essential within hostile and complex

competitive business environments such as BuView (Jankovic, 2012). Hundreds of internal and

external factors often affect profitable businesses that need evaluation in order to achieve success

(Tyagi & Sawhney, 2010). The purpose of this marketing audit is to gain an analysis of the

firms’ primary marketing and promotional initiatives. The key element of this paper is the

framing and identification of the firms’ problems that relate to macro environment, task

environment, marketing function, and marketing strategy. The knowledge gained from this

research and marketing audit leads to identifying problems and recommending various solutions

to those problems.

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Abstract............................................................................................................................................................... 2Executive Summary........................................................................................................................................ 5Business Mission.............................................................................................................................................. 6Macro Environment........................................................................................................................................ 6Markets............................................................................................................................................................... 7Customers.......................................................................................................................................................... 7Distribution and Dealers............................................................................................................................... 8Marketing Tools............................................................................................................................................... 9Facilitators and Marketing Firms...............................................................................................................9General Force Analysis.................................................................................................................................. 9

Economics........................................................................................................................................................................... 9Technology....................................................................................................................................................................... 10Demographics / social / culture.............................................................................................................................10Government / legal / military..................................................................................................................................11Physical environment..................................................................................................................................................12

Industry Analysis.......................................................................................................................................... 12Matrix Analysis.............................................................................................................................................. 12

Barriers to entry............................................................................................................................................................13Substitutes........................................................................................................................................................................13Bargaining power of suppliers................................................................................................................................13Bargaining power of buyers.....................................................................................................................................13Competitive rivalry.......................................................................................................................................................14

Inbound Marketing Tool............................................................................................................................. 14Detailed Value Chain Analysis: Internal Environment.....................................................................15Customized Value Chain of Activities in Table Form........................................................................15

Table 1: Value Chain Analysis..................................................................................................................................15Implications of Competitive Analysis.....................................................................................................16

Strengths........................................................................................................................................................................... 16Weaknesses......................................................................................................................................................................16Skills.................................................................................................................................................................................... 16Capabilities.......................................................................................................................................................................17

Detailed SWOT Analysis..............................................................................................................................17SWOT Factor Matrix..................................................................................................................................... 18

SO strategies.................................................................................................................................................................... 18ST strategies.................................................................................................................................................................... 18WO strategies.................................................................................................................................................................. 18WT strategies.................................................................................................................................................................. 19

Key Success Factor Analysis...................................................................................................................... 19Marketing Function...................................................................................................................................... 20Products........................................................................................................................................................... 20Place of Distribution.................................................................................................................................... 21Integrated Marketing Communications................................................................................................21How BuView Works...................................................................................................................................... 22Insights............................................................................................................................................................. 22Marketing Strategy....................................................................................................................................... 23Marketing Objectives and Goals...............................................................................................................24Strategy............................................................................................................................................................. 24Action Plan Analysis..................................................................................................................................... 25

Drive Web Traffic..........................................................................................................................................................26Improve Brand Awareness.......................................................................................................................................26

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Increase Market Share and Profits........................................................................................................................26Conclusion....................................................................................................................................................... 28

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BuView Business Strategy

BuView LLC is an Internet platform that provides businesses with the opportunity to

network with demographically segmented users within an online focus group environment.

Focus groups allow for marketers and businesses to observe how and why consumers react to

certain concepts and ideas (Kotler & Keller, 2012). The benefits of online focus groups include

cost savings, geographically diverse participants, and fast results (Kotler & Keller, 2012). The

BuView platform provides a focus group based approach, designed for businesses to use for

providing free products to targeted users based on the users’ geographical location, race, gender,

age, religion, political view, education, income level, social hangouts, and product interest. In

exchange for free products, the user is responsible for generating product awareness through

social reviews and feedback.

Online focus groups are a growing market and organizations are developing an increasing

interest in the service and the results that it generates (Kotler & Keller, 2012). In evaluating the

impact of consumer generated feedback and reviews, Jabr & Zhiqiang (2014) found that

endorsed opinions and homogeneity in reviewer impression improves the sales of products and

services. Online focus group organizations such as BuView help businesses and marketers

observe the reactions of consumers regarding particular concepts and ideas. Unlike local focus

groups, online focus groups give businesses the opportunity to determine product and service

cost based on the opinion of geographically diverse participants (Kotler & Keller, 2012).

