MARKETING MANAGEMENT

Subject Code Credit

: 105 : Full

Marks

: 100

 Written Exam End Semester :60Marks

(Min-28Marks)
Written Exam Mid Semester Internal Assessment

:20Marks :20Marks

Role Play

Syllabus
1. Introduction to Marketing: Definition & Functions of Marketing. Core concepts of marketing a) Need, Want, Desire, Benefits, Demand, Value, Exchange, b) Goods Services Continuum, Product, Market c) Customer Satisfaction, Customer Delight. d) Approaches to Marketing Product Production - Sales Marketing Societal Relational. Concept of Marketing Myopia. Selling versus marketing. e) Holistic Marketing Orientation & Customer Value. 2. Consumer Behavior: Concept, Characteristics of consumer and organizational markets, 5 step Buyer decision process. 3. Marketing Environment: Analyzing needs and trends Macro Environment Political , Economic, Socio-cultural and Technical Environment PEST analysis. Micro Environment Industry & Competition. Concept of Market Potential & Market Share. 4. Market segmentation: Definition, Need & Benefits. Bases for market segmentation of consumer goods, industrial goods and services. Segment, Niche & Local Marketing, Effective segmentation criteria, Evaluating & Selecting Target Markets, Concept of Target Market and Concept of positioning Value Proposition & USP.

Contd..
5. Marketing Mix: Definition of each of the Four P's. Components of each P. Extended 7Ps for services. Significance in the competitive environment. 6. Marketing Planning: Contents of Marketing Plan - Developing Marketing Plan for variety of goods and services.

7. Marketing organization: Concept, Types - Functional organization, Product Focused organization, Geographic Organization, Customer Based Organization, Matrix organization. Organization structure for a wide customer orientation.
8. Market Evaluation and Controls: Generic Process, Need and Significance of marketing control. Marketing Audit. 9. Social responsibility of marketing organizations. Sherlekar-175

Books for Reference

Principles of Marketing 12th Edition - Philip Kotler and Gary

Armstrong
Marketing Management Rajan Saxena Marketing Management - V.S.Ramaswamy and S.Namakumari

Introduction To

Marketing

Introduction to Marketing
Meeting Needs Profitably

Marketing is an Organizational Function and a set of

processes for creating, communicating, and delivering value to customers and for managing customer and for managing customer relationships in ways that benefit the organization and its stakeholder

 Identifying Needs and converting those needs in

Affordable and Profitable Wants in the form of Product/Service and Selling it to the Target Market ensuring Social Benefits
Process in Marketing
Identification

Availability

Conversion

 What can be Marketed?????(Scope of

Marketing)

Goods Service Events Experience Persons Places Properties Organizations Information(Just Dial) Ideas(IP)

Functions of Marketing:

Identification of Needs

Sales Service

Conceptualize Product/ Services

Marketing

Promotion

Pricing

Distribution

 Core Concepts of Marketing: Need: Basic Human requirement(Mc Donalds) Want: Needs become wants when directed to specific objects Demand: Wants for specific products backed by an ability to pay Desire: An inclination to want things Benefits: Something thats aids or promotes well being Value: Sum of the Perceived Tangible and Intangible Benefits and Costs to Customers(Benefit/Cost) Exchange: Act of changing one thing for another(Barter System)

 Customer Satisfaction
Service Realized Service Expected

What Effects Customer Satisfaction??

