Philip Kotler
Philip Kotler is an American marketing author, consultant, and professor; currently the S. C. Johnson Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University. He gave the definition of marketing mix. He is the author of over 60 marke…
What is an environmental audit?
An environmental Audit provides an assessment of the environmental performance of a business or organization. The audit reveals details about the activities of a company and its compliance with environmental regulations. Audit information is presented to the management team and employees.
Why perform a marketing environment audit?
When synthesizing a marketing plan, it is essential to perform a proper marketing environment audit At My Marketing Auditors, we realize that marketing does not happen in a bubble. The marketing environment in which you operate is just as relevant as your actual marketing output.
What is a marketing audit report?
A marketing audit report is created after the audit itself is complete. This covers the various factors which affect the business’s marketing performance, such as the current marketing environment, the level of competition, internal management and activities, as well as economic considerations.
What is the marketing environment?
The marketing environment in which you operate is just as relevant as your actual marketing output. Elements such as economic environment, industry trends, competitor efforts, and customer demographics play a huge role in the success or failure of your marketing efforts.
What is meant by an environmental audit?
Environmental auditing is a systematic, documented, periodic and objective process in assessing an organization's activities and services in relation to: Assessing compliance with relevant statutory and internal requirements. Facilitating management control of environmental practices.
What is the role of environmental audit?
Environmental auditors assess the environmental operations and procedures for businesses, governments, or utility companies. They are responsible for making sure the environmental standards are being met by the business and detecting existing compliance problems or environmental management deficiencies.
What does audit mean in marketing?
A marketing audit is a comprehensive, systematic analysis of the business marketing environment of an organization, both internal and external.
What are the 2 groups of marketing environment audit?
The six important types of marketing audit are: Marketing Environment Audit. Marketing Strategy Audit. Marketing Organization Audit.
What are types of environmental audit?
There are three main types of environmental audits:Environmental compliance audits.Environmental management audits.Functional environmental audits.
What are the benefits of environmental audit?
The benefits of the audit include: Reducing environmental impacts. Reducing waste, water and energy costs (annual savings are typically greater than our fee for the audit) Improving relations with stakeholders. Providing the foundation for an environmental management system (EMS) such as ISO 14001 at a later date.
What are the types of marketing audit?
There are two main types of marketing audit: internal and external. Both types are intended to help the business understand its current marketing system. However, they work best in different scenarios.
Why is a marketing audit important?
A marketing audit thoroughly reviews your marketing plan. It helps you pinpoint strengths and weaknesses. This guides you in shaping your marketing strategy. At MINIMUM, conduct one yearly.
What is the most important part of marketing audit?
The most important part of a marketing audit will be the measuring of the right metrics. Regular audits will always give a more in-depth understanding of what is proving effective, but that means knowing the best metrics to measure.
What should a marketing audit include?
The basic steps of a marketing audit are as follows:Identify your marketing channels/strategies/activities.Identify your goals and objectives.Gather data.Make a comparison.Identify issues and gaps.Create an action plan.Repeat.
What are the three key features of a 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.
What are the six components of marketing audit?
Full Marketing Audit comprises of six components viz. Marketing environment audit, organization audit, strategy audit, systems audit, productivity audit and function audit.
What is marketing audit?
An audit is a systematic, critical and unbiased review and appraisal of the environment and of the company’s operations. A marketing audit is part of the larger management audit and is concerned (specifically) with the marketing environment and marketing operations.
What is macroenvironment?
The macro-environment consists of the rather broader set of forces that have a bearing upon the company, including economic, demographic, technological, political, legal, social and cultural factors.
What are the two components of the environment?
Within the environment there are two distinct components: the micro-environment and the macro-environment. The micro-environment is made up of elements which are closest to the company and which exert the greatest and most direct influence over its ability to deal with its markets.
What are the factors that influence an organization's performance in the marketplace?
