By George Obua | Project Leader
Having understood that: once you have conducted a marketing audit, there's need to build up marketing preparation for tomorrow. For that matter, a marketing audit provides a foundation for planning decisions and marketing preparation is the next one.
The audit is the first step in the marketing plan process, providing a snapshot of where you’re currently at and the effectiveness of your marketing. When you conduct an audit, pull in data from the market, including historical marketing data, win/loss analysis, sales trends, team skills analysis, and budget impact. Your findings from the audit can be modeled in a SWOT analysis.
A SWOT analysis (strengths, weaknesses, opportunities, threats) is a study Kole Intellectual Forum is doing now to assess internal strengths and weaknesses and external opportunities and threats for sales on the product their students had produced àt their Institute of Home Economics. The intentions to conducting this analysis is meant to help them set the table for a marketing strategy to capitalize on the organizational strengths and improve areas of weakness.
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