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What is a Marketing Audit and why is it needed?
A Marketing Audit is vital element of the marketing planning process, and ensures that the firm is profitable. It considers both external and internal influential factors, and is conducted during the whole time of the audit and not only the beginning. Swat analysis is a good tool that is used to evaluate the internal and external environment.
The Marketing Audit takes a look at performance, quality, production, price etc. It’s just like having an expert come in and analyze what is going wrong or even right within the firm. In order for this to be successful all areas must work together. This therefore improves coordination between the areas of the firm. The end result is improved production and increased profit. You can say this gives the company assurance that the company and investors are doing everything they can to increase profits and drive growth. It gives assurance and confidence, and gives the companies performance a baseline for measuring performance. It can be used to make adjustments to the marketing plan by pointing out the flaws and areas of improvement.
A Marketing Audit is definitely fundamental to establishing and maintains an advantage because the audit gives the company a blueprint of the business. It reflects its advantages and disadvantages. It helps the firm improve on areas that need it. It helps the firm stay ahead of its competition, and come up with innovative ideas to improve production. It is essential to the success of the firm.
Perreault, W., Cannon, J., & McCarthy, E. (2008). Basic Marketing: A Market Strategy Planning Approach. 16th Ed. Boston: McGraw-Hill Irwin