Take Away Assignment 2
Discuss the nature, structure and purpose of marketing audits
A marketing audit is a comprehensive, systematic, independent and periodic evaluation of a company 's marketing assets. It is an effective tool in reviewing the competence of a marketing strategy, analysing the objectives, policies and strategies of the company 's marketing department as well as the manner and the means employed in attaining these goals.
Because of the constantly varying business environment, marketing audit is frequently required, not only at the beginning of the planning process, but along with the implementation stage, providing also ground for evaluating possible future courses of action.
Characteristics of marketing audit
Comprehensive - The marketing audit covers all the major marketing issues facing an organization, and not only one or a few marketing trouble spots. The latter would be called a functional audit if it covered only the sales force, or pricing, or some other marketing activity.
Systematic - The marketing audit involves an orderly sequence of diagnostic steps covering the organization 's marketing environment, internal marketing system, and specific marketing activities. The diagnosis is followed by a corrective action plan involving both short-run and long-run proposals to improve the markets.
Independent - The marketing audit is normally conducted by an inside or outside party who has sufficient independence from the marketing department to attain top management 's confidence and the needed objectivity.
Periodic - The marketing audit should normally be carried out periodically instead of only when there is a crisis.It promises benefits for the organization that is seemingly successful, as well as the one that is in deep trouble.
The marketing audit focuses on three key headings:
The external marketing environment
The internal marketing environment
Evaluation on the current marketing plan
External environment consists of economic, political and legal factors and
A marketing audit is a comprehensive, systematic, independent and periodic evaluation of a company 's marketing assets. It is an effective tool in reviewing the competence of a marketing strategy, analysing the objectives, policies and strategies of the company 's marketing department as well as the manner and the means employed in attaining these goals.
Because of the constantly varying business environment, marketing audit is frequently required, not only at the beginning of the planning process, but along with the implementation stage, providing also ground for evaluating possible future courses of action.
Characteristics of marketing audit
Comprehensive - The marketing audit covers all the major marketing issues facing an organization, and not only one or a few marketing trouble spots. The latter would be called a functional audit if it covered only the sales force, or pricing, or some other marketing activity.
Systematic - The marketing audit involves an orderly sequence of diagnostic steps covering the organization 's marketing environment, internal marketing system, and specific marketing activities. The diagnosis is followed by a corrective action plan involving both short-run and long-run proposals to improve the markets.
Independent - The marketing audit is normally conducted by an inside or outside party who has sufficient independence from the marketing department to attain top management 's confidence and the needed objectivity.
Periodic - The marketing audit should normally be carried out periodically instead of only when there is a crisis.It promises benefits for the organization that is seemingly successful, as well as the one that is in deep trouble.
The marketing audit focuses on three key headings:
The external marketing environment
The internal marketing environment
Evaluation on the current marketing plan
External environment consists of economic, political and legal factors and