 Customer Delight:
Service Expected

Service Realized

Approaches to Marketing

Availability

Production Concept

Efficient

Low Cost

Feature

Product Concept
Performnc Quality

Branding

Selling Concept
Selling Promotion

 Marketing Transformation

Make & Sell

Sense & Respond

 Marketing Myopia(Theodore Levitt):

Myopia culture would pave way for a business to fail, due to short sighted mindset and illusion that a firm is in so called Growth Industry

Kodak Fiat

 How to Overcome Marketing Myopia(Classroom

Task):

Be more customer focused Innovate Be in control Understand customer desires Conduct marketing research programs Marketing strategy should be developed keeping feedback of customers in mind.(Feedback Mechanism)

Selling

Marketing

Emphasis on Product
Management is Sales volume oriented Stresses needs of seller It is field oriented activity Selling leads to realization of Money

Emphasis on Consumer needs wants

Management is Profit Oriented Stresses needs and wants of buyers It is Research oriented activity Marketing requires Investment of Money(Promotion,Advertisement)

Internal Marketing Two Phase

Relationship Marketing Network

Holistic Marketing

Integrated Marketing 4Ps

Performance Marketing Fin. CSR

 Quiz on Need/Want/Demand: Im hungry, I want Food Im hungry, I want Mc Donald's Burger I wish to purchase BMW Car I want to purchase shirt I want to purchase Home I want to purchase Armani Shirt I want to purchase home in Lavasa project I want to purchase Shoes I want to purchase Woodland Shoes

Question
Explain in detail Functions of Marketing?

Explain different Approaches to Marketing?

Short Note on: Marketing Myopia Selling Vs Marketing Explain following terms with suitable example: Need Want Demand

Consumer Behavior

Consumer Behavior

Process
Need Assessment Information Gathering

Decision to Buy or Not to Buy

Input

Output

Factors Influencing Consumer Behavior

Culture Subculture Social Class

Cultural
Reference Groups Family Status

Personal

Age Occupation Personality Lifestyle

Social

 Social Factors
Roles & Status

Social
Reference Groups Family

 Personal Factors
Occupation

Personality

Personal

Age

Lifestyle

 Psychological Process
Consumer Psychology
Motivation Perception Learning

Marketing Stimuli

Other Stimuli

Buying Decision Proces Problem Recog. Information Search

Purchase Decision Product Choice Brand Choice Purchase Time

Products & Service Price Distribution Communications

Economic Technological Political Cultural

Consumer Charact. Cultural Social Personal

 Consumer Psychology Motivation

Freuds Theory Maslows Theory Herzbergs Theory

Perception
Selective Attention Selective Distortion

Learning Memory

 Buyer Decision Process

Problem Recognition
Information Search Evaluation of Alternatives Purchase Decision Post-Purchase Behavior

Questionnaire
Who buys our product or service?

Who makes the decision to buy the product?

Who influences the decision to buy the product? Where do they go or look to buy the product or

service? When do they buy? Any seasonality factors?

Questions
Identify and explain the various factors affecting the

consumer buying decision. Explain with suitable example the Buying Decision Process. Comment on Psychological Process of Consumer.

Marketing Environment

External Environment

Internal Environment

 Why Environment is Important Dependency on Environment Interdependent factors Dynamic nature

E.g.-Changing scenario of India as Democratic Nation

 Marketing Intelligence Order to payment Cycle Sales Information System Database, Data Warehousing, Data Mining

 Analyzing Needs and Trends Fade Trend Megatrend

Population Explosion(D) Resource Depletion(N) Laws & Rules(P-L)

Tech. Solutions(T)
Affordable(E) Attitude & Behavior(S-C)

Types of Environment
Demographic

Technological

Political Legal

Forces
SocioCultural Natural

Economic

 Threats from Environment

Failure of Environment Analysis may lead to Marketing Myopia

 Characteristics of Demographic Environment: Population Age Mix Education Ethnic Mix Household Patterns

 Characteristics of Economic Environment: Income Distribution Purchasing Power

 Characteristics of Socio-Cultural Environment: Language Customs Social Systems Values Habits Religions

 Natural Environment Union Carbide India Limited

Bhopal Gas Tragedy occurred on the night of 2-3rd December 1984 A leak of methyl isocyanate gas and other chemicals from the plant resulted in the exposure of hundreds of thousands of people UCIL was the Indian subsidiary of Union Carbide Corporation (UCC) In June 2010, seven ex-employees, including the former UCIL chairman, were convicted in Bhopal of causing death by negligence and sentenced to two years imprisonment and a fine of about $2,000 each, the maximum punishment allowed by law. An eighth former employee was also convicted, but died before judgment was passed.

