Marketing Audit is a detailed and systematic analysis and interpretation of marketing environment of the business, both internal and external, its goals and objectives, to ascertain problem areas and then find out solutions to those problems.
The audit is conducted by a third person, who is not a part of the organisation and should be:
1)systematic
2)comprehensive
3)independent
4)periodical
COMPONENTS OF MARKETING AUDIT
ASPECTS COVERED IN MARKET AUDIT
1)SWOT analysis
2)Customer and prospect reach
3)Competitor analysis
4)Market overview - external factors covering a PESTLE analysis
5)Marketing overview of your Internal factors assessing levels of internal communication
Marketing audit analyses the marketing strategy and the present position of the firm and helps the firm in deciding how it intends to reach where it aims to reach
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