CMO simply means Chief Marketing Officer …show more content…
The area of marketing audit includes Strength, Weakness, Opportunities and Threat (SWOT) analysis from the viewpoint of customers, market research to study customer’s expectation, competitor analysis, internal and external marketing surroundings. The important part of marketing audit is that it assists CMOs to take managerial control which allow them to locate shortfalls and ask questions about their initial goals and objectives. At the beginning of market audit, it is paramount to revisit marketing plan, strategic plan and budget plan to have a conclusive reason why decision A is chosen over decision B, what works or what doesn’t, expose the inefficiencies especially in the area relating to cost and last but not the least, it aid to reignite the operation and take the offering to another level. Meanwhile the least significant aspect of audit is that it does not guarantee success and any misrepresentation in the collection of data can be harmful to the marketing. It can also result to wrong marketing decision and establish an amplified financial …show more content…
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