Marketing Audit Essay Example | Topics and Well Written Essays - 750 words

Marketing Audit - Essay Example This paper will look at three components of the marketing audit namely marketing environment, marketing strategy and SWOT analysis. The marketing environment of a business organization can be classified into the macroenvironment and task environment. While the macroenvironment deals with the larger external environment of the company, the task environment looks at the direct stakeholders. The company's macroenvironment is comprised of the demographic, economic, environmental, technological, political, and cultural factors which directly affects its operation. Business organizations need to know the major demographic trends and developments which pose threats and opportunities to them as well as their specific response to these factors. The effects of economic variables such as price, income, savings and credit in the operation of business organizations should also be ascertained. ... Lastly, cultural factors like lifestyle and values must be evaluated to create products and services which are more preferred by customers (Kotler 2003). The task environment is comprised of the companies' stakeholders like suppliers, distribution channels, customers, competitors, customers, facilitators and marketing firms, markets, and publics. An evaluation of the task environment gives the business organization an idea of its position in the market (Kotler 2003). Marketing Strategy The evaluation of the company's marketing strategy start with the identification of the broader business mission and marketing objectives and goals. The main focus of this analysis is to determine whether the strategy is in line with where the company wants to be and what it wants to achieve. In evaluating the company's business mission, managers ascertain whether their stated mission is market-oriented. Market orientation is now imperative due to the evolving hypercompetitive marketing environment which gives higher buying leverage to customers. Next, the company also needs to verify that the company's stated business mission is feasible, that is, the company has the adequate and appropriate resources to achieve this position (Kotler 2003). Next, the company reviews its specific marketing objectives and goals making sure that they are smart-specific, measurable, attainable, realistic, and timely. Managers also ensure that the marketing objectives are appropriate given the company's position, resources, and opportunities. Lastly, the company turns to its marketing strategy taking note if it is really effective in achieving the stated goals and objectives. The company's marketing strategy is often relayed through its marketing