 Technological Environment Accelerating pace of change Unlimited opportunities for innovation Varying R&D budgets Increased regulation of Technology change

 Political-Legal Environment Increase in Business Legislation Growth of special interest groups

Questions
Explain with importance why Environment scanning

is important? Explain in detail characteristics of different environment?

Market Segmentation

 Market Segmentation: Market Segmentation is sub-dividing of market into homogeneous sub-sections of customers. Where any subsection may conceivably be selected as a market target to be reached with distinct marketing mix
Market Segmentation is the process of dividing a market into groups of similar consumers and selecting the most appropriate group(S) of individuals for the firm to serve

 Levels of Marketing Segmentation: Segment Marketing Niche Marketing Local Area Marketing Individual Marketing

Bases for Market Segmentation

Size of Metropolitan

Population Density

Geographic

Region

Climate

Social Class

Income

Demographic

Age & Lifestyle

Gender

Usage Rate

User Status

Behavioral

Benefits

Occasion

Questions
What are the bases for Market Segmentation?

Explain any one Segmentation method with the help

of a Example. Define and explain the different levels of Segmentation.

Marketing Mix

 Marketing mix refers to the primary elements that must be

attended to in order to properly market a product or service.

Marketing mix is the combination four elements: Product,

Place, Price and Promotion. They are called the Four Ps of the marketing mix.

Marketing Mix is a term describing the key elements used

by an organization to help meet its marketing objectives

 To create the right marketing mix, businesses have to meet

the following conditions: The Product has to have the right features e.g. it should look good and work well.

The Price should be right. The goods must be in the right Place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation. The target group needs to be made aware of the existence and availability of the product through Promotion. Successful promotion helps a firm to spread costs over a larger output.

 PRODUCT/SERVICE To find out what customers want & need & then develop a product to meet the need of the potential customers.

Situation I: Why Product is placed at number one position in Marketing Mix?? How to differentiate product from competitors??

 What can be Marketed?????(Characteristics &

Classification of Products)

Goods Service Events Experience Persons Places Properties Organizations Information(Just Dial) Ideas(IP)

Product Level/Hierarchy(Offerings)
Potential Product

Augmented Product
Expected Product Basic Product

Core Benefit

Product Classifications:
Product Classifications

Durability & Tangibility Consumer Goods Non Durable Durable Services Materials & Parts

Industrial Goods

Capital Goods

Supplies & Business Service

Convenienc e

Shopping

Specialty

Unsought

Performanc e Features Conforman ce

Form

Diffn

Durability

Style Repairabili ty

Reliability

 Price A product is only worth what a customer is prepared to pay for it.
Consumer Psychology & Pricing: Reference Pricing Price-Quality Inference Price Cues Pricing Strategy: Internal Factors Direct Cost & Indirect Cost External Factors Demand & Environments

 Price Setting Strategy:

1 2 3 4

Selecting Pricing Objective Determining Demand Estimating Cost

Competition Analysis
Pricing Method Final Price

5
6

Pricing Objective
Max. Market Skimming

Max. Market Share

Product Quality Leadership

Pricing Objective

Max. Current Profit

Survival

Premium Pricing. Use of high pricing where there is a uniqueness about the product or service. This approach is used where a substantial competitive advantage exists. Such high prices are charge for luxuries such as Cruises, Luxury Hotel rooms, Designer products. Penetration Pricing. It is the strategy of entering the market with a low initial price to capture greater market share. Price Skimming. The practice of price skimming involves charging a relatively high price for a short time where a new, innovative, or muchimproved product is launched into a market.The prices are set high in order to attract least price sensitive customers to generate high profits. Competitive pricing: If your product is sold at the lowest price regarding all your competitors, you are practicing competitive pricing. Sometimes, competitive pricing is essential. For instance, when the products are basically the same, this strategy will usually succeed.

