A ‘Marketing Audit’ is a comprehensive, systematic, independent, and periodic examination of a company’s or a business unit’s marketing environment, objectives, strategies, and activities.
A ‘Marketing Audit’ involves a careful analysis of a company’s marketing and communications to identify potential problem areas or opportunities. The goal is to assess the effectiveness of the company’s marketing strategies and tactics. This process often involves reviewing the company’s marketing objectives, examining the company’s marketing mix (product, price, place, and promotion), and evaluating the company’s market positioning and target markets.
Carrying out regular marketing audits can help a company to accurately perceive its strategic position, identify new market opportunities, foresee potential marketing threats, and formulate effective marketing strategies. A robust
marketing audit can also assist a company to align its marketing activities with its overall business objectives, thus assuring higher profitability and sustainable business growth.