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Marketing audit can be described as comprehensive, systematic and independent approach that can help the managers towards the achievement of organizational objectives. A study on marketing audit would provide some in-depth insights to the perception of the management towards the probable benefits of a marketing audit. Marketing audit allows the managers to find out the problem and makes the marketers understand as to what exactly the organization is trying to achieve. Overall marketing audit makes strong contribution to increase the overall ROI of company. The present study looks to analyze the various components of an ideal marketing audit system which includes external and internal analysis, contribution of the marketing audit towards the understanding of the business environments; the study also shows practical implications of marketing audit system to understand as to how an organization can adapt to the changing business environment and improve overall marketing activities to achieve the desired marketing objectives. Various theoretical and analytic models relevant to the overall marketing audit system of organization such as the PEST analysis, SWOT analysis, Marketing mix strategy has been used to ensure that the study is in depth and analytical nature (Henry, 2008, p. 89). Critical review of key literature Marketing Audit: An introduction Marketing audit is usually an accepted method of evaluation and have treated mainly as a control mechanism of the marketing activities of a company. Kotler defined marketing audit as a self administered method to indentify and improve the utilization of marketing resources. Marketing audit makes a marketer understand a product or a service a lot better; Marketing audit helps a marketer to understand the objective of the overall marketing program; It helps a marketer to adapt to different situations; Marketing audit uncovers the hidden inefficiencies and most importantly marketing audit helps the marketers to assess the gap between the planned and actual results (Kolb, 2008, p. 92). Marketing Audit Process Marketing audit usually is a three step process as shown in the figure Objective setting and scope The first step usually includes a meeting between the officers and an auditor. The auditor selected is usually an external and independent company to get a more in depth and yet independent view. If the officers are company management team is convinced about the proposed benefits of the marketing audit then the audit team has to get into an agreement regarding the objectives, coverage, depth, data sources and time period of the audit (Brown, 2009, p. 209). Gathering the Data and Analysis This happens to be one of the most important phases. Majority of the time of the auditor is spent on the collection of data. It may look like that auditor is single person, but actually marketing audit as mentioned before is conducted by a team or an organization. Once the data is collected the data are to be analyzed by the marketing aud
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“Setting/Developing Marketing Capability Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/marketing/1479392-setting-developing-marketing-capability.
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