Undertaking a Market Audit Essay Example | Topics and Well Written Essays - 2000 words

Undertaking a Market Audit - Essay Example The audit includes careful analysis of the company’s strategic business units as well as the internal procedures. MA is prognostic in nature and provides recommendations for improving the performance, process and increasing the organizational outcome of the company. It would provide formal mechanisms of the systematic examination of internal and external marketing activities of the organization. It requires the usage of various tools which includes control charts that indicate the existing marketing situation and the crisis. A MA is useful to measure the various marketing crisis and also discover the various issues which lead to the increase in the sales of the company (Kling, 2000).The objective of the study would be to understand the concept of marketing audit and its effect on business activities. The author of the study would try to understand the utility and the method of conducting marketing audit in of the UK fragrance market. According to Kotler (1977 cited in Kling, 2000), MA is a systematic examination of an organization’s marketing objectives, strategies and performance. The prime objective of the company is to understand the techniques that help in utilizing the resources of the company effectively and generate recommendations, which help in utilizing the existing process.... the company is to understand the techniques that help in utilizing the resources of the company effectively and generate recommendations, which help in utilizing the existing process. MA lays emphasis on how effectively the marketing department performs its functions especially in areas of promotion and distribution. It can be performed by individuals within and outside the organization. The internal auditor can be senior manager or top manager whereas the external auditor could be expert marketing consultants, who have the potential of performing audit on a regular basis (SPA Professional Academy, 2010).The various forms of MA would include self audit, audit from across, audit from above, company task force audit and outside audit. The MA process would involve three major activities: Pre Audit Process: This involves activities which determine who will conduct activities and the timings of the audit activities. It also establishes the scope, methodology and objectives. The Audit Proc ess Data Collection: This requires the assembling of information about the macro environment, industry, marketing mix and the company. It is expensive and a time consuming process of the marketing audit. Information Analysis: This involves evaluation of data collected in an attempt to provide an inclusive picture of the company’s marketing program. (1) UK Fragrance Market & Burberry Corporation Ltd The chosen market for the study is the UK fragrance market which is one of the most booming industries. It has been prospering in spite of the challenging economy and the net market sales increased by 4.5 percent and reached around ?1.38 billion. The net sales of the UK fragrance market were larger than the mass market, which generated more than 82 percent of the market value (EuroMonitor,