Benefits of Marketing Audit

Benefits of ongoing process of market analysis

Short-term benefits

These are the benefits that can be gained in short term time span .enefits that can be gain in the short period of time is known as short-term benefits. Some of short-term benefits are as follows,

1)     Reduce Expenses

It will help you reduce expenses and save more money in the short run. It will help know where you are spending more money hence helping you to reduce cost. Saving money will help you to invest in other areas of the business.

2)     Stabilize Business

It will also help you maintain transaction in the business hence creating uniformity in cash inflow and outflow. If setting up a business and there is no uniformity for the cash to flow in then there will be problems.

Medium-term benefits

This benefit is achieved gradually after some time

1)     Lower the Risk

After setting up the business then you’ll have brief idea about how does the market reacts to a change therefore. You can forecast the changes hence lowering the risk if the organization opts for a changes within or outside the product.

2)     Informing Customers

Letting customers know about the product will be highly beneficial as slowly the word spreads. Customers will know about the product.

Long-term benefits

In a long term reports these are the benefits that can be gained from market analysis.

1)     Understanding Threats

Longer the time you are there in the organization better you understand the threats. You will even have a better idea to dodge the threats and overcome it

2)     Maximizing Profits

When a business is well established the profits are expected to higher and wider reach of the customer as you better understand the market introducing new products will most likely to take higher market shares.

3)     Wider reach of customers

In the long term benefits you’ll have access to higher number of customer and outlets to reach out for customer. The use of internet these day has enhanced the ability to reach out for customers at a wider range

Reference:

 http://happycreativeblog.wordpress.com/2012/06/29/10-benefits-of-market-research/