The process of environmental analysis and marketing suggests that an organization’s performance in the marketplace is influenced significantly and directly by the marketing strategist’s perception of three factors: i. The organization’s current market position. ii. The nature of environmental opportunities and threats.
Environmental Audit Steps
The environmental audit process includes the following steps as a minimum:
When an Environmental Audit is Necessary?
Environmental audits are an important part of a company’s environmental policy and performance. However, many companies either don’t do them or do them improperly.
What Documents do I Need to Conduct an Environmental Audit?
Before beginning an environmental audit, you should gather and review all the required documents. Here are the six types of documents you will need to begin an environmental audit:
Why is a marketing audit important?
It covers the organization’s goals, objectives, strategies, and principles in order to identify any problems or areas of opportunity and recommend a course of action that best suits the needs of the business. You may be asking yourself why a marketing audit is even necessary in the first place. A marketing audit is an incredibly useful tool ...
Why is auditing marketing important?
A marketing audit is an incredibly useful tool that marketers can use in order to fully understand the current marketing ecosystem at their disposal, formulate a distinct marketing strategy, and solve any underlying issues that may be revealed through the audit process.
What to do after a marketing audit?
After analyzing the results of your marketing audit, you can make more informed decisions about how to move forward. Your action plan should start by solving any issues that were identified during the audit:
What is a holistic audit?
A holistic audit is the best way to uncover opportunities and can highlight previously unknown areas of strength. The audit needs to be systematic.
What is the importance of order and efficiency in marketing?
Order and efficiency are key elements of a successful marketing audit. To ensure that your audit doesn’t have any gaps, you need to account for each and every environment, principle, strategy, and operation in your organization. The audit needs to be regular and recurring. Some companies only conduct an audit when things are going horribly wrong, ...
What is marketing audit?
A marketing audit is a full exploration and analysis of the entire marketing environment of a business, assessing everything from strategies and targets to specific marketing activities. This process is intended to provide a full overview of the tools and competencies at an organization’s disposal, ...
Why is auditing important in marketing?
This can prove particularly helpful in larger businesses with bigger marketing teams and can allow leaders to reduce unnecessary spending.
What is a functional audit?
2. The audit should apply to all of the company’s marketing activities; one which focuses on just a small number of activities is referred to as a ‘functional audit’, which can lead to oversights and, ultimately, ...
Macro-Environment – Marketing Environmental Analysis
The macro-environment factors are external forces indirectly affecting the growth of your business. These affect both the micro and internal factors. Thus, leaving an impact on your brand and organization. One of the most popular models for inspecting the macro-environment is a PESTLE/PESTEL analysis.
Micro-Environment – Marketing Environmental Analysis
Unlike macro-environmental external factors, these forces have a direct impact on your organization or brand. There are several classifications for these. But the simplest is Competitors, Partners, and Customers. A thorough analysis of micro-environmental factors is necessary.
Internal Environment – Marketing Environmental Analysis
Lastly, you have to take a closer look at all internal forces affecting how you operate. Your core mission and vision will address why you are in business, Consequently, it clarifies what you want to achieve. The McKinsey 7S framework is one of the most popularly used methods to analyze the internal environment.
Conclusion
Above all, understanding how external factors affect your internal environment is crucial. It determines where you stand. You can’t expect to plan for the future without fully grasping your current position. Listing all the forces, directly and indirectly, is essential. It affects you and your business. But it is only part of the process.
What is marketing environmental analysis?
Marketing Environmental Analysis is strategic analysis tool. This process helps to identify those internal and external factors of the environment which affect the organization’s abilities to work properly. A business leader develops company’s structure, culture and policies to give clear guidelines to employees.
How to analyze the PEST factors?
Step 1 – Understand PEST Factors: Scan the environment find and understand as many factors and forces as possible. Step 2 – Identify Opportunities: Monitor and observe any changes that are positive for your business environment. Step 3 – Identify Threats: To what extent these changes will affect your organization.
