He started his career by selling radio ads for a local station in Denver, where he first learned how to sell.
It may have abundant resources, with a management team composed of brilliant and innovative minds, and teams of hardworking employees diligently and passionately performing their tasks. However, the business will never be able to grow, and succeed in achieving its organizational goals if it does not have a marketing strategy in place.
The growth of a business is closely linked to how its image is developed and presented to the market, and how it is able to establish a presence in that market. To accomplish that, there is a need to work on creating and increasing its brand awarenesswhich inevitably leads to increased profitability and accelerated growth.
In the process, this will also widen the reach of the business organization and aid in strengthening the bonds established between the business and its clients or customers. The million dollar question is: Businesses devote a lot of time and resources in crafting a strategy that will help propel the organization toward its goals.
Several factors are considered, and more than one or two processes are undergone. One of these activities or processes is a marketing audit. Through a marketing audit, data on the internal and external environment of a business is gathered and analyzed in a structured and systematic manner, and the results thereof are used to aid the formulation of a marketing strategy.
In other words, a business cannot come up with a marketing strategy unless it has performed a marketing audit. The marketing audit may be performed by members of the organization, aided by members of the marketing team, or management may go with the option of getting help from external marketing auditors or consultants.
Since it is considered to be a prerequisite of a marketing plan, marketing audit is to be performed at the beginning, before the planning process starts. However, it does not stop there.
Marketing audit is actually conducted frequently and almost regularly, which means that it is also being performed alongside the implementation of the plans. A marketing audit provides management an in-depth look and evaluation at the marketing of a business, paying particular attention at how its marketing activities are planned, implemented and managed.
A marketing audit pinpoints the marketing efforts and practices that are working perfectly, those that are not, and those that need more work. This leads to the identification of marketing weaknesses and strengths of the company, as well as its marketing threats and opportunities.
In fact, throughout the course of the audit, management may discover inefficiencies that it never knew existed. Refer to the findings and recommendations of the marketing audit. A marketing audit enables the company to make corrections, or catch errors or mistakes before they can cause serious damage.
A marketing activity is being implemented poorly? Then the company can apply the necessary changes and adjustments. Ultimately, performance of a marketing audit is in aid of the greater function of top management, which is decision-making, specifically on matters regarding marketing.
There are seven identified types of marketing audit, and they fall under three components or audit key headings: External Environment Macro-environment audit, which takes a look at the external factors that affect the marketing performance of the company.
Demographic factors, where you will take into account the demography of the consumers in the market, such as their age, gender, employment status, and others. Economic factors, which includes assessment of taxation policies and a look at the prevailing economic indicators, such as interest rates and inflation levels.
Cultural factors, which may also affect the marketing performance of the company, and they include the religions and beliefs of consumers, the lifestyle that they practice and how consumerism figures in that lifestyle.
Environmental factors, which may include technologies and systems that are used and in place, and have a significant impact on marketing in general.
Examples are the evolution of internet, the adoption of mobile technologies, and the development of new marketing and information systems. Political factors, which often have a tendency to affect the economy and overall environment of the markets, are also considered.
Issues such as property laws, tariff regulations, and other labor legislation must be looked into. Political unrest and lack of stability in leadership in government are also taken into account. Task environment audit, which focuses on the factors that are outside the company, but are still closely associated with its marketing activities and operations.A marketing audit is an evaluation of the marketing within an organisation to see if their strategies in place are effective within the marketing environment.
There is an “internal and external” form of audits. STANDARDS OUTLOOK. Generating Audit Findings and Conclusions.
by J.P. Russell. The ability to identify audit findings, communicate them and determine the audit conclusions is one of the skills that adds the most value to a management system audit.
Dec 07, · Summary & Conclusion Having conducted brand audit of Renault and Volkswagen, we’ve gather substantial amount of information.
The best way to structure that information with regards to brand auditing is thoroughly building Kevin Keller’s CBBE pyramid for both brands.
Market Audit - 1Starbucks – Marketing Audit Market Audit - 2 Table of Contents Starbucks Marketing Audit/5(1). Marketing Audit conducted for SONY which includes its Situational Analysis, Target Market Analysis, SWOT Analysis, all the critical issues faced by the company.
Conclusion If you hadn’t caught on yet, I littered this post with a ton of Big Lebowski quotes and references. It’s my favorite movie and it honestly changed my perspective on life (I read way too deep into the movie for a High School project).