To begin with, what is marketing plan and who is a CMO? Marketing plan is a comprehensive, organised and realistic strategic document used to publicize the current business position in the marketplace for a particular period usually 1-5 years to the Chief Executive Officer, shareholders, distributors, suppliers to persuade them to devote their time, energy and money in order to make the strategy a success. A marketing plan is an important document that states all the marketing objectives, targeted market, the marketing concept used and helps with the future development of an organisation. Thence, having a marketing plan in an organisation is like having a ship with an exceptional captain at its helm.
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…
(2010, July 28). 5 Benefits of a Marketing Audit | Johnson Direct.
Retrieved September 15, 2015, from http://www.johnsondirect.com/2010/07/28/5-benefits of-a-marketing-audit/ Tanner, J., & Raymond, M. (Feb, 2010). The Marketing Plan. In Principles of marketing. Flat World Knowledge, 13 N. Mill Street Nyack, NY 10960.
The importance of having a marketing plan - 2kS [Web log post]. (n.d.). Retrieved from http://www.2ks.co.uk/blog/16-commentary/23-the-importance-of-having-a-marketing-plan and-acting-on-it
Wilkins, N. (n.d.). Marketing Planning - Shell LiveWIRE | Business Library [Video file].
Retrieved from http://www.shell-livewire.org/home/business-library/marketing-and promotion/marketing-planning/ Win Market. (n.d.). Marketing Audit | Marketing Audits and Competitor Analysis – Win
Marketing. Retrieved September 15, 2015, from http://www.winmarketing.co.uk/marketing
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…
(2010, July 28). 5 Benefits of a Marketing Audit | Johnson Direct.
Retrieved September 15, 2015, from http://www.johnsondirect.com/2010/07/28/5-benefits of-a-marketing-audit/ Tanner, J., & Raymond, M. (Feb, 2010). The Marketing Plan. In Principles of marketing. Flat World Knowledge, 13 N. Mill Street Nyack, NY 10960.
The importance of having a marketing plan - 2kS [Web log post]. (n.d.). Retrieved from http://www.2ks.co.uk/blog/16-commentary/23-the-importance-of-having-a-marketing-plan and-acting-on-it
Wilkins, N. (n.d.). Marketing Planning - Shell LiveWIRE | Business Library [Video file].
Retrieved from http://www.shell-livewire.org/home/business-library/marketing-and promotion/marketing-planning/ Win Market. (n.d.). Marketing Audit | Marketing Audits and Competitor Analysis – Win
Marketing. Retrieved September 15, 2015, from http://www.winmarketing.co.uk/marketing