Question

22. Explain marketing audit options (focus, aims, goals)
23. Suggest marketing risk for a company

Answer 1

22.Marketing Audit

Marketing audit refers to the comrehensive ,systematic,analysis ,evaluation and the interpretation of the business marketing environment,both external and internal.its goals,objective,strategies,priciples to ascertain the areas of problem and opportunities and to recommend a plan of action to enahance the firm's marketing performance.

Even if you already have a marketing strategy in place,marketing audits are still extremely useful.

Types of Marketing audit

i)Task environment Audit:This type of audit also focuses outside of the company,but still closely associated with marketing activities and operations.

ii)Macro Environment Audit:This type of audit examines the external factors that might affect the marketing performance.

iii)Marketing organisation audit:This audit is performed by evaluating the staff at their various level of hierarchy.

iv)Marketing functional Audit:This type of audit will evaluate the core competencies of the company.

v)Marketing System Audit:This type of audit will look at the marketing system cuurently in use.

vi)Marketing Strategy Audit:This audit will determine if the current marketing strategies being adopted are proper and appropriate with respect to the resources of the company.

vii)Marketing Productivity Audit:This is where the auditors will look at the effectiveness of the marketing strategies currently in use.