Define four components of marketing audit?
Marketing audit is clear review of an organization's trading plan that consists of comprehensive and systematic analysis of the internal and external marketing atmosphere. Also, it consists of the following components;
a) Comprehensive- an audit should not only cover areas of marketing with challenges but cover all areas of marketing.
b) Systematic- Every gap should be fixed by accounting for each principle, operation and strategy in an organization. Efficiency and order must be part of the key components of a marketing audit.
c) Regular and recurring- an organization should take periodic marketing to enable its team to spot and fix problem early.
d) Competitive- an audit should help an organization to differentiate itself from competition.