Marketing Audit
Explanation of what a marketing audit is:
The purpose of a marketing audit is to review and appraise existing marketing activities and to look at the way the marketing is planned and managed, giving the opportunity for a systematic examination of each element of the organisations current marketing activity and achievements, and to objectively evaluate the effectiveness of the organisations investment in marketing.
The marketing audit assists in the evaluation of the whole marketing activity, and provides the tools to assess past and present performance to provide a basis for evaluating possible future courses of action.
You are able to discover the strengths and weaknesses in relation to opportunities and threats you face as an organisation and to identify the marketplace the organisation operates in and provide a snap shot of the current situation.
It helps to determine how cost effectively each element of the marketing activity is helping the organisation meet its overall goals and pinpoint more effective uses for the marketing resources.
Most audits review core elements of an organisations marketing strategy including its branding; messaging; marketing channels; marketing campaigns and sales tools.
There are various types of audits in which include a SWOT analysis, PEST, competitor analysis, internal audit, external audit, and Porters five forces analysis that are included with the marketing audit.
An organisation needs to conduct a full marketing audit at the start of any marketing planning process, and also conduct brief audits or update the current audit at regular intervals whilst carrying out marketing activities. The beginning of a new year or budget period is a good time to conduct a marketing audit.
There are key people within the organisation that will need to be involved in compiling the marketing audit. The main people needed are the marketing, senior management, communications and accounting departments; however, if possible, the brand
The purpose of a marketing audit is to review and appraise existing marketing activities and to look at the way the marketing is planned and managed, giving the opportunity for a systematic examination of each element of the organisations current marketing activity and achievements, and to objectively evaluate the effectiveness of the organisations investment in marketing.
The marketing audit assists in the evaluation of the whole marketing activity, and provides the tools to assess past and present performance to provide a basis for evaluating possible future courses of action.
You are able to discover the strengths and weaknesses in relation to opportunities and threats you face as an organisation and to identify the marketplace the organisation operates in and provide a snap shot of the current situation.
It helps to determine how cost effectively each element of the marketing activity is helping the organisation meet its overall goals and pinpoint more effective uses for the marketing resources.
Most audits review core elements of an organisations marketing strategy including its branding; messaging; marketing channels; marketing campaigns and sales tools.
There are various types of audits in which include a SWOT analysis, PEST, competitor analysis, internal audit, external audit, and Porters five forces analysis that are included with the marketing audit.
An organisation needs to conduct a full marketing audit at the start of any marketing planning process, and also conduct brief audits or update the current audit at regular intervals whilst carrying out marketing activities. The beginning of a new year or budget period is a good time to conduct a marketing audit.
There are key people within the organisation that will need to be involved in compiling the marketing audit. The main people needed are the marketing, senior management, communications and accounting departments; however, if possible, the brand
Bibliography: DIPAUD: Conduct a marketing audit – Study Guide Rix P, 2011, Marketing: A Practical Approach Wilson A, 2002, The Marketing Audit Handbook www.atme.org