MARKETING AUDIT
Every company’s interest is to attract
customers through thoughtful marketing campaigns, but the campaigns are
sometime successful and sometimes not and even in some of the cases at first,
its works but later on its fails with the time or market condition. Failure of
marketing strategy of any product or service is not restricted to its marketing
campaigns only but to other prospective too which directly or indirectly link
to it. But how it comes to know that the wrong step has been taken, where the
firm goes wrong, how the value addition factor to the customer by the product
is underestimated. The answer to these type of questions is given while
auditing the marketing strategy of the company.
Marketing audit is the tool used for Systematically Analise the marketing aspects of the firm, internal or externally to the
business environment Periodically, to evaluate the current marketing
strategy and objectives and to recommend a plan of action to enhance the
performance of firms marketing. Marketing audit is the Comprehensive
audit of the company’s marketing performance and not restricted to a particular
aspect of it. Marketing audit includes various components such as Macro &
Micro environment audit, task environment audit, strategy audit, marketing organization audit, marketing system audit etc. All components play a vital
role for the success of firms marketing and failure of one leads to failure of
whole as a bunch, so it is necessary to look at each component.
Marketing audit is very important and
needs to be continuously carried out by the company at all stages. This helps
to know where the company is heading and how likely is it able to achieve its
target and goals. The company can do a market audit if it intends to enter new
markets or wants to launch a new product.
There are lots of success
and failures story of product/service marketing which are the outcome of
marketing audit only.
Take an example of TATA
NANO which is one of the biggest marketing failure in history. Some of
the best marketers had work days & nights to position NANO for the Indian
market but they didn't understand how to get wrong. They positioned NANO as the
cheapest car which was the reason its fails in the market.It turns out that
those climbing into India's middle class want cheap cars, but they don't want
cars that seem cheap—and are willing to pay more than Tata reckoned for a
vehicle that has a more upmarket image. but after the marketing audit
now,
Nano is trying to remake the "people's car," into the "cool
people's car." It has given the car itself a face-lift, adding a stereo,
hubcaps and chrome trim, raised the price and started a new marketing campaign
to give it more cachet.
These
shows how the marketing audit helps to know where the company is going and
where the wrong step had been taken and how the correction can be done.
Thanks for reading my Blog,Please give your feedback under comment.
Ankit Pathak
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