A marketing audit is defined as a regular review of the cost and effectiveness of a marketing plan including an analysis of internal and external influences.
A marketing audit is conducted not just at the conclusion of a marketing plan but also during its implementation. Its purpose is to alert management to the progress being made, for example, with the launch of a new product, so that changes may be made to the marketing mix if necessary. A marketing audit should provide an answer to the question: What is the current marketing situation?
These documents typically contain three core features:
An analysis of the business’s internal strengths and weaknesses and how they have changed since the last audit – for example, a successful marketing manager might have left the company, which would be considered a weakness.
An analysis of the external opportunities and threats and how these have changed since the last audit – for example, the entry of a new rival into the market would add to the threats faced by the business. SWOT and PEST analyses are central to the first two stages of the marketing audit.
Review the progress of the marketing plan. This will analyse:
Once the audit has been completed, then changes to the marketing mix might be needed to respond to any of the changes identified by it.