Marketing Audit Essay Example

has been a decline in customers due to the economic depression.

The economic depression leads to customer credit. On the political front, the PR industry still lacks specific policies, resulting in more competitors entering the market. These competitors are often small and of poor quality, which decreases the overall perception of the PR industry. Moreover, the absence of specific policies allows some PR companies to exploit this loophole and engage in unfair practices against their competitors.

Technology: The PR industry is embracing new trends such as virtual conferences. Many companies are opting for virtual conferences over in-person ones due to their convenience. Additionally, companies can significantly save costs by choosing this method.

Social and cultural: In Vietnam, PR is not acknowledged as a distinct profession but rather considered a part of advertising.

When a company implements a PR strategy, it may experience unforeseen costs. Fortunately, the attitude of Vietnamese customers towards PR has changed over time. Some companies in Vietnam now dedicate a significant part of their advertising budget to PR. Furthermore, besides the overall business environment, the specific business climate also has a vital role and directly affects organizations. In this context, PMA employs Porter's five forces model to examine the competitive landscape. These five factors comprise the risk of new competitors entering the market, the possibility of substitution, customer bargaining power, supplier bargaining power, and competition among existing firms.

Threat of new entrants:

• Entering the industry is affordable
• Customer relationships are more important than experience
• Low barriers to entry
• New market entry takes time
• Potential for substitution exists
• Costs of change are low

Major substitution: virtual conference

• The power lies with the customer
• Industrial areas house large real estate companies and manufacturers
• National and government events generate
  

significant orders

that PMA can easily find at the best price. Switching suppliers in this industry incurs low costs since all suppliers offer similar products.

The new trend in conference organization is virtual conferences, which are more comfortable and cheaper than physical conferences. However, virtual conferences are not yet popular in Vietnam, posing a challenge for PMA in the future. PMA stands out in the Real Estate industry and as a manufacturer in the industrial area, providing two advantages over competitors. Additionally, PMA has strong relationships with reputable newspapers such as Tien Phong newspaper (a leading Vietnamese newspaper and founder of Miss Vietnam), Thanh Nien newspaper, Business Forum, and Tiep thi va Gia dinh magazine.

Therefore, the customer power of PMA is high. Each order of PMA can equal a few orders of other events companies. According to Mr. Trong, in the PR industry, PR companies don't need to advertise themselves. Instead, once PMA successfully organizes events, customers will find them on their own. That's why customer loyalty is high. No one wants to switch to new events companies instead of the PR company they are used to. As we can see, PMA operates in a competitive environment with many competitors, present and future. However, PMA remains a successful events company with national events like Miss Vietnam 2007 and Final National Hiphop 2006, as well as government events such as ASEAN meetings.

Apply organizational and environmental techniques to evaluate the effect on the company in the Vietnam market. Despite efficiently utilizing Porter's five forces, PMA still needs to determine its strengths, weaknesses, opportunities, and threats.