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Marketing Team 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, as well as the
external environment. Other examples
include PEST and Five Forces Analyses,
which focus solely on the external
environment.
In many
ways the marketing audit clarifies
opportunities and threats, and allows
the marketing manager to make
alterations to the plan if necessary.
This
lesson considers the basics of the
Marketing Audit, and introduces a
Marketing Audit checklist. The checklist
is
designed to answer the question, what
is the current marketing situation? Lets
consider the
Marketing Audit under three
key headings:
-
The Internal Marketing
Environment.
-
The External Marketing
Environment.
-
A
Review of Our Current Marketing
Plan.
The
Marketing Audit
is to the marketing department what a
financial audit is to the accounting
department.
A
comprehensive review of a company's
marketing environment, objectives,
strategies, and activities compared to
world class standards, the marketing
audit identifies operational strengths
and weaknesses and recommends changes to
the company's marketing plans and
programs.
Key
factors that impacted the business for
good or for bad during the past year.
Including an evaluation of marketing
"surprises"—the unanticipated
competitive actions or changes in the
marketing climate that affected the
performance of the marketing programs.
Including
an evaluation of marketing
"surprises"—the unanticipated
competitive actions or changes in the
marketing climate that affected the
performance of the marketing programs.
The
extent to which each decision in the
marketing plan—e.g. targeting,
positioning, pricing, advertising,
etc.—was made after evaluating many
alternatives in terms of profit-related
criteria.
Marketing
knowledge, attitudes, and satisfaction
of all executives involved in the
marketing function.
The extent
to which the marketing program was
marketed internally and bought into by
top management and non-marketing
executives.
Customer,
distributor, vendor, and intermediary
satisfaction based on research among key
target groups.
The
performance of
advertising, promotion,
sales force, and marketing research
programs in terms of ROI.
The
performance of non-traditional programs,
particularly digital offerings, in terms
of ROI.
Whether
the marketing plan achieved its stated
financial and non-financial goals and
objectives.
Which
aspects of the plan that failed to meet
objectives with specific recommendations
for improving next year's performance.
The
current
value of
brand and customer
equity for each brand in the product
portfolio.
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