Executive Summary

BuView (bue – view) is an online platform provided for businesses that desire reviews

and feedback about their product or service. BuView has a network of product testers and

reviewers that work together with registered business owners and marketers to assist in

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enhancing products and producing effective marketing strategies targeted at demographically

segmented consumers. Focus groups are beneficial for businesses seeking honest feedback,

business reviews, and beta testing. An active list of businesses registered with BuView include:

marketing professionals, authors, inventors, and businesses of all types. Products offered by

these businesses include: Electronics, Beauty Products, Consumer Goods, Accessories, Clothing,

Software, Food, Home Goods, Toys, Retail, and many others.

BuView presents a unique value proposition by providing businesses with full and

complete access to the demographics of the focus group participants. The demographics include:

geographical location, race, gender, age, political view, religion, education, income level,

product interest, and social hangouts. BuView is currently in its beta phase and has registered

over 900 businesses and 10,000 users since its beta launch in March of 2015. The management

team has a combined 35 years of business experience, 10 years of digital marketing experience,

and 12 years of web development and programming experience. This experience has provided

BuView with the necessary resources to build its platform and brand with a budget of only $300.

Business Mission

In evaluating the mission of BuView, the organization's mission is clear and in market-

oriented terms. The organization seeks to create a network of businesses and users that work

together to enhance products and generate effective marketing strategies aimed at

demographically segmented users.

Macro Environment

The macro environment section of an audit includes topics related to consumer

demographic, economic environment, technological impact, and social-cultural forces that affect

sales and profits (Kotler & Keller, 2012). The macro environment is a significant factor in

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understanding the key forces and influences that affect the organization’s ability to earn profits

(Kotler & Keller, 2012). Furthermore, the macro environment assists with describing important

changes in the organization's target market.

Markets

Based on market research provided by Chevalier & Mayzlin (2006), businesses of all

sizes are in search of product reviews and feedback. Justifiably, positive reviews and product

recommendations typically signify a quality product and higher sales for the vendor (Chevalier

& Mayzlin 2006; Hu, Zhang, & Pavlou, 2009). In addition to culture and social factors, reviews

and social recommendations influence consumer purchases (Kotler & Keller, 2012; Šalkovska &

Ogsta, 2014).

Businesses are aware that giving away free product can stimulate brand awareness and

generate sales. BuView’s targeted market segments include product review networks and local

focus group organizations. Within these markets, consumer awareness and growth are trending

upward because of the positive influence of product reviews on electronic commerce sites like

Amazon.com. Consequently, businesses are seeking to build their brand by reaching out to

organizations such as BuView for consumer reviews and feedback.

Customers

Defining and recognizing the consumers' needs are paramount in all aspects of business,

including sales, price, and customer support (Daj, 2012). Kotler and Keller (2012) suggest that

consumers value price and quality over their brand loyalty. In analyzing consumer segments,

BuView has evaluated its support databases and additionally reached out to a few of its active

users for qualitative feedback regarding its services and support. This method has helped produce

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valuable and effective insight for measuring the consumers’ overview, behavior, and reactions

toward the organization in comparison to its competitors. The results of BuView’s analysis

agreed with Kotler and Keller (2012), which determined that businesses are likely to make their

purchase decisions based on value, quality, and price, while users value incentives and support.

BuView has customer segments of both users (BuViewers) and businesses. The

BuViewer segment consists of mostly influential females between the ages of 25-45 who are

technically keen and socially active. The business segments are generally small to medium-sized

start-up businesses that are seeking product feedback and reviews to help promote their brand

and build social awareness. BuView believes its services and platform are highly rated against

the competition, and both businesses and users are satisfied with the service and results. Of the

over 900 registered businesses on the website, more than half created multiple projects. There are

over 10,000 registered users on BuView, and most all are active and have subscribed to multiple

projects.

In regards to price, businesses value BuView over the competitors because of its free

offering. BuViewers value BuView’s service because it provides access to free products that they

would otherwise have to pay for. Appropriately, one of BuView’s unique value proposition is its

free offering. The purchasing decisions of these groups vary and are essentially determined by

peer and colleague referrals, social engagement, and website content that influences trust.

Distribution and Dealers

Businesses have the responsibility of getting their products to registered users. BuView

promotes its services to consumers through its website, electronic mail, and social networks.

BuView could use distribution channels more efficiently if the organization ever intends to

manage the projects for businesses. With BuView managing the projects, the organization would

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be responsible for distributing the products and working with outside vendors. Whether BuView

will ever manage business projects is undetermined.

Marketing Tools

The services in which BuView uses includes Mailchimp for electronic mail newsletters,

Mandrill for electronic mail monitoring, Buffer for generating social engagement, and Zapier for

producing automated network building task. There are no noticeable trends occurring amongst

these suppliers.

