Marketing Audit

Marketing Audit

  Marketing Audit is generally referred as  comprehensive, systematic , critical analysis of marketing operation that is performed. It evaluates all the goals, policies and strategies that carries the marketing function. It is usually performed by independent company to improve its marketing performance also to establish new plans. A key benefit of the audit process is the deep, objective and planning process it can generate

Marketing Audit can be divided into two parts:-

Internal Marketing Audit

 It interferes with the internal environment of the organization. It studies the organizations marketing team and its effectiveness as it is performed. To analyze its effectiveness SWOT analysis is used to examine the marketing effectiveness. Internal marketing audit is generally used to answer these types’ questions.

-          How organized is our marketing team?

-          Is the marketing team efficient enough?

-          How effective is the marketing teams work?

-          In what ways does the team effect other organizations and the functions?

SWOT analysis

          SWOT stands for strength, weakness, opportunities and threats is a tool that is used by the marketing team to identify and rectify the organizations problems.

Strength

 Strength describes the positive aspects of organization. It includes success factors, good facts and others about an organization

Weakness

  Weakness describes the negative aspects of the business. It includes factors such as why isn’t it progressing, reduction of sales. It basically focuses on the negative aspects of the organization.

Opportunities

  Opportunities describes the area where it could have success it could have a go there. Opportunities contains the untouched areas of the business, success area if it manages to reach there.

Threats

  Threats generally describes the rivalry points and negative aspects to the future of the business

External Marketing Audit

PESTLE refers to the external factor of the organization which cannot be controlled by the organization. PESTLE stands for Political, Environment, Social, Technological, Legal and Environmental aspects of the organization.

Political

 Political refers to the areas which and how it can be effected by government rules and regulations to the business

Environmental

 Environmental factors deals with the geographic location, climate, weather, other Factors that affect the business.

Social

 Social factor deals with the culture, people view, locality and others aspects of the business which may or may be favorable for a business to be established.

Technological
It refers to the technological factor that effect the business as the newer cars are more preferred by the customers

Legal
It refers to the laws, legal entities and etc.

Environment

It refers tot the environmental law as planet earth is under threat from Global warming as it has created a huge problem from use of cars.

Importance of Marketing Audit

-Adapt to the New Changes

 In the old days there hardly any information technology changes. Today globally there is internet, and many other information all over the globe. Marketing goes through a brief about the campaign goals and how it changes in current situation.

- Increase sales and market shares

Attract more customers and increase volume of sales. Introducing new marketing strategies and etc.