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Marketing Audit Overview
This overview discusses the Marketing Audit, which is the final individual assignment in MKT 551. It will cover the following:
• What is a marketing audit?
• Why do a marketing audit?
• Tips and cautions for preparing a marketing audit.
• Components of a marketing audit, and the final assignment.
WHAT IS A MARKETING AUDIT?
To conduct an audit, according to Cambridge Dictionaries Online, is "to make an official examination of the accounts of a business" (2003). While the concept of an audit is commonly associated with the accuracy of financial reports, it is no less important for marketing. Many businesses judge the impact of their marketing program on sales numbers. While sales may be one measure of marketing effectiveness, sales data do not tell management what worked, what didn't, and what external factors impacted the results. Interpretation of sales data does not provide "report cards" for prior marketing efforts, or direction for future efforts. Whether conducted by an outside auditor or by in-house personnel, regular examinations of all aspects of the marketing function can provide information on the external environment; the internal organizational structure; and the objectives, strategies, and tactics used by a firm or a brand.
In Week One, SWOT analysis was covered. A marketing audit can provide the information needed to conduct a SWOT analysis. Conversely, in the absence of a Marketing Audit, an up-to-date SWOT analysis can provide benchmark data for a full audit.
WHY CONDUCT A MARKETING AUDIT?
"If we fail to learn from mistakes in the past, we are doomed to repeat them in the future."
A business, or a brand, that does not regularly examine its total marketing program cannot understand why it has succeeded or why it has failed. A business that thoroughly and objectively examines its marketing environment or program can take steps to improve on what worked well and modify or eliminate what...