What are the 5 parts to a marketing audit?

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Hi there,

Here is everything you will need to know about a marketing audit:

The marketing audit is a fundamental part of the marketing planning process. It is conducted not only at the beginning of the process, but also at a series of points during the implementation of the plan. The marketing audit considers both internal and external influences on marketing planning, as well as a review of the plan itself.

There are a number of tools and audits that can be used, for example SWOT analysis for the internal environment, as well as the external environment. Other examples include PEST and Five Forces Analyses, which focus solely on the external environment.

In many ways the marketing audit clarifies opportunities and threats, and allows the marketing manager to make alterations to the plan if necessary.

Elements of a Systematic Marketing Audit

Part One: The Marketing Environment Review

A. Markets

* What are your organisation's major markets and public?
* What are the major market segments in each market?
* What are the present and expected future size and characteristics of each market or market segment?

B. Customers

* How do customers and the public rate your company in relation to its competition?
* How do different classes of customers make their purchase decisions? Influences?
* What are the evolving needs and satisfaction levels of customers?

C. Competitors

* Who are your organisation's major competitors?
* Who are the second and third-ranked competitors?
* What trends can be foreseen in competition?

D. Macro-environment

GENERAL: What are the main developments with respect to demographics, economy, technology, government and culture that will affect your organisation's situation?

SPECIFIC: Economic-Demographic

* What does your company expect in the way of inflation, material shortages, unemployment and credit availability in the short and long run?
* What effect will forecasted trends in the size, age distribution, and regional distribution of population have on your business?

Technology

* What major changes are occurring in product/process technology that will affect you? How?
* What are the major generic substitutes that might replace this product?

Political-Legal

* What laws are being proposed that may affect marketing strategy?
* What National, provincial and local agency actions should be watched?

Social-Cultural

* What attitude does the public have about businesses like yours and products such as the ones your company makes?
* What changes are occurring in consumer lifestyles and values that affect your company's target markets and marketing methods?

Part Two: The Marketing System Review

Objectives

* What are your organisation's overall long-term and short-term objectives? What are your marketing objectives?
* Are these objectives stated in a clear order of priority and in a form that allows planning and measurement of achievement?
* Are the marketing objectives reasonable for your organisation, given its competitive position, resources and opportunities?

Program/Strategy

* What is your organisation's core strategy for achieving its objectives?
* Is it likely to succeed?
* Is your organisation allocating enough (or too many) resources to accomplish the marketing tasks?
* Are your marketing resources allocated to various markets, territories and products of your organisation in the best way possible?
* Are your marketing resources allocated to the major ...