Facilitators and Marketing Firms

BuView’s co-founders are currently managing and facilitating the organization's

marketing efforts and strategies. The results of their efforts have been satisfactory, and the

leaders produced over 10,000 registered users and over 900 registered businesses with a budget

of less than $300. Nearly a quarter of the registered businesses and users were hand selected by

the company in order to influence maximum social outreach and awareness.

General Force Analysis

The General Force Analysis (GFA) assists organizations with analyzing threats and

opportunities. The analysis focuses on identifying organizational threats and weaknesses by

analyzing (a) political/ legal/ government/ military, (b) economic, (c) social/ demographic/

cultural, (d) physical environment, and (e) technology influences. The analysis is used to forecast

relevant trends relating to organizations such as BuView and its business structure and activities.

Economics. The economy plays an important role in the growth of BuView. Innovative

technology and mobile platforms have seen a tremendous market growth (Haag & Cummings,

2008). Considering BuView offers online solutions, the company can benefit from the expected

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e-retail growth. Considering this, BuView has an immediate opportunity for growth by

enhancing its online marketing efforts and mobile presence for online consumers.

Economic macro environments provide an in-depth view of the organization's industry.

Economic audit research includes industry facts, market size, market demand, market trends, and

growth potential and opportunities (Kotler & Keller, 2012). In response to economic

developments and trends, BuView is seeking financing from investors and website advertisers.

The organization is determined to build positive brand awareness to help generate website traffic

and investor interest.

Technology. Information technology has an enormous impact on business sectors

(Dasgupta, Gupta, & Sahay, 2011; Kotler & Keller, 2012). Technology is used by organizations

to help improve logistical operations and strengthen communication and partnerships. Online and

traditional retailing continues to evolve at a fast pace, which presents BuView with an

opportunity to attract new consumers using the latest technological trends and marketing

techniques.

Demographics / social / culture. Demographics are used as a determining factor in

understanding organizational threats and weaknesses. By evaluating the consumers’

demographics, organizations can develop an effective strategy targeted toward growing the

organization and increasing profitability (Kaplan & Norton, 2008). An important demographic

for BuView is the organizations size, user age group, and income level of its targeted businesses

and users.

Demographic profile-based marketing formulates an assessment of the consumer and is

generated to serve the consumers' needs and wants (Kotler, 2011). Understanding the consumer

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helps in identifying the targeted and ideal consumer, their characteristics, and their geographical

locations.

Based on feedback from registered businesses and users, the overall attitude toward

BuView as a company is positive. However, because of its youth, the organization still lacks

complete trust from its users. Furthermore, by being a free service, businesses and users are

skeptical of the quality level of the service.

The demographic developments and trends, which pose a threat to the organization, is the

lack of registered male users. The original goal of the organization was to build a network of

females as the company believed females would influence social engagement quicker. This

theory developed based on monitoring social user engagements of the organization’s

competitors. Although there are many more females than male registered users, the

organization’s theory that women would influence brand awareness was successfully accurate as

the organization did experience tremendous growth by focusing on a female audience.

However, the lack of males on the site is likely to cause future concerns for registered

businesses seeking male participants for their BuView projects. BuView believes that the

organization can gain male participants by targeting and promoting more technology driven

products.

Government / legal / military. Government agencies and institutions are often

overlooked within the technology retail industry. Government agencies offer many growth

opportunities and benefits for BuView. Additionally, BuView needs to remain aware and within

the standards of the countries in which it does business. Not only does BuView need to study

international policies and laws, but the organization must also consider currency exchange rates

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and property right laws that could damage the organization's success abroad (Ross, Westerfield,

& Jaffe, 2013).

BuView is a free service and is within third-party guidelines and regulations, which

prohibit the use of businesses paying for positive product reviews. BuView is not, and does not

intend to violate any United States codes, which prohibit the distribution of illegal drugs and

services.

Physical environment. Physical environmental concerns may consist of conservation,

resources, products and materials, and recycling. The physical environment trends that are likely

to impact BuView’s industry include product waste and recycling. The physical environment for

BuView does not seem to be a concern of the organization. However, BuView should remain

current and aware of its physical environmental habits. As an Internet-based company, BuView

has no real environmental concerns. Registered users and businesses are responsible for product

exchanges, which may require knowledge of cost and availability of natural resources and

energy.

