Assessment–1 (1)

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Assessment–1 (1)

Assessment 1

How can you prepare for a Marketing Audit?

  • Looking at the strengths and weaknesses of your business from a customer’s view
  • The key is to understand what are your strengths that are also important to customers, rather than what you are just “good at”
  • The area to understand is what are your weaknesses where the performance affects customer relationships and market opportunities
  • It is really useful to understand what customers like and do not like about your organisation so you can help develop and improve your products and services further.

    It is important to recognise that although we have no control over these factors they are still hugely influential and therefore very important to consider when setting your business and marketing objectives.

    What do you need to consider when identifying the form of a Marketing Audit?

    Investigating the potential macro and micro environmental factors which may affect business and marketing operations, obtaining a full description of all major marketing activities of the organisation, providing a basis for marketing planning activities.

    Create an overview of the company, including business focus, marketing and sales history, key stakeholders, number of employees, key personnel, the current marketing goals and objectives, marketing plan, obtaining a comprehensive description of all major

    marketing activities of the organisation, current awareness level of marketing with stakeholders and key personnel such as the perception of your company selling or buying influences, long and short term goal. Marketing environment, marketing objectives marketing strategies, marketing organisation, marketing systems.

    What is the difference between an internal Marketing Audit and an external marketing audit?

    Internal audit are responsible to management, while external audit are responsible to the shareholders. Internal audit reports are used by management, while external audit reports are used by stakeholders.

    Internal Audit is not compulsory by nature but can be conducted to review the operational activities of the organization.

    The audit should include an assessment of some of the following internal factors:

  • The firm’s marketing objectives and strategies
  • Total sales split by area, customer, product etc.
  • Market share and market growth
  • Existing gross and net profit margins
  • Existing products and brands
  • Fixed and variable costs
  • Marketing research
  • Effectiveness of marketing mix
  • A major consideration is the quality and quantity of resources available. This is sometimes categorised as the Five ‘M’s:

  • MEN – Labour
  • MONEY – Finance
  • MACHINERY – Equipment
  • MINUTES – Time
  • ......

    Assessment–1 (1)
    Last updated: Feb 2024

    Page 1

    – Time

  • MATERIALS – Factors of Production
  • External Audit, a third party is brought to the organization to perform the process of Audit and give its opinion on the Financial Statements of the company. 

    External factors can be divided into three groups

  • economic environment
  • competitive environment
  • firm’s market environment
  • Any change in these groups that impact on the firm by allowing it to compete where it previously could not, or diminishing the ability to compete should be included in the audit.

    What do you need to consider when preparing and writing an audit report?

    Potential macro- and micro-environmental factors that may will affect business and marketing operations.

    Make sure to obtain a full description of all major marketing activities of the organisation and provide basis for marketing planning activities.

    Organisational Requirements – Every organisation has plans and requirements that determine how it will progress into the future. The strategic planners and management of the organisation, in consultation with staff, determine most of these requirements. Others are externally imposed, such as the legislation the organisation is required to comply with.

    Reporting Requirements – Necessary information required by a governmental body, organization, or employer and is often required within a certain period of time and within a specific format.

    Requirements for marketing plan – A marketing plan is a document that assesses a market and serves as an outline for a company’s marketing direction. A marketing plan can be a section of a business plan or a stand-alone document. Marketing plans often have several key components in common, but there are technically no requirements for what goes into a marketing plan.

    What are your organisational requirement regarding the writing of an audit report?

    A well-structured report, marketing plan, marketing situation statement, current marketing environment, description of services provided, a full list of the strengths, opportunities and threats of the marketing plan. To ensure marketing audit report meets requirements of the marketing plan.

    Market Environment

    The market-environment section of your marketing-audit report covers information on your industry, and you’ll refer to it often, whether you’re figuring out which color to make a product or at what price you want to charge.

    Competitive Environment

    One day your competition could be nonexistent, and then the next, you could have five competitors clamoring for your share of the market. Competition can drive down your profits, or you can use your competition as a stepping stone to improve your products and services and improve your relationships with your customers.

    Economic Environment

    The state of the economy can dictate your customers’ buying habits and their current lifestyles, which can affect the strategies and tactics you use to reach them. When get your marketing-audit report, it’ll uncover information about income, salaries and unemployment.

    Internal Factors

    While external factors heavily influence how your small business operates and markets its products, internal factors also play a large role, and are usually included in marketing-audit reports.

    Format, Structure and Layout

  • Include a cover page. The cover page should be three or four lines,…
  • ...

    Assessment–1 (1)
    Last updated: Feb 2024

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