Advantages of a Marketing Audit

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
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Approximate Word count = 2317
Approximate Pages = 9 (250 words per page)

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