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.
What resources do we have at hand? (i.e. The FIVE ‘M’s):
As a market orientated organisation, we must start by asking – What is the nature of our ‘customer?’ Such as:
What is the nature of competition in our target markets?
What is the cultural nature of the environment(s)?
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?
What is the economic condition of our markets?
Is the political and legal landscape changing in any way?
What is our market share? (total sales/trends/sales by product or customer or channel) Are we achieving financial targets? (profit and margins/ liquidity and cash flow/ debt: equity ratio/ using financial ratio analysis)
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:
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