Industry Analysis

Matrix Analysis

Porter's Five Forces is used by organizations to determine their industry relevance and

profit opportunities (Porter, 2008). Additionally, Porter's Five Forces evaluates direct forces

relating to the organization. Porter's Five Forces are considered a micro-view point model,

instead of a macro-view point like the General Force Analysis model. BuView should use

Porters Five Forces analysis to develop a better understanding of its industry and competition.

Porter’s Five Forces include barriers to entry, availability of substitutes, bargaining power of

suppliers, bargaining power of buyers, and competitive rivalry (Porter, 2008). The analysis

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should be used to discover trends and forecast threats and opportunities within the industry. If

opportunity does exist, BuView should enhance their position based on the forecasted threats

(Mentzer, Myers, & Stank, 2007). Based on the results of the forces, availability of substitutes,

and competitive rivalry may impact BuView’s profitability.

Barriers to entry. Barriers of entry present obstacles for competitors to enter into the

industry. The problem that often prevents organizations from entering an industry is the need for

capital. Considering online marketing and awareness often requires creative talent, marketing

knowledge, and programming needs, it is an expensive industry for potential competitors.

Substitutes. The availability of substitute products should offer value and quality within

the industry (Porter, 2008). To achieve success, BuView may need to develop a unique value

proposition from its competitors. A unique value may include BuView developing a better

customer experience, more product offerings, better quality customer service, or products and

services with a better value (Petersen, Ragatz, & Monczka, 2005). A substitution benefit of

BuView is that the organization has positioned itself to match not only traditional focus group

based brick-and-mortar competitor prices, but also online competitor prices.

Bargaining power of suppliers. Bargaining power of suppliers of BuView are low

considering BuView focuses on maintaining strong and healthy long-term relationships with its

suppliers. BuView does have purchasing power over suppliers because of its large user-base and

organizational value. Consequently, this force is a low external threat.

Bargaining power of buyers. The bargaining power of businesses at BuView differ in

that consumers receive access to the platform free of charge. Additionally, because competitors

such as Tomoson and its vendors offer consumers multiple packages and price tiers, it presents a

threat to BuView's growth and potential profitability. Because BuView is a platform, its products

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are often not unique to its platform and consumers can go elsewhere to purchase products and

services offered by the organization.

Competitive rivalry. One of BuView’s largest competitors within the online focus group

market is tomoson.com (Tomoson). Tomoson offers its users more products because of its

affiliation with the online retailer Amazon. However, Tomoson charges businesses $250 to

register to use its platform while BuView offers the same service for free to businesses.

BuView’s main competitors are Tomoson and influenster.com (Influenster). BuView faces

identifiable threats from its competitors, primarily dealing with brand awareness. Tomoson

targets businesses to purchase access to its platform, and Influenster targets mainly users to sign

up on its website. It is highly probable that both competitors have a business sales team in charge

of generating sales and registering new businesses and products. In regards to the competitors’

platforms, BuView’s offering is similar in structure and process, with the exception that BuView

provides businesses with complete access to user demographics including geographical location,

race, gender, age, religion, political view, education, income level, social hangouts, and product

interest. Unlike Tomoson, which only offers a product review platform, and Influenster, which

primarily target users, BuView is in the process of building both peer-to-peer and business-to-

user segments into its platform. The new structure is designed to promote further user

engagement along with satisfying businesses by having more active users.

The market has room for growth, and neither of BuView’s competitors is immensely

successful. Based on the size and strength of the market and its competitors, BuView has room to

grow and become a market leader by implementing a strategy, collaborating with established

product corporations, and strengthening its social impact.

Inbound Marketing Tool

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Stepping beyond the simplistic review model tool, BuView has the capability to be

capitalized by brands as an inbound marketing tool. Pre and post review shout outs by bloggers

opportune:

• Brand imprint

• Drive consumers to a website

• Commence brand conversations

Detailed Value Chain Analysis: Internal Environment

The value chain is a system used by companies to assist in building competitive

advantages and shareholder value (NetMBA, 2010). The system creates what is known as a value

chain that is developed based on a series of value-generated activities. The goal of value-

generated activities is to offer consumers value that generates higher profit margins for the

organization (NetMBA, 2010). Organizational activities are sustained by the firm’s framework,

technology development, human resource management, and procurement. Determining the most

effective activities is decided by whether the profit margins generate high returns (NetMBA,

2010).

Customized Value Chain of Activities in Table Form

Table 1: Value Chain Analysis

Business Process BuView Tomoson Influenster

Management Management engages centralized

and decentralized.

