Marketing Audit

Underpinning structural marketing audit is not the first thing that marketing specialists undertake. It is also something that not everyone has the necessary qualification to do it and has clear vision regarding the results it would bring.

Marketing audit is the fundamental preparatory part before moving towards developing a marketing strategy. This process is used to measure internal and external factors that have influence over the creation of an effective strategy. Usually, the information needed is within the company, but its systemisation turns out to be a challenging task.

Power Brand could help you organise your knowledge about the market, industry and your business by combining them into an effective marketing plan. The Marketing audit goes through several stages:

 

The audit of the internal marketing factors

This stage provides answers to the following questions:

How profitable is the current product portfolio?

Is it necessary to invest in all brands?

Have we priced our products correctly?

Do they meet the brand positioning?

Is our distribution the most effective way for reaching target segments?

Do we effectively communicate with our clients?

 

The audit of the external marketing factors

This stage provides answers to the following questions:

What are the needs of our clients?

Do we know them well enough? What are their main characteristics?

Do our products meet their needs?

What are our customer habits?

Who are our main competitors?

What are their advantages?

What is the legal framework on the market?

 

The audit of currently existing plans

This stage of the marketing audit provides answers to the following questions:

Do you have the clear vision what our targets are?

Are we using the correct strategy in order to achieve it?

Do we have control over the marketing process?

Does the current marketing strategy correspond to our objectives?