Marketing Analysis : Marketing Audit

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1.1 Marketing Audit
Marketing audit can be defined as a study, inspection, review and/or evaluation of marketing activities of any company. Basically, it estimates the marketing environment of the company, aims, strategies, and policies of the company. After evaluation of marketing plans and strategies, it has to identify the mistakes, weaknesses, insufficiencies, complications and other issues to be encountered in firm’s marketing purposes. The final outcome of the marketing audit recommends measures and/or suggestions to overcome these defined limitations of the current marketing plans. It defines the new marketing opportunities for the company’s growth. Generally, marketing audit tries to improve the performance of company’s marketing activity. In other words, Marketing Audit is a broad, organized, self-governing and systematic examination process for firm’s marketing activities.
Marketing audit is advantageous to determine the success of the company. Marketing inspects the functionalities of the company’s marketing department by comparing the plans with its actual performance of current marketing activities. Specifically, it figure outs the strengths and weaknesses of a company 's product being marketed. It provides appropriate recommendations to reduce product’s weaknesses and guides towards appropriate marketing strategies and plans to change firm’s current marketing environment. Company can implement the changes to control its own marketing expenses. According to
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