Marketing audits and its importance to

It may have abundant resources, with a management team composed of brilliant and innovative minds, and teams of hardworking employees diligently and passionately performing their tasks.

How is our marketing team organised? How efficient is our marketing team? How effective is our marketing team? How does our marketing team interface with other organisations and internal functions?

What is the state of our marketing planning process? Is our marketing planning information current and accurate? What is the current state of New Product Development?

Product How profitable is our product portfolio? Product Are we pricing in the right way? Price How effective and efficient is distribution? Place Are we getting our marketing communications right?

Promotion Do we have the right people facing our customers? People How effective are our customer facing processes? The External Marketing Environment. Their needs and how we satisfy them. Their buyer decision process and consumer behaviour. Their perception of our brand, and loyalty to it.

The nature of segmentation, targeting and positioning in our markets. The relative strengths and weaknesses of competition.

The marketing plans and strategies of our competition. What is the cultural nature of the environment s? The standards and average levels of education. The evolving lifestyles of our target consumers. The nature of consumerism in our target markets.

What is the demography of our consumers? Such as average age, levels of population, gender make up, and so on. How does technology play a part? The level of adoption of mobile and Internet technologies. The way in which goods are manufactured.

Marketing communications uses of technology and media. What is the economic condition of our markets? Levels of average disposable income. Taxation policy in the target market. Economic indicators such as inflation levels, interest rates, exchange rates and unemployment. Is the political and legal landscape changing in any way?

Laws, for example, copyright and patents.Marketing Audit: Importance of Marketing Audit for a Company!

How to Prepare a Marketing Audit to Shape Your Marketing Strategy

Marketing audit is a systematic examination of a business’s marketing environment, objectives, strategies and activities with a view to identifying key strategic issues, problem areas and opportunities.

The company analyses internal and. Free Essay: Marketing Audits and its importance to an organisation As of I am starting to write this essay, an historic and astonishing incident happened in.

Much of the success of any business is riding on its marketing strategy.

It may have abundant resources, with a management team composed of brilliant and innovative minds, and teams of hardworking employees diligently and passionately performing their tasks.

we explore 1) what is a marketing audit, 2) the importance of marketing .

Marketing audit is the most important step in the development of the marketing Plan. Marketing audit has an essential contribution to the future success of the business.

Depending on the results of marketing audit is drafted the plan and marketing strategy that will be applied later. A marketing audit is a comprehensive, systematic,independent and periodic evaluation of a company's marketing assets.

It is a effective tool in reviewing the competence of a marketing strategy, analyzing the objectives, policies and strategies of the company's marketing department as well as the manner and the means employed in attaining these. This is the first of a series of articles that will discuss what is a Marketing Audit and its importance; but also: Analysing the external environment .