Explain the marketing audit in detail.

May 20th, 2015
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Washburn University
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A marketing audit is a structured review of our current marketing activities. Well, like in any job, it is easy to get stuck in what we are doing in our marketing function.

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Q1. Explain the marketing audit in detail.Answer: A marketing audit is a structured review of our current marketing activities. Well, like in any job, it is easy to get stuck in what we are doing in our marketing function. We are doing the same activities and we assume that we are facing the same competition and external environment. But the world in which we are competing is constantly changing and that's where a marketing audit can help us. It gives us the opportunity to review objectively what we are currently doing and it enables us to analyze our current performance as well as our past performance. Based on this we can then identify the next steps forward. Only by carrying marketing audits out on a regular basis we can be sure that we are moving with the time and anything our marketing departments does is in line with the internal and external environment and therefore provides the best possible benefit to our business. The marketing audit consists of two key areas:- External Audit- Internal Audit The external audit can be broadly split into three environments to be reviewed:- Economic environment (consisting of political, economic, social / cultural, technological, environmental and legal changes)- Competitive environment (i.e. what and who are you competing against and how could this threaten your current market share and position)- Your own market environment (e.g. if your market is evolving or changing, maybe requiring you to rethink your key markets)The inte

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