Marketing Audit

977 WordsJun 24, 20134 Pages
Explanation of what a marketing audit is: The purpose of a marketing audit is to review and appraise existing marketing activities and to look at the way the marketing is planned and managed, giving the opportunity for a systematic examination of each element of the organisations current marketing activity and achievements, and to objectively evaluate the effectiveness of the organisations investment in marketing. The marketing audit assists in the evaluation of the whole marketing activity, and provides the tools to assess past and present performance to provide a basis for evaluating possible future courses of action. You are able to discover the strengths and weaknesses in relation to opportunities and threats you face as an…show more content…
It will assist in assessing whether the organisation has the required capabilities, structure and resources to pursue market opportunities and improve the market position. Some of the benefits of an audit are to provide an in-depth picture of what you are doing; to spread awareness throughout the business; build internal relationships; improve marketing efficiency and effectiveness; and provide insight into the improvement of marketing planning. The audit will enable senior management to discover the organisations strengths and weaknesses in relation to the opportunities and threats faced in the marketplace, and assist in identifying more effective uses of marketing resources. Practical examples of how a marketing audit can assist an organisation: AstraZeneca –internally they had only 35% recall of messages, so they couldn’t expect any more than 35% customer recall. This was a problem that was identified through a marketing audit that obviously needed fixing. Hiscox – the audit highlighted a gap in knowledge in some aspects of the digital space and also reviewed the reporting process of results and analytics. This led them to change the reporting process, which in turn led to them making their digital marketing campaign more measurable. Hiscox were then able to attribute sales to specific activities,

More about Marketing Audit

Open Document