Strategic Marketing Management

An audit plays a vital role in imparting knowledge about the market and its environment. It is a tool for recording and analyzing information. The audit for recording, analyzing, and measuring the performance of the company's marketing activities is called marketing audit.

Marketing audit has two variables namely the external audit and the internal audit. The marketing performance of an organization is gauged in terms of its market share, profitability, and growth of sales. The marketing effectiveness depends on the customer philosophy, marketing orientation, marketing information, strategic orientation, and operational efficiency.

An effective audit should be systematic, comprehensive, independent, and periodic. A marketing audit has six components: the marketing environment audit, marketing strategy audit, marketing organization audit, marketing systems audit, marketing productivity audit, and marketing function audit.