The marketing audit is basically a structured analysis and review of your current marketing activities carried out through an examination of your marketing strategies, tactics and objectives. The audit is also undertaken to highlight problem areas and identify opportunities with a view to recommending a plan of action to improve the overall marketing performance for your company.
The Audit consists of two key areas; The External Audit, The Internal Audit & Recommendations Report. This normally should be undertaken, at the very least, on a bi-annual basis as part of your overall business planning and objectives. The marketing audit also proves to be an extremely useful tool when contemplating market entry as it allows your management team to assess the attractiveness of the market in which it seeks to enter.