Pricing Strategy

1
2 3 4 5 6

Markup Pricing Target-Return Pricing Perceived-Value Pricing Value Pricing Going-Rate Pricing

Auction-Type Pricing

Promotion
This is the way in which you communicate to your potential

customers about your product.

Need of Promotion??

To inform potential customer about the availability To educate customers To create Brand To do Positioning To Create Market

 It includes the various ways of communicating to the customers

of what the company has to offer. It is about communicating the features/ benefits of using a particular product or service.

Advertisement: It takes many forms like TV, radio, internet, newspapers, yellow pages, Leaflets, Posters etc. Sales Promotion: Buy One Get One Free. Others include couponing, money-off promotions, free accessories (such as free blades with a new razor), introductory offers (such as buy digital TV and get free installation) and so on. Personal Selling: It is an effective way to manage personal customer relationships. The sales person acts on behalf of the organization.

 Place

It refers to the place where the customers can buy the product and how the product reaches out to that place. This is done through different channels like:
Retails

Wholesale
Internet Mail orders Direct Sales

Questions
Please quote an example and mentions 4 Ps of

marketing in correct order.

MARKETING PLANNING

What is a Marketing Plan ?

A marketing plan is the blueprint or the map you intend to follow in order to achieve your goals. If you are planning for existing programs, the plan will incorporate the strengths of your current effort with needed changes and improvements. If the plan is for a brand new product or service, it will pull all the elements together for an effective start on marketing.

Why have a marketing plan?

To find out where you are To know where youre going How to get there

 Mission Statement:

Maintaining a global viewpoint, we are dedicated to supplying products of the highest quality, yet at a reasonable price for worldwide customer satisfaction.

 Though HMCL had entered India way back in 1984 by entering into joint

ventures with leading two-wheeler companies, the company established its wholly owned subsidiary - Honda Motorcycle and Scooters India Limited (HMSI) in October 1999. Within a couple of years after the launch of its successful products including Activa, Dio and Eterno, HMSI had emerged as the largest scooter company in India. After coming out of the joint venture with KEL, HMCL planned to introduce its own two-wheelers in the market. In October 1999, in a major strategic initiative, HMCL established HMSI. The company made an initial investment of Rs 3 bn to establish a plant with an annual production capacity of 200,000 units... Activa Launched in 2001, Honda Activa was the first scooter model of HMSI for the Indian market. A 102 cc scooter, Activa was specially designed keeping in view the needs and preferences of Indian consumers who expressed that the conventional Indian scooter was too big and difficult to handle and that the scooterette was too small and similar to a moped... Dio Dio was launched in 2002 as the first motoscooter in the Indian market

 Marketing Strategy

Thanks to the success of its joint venture with Hero Group and KEL, 'Honda' was already a household name in India. Hence, rather than putting major efforts into brand building, HMSI's marketing strategy emphasized on offering innovative products at competitive prices, novel promotional campaigns and developing an extensive distribution network...

Some considerations:

See it as a process Form a team Keep it simple Develop a time-frame Give it a life Get feedback Have a simple revision process Consistent with mission statement

 What does the process involve?

Components of a marketing plan

Mission Statement Internal Analysis External Analysis Objectives Marketing Strategies Identify Resources Implementation Plan Marketing Budget Evaluation Methods

Mission Statement
A clear, concise description of:
The organizational identity

What business is the organization really in

Results the organization wants to accomplish

Some considerations:
A mission statement describes who the organization

is and what business its really in. Its what makes the organization goreflects its internal and external perception. It must be understood by everyone. It drives the organization and dictates how things are done. It should be kept simple.

