PERHAPS THE BROADEST CONTROL DEVICE AVAILABLE TO MARKETING MANAGEM...

15. Perhaps the broadest control device available to marketing management is the marketing audit.

Describe this tool and its characteristics.

ANS:

A marketing audit is a thorough, systematic, periodic evaluation of the objectives, strategies, structure,

and performance of the marketing organization. It incorporates both financial and nonfinancial

reporting, is mainly futuristic in nature, and is largely strategy-oriented. The marketing audit is

designed to aid management in allocating marketing resources efficiently. The marketing audit looks

to the future allocation of marketing resources. All companies should use the audit system to uncover

potential weaknesses and identify cost-cutting opportunities. The marketing audit should be

comprehensive, systematic, independently conducted, and run periodically.

PTS: 1

REF: 44-45

OBJ: 02-10

TOP: AACSB Communication

KEY: CB&E Model Research

MSC: BLOOMS Level V Synthesis