Abstract
In a number of ways, the market auditing process is the starting point for the strategic marketing planning process. In fact, it is through the audit that the strategist arrives at measures catering to both the environmental opportunities and the marketing capabilities. Further, the organization's threats are assessed. This will give rise to a deduction on the treatment of threats and the modes and means of using the advantages and opportunities to the fullest. In other words contributing towards the company's overall revenue and growth structure. The thinking that forms the basis of the concept of the marketing audit is that the corporate objectives and strategies can only be developed effectively when a detailed and objective understanding of both the corporate capabilities and its environmental opportunities and threats are pursued. Mc Donald (1984) has coined a statement with respect to audit as, ?The means by which a company can identify its own strengths and weaknesses as they relate to external opportunities and threats. It is thus a way of helping management to select a position in that environment based on known factors.' The definition of audit has also been proposed by Kotler (1999). Philip Kotler has phrased marketing audit as ?a comprehensive, independent, and periodic examination of a business unit's marketing environment, its objectives, strategies and activities with a view of identifying problematic areas. In addition to identifying problems, an audit will create opportunities and recommend a suitable plan of action to improve the company's performance.
