Advantages of a Marketing Audit

Although many companies draft business plans which typically contain marketing plans, once the business plan is completed, it is often filed away never to be used again. The result is that the overall mission and vision of the organization is diluted and may even be lost as new employees come into the firm, and communication may well break down as employees lose their focus. When the business plan in general, and the marketing plan in particular, are treated as documents which offer day-to-day guidelines, they facilitate communication throughout the entire organization and help ensure that all employees understand and are working to accomplish the same corporate vision. This research undertakes to illustrate how a marketing audit conducted at Brown Industrial PLC could help alleviate some of the problems which the company has recently identified.

The term "audit" is typically associated with financial audits where accountants and professional auditors pore over company financial statements to ensure that appropriate procedures are established and followed. Financial auditors do not verify the accuracy of the information; instead, they vouch that the information is presented according to accepted guidelines and standards. In this way, an audit, whether conducted internally or by external auditors, can help a company refine its business practices and improve its productivity and profitability.

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he investment required to conduct a thorough audit also depends on the exact business situation, but companies which undertake a marketing audit should be prepared to invest in the audit with the understanding that most audits pay for themselves in the results that they provide. Thus the inefficiencies and redundancies pointed out by the audit can be eliminated and the savings should exceed the amount required to conduct the audit in the first place. Marketing Audit Contents While the specific contents of a marketing audit are unique to each firm and each audit conducted for that firm, there are general guidelines which should be followed when creating the marketing audit plan. It is critical that the marketing audit be conducted within the context of the business plan. If the organization does not have a business plan, that should be completed before the marketing audit is undertaken (and may provide additional valuable information about the company and its operations). The business plan is critical because it outlines the overall strategy for the company and the various goals and objectives which the company intends to meet in both the short-term (under one year) and long-term. The marketing audit should also clearly

Category: Business - A