Management structure is similar

to BuView in structure but lack

the industry knowledge and

education level of BuView.

Management is active and has a good

industry understanding and social media

knowledge.

Logistics BuView has no distribution

centers or products for

distribution.

Same as BuView. Online based

and no distribution center.

Businesses are responsible for

Located in New York and distributes

products from its location. Businesses send

to Influenster and Influenster sends to

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shipping to the user. users.

Service Online focus group platform that

offers businesses the benefit of

receiving demographically

segmented feedback and

reviews.

Similar to BuView but does not

offer as many demographics for

businesses to select from. Also,

cost businesses for access.

Similar to BuView but does not offer as

many demographics for businesses to

select from. Cost businesses per project.

Sales Offers a free service to

businesses and consumers. No

sales data.

Has a high-profit rate because of

its partnered relationship with

Amazon and other large

organizations.

Maintains high profits because of its social

presence and consumer engagement.

Partners with brands including Sony,

Coca-Cola, and Shell.

Customer Service Lacks sufficient employees to

fully satisfy customer request

and concerns. However, no

known negative reviews.

Businesses rate the company

weak considering it lacks having

a variety of reviewers.

Receives low user satisfaction because of

the lack of products. Too many users and

not enough products for distribution.

Implications of Competitive Analysis

Strengths. BuView believes that its organization has an advantage over competitors

considering it has built on the success of offering demographic information of its users.

Additionally, the company has invested in enhancing its platform by offering users the

opportunity to connect with one another in a community. The company believes that its unique

value strength and market knowledge give it a competitive edge.

Weaknesses. A disadvantage of using the value chain is that it is a very extensive process

and takes a huge amount of time to complete a full analysis of the organization and its

competitors. BuView currently isolates its cost drivers for its activities and identifies its value

chain linkages by continuing to monitor potential profit margins and technology trends.

Skills. Activities within a company should be optimally run in order for the company to

gain a real competitive advantage. Technological changes can generate competitive advantages

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by adjusting activities or the value chain (NetMBA, 2010). An advantage of using the value

chain is that its allows for BuView to evaluate its organization, competitors, and industry value.

The value chain is used to create competitive advantages by focusing on activities that help in

delivering a unique value proposition (Millar & Porter, 1985).

Capabilities. With the use of innovative technology, organizations such as BuView can

benefit within their industry and produce a competitive advantage (Dasgupta, Gupta, & Sahay,

2011). Technology allows for organizations to reduce cost while increasing productivity. With

the use of technology, organizations can easily share information throughout their supply chain

and generate faster results and product availability. In regards to BuView, technology is used to

evaluate trends patterns and relationships to improve business risk selection. Additionally,

technology has changed the online industry as users desire immediate access to services and

products through the Internet. Considering this, BuView plans to attract new customer segments

and remain competitive by staying current with consumer trends and technology advancements.

Detailed SWOT Analysis

Table 2: Summary of BuView SWOT Analysis

Strengths

User demographic offering.

Leadership with online marketing knowledge and backgrounds.

Free tier plan for businesses.

Full project control for businesses.

Weaknesses

Lack of strong brand recognition and reputation.

Low level of partnerships with organizations that can provide businesses and users.

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Opportunities

Growth in online feedback and review

influence.

Growth in online spending on review-

based commerce websites.

Organizations seeking feedback from

global consumers.

Threats

Technological drawbacks of distributing

digital products and services.

Distribution concerns with shipping

products to users.

Competition has large partnerships with

huge organizations.

SWOT Factor Matrix

SO strategies. To fortify BuView's opportunities, the organization needs to keep on

building brand value through promoting and extended operations to surpass Tomoson. BuView

should find avenues to build its presence through broad statistical surveying that would

incorporate social networking, client benefit, the value chain and current operations. BuView

needs to build group relationships through social engagement, online networking, and

communication building.

ST strategies. With a goal to combat threats, BuView needs to implement complex,

versatile frameworks into their strategic methods. The execution would permit BuView to keep

on being dexterous, adaptable, and versatile to any environmental changes. BuView must stay

focused through reinforcing of their core capabilities, development, and continuing to search for

better approaches to adding unique value.

WO strategies. BuView must focus on alleviating their shortcomings and take advantage

of opportunities to reinforce those shortcomings to stay relevant. All internal leaders from the

CEO to the most minimal level representative should be acclimated with all item areas inside of

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the organization. Additionally, BuView should focus on satisfying its users by providing

excellent customer support and competitive service quality.

