Marketing Audit - 977 Words

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†¦show more content†¦It will assist in assessing whether the organisation has the required capabilities, structure and resources to pursue market opportunities and improve the market position. Some of the benefits of an audit are to provide an in-depth picture of what you are doing; to spread awareness throughout the business; build internal relationships; improve marketing efficiency and effectiveness; and provide insight into the improvement of marketing planning. The audit will enable senior management to discover the organisations strengths and weaknesses in relation to the opportunities and threats faced in the marketplace, and assist in identifying more effective uses of marketing resources. Practical examples of how a marketing audit can assist an organisation: AstraZeneca –internally they had only 35% recall of messages, so they couldn’t expect any more than 35% customer recall. This was a problem that was identified through a marketing audit that obviously needed fixing. Hiscox – the audit highlighted a gap in knowledge in some aspects of the digital space and also reviewed the reporting process of results and analytics. This led them to change the reporting process, which in turn led to them making their digital marketing campaign more measurable. Hiscox were then able to attribute sales to specific activities,Show MoreRelatedMarketing Audit933 Words   |  4 PagesA marketing audit is not unlike a financial audit in that it helps the organisations to examine progress or lack of process towards the goals. A marketing audit is an evaluation of the marketing within an organisation to see if their strategies in place are effective within the marketing environment. There is an â€Å"internal and external† form of audits. The internal audit assists with considering the effectiveness of the marketing strategies in place at the time of the audit. The â€Å"external† auditRead MoreThe Marketing Of A Marketing Audit2488 Words   |  10 PagesA marketing audit is a comprehensive and methodical examination of a company’s failures and successes in terms of marketing. An audit, evaluates the market environment, the marketing strategies, and the company’s goals to better see where the company may be falling short, and similarly, it shows what is working. In this Audit we will be observing several fields of marketing relative to the Sony Corporation, it will examine and focus on the Marketing Mix, Environmental Analysis, and SWOT AnalysisRead MoreMarketing Analysis : Marketing Audit1229 Words   |  5 Pages1.1 Marketing Audit Marketing audit can be defined as a study, inspection, review and/or evaluation of marketing activities of any company. Basically, it estimates the marketing environment of the company, aims, strategies, and policies of the company. After evaluation of marketing plans and strategies, it has to identify the mistakes, weaknesses, insufficiencies, complications and other issues to be encountered in firm’s marketing purposes. The final outcome of the marketing audit recommends measuresRead MoreMarketing Analysis : Marketing Audit Essay1049 Words   |  5 Pagesviews on Marketing Audit. As we all know, Marketing Audit is a systematic, critical and appraisal of the total marketing operation of the objectives and policies and the assumptions which underlie them as well as the methods, procedures, personnel and organization employed to implement the policies and achieve the objectives. It evaluates mainly three key areas i.e. external marketing environment, internal marketing environ ment, evaluation of current marketing strategy. The marketing audit is a fundamentalRead MoreToyota Marketing Audit1937 Words   |  8 PagesMarketing Audit How to conduct a marketing audit The marketing audit is a fundamental part of the marketing planning process. It is conducted not only at the beginning of the process, but also at a series of points during the implementation of the plan. The marketing audit considers both internal and external influences on marketing planning, as well as a review of the plan itself. There are a number of tools and audits that can be used, for example SWOT analysis for the internal environment, asRead MoreMarketing Audit Report4886 Words   |  20 PagesMarketing Audit Report on Hot n Spicy- Group Case Study Submitted by: Zhang Lin (4341958) Saltanat Yelgonova (4630014) Waqas Nadir (4634305) Sara Al Zaabi (4619961) Sagar Patel (4632618) Submitted to: Dr. Prakash Vel University of Wollongong Dubai 1 Table of contents 1. Executive summary ......................................................................................................................... 1 2. Introduction to the restaurant industry ..................Read MoreMarketing Audit Process4717 Words   |  19 PagesTHE MARKETING AUDIT PROCESS How is a marketing Audit conducted? We recommend that the following simple three-step procedure be followed when carrying out a marketing audit. 1. Setting the Objectives and Scope The first step calls for a meeting between the student (the auditor) and a company officer(s) to explore the nature of the marketing operations and the potential value of the marketing audit. If the company officer is convinced of the potential benefits of the marketing audit, he andRead MoreMarketing Audit of Bic7918 Words   |  32 PagesMarketing audit BIC * INDEX 1 MARKETING STRATEGY AUDIT 4 1.1 Business Mission 4 1.1.1 The company’s mission, vision and values 4 1.2 Marketing Objectives and Goals 5 1.3 Strategy 6 2 Product strategy audit 8 2.1 BIC’s product mix 8 2.2 The product lines and their augmented level 14 2.2.1 FAQ 15 2.2.2 Contact us 15 2.3 Comparison of BIC’s product mix with its 2 main competitors’product mix 18 2.4 Expansion Strategies 20 2.5 Areas that need improvementRead MoreMarketing Audit Sample3854 Words   |  16 PagesMarketing Audit Sample Marketing Audit: BAE Systems Regional Aircraft Division Overview of BAE Systems Regional Aircraft and Market â€Å"BAE SYSTEMS has a proud heritage that dates back to the early days of manned flight and wireless communications.† (BAE Systems, 2011) BAE Systems Regional Aircraft was a major manufacturer of aircraft such as the Avro family of regional jets including the 146 and the Jetstream 31 and 41 as well as turbo prop aircraft. These aircraft achieved much success especiallyRead MoreMarketing audit of Nike3562 Words   |  15 PagesMARKETING AUDIT PROJECT ON: SUBMITTED BY: ANOOP KHURANA -2012081 SHASHANK MAKKAR -2012*** MANRAJ SINGH SANDHU-2012136 OJASWI SHARMA-2012154 SUSHANT SHARMA-2012156 INDEX SR. NO. CONTENT PAGE NO. 1 INTRODUCTION 2 2 ENVIRONMENTAL ASPECTS †¢ ECONOMIC †¢ CUSTOMER †¢ COMPETITION 3 MARKETING ASPECTS †¢ OBJECTIVES †¢ STRATEGIES †¢ TACTICS 6 4 4P’S