 Mission Statement

Googles To organize the worlds information and make it universally accessible and useful. Starbucks To inspire and nurture the human spirit one person, one cup and one neighborhood at a time. McDonalds Restaurants Quality, Consistency, Cleanliness, Service.

 Internal Analysis Background Current status Future directions Current resources Strengths and weaknesses

External Analysis

Economy Demographics Trends Competition Target market

The Competition

Who they are Product/service features Pricing, packaging, promotion Competitor strengths/weaknesses How are you different?

Customers and Target Markets

Current and potential customers

Customer requirements Market clusters

Marketing Strategies

Customers/target markets
Programs and services Packaging

Pricing
Promotion

Implementation Plan

Steps
Responsibility Deadlines

Budget

Marketing budget

Advertising/media
Direct mail Databases

Printing/production
Mailing

 Evaluating the marketing plan Success measures Completion of action dates Accomplishment of goals and strategies Results New/repeat customers Win rate on sales Average size of contracts Revenue

 To analyze the Business Model of Star CJ???? Branded Products @ Discounted rate Freebies along with the product Free Shipping Delivery Payment on Delivery Exchange Facility available

MARKETING ORGANIZATIONS

 Organisation is defined as a group of people working

together to achieve common goals and objectives of the business.

Marketing organization provides a vehicle for

making decisions on products, marketing channels, physical distributions, promotions and process.

 Need for the Organization: To be competitive in the market where consumer is the

king we need to satisfy the customer. So a good marketing organization is required to satisfy the customers. Marketing organization is the pillar for success for many organizations and provides a framework for the following:

Divide and fix authority among the sub ordinates To locate responsibility To establish sales routines To enforce proper supervision of sales force To avoid repetitive duties To enable the top executives to devote more time for planning policy matters

 Factors affecting Marketing Organizations:

Factors influencing marketing org can be categorized

into internal and external factors. Internal:

Top Management Philosophy: Organizational planning and its working is greatly influenced by philosophy which can be good or bad e.g.: Centralization Vs Decentralization Product Policy: The width of product line of an org determines its size as the product offerings become increasingly diverse. E.g: There could be a need to move away from straight functional approach to product group approach.

 People: The size of the organization is not an important

factor in terms of number of people but it is important with respect to human values which are critical and correct decisions regarding people cannot be made unless taking into consideration

Number Qualifications Capabilities Personality Attitude Fear Suspicion Ambition

 External Factors:

Business Environment: With regards to business environment three points are important.
The type of environment in which the firm is operating in terms of operations and size The nature of particular requirement for success in a given business which again determines the size. The rate of change in industries being served which again decides on its size and working.

Markets This is the factor which again affects the marketing organizations i.e. one should note about its Size Scope Nature Location Based on the above we need to design the size of the organization.

 Consumer requirements and expectations: Consumers

have their own set of requirements and expectations from the organization. The more varied and vivid services they expect that the usual requirements as a marketer we need to increase the workload depending upon the consumer requirements and expectations Channels of distribution: It is the type of channel of distribution which a marketing firm selects based on its size. Egg : In case the company opts for indirect channel or channels it depends on outside sales force and hence the organization get thinner when the organization selects direct channel its size is increased as it has its own sales force.

 Types of Marketing Organization Structures: The

marketing orgnisation of a business can be structured on any of the following basis:

Line and staff organization

Functional Organization Product Oriented marketing orgnisation Customer oriented marketing organization Geography oriented marketing orgnisation Matrix form/Combined base

 Line & Staff organization: In most business forms

especially medium size the marketing job is structured around few line functions and few staff functions i.e.: Major staff functions is organized into separate department and the line functions is responsible for sales department. The required coordination between the line and staff function is managed by executive at higher level.

 Merits:

Provides expert advice from specialists Relives line executes of routine, specialize functions Enables young sales executive to acquire expertise Helps in achieving effective coordination Easy to operate Less Expensive

Demerits: Produce confusion arriving from undetermined authority relationships Curbs