Abstract
This report presents an extensive study of the main components and principles of a marketing audit with specific reference to the firm ‘Penton Ltd'. Penton Ltd. is a medium sized DIY manufacturer which has been facing declining profit margins and stagnant sales in recent years. A detailed audit of the company's situation (internal and external factors) is critical to provide the essential analysis that the company needs to formulate its future marketing strategy and thereby improve its performance. Alluding to the case study, the report utilises some of the most popular analysis tools and techniques to outline the main components of the audit.
Lastly, the report makes recommendations on how the results of the marketing audit can be effectively used by a firm such as Penton Ltd. to support its marketing planning process and execution, particularly with respect to mitigating its challenges and weaknesses and capitalising on valuable opportunities and capabilities.
The marketing audit is amply described with the following definition: ‘A marketing audit is a comprehensive, systematic, independent and periodic examination of a company's marketing environment, objectives, strategies and activities with a view to determine the problem areas and opportunities and recommending a plan of action to improve the company's marketing performance'.
As such, the audit is concerned with studying the company's present situation, considering both the internal and external influences on its current and future performance, and it is a fundamental part of the marketing planning process. A number of tools and techniques such as PEST and Segmentation analysis can be used to assist the research and analysis of specific components of the audit. Marketing research is the process by which intelligence for
the analysis is obtained and this is often a significant task; utilising interviews with individuals inside and outside the company, online/desk research and, if budget permits, customer/prospect surveys.