WT strategies. Weaknesses and threats are significant for BuView. To guarantee those

concerns are reduced, BuView should focus on building its brand recognition and reputation.

Additionally, to combat the current direct and indirect market contenders, BuView should

expand its strategic alliance with partners, producers, and suppliers. Linking with partners should

help the organization achieve trust and reliability through the referred source.

Key Success Factor Analysis

Market personalization covers execution, advertising yield, purchaser quality, and

advertiser value (Vesanen, 2007). Marketing personalization is a strategy utilized by numerous

organizations to improve consumer engagements. Furthermore, promoting personalization

comprises of customizing procedures based on the individual demographics, conduct, verifiable

information, and way of life subtle elements (Cudmore & Patton, 2007).

The key elements for BuView to focus on to enhance sustainability are development,

growth, innovative advancement, online networking engagement, and consumer loyalty.

BuView's capacity to profit by these areas are vital to the continued success of the organization.

The implementation of the community system gives BuView a chance to build its brand

notoriety and awareness. Social networking can improve customer satisfaction, expand customer

base and help BuView build its marketing strategies (Porter, 2008). Online social media requires

minimal effort marketing contrasted with conventional radio, newspaper, and television

promotions. Social media is likewise a system that BuView can use to improve their users'

experience and enhance client relationships (Porter, 2008). BuView can enhance consumer

loyalty through technological advances and online networking. Garnering expanded consumer

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loyalty helps in expanded sustainability for BuView now and in the future. Consumer loyalty

helps in enhancing reliability and improve BuView probability of growth and sustainability.

Marketing Function

The marketing function audit is a study used to determine the marketing functions in

relation to the product or service offered. The marketing function audit evaluates the marketing

mix of the company, which includes the product, price, place of distribution, and promotion (four

P components) (Kotler & Keller, 2012). A marketing mix includes tactics that support the four P

components and uses them to develop an understanding of the requirements necessary to produce

an effective marketing strategy (Kotler & Keller, 2012).

Products

Developing a product line objective gives the organization an outline to determine which

products and services are meeting their objectives and which should phase out (Kotler & Keller,

2012). Within BuView, projects are posted on the website, and users request the projects in

which they are most interested. Based on the user request rate for projects, users prefer feminine

products, accessories, and home improvement items. The least requested project based on this

same standard are books. Considering BuView is a young company, the product line objectives

are still within its original evaluation stage.

BuView’s product line objective is to provide businesses with a way to gain brand

awareness and product feedback. To accomplish the objective, BuView requires that its users

engage in social discussions about business products, and provide detailed feedback to

businesses for market research and product improvements.

Areas of improvement for product and brand strategy include implementing an effective

method to build the number of registered users. With time and further evaluation, the

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organization will have a better understanding of which projects and services registered users and

businesses desire most. As the evaluations conclude, BuView will have the ability to determine

the types of businesses it should market toward based on the request rate of its users.

Place of Distribution

BuView currently distributes its service directly on its company website. Registered

businesses are responsible for distributing their products or services to the requested users at the

expense of the business. Methods used by registered businesses on BuView to distribute their

products include: online retails, direct mail, electronic mail, and virtual file downloads.

Integrated Marketing Communications

BuView’s distribution objective and strategy is to promote its services by utilizing online

marketing strategies in addition to influencing registered users to promote the brand. BuView

plans to collaborate with local focus groups and marketing firms with customers in need of

building their brand reputation and awareness. BuView further intends to promote its services

directly to businesses by using traditional sales channels such as newspaper advertisements,

magazines, flyers, and through distributing business cards during networking events. BuView’s

advertising objective is to influence user registrations and generate business leads. Marketing

and advertising efforts in which BuView has previously used include paid social campaigns, and

gift card giveaways for peer referrals.

BuView has yet to implement marketing methods fully by using direct, online, and

database marketing. With the completion of a marketing strategy, the company intends to

promote and advertise its brand online through social inbound channels, paid campaigns, and

electronic mail campaigns.

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How BuView Works

When a vendor posts a project, that vendor specifies a product interest plus social

hangout sites. Each project goes through a hand review process to ensure that the project adheres

to BuView’s Terms of Service. Upon approval, BuViewers are notified of said project via email.

Email contains project announcement with link to project. It is up to the BuViewer to request

interest. Default pooling life span is 120 hours; however, project owner has an override ability to

close the project prior.

Once a project is closed, the project owner has the ability to select interested BuViewers

that applied. The project owner can view unabridged demographics to make certain that a

particular BuViewer aligns with desired traits. Once a BuViewer is selected, it is up to the

BuViewer to respond to the acceptance email. Because of that, the double opt-in acts as a

safeguard.

