Conduct a marketing audit
Unit Code: BSBMKG515A
A marketing audit is a function, in the context of management operations, by which the assessment of the implementation of strategic marketing at tactical level is attempted. The application of marketing audit results in testing the compatibility and comparability of the objectives, sought to be implemented within the marketing strategy, with measurable targets which are achieved in reality. This can be implemented through the presentation and analysis of results in different areas of business operation which affect the application of marketing throughout the company. Thus, a marketing audit is implemented in the following areas:
a) Marketing environment
It is common sense that companies don’t exist outside their market/s, which means that their operations can only be viewed under the spectrum of a specific marketing environment. Whatever takes place in the marketing environment affects the companies that exist in it and, in essence, are parts of it. Therefore, when performing a company’s marketing audit, it is essential to identify and analyze the external factors that constitute the local or broader business environment for the company. In a study of how a marketing audit is implemented on Taiwanese firms, two hypotheses are stated, with regards to how a marketing audit is affected by the business environment. According to them, when the environment is dynamic/competitive, characterized by a low level of resources, companies perform marketing audits on a more intensive level, while in cases where business resources available through the marketing environment are more abundant, and as a result the level of competition is low, firms are less interested in conducting marketing audits.
b) Marketing strategy
Orientation and direction through decision making are the core functions of a company’s marketing strategy. One of the goals of a marketing audit is to check the applicability, effectiveness and efficiency of a company’s current strategic marketing goals, in other words to examine whether the company operates in the desired direction or moves towards the wrong targets (or no targets at all). Although setting the goals of marketing strategy when starting operations is usually considered sufficient to a surprisingly high number of companies, testing the connection of a changing market reality with the company’s purpose ensures a long-term survival and profitability. A marketing audit can save a company from losing touch with the marketing environment, through the re-assessment of the strategic marketing goals and the subsequent approval of the existing marketing strategy (if it successfully corresponds to current market trends and needs) or re-engineer it, in order to obtain again the lost market friction.
c) Marketing organization
d) Marketing systems
e) Marketing productivity
f) Marketing function
A marketing audit is characterized by four basic functions:
a) The broad consideration, based on the horizontal analysis, of the marketing functions of the business (marketing environment, objectives, strategies and systems, b) The independence of the auditor performing the marketing audit c) The systematic investigation before evaluation, which is aimed at scientific and statistical analysis of findings d) The schedule for the implementation of the marketing audit, not only in times of crisis, when it is considered the last resort, but periodically. As a result, the objectives which, a firm seeks to achieve, as a result of the implementation of a marketing audit, are to determine the image that has been formed in the market, about the company itself and other competing companies in the same business, and according to that, after analysis of data, an improved marketing strategy to be developed, aimed at strengthening the external image of the enterprise to consumer awareness and against competitors.
Moreover, it should be...
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