Explain the Characteristics of Marketing Audit
The eight important characteristics of marketing audit are depicted below.
The salient features or characteristics of marketing audit are as follows:
- Marketing audit is a comprehensive study of all marketing activities.
- It is a systematic-process that follows a step-by-step procedure.
- It is a periodic activity and must be conducted regularly.
- It is conducted by an independent person who is not from company.
- It is a critical review of marketing activities of company.
- It is an evaluation of marketing activities of company.
- It finds out marketing opportunities and weaknesses of company.
- It is a preventative and curative marketing medicine.
Now let's briefly discuss or explain each characteristic of marketing audit.
1. Comprehensive study
Marketing audit is a comprehensive or complete study of all the marketing activities of company. It studies the marketing environment, marketing objective, marketing plans, policies and strategies, etc.
2. Systematic process
Marketing audit is a systematic process. It follows a step-by-step procedure.
- It studies marketing environment.
- It studies the internal marketing system.
- It examines the marketing activities.
- It finds out the problems.
- It makes an action plan to remove the problems.
The main aim of marketing audit is to improve the effectiveness of marketing.
3. Periodic activity
A company must conduct a marketing audit regularly or periodically. It must conduct the marketing audit even if it has no problems. This is because it helps the company to analyze the post performance and to make future marketing strategies.
A company must not conduct a marketing audit only if it has problems or when it suffers a loss. It must be a compulsory and not an optional activity.
Marketing audit is like a postmortem of failure.
4. Independently conducted
Marketing audit is independent. That is, it is conducted by an autonomous person. It is not conducted by a person who is working in the marketing department. Mostly, it is conducted by an outside agency.
5. Critical review of marketing activities
Marketing audit is a critical review of marketing activities of the company. It finds out the defects, deficiencies, problems and weakness in company's marketing activities. It also gives suggestions about how to remove these defects or deficiencies.
6. Evaluates marketing activities
Marketing audit is an explanation or evaluation of marketing activities of company. It evaluates company's objective, plans, policies, programs, etc.
7. Finds out opportunities and weaknesses
Marketing audit finds out the marketing opportunities and weakness of the company. It helps the company to take advantage of the marketing objectives. It also helps the company to remove all its weakness.
8. Preventative and curative marketing medicine
Marketing audit is a preventative and curative marketing medicine. It prevents marketing problems. It also cures (solves) marketing problems.