Marketing audit is essentially a great way to assess our marketing plan.
A market audit is useful for getting back in touch with your brand, products and services and re-focusing your marketing efforts. It can also be used to remind you of your initial goals and objectives and fine-tune your current efforts to be certain they align with those original objectives. Additionally, you can see what's working and what isn't and re-invigorate your marketing efforts.
A successful marketing audit should a couple of things:
• Comprehensive, in that it looks at all the marketing issues of a business
• Systematic, involving an orderly set of steps
• Independent, so that it cannot be influenced by those who developed and are implementing the marketing plan
• Periodic, conducted with regular frequency. A good frequency is yearly or every two years.
A marketing audit should look at not only internal factors such as the efficiency of the marketing department and their marketing plan, but also external factors including a company's customers, competition and overall marketplace. Among the fundamental components of a comprehensive and systematic marketing audit are the following:
• Environmental audit: The environmental audit is where you focus on your customers and the competition. What are your customers' demographics and buying habits? What are competitors doing? What is the overall condition of your company's market?
• Strategic audit: This is where you take a look at your current marketing plan and strategies and how well or poorly they are performing. Are the marketing objectives you set the appropriate ones for your business? This is a very measurable part of the audit where you can observe the strategies you've attempted to implement and if they are effective.
• Organizational audit: The organizational audit is an internal look at the resources available to you and your marketing department such as finances, time, production, labor, equipment and more. It also allows you to take a look at the marketing team itself, revenue, effectiveness of the marketing plan, products, pricing and distribution channels.
A market audit is useful for getting back in touch with your brand, products and services and re-focusing your marketing efforts. It can also be used to remind you of your initial goals and objectives and fine-tune your current efforts to be certain they align with those original objectives. Additionally, you can see what's working and what isn't and re-invigorate your marketing efforts.
A successful marketing audit should a couple of things:
• Comprehensive, in that it looks at all the marketing issues of a business
• Systematic, involving an orderly set of steps
• Independent, so that it cannot be influenced by those who developed and are implementing the marketing plan
• Periodic, conducted with regular frequency. A good frequency is yearly or every two years.
A marketing audit should look at not only internal factors such as the efficiency of the marketing department and their marketing plan, but also external factors including a company's customers, competition and overall marketplace. Among the fundamental components of a comprehensive and systematic marketing audit are the following:
• Environmental audit: The environmental audit is where you focus on your customers and the competition. What are your customers' demographics and buying habits? What are competitors doing? What is the overall condition of your company's market?
• Strategic audit: This is where you take a look at your current marketing plan and strategies and how well or poorly they are performing. Are the marketing objectives you set the appropriate ones for your business? This is a very measurable part of the audit where you can observe the strategies you've attempted to implement and if they are effective.
• Organizational audit: The organizational audit is an internal look at the resources available to you and your marketing department such as finances, time, production, labor, equipment and more. It also allows you to take a look at the marketing team itself, revenue, effectiveness of the marketing plan, products, pricing and distribution channels.
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