2. MARKETING IS NOT ANY
CONTROLLED ACTIVITY WHICH CAN
BE PERFORMED IN AN INSULATED LAB.
3. It is very important for a marketer to have a good
knowledge of customer’s perception for the ﬁrm
and for the competitor ﬁrms, his satisfaction level,
marketing effectiveness, sales, market share, proﬁts,
11. MARKETING AUDIT
It is a comprehensive, periodic, independent and systematic analysis of
— ﬁrms objectives
— marketing environment
— strategies and
— activities for determining the various areas of problems
— opportunities and suggesting appropriate course of action for overall
increase in sales and productivity.
12. FEATURES OF MARKETING
1. Comprehensive and Functional
a) Horizontal Audit
Tracking a process from one end to other end is the main activity performed
under this audit.
b) Vertical Audit
When a detailed analysis of a single aspect of the company’s marketing strategy
(such as product planning) is done, it is regarded as vertical auditing.
13. FEATURES OF MARKETING
II. Systematic : A corrective action plan must be
implemented after the diagnosis which should
include both short-term and long-term actions by
which the overall marketing effectiveness of a ﬁrm
can be signiﬁcantly improved.
14. FEATURES OF MARKETING
III. Independent: Marketing audits are of independent
nature as there are mainly six methods by which the
marketing audit can be conducted
ii) Audit from across,
iii) Audit from above
15. FEATURES OF MARKETING
IV. Periodic: When audits are conducted
periodically, companies gain a healthy competitive
position in the market.