Insights

Brands that know their consumer spending habits have the ability to leverage over brands

that turn a blind eye. BuView’s messaging to brands must communicate that its platform offers

the ability to scoop into consumer tiered subsets. Moreover, B2B messaging correctness falls on

magnifying how brands can mine known subsets, clarity tiered subset messaging, and check

market products using BuView’s demographic filtering capabilities. U.S. Department of Labor

(2013) reported that 57.3% of women with infants and 74.7% of women with children ages 6-17

were part of the workforce. BuView’s demographic filters support this type of audience

segmentation potential.

BuView must be aware of consumer segment life events and stages as well. Its pool of

reviewers needs to be recognizably broad for brands to segment users when applying valuable

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insight using industry and demographic filters. This ability to filter earmarks BuView from

analogous businesses.

The vendor selects demographics. Demographics can be selected during signup and with

each product evaluation. The Vendor’s and BuViewer’s personal identity remains private and

only available to BuView’s agents. Each BuViewer will be required to supply to BuView a

scanned digital copy of a valid state ID, or U.S. passport. This is to verify legal age and accuracy

of address as well as race, gender and other measurements of identity to help better categorize

demographics. Demographics are private and available only to BuView agents. BuView strictly

complies with COPLA, and minimum age to become a BuViewer is 18.

Some vendors may require that the selected BuViewer sign a nondisclosure agreement

prior to beginning the review. BuView does not get involved with such agreements or disputes

when a vendor requests such. BuView and its employees are released from any liability due to a

BuViewer not abiding by the terms of a nondisclosure agreement, and neither the vendor nor

BuViewer can hold BuView liable or bring civil litigation against BuView and its employees.

BuView manually reviews all BuView profiles to verify authenticity. BuView also

read’s all requested reviews to make sure they are in compliance with vendor’s request. All

projects have a deadline. Failure to comply with a vendor’s deadline may disqualify a BuViewer

from future participation. A BuViewer’s deadline is at minimum 10 days before vendor due date.

This will allow BuView agents to review BuViews and select a new BuViewer if necessary to

complete the vendors request.

Marketing Strategy

The ideal marketing strategy builds consumer trust, generates brand awareness, and

influences sales and investor wealth (Tyagi & Sawhney, 2010). The marketing strategy evaluates

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the organization's underlying needs, targets the consumers, and discovers the strategies necessary

to influence the consumers’ purchasing decision (Daj, 2012).

Marketing Objectives and Goals

BuView’s marketing objectives and goals need improvements if it desires to affect the

market positively. The objectives lack credible research and direction. The organization has a

solid understanding of its market based only on assumptions and minor research. However,

BuView does have the means necessary to create effective goals and objectives. With further

research and proper planning, BuView can determine the approach necessary to maximize its

organizational growth.

Considering the co-founders of BuView are professional Internet marketing consultants,

the digital marketing aspect of the marketing objectives and goals are clear and directed at

measuring performance. However, the individuals lack the necessary knowledge for producing a

complete and effective marketing strategy outside of the digital environment. With the assistance

of an outside business consultant, advisory board, and with further marketing research, BuView

believes it will have the resources necessary for creating an appropriate and effective business

plan and strategy for success.

Strategy

In creating a marketing strategy, BuView should use a qualitative and quantitative

approach for gathering necessary consumer information (Varadarajan, 2010). In regards to the

current state of BuView’s marketing strategy, the organization has minimally researched its

targeted segments of businesses and users and currently has a digital marketing strategy in place.

BuView’s current strategic goal is to connect emotionally with users, provide excellent customer

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support, and keep the website busy with projects and user generated content and activities. This

method, as stated by Kotler & Keller (2012), should help the organization achieve its marketing

goals. The organizations marketing strategy aims to build brand loyalty, trust, and awareness.

Furthermore, the organizations current and future digital marketing strategy positively affects the

organization's marketing mix for its target segments.

Action Plan Analysis

The action plan is a report that starts with key objectives and recognizes all the steps

needed to accomplish them. For an action plan to have value, an assessment process must

distinguish estimations of success, and those measures must be distinguished as benchmarks.

When an action plan is finished an organization should consistently screen and contrast the

advancement accomplished with pre-established benchmarks. The examination of

accomplishments to benchmarks gives confirmation of achievement.

Actions Department Timeline/ Month

Benchmarks & Goals Potential Barriers Communications

Step 1:Increase Web Traffic

ManagementEmployees

2016-2017

Increase customer satisfaction and build social community on the platform to influence users to return to the website.

