What is a marketing audit?

To ensure that the marketing plan works as expected, businesses often complete a marketing audit. This usually consists of reviewing all tactics and their results. These results usually include a consumer response to promotion or event, cost and overview of sales and other activities that stem from each tactics. Usually, the review and updating of the annual marketing plan is related to a promotional study. Another important factor in this analysis is the decision -making whether sales generated from each promotion were at its expense. In general, the cost for lead and for sale can help. If the total cost of promotion is divided by the number of completed sales, the result is a sale. For example, a company and spend $ 10,000 (USD) on a direct postal package that generates $ 5,000 on sale. The cost of sale is therefore $ 2. As a result, marketing audit generally includes a study by current external and internal factors. LimitThese factors also include studies of competitors, prices, brand awareness, local and national economic health and internal business operations.

Companies can use one or several different approaches to study these factors. Among the common formats of a marketing audit report include the analysis of strong a-conservation-cablenunity-threats-threats (SWOT); Analysis of five forces; and a study of political-economically-social-technological (pests).

Using SWOT, business gives its benefits and Disvadvantges compared to competitors or businesses that produce similar products. It also includes checking all market conditions that can help or damage the chances of society for success. These conditions include economic factors, as well as any challenges that a competitor can bring to the market. The company also usually checks its internal operations and procedures.

Five forces analysis is a similar marketing studythe audit. In general, this format is used to review an individual product or business unit instead of the entire marketing plan. Using this approach, the marketing team checks similar items included in the SWOT analysis and combines these findings into five groups. These groups are marked as buyers 'strength, threat of entry, competitive rivalry, suppliers' strength and compensation.

Pest is another alternative to marketing audit format. Some merchants change the order of letters to pests and call it a step study. Nebrozp marketing audit pests usually focus on factors that are mainly outside the internal controls of the company. Study subjects include political climate, economic health, social outlook and technology that can be used to supply the product. The pest is similar to occasions and threats of SWOT parts.