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,
etc.
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
AUDIT 1/4
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
AUDIT 2/4
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
AUDIT 3/4
III. Independent: Marketing audits are of independent
nature as there are mainly six methods by which the
marketing audit can be conducted
i) Self-audit,
ii) Audit from across,
iii) Audit from above
15. FEATURES OF MARKETING
AUDIT 3/4
IV. Periodic: When audits are conducted
periodically, companies gain a healthy competitive
position in the market.