What is marketing audit?
What is marketing audit? Marketing audit means to conduct analysis to your current business situation in a certain marketplace.
What is marketing audit used for?
Marketing audit used for the analysis of the current situation of your product or services business in the marketplace. So basically, you are conducting a marketing audit to understand where your business now. In the marketing audit, you are analyzing the external and internal factors affecting your business.
- It’s the 3rd steps in writing any marketing plan (After the executive summary and corporate strategy).
- To conduct a marketing audit, you should consider appropriate internal and external factors.
What are types of marketing audit?
External Marketing Audit: Macro Environmental Analysis or external audit.
Internal Marketing Audit: Micro Environmental Analysis or internal audit.
- Macro Environmental Analysis: PESTEL Factors:
Micro Environmental Analysis:
- Five key elements of Micro Environmental Analysis; Business, Competitors, Suppliers, Customers and Stakeholders.
- Porter’s Five Forces Model; threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threats of substitute, and rivalry among existing competitors.
- SWOT Analysis: Strengths, Weaknesses, Opportunities and Threats.
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