Generally, the companies conduct a financial audit to check the authenticity and effectiveness of their financial functions. But lately, marketing audit has come into play where the companies assess their marketing strategy. It is widely used by the marketing companies.
The Marketing Audit refers to the comprehensive process of analyzing and examining the marketing process of the company to check its effectiveness and see if it is able to achieve the desired purpose. It clearly states the achievement of the marketing goals, objectives and what the activities to be conducted are. It is generally difficult to measure the progress of the marketing process. This is where the marketing audit comes in handy. It helps in assessing the progress and in possible situations, even quantifies the data for assessment.
The Marketing audit needs to be conducted in an independent manner i.e. free from any kind of biasness and it must be implemented in a systematic manner. It should be conducted at regular intervals, it will keep a check on the effectiveness and efficiency of the marketing processes.
The process of marketing audit needs to be properly planned. While conducting the marketing it should be taken care that all the aspects are properly covered. The steps to be taken during the marketing audit are:
The Marketing Audit involves not only the internal information or sources but the external sources as well. It is not limited to the internal controls. The outside environment needs to be analyzed as well. The aspects to be covered are:
P: Political- The recent political fluctuations or change in governments can affect the marketing strategies and their effectiveness.
E: Economic- The recession or boom in the economy majorly affects the marketing as the demand-supply tends to fluctuate.
S: Social- The diversity of the customers the business deals in, their backgrounds, tastes and preferences have a great impact on the marketing strategy of the business.
T: Technological- There are very frequent updates in the existing technology and the technologies go obsolete in no time.
L: Legal- The legal changes affect the marketing by enforcing new laws, rules and organization which need to be followed.
E: Environmental- The environment affects the business’s marketing strategy. The availability of factors of productions, climate etc. affects the marketing preferences.
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