What Is Marketing Audit? Definition Meaning

Definition of Marketing Audit

The definition of marketing audit equally stated past times Abe Schuchman is equally follows:

“Marketing audit is a systematic, critical as well as impartial review as well as appraisal of the full marketing operation: of the basic objectives as well as polices as well as the assumptions which underlie them equally good equally the methods, procedures, personnel as well as arrangement employed to implement the policies as well as hand the objectives.”

Abe Schuchman gave this definition of marketing audit inwards his writings on its kickoff extended discussions. He wrote this tidings for the American Marketing Association (AMA) inwards 1951.

Meaning of Marketing Audit

The pregnant of marketing audit is depicted inwards the next chart.

Marketing audit is an analysis, examination, review or evaluation of marketing activities of a company. It evaluates marketing environment, objectives, plans, policies as well as strategies of a company. After evaluation, it identifies diverse defects, vulnerabilities, deficiencies, problems, as well as other weaknesses encountered inwards the company's marketing activities. It suggests measures and/or recommendations to overcome, solve or take away these limitations. It too seeks out novel marketing opportunities for a company. Overall, it tries to heighten (improve) the marketing performance of a company.

Marketing audit is an extensive, systematic, independent as well as regular exam physical care for of a company's marketing activities.

1. It is an extensive or comprehensive physical care for because it covers all (entire) marketing activities of a company.
2. It is a systematic or methodical physical care for since it strictly follows all involved steps or procedures properly.
3. It is an independent or autonomous physical care for conducted past times an external person. This somebody is non from the marketing subdivision of a company.
4. It is a periodic physical care for because it is conducted continuously afterwards or as well as therefore fixed interval of time.

Marketing audit is real beneficial for the success of a company. It examines, “How good the marketing subdivision of a fellowship plant or functions.” It compares the marketing plans of a fellowship alongside its actual marketing performance. It finds out the strengths as well as weaknesses of a company's product. It suggests measures to take away the product's weaknesses. It guides a fellowship to adapt its marketing strategies alongside the changing marketing environment. It helps a fellowship to update its marketing strategies as well as command its marketing expenses. In short, a fellowship cannot live on without conducting a proper marketing audit.

Additional topics on marketing audit are continued inwards the next articles:

1. Characteristics of marketing audit.
2. Types of marketing audit.
3. Methods of conducting a marketing audit.

Marketing audit evaluates the next 3 primary (key) responsible areas:

1. External marketing environs : Here, the marketing audit mainly focuses on customers as well as contest inwards the business.
2. Internal marketing environs : Here, the marketing audit studies the construction of company's marketing squad as well as its effectiveness.
3. Evaluation of electrical flow marketing strategy : Here, the marketing audit continuously reviews electrical flow marketing strategy of a company. It too takes assist of lessons learned from its past times marketing plans.