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The marketing audit is
to the marketing department what a financial audit is to the accounting
department. A comprehensive review of a company's marketing environment,
objectives, strategies, and activities, the marketing audit identifies
operational strengths and weaknesses and recommends changes to the company's
marketing plans and programs.
Here's our Top 10 list of the
things a marketing audit should assess:
- Key factors that impacted the business
for good or for bad during the past year.
Including an evaluation of marketing "surprises"—the unanticipated
competitive actions or changes in the marketing climate that affected
the performance of the marketing programs.
- Customer satisfaction based on research
among key target groups.
- Distributor, vendor, or intermediary satisfaction.
- Marketing knowledge, attitudes, and satisfaction
of all executives involved in the marketing function.
- The extent to which the marketing program
was marketed internally and bought into by top management and non-marketing
executives.
- The extent to which each decision in the
marketing mix—e.g. targeting, positioning, pricing, advertising,
etc.—was made correctly after evaluating many alternatives in terms
of profit-related criteria.
- The performance of advertising, promotion,
sales force, and marketing research programs with an emphasis on return-on-investment
issues.
- Whether the marketing plan achieved its
stated financial and non-financial goals and objectives.
- Which aspects of the plan that failed to
meet objectives with specific recommendations for improving next year's
performance.
- The current value of brand and customer
equity for each brand in the product portfolio.
This list of criteria
for auditing marketing programs is one of the many Copernican intellectual
properties that differentiate our work.
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