MARKETING MANAGEMENT - Marketing Process
Monitoring and Auditing - Marketing Process
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While auditing normally refers to an activity which is done only on certain occasions, monitoring generally refers to a more day-to-day review activity.
Monitoring and Auditing
While auditing normally refers to an activity which is done only on certain occasions, monitoring generally refers to a more day-to-day review activity. It also often refers more to a review of external data than internal activities. It, too, is an important part of the total marketing process because it provides a frequent check of progress against plans and programs.
One reason to develop plans, programs and budgets is to have a set of goals or standards against which to measure performance. Marketing audits usually include two parts. The first is an assessment of performance against quantitative goals. The second part of a comprehensive audit reviews the processes and other non-quantifiable aspects of the marketing operation. Because marketing is a mixture of art and science, quantitative and qualitative, and because it involves so many interactive variables, it is hard to audit. Standards are few and comparisons are difficult.
1. Who should perform the audit? Can the planners, programmers and executors audit their own performance without bias? If they cannot, who knows enough about the operation to perform the audit? Should outsiders such as consultants be involved and in what capacity?
2. How often should the audit be performed? Should it be on a regular basis or only at certain important points?
3. How comprehensive should the audit be? Should it involve all aspects of marketing or just some?
While auditing normally refers to an activity which is done only on certain occasions, monitoring generally refers to a more day-to-day review activity. It also often refers more to a review of external data than internal activities. It, too, is an important part of the total marketing process because it provides a frequent check of progress against plans and programs.
One reason to develop plans, programs and budgets is to have a set of goals or standards against which to measure performance. Marketing audits usually include two parts. The first is an assessment of performance against quantitative goals. The second part of a comprehensive audit reviews the processes and other non-quantifiable aspects of the marketing operation. Because marketing is a mixture of art and science, quantitative and qualitative, and because it involves so many interactive variables, it is hard to audit. Standards are few and comparisons are difficult.
The audit raises a variety of important topics:
1. Who should perform the audit? Can the planners, programmers and executors audit their own performance without bias? If they cannot, who knows enough about the operation to perform the audit? Should outsiders such as consultants be involved and in what capacity?
2. How often should the audit be performed? Should it be on a regular basis or only at certain important points?
3. How comprehensive should the audit be? Should it involve all aspects of marketing or just some?
Tags : MARKETING MANAGEMENT - Marketing Process
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