The Marketing Audit Assignment Help
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 conducting Marketing Audit:
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:
- Developing an overview of the company and creating a plan: Before conducting the marketing audit of the company, the company's profile needs to be overviewed. It should be noted down as to what are the company's processes, expertise areas, the customers it deals with, the marketing strategy and the goals and objectives. Once the overview is done, the auditors will have proper knowledge about the company and they will get the insights as to what is to be inspected. It is followed by planning the audit, its extent and the time to be taken for such a marketing audit. The planning needs to be precise as it will lay the basis for future functions.
- Company's current customers: The auditors should study about the current customers they have. They should know the customer's tastes and preferences. This way they can enhance their services in the existing fields that attract consumers. This will help them to retain the customers in the business.
- Company's potential customers: These are the customers that can be associated with the business in future. Such potential customers should be taken into consideration while forming the marketing plan. The company must work towards customer acquisition along with customer retention. The audit will help the business to know the external factors that affect the customer choices. The company can work accordingly and attract more customers.
- Defining the marketing objectives and goals: The marketing objectives and goals must be clearly stated. This will help in the proper ascertainment of the marketing techniques deployed in the business. This will check if the current marketing strategies are capable enough to achieve the desired goals and objectives.
- Comparison: The major competitors of the company should be chosen and proper comparison should be done as to what and where the company lags behind in. This will help the company to know its shortcomings and the areas it can improve in.
- Checking the effectiveness and correction: The Company can check the effectiveness of all the marketing techniques enforced in the business. This will help them to know what should be retained and what should be removed from the business line.
- Follow up: Once the changes are implemented, a proper follow up must be applied. This follows up will ensure that the controls are working effectively. If there still lies any fluctuation, proper measures can be taken to remove it.
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What is to be covered in a Marketing Audit?
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:
- Environmental Audit: Not only the internal factors influence the working of the marketing functions, but the external factors affect it as well. It needs to be taken care of in time. Therefore, the environmental audit needs to be conducted in order to know the factors that affect the marketing strategies of the company. The environment is the major determinant. The Environmental Audit can be conducted by doing a PESTLE Analysis:
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.
- SWOT Analysis: SWOT Analysis refers to analyzing the Strengths, Weaknesses, Opportunities and Threats faced by the business. It gives an insight into the internal and external conditions of the business. Thus the business can prepare itself as per the situation faced by it. It predicts the situations the business can face.
- Competitor Analysis: One must conduct the competitor analysis. This gives business the knowledge about how the competitor is approaching the market. This will let the business know that what it has been doing wrong and how it can improve. Thus a business will be able to compete in a better way with the changes so made.
- Understanding the Customer: The business must understand the customer it is dealing with. It should know the tastes and preferences of the customers and deliver the product accordingly. This will help in increasing the scale of the business and better products can be served.
- Internal Controls: Internal Controls need to be studied and checked for. It should be checked if the employees in the organization are working properly, there is a smooth and proper communication channel and if there are proper controls for the performance check. This will ensure that the internal environment is working efficiently.
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