Finances and time needed to update and enhance website features.

Daily through the use of internal emails. Phone and chat could be used for immediate needs.

Step 2:Improve Brand Awareness

ManagementEmployees

2017-2018

Improve awareness through the use of social media, email marketing, and other online and offline marketing techniques including referral rewards.

Finances and time needed to create and place promotional advertisements space could present a barrier.


Step 3:Increase Market Share and Profits

ManagementEmployees

2018-2019

Increase market share so that the organization can ultimately increase advertisement profits.

To assist with increasing market share, the company should also merge with business partners to produce more users.

Finances and lack of resources to gain partners.

Low profits may not be attractive to potential partners.


Table 3: BuView 3 Year Action Plan

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Drive Web Traffic. To drive web traffic, BuView needs to increase customer

satisfaction and build on its marketing and social networking platforms. The goal of the process

is to influence new users to register on the website and current users to continually visit the

website. To increase traffic, BuView's planned development of an integrated community should

influence users to remain on the site to network with other users. Barriers that prevent an

increase in web traffic include a lack of finances and time needed to complete the task. With a

low level of employees and resources being used elsewhere, the organization could have a hard

time focusing on the process.

Improve Brand Awareness. To improve awareness for the brand, BuView should use

social media to build its customer satisfaction, which should help influence conversation and

referrals. Additionally, the company should implement marketing strategies that include online

promotions, advertisements, campaigns, newsletter, and reward its current users for referring a

friend to join the platform and community. Barriers that may prevent BuView from achieving its

goal to improve brand awareness include a lack of finances to purchase advertisement space and

promotional material.

Increase Market Share and Profits. To generate profits and increase market share,

BuView needs to link with business partners that can provide the company with users and

businesses with products to offer. Additionally, the benchmark should help generate profits by

offering businesses advertisement space and potential tiered packages ranging from free to paid.

Barriers that could prevent BuView from reaching this benchmark include a lack of resources

necessary to gain partners. Additionally, partners may not be interested in the service unless

there are high profits.

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Twice throughout each year, the organization's management should meet to discuss

progress on the benchmarks. Additionally, the organization’s leaders should communicate daily

through emails, chat, and teleconferences to discuss setbacks and concerns. Benchmarks that

have not met their goals, should be re-evaluated and given priority of resources and employees

so that the goals are met by the end of the year.

BuView should generate sales through an internal sales team. Cold calling and

prospecting consumer based product companies, start-ups and eventually local businesses. We

will also generate and increase sales through lead generation.

Potential BuView price points

Level Product Value BuViews Completed

Vendor Cost BuViewer Reward

BuView Reward

Level 1 -$100 -25 $50 $25 $25

Level 2 $100 - $500 25-50 $75 $50 $25

Level 3 $500 - $1000 51-100 $100 $75 $25

Level 4 $1001 + 101+ $125 $100 $25

Marketing:

Marketing methods that could be used include heavy Social Media, SEO, SEM,

Retargeting Ads, and Behavioral Display. We will also market to popular bloggers and

influential online users on YouTube, Instagram, Twitter, etc.

Expense for marketing will be budgeted but most of the buzz will be created from key

influencers and BuViewers’ word of mouth.

Markets targeted will include major metro cities with the largest populations,

demographics and potential for quick word of mouth growth. BuView’s strength will be in its

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list. The larger our database and demographics the easier it will be to penetrate the product

industry.

BuView will market nationally. There is huge potential to service the local business

market as well. 73% of searches performed are local. We will start national with a focus on

consumer products (i.e. books) and branch out over time.

Conclusion

Organizations develop marketing audits to identify associated organizational market

strengths, weaknesses, opportunities, and risk (Rădulescu & Cruceru, 2013). Audits are

performed in order to satisfy the organizational mission, and vision. Furthermore, the audit is

necessary to discover the value of products offered, and the effectiveness of current and future

marketing efforts (Rădulescu & Cruceru, 2013). As a start-up organization still in beta, BuView

has seen an adequate amount of success within the growing online focus group market.

BuView’s unique value proposition is its free service and availability of user demographical

information that is accessible for businesses registered on the website. The knowledge gained

from consumer evaluations, business surveys, and market research recommends that BuView

expand its marketing and advertising efforts by utilizing the information gathered within this

audit to create and implement a marketing strategy.

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Business Audit Paper - BuView

Marketing

Transcript of Business Audit Paper - BuView