How do you evaluate your marketing performance and gaps with Kotler's Marketing Audit?

1 What is Kotler's Marketing Audit?

Kotler's Marketing Audit is a tool developed by renowned marketing professor and author Philip Kotler to help marketers analyze their marketing environment, objectives, strategies, and activities. It consists of six components, each with a set of questions that guide the audit process. These components are the Environment Audit, Strategy Audit, Organization Audit, Systems Audit, Productivity Audit, and Function Audit. The Environment Audit examines external factors such as market trends, customer needs, competitors, regulations, and technology. The Strategy Audit evaluates the alignment between your marketing goals and business mission and vision. The Organization Audit assesses the marketing structure, roles, responsibilities, skills, and coordination. The Systems Audit reviews your marketing information systems and how they help you measure performance and outcomes. The Productivity Audit measures your marketing efficiency and effectiveness through key indicators like sales and customer satisfaction. Finally, the Function Audit analyzes the four Ps of marketing: product, price, place, and promotion to see how well they deliver value to your target market.

2 How to conduct Kotler's Marketing Audit?

Conducting Kotler's Marketing Audit requires defining the scope and objectives, collecting and analyzing data, reporting and presenting findings, and implementing and monitoring actions. You should decide what aspects of marketing you want to audit, why you want to audit them, and what you hope to achieve from the audit. Gather relevant data from various sources, such as internal records, surveys, interviews, observations, and secondary research. Analyze the data using appropriate methods such as SWOT analysis, PEST analysis, Porter's Five Forces analysis, and BCG matrix. Create a clear and concise report summarizing the main findings and recommendations from the audit. Present the report to relevant stakeholders such as senior management, marketing team, and other departments. Implement suggested actions to improve your marketing performance and fill the gaps. Monitor the results and feedback of the actions, adjusting them as needed.