Marketing Audit Flashcards
define the strategic marketing management process?
SMM involves the regular analysis of a company’s competitive situation, leading to the setting of marketing objectives, the formulation of suitable strategies, the implementation of marketing actions and controls in order to how an organisation conducts in its chosen markets more profitably (Kotler, 1997) It is the continuous fit of the organisational goals and objectives to the action plan which is Strategic Marketing Management (Reich, 2002).
Define the marketing audit?
the marketing audit is an evaluation and control mechanism, understanding the individual aspects of realised actions in relation to marketing performance (Vana, 2012).
Essentially a database of marketing related aspects, the audit should be a comprehensive, objective and systematic analysis of realised actions from the previous planning period (Fahad & Miah, 2015).
what is the role of the marketing audit?
Its successful implementation is a prerequisite for long term retention of market share, thus situated at the beginning of the marketing planning process to identify opportunities, threats and recommendations to improve marketing performance and ensure adaptation to the ever-changing environment (Vana, 2012).
what are the elements of the marketing audit?
Marketing environment audit (external) Marketing strategy audit (Internal) Marketing organisation audit (Internal) Marketing systems audit (internal) Marketing functions audit (Internal) Marekting productivity audit (Internal)
What is the marketing functions audit
Marketing functions audit can evaluate the effectiveness of marketing mix; product, price, place and promotion. The marketing manager can make decisions about when and how much resource to be allocated in which operation. Marketing managers can also take corrective action based on marketing audit (Fahad 2015)
define the marketing strategy audit
The Marketing strategy audit, a tool through which organisational strategy is reviewed (Radulescu, 2012) ensures the marketing objectives and strategies are adapted to the dynamic external environment (Liana, 2017).
define the marketing productivity audit
reviews the marketing mix efficiency
a review of the actual results the recent marketing mix activities have achieved
Marketing organisations audit
a review of both the positon of the marketing function within the overall organisational structure and specific ‘make up’ of the marketing function (skills and abilities of staff for example)
Marketing systems audit
an appraisal of the marketing information systems currently in place and what might be needed in future in order to assist the flow of information to marketing decision makers
Usefulness of the marketing audit - Des, Lumpkin and Taylor, 2003
strategic management decisions are of little use unless acted upon. Firms must take the necessary action in strategy implementation and resource allocation, if not acted upon the marketing audit process arguable diminished (Des, Lumpkin & Taylor, 2003).
Usefulness of the marketing audit - Kotler 1997
If an organisation has a well-established, successful long-range forecasting department there is less need for a macro environment audit (Kotler, 1997) rendering aspects of a full-scale marketing audit of little relevance.
usefulness of the marketing audit - Fahad, 2015
usefulness of the marketing audit lies in its ability to scan the marketing environment where the company acts and to highlight the key opportunities and threats (Fahad, 2015)
usefulness of the marketing audit - costs and time
time - if the marketing audit is conducted slowly, given the dynamic fast paced market the results may no longer be useful, the efficiency of conducting the marketing audit will effect how relevant the outputs is
costs - Conducting a marketing audit can be costly and if not used effectively could result in negative outcomes for the company
need to periodically evaluate the audit, how effective is it? does it need to be changed? however need to consider time costs for doing this
