Marketing Audit: 10 Critical Components 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 compared to world class standards, the marketing audit identifies operational strengths and weaknesses and recommends changes to the company's marketing plans and programs. Here are 10 of 25 key dimensions a marketing audit should assess: 1. 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. 2. The extent to which each decision in the marketing plan e.g. targeting, positioning, pricing, advertising, etc. was made after evaluating many alternatives in terms of profit-related criteria. 3. Marketing knowledge, attitudes, and satisfaction of all executives involved in the marketing function. 4. The extent to which the marketing program was marketed internally and bought into by top management and non-marketing executives. 5. Customer, distributor, vendor, and intermediary satisfaction based on research among key target groups. 6. The performance of advertising, promotion, sales force, and marketing research programs in terms of ROI. 7. The performance of non-traditional programs, particularly digital offerings, in terms of ROI. 8. Whether the marketing plan achieved its stated financial and nonfinancial goals and objectives. 9. Which aspects of the plan that failed to meet objectives with specific recommendations for improving next year's performance. 10. The current value of brand and customer equity for each brand in the product portfolio.

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