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What is marketing strategy audit?

by Rhyley Bryan

What is marketing strategy audit?

Marketing strategy audits: A marketing strategy audit examines the feasibility of your current business vision, and the goals you’re trying to achieve. During your strategy audit, you’ll determine how your goals align with your marketing strategies.

What are some examples of marketing strategies?

Marketing Strategy: 10 Examples of Brands that Succeed

  • Spotify: Offer a Different User Experience.
  • Nordstrom: Use Retargeting Intelligently.
  • GoPro: Trust User-Generated Content.
  • Sephora: Work Your Loyalty Programs.
  • Rainforest Alliance: Be Supportive.
  • Twitch: Focus on Your Niche.
  • Nike: Promote Your Values.

How do you structure a marketing audit?

How to conduct a marketing audit

  1. Step 1: Create an overview of your company.
  2. Step 2: Describe your marketing goals and objectives.
  3. Step 3: Describe your ideal client and their qualifiers.
  4. Step 4: Know your product or service.
  5. Step 5: Describe your previous marketing encounters and results.
  6. Step 6: Scrutinize your competitors.

How do you prepare a marketing audit to shape your marketing strategy?

Phase 1: Pre-Audit

  1. Determine the key persons who will conduct the audit.
  2. Determine the timing of performance of audit.
  3. Establish the scope and objectives of the audit.
  4. Determine and establish the methodology to be used.
  5. Data gathering and collection.
  6. Data analysis.
  7. Preparation of recommendations.

What are the 3 elements of marketing audit?

Aspects covered in a marketing audit include:

  • A SWOT analysis.
  • Customer and prospect research.
  • Competitor analysis.
  • Market overview – external factors covering a PESTLE analysis.
  • Marketing overview of your Internal factors assessing levels of internal communication.

How do you prepare further marketing strategies?

Write a successful marketing strategy

  1. Identify your business goals.
  2. State your marketing goals.
  3. Research your market.
  4. Profile your potential customers.
  5. Profile your competitors.
  6. Develop strategies to support your marketing goals.
  7. Use the ‘7 Ps of marketing’
  8. Test your ideas.

What are the three key features of a marketing audit?

Now let’s briefly discuss or explain each characteristic of marketing audit.

  • Comprehensive study.
  • Systematic process.
  • Periodic activity.
  • Independently conducted.
  • Critical review of marketing activities.
  • Evaluates marketing activities.
  • Finds out opportunities and weaknesses.
  • Preventative and curative marketing medicine.

What are the six components of marketing audit?

Marketing Audit Components

  • the Marketing environment audit.
  • Task environment audit.
  • Marketing strategy audit:
  • Marketing systems audit:
  • Marketing organisation audit:
  • Marketing function audit:
  • Marketing productivity audit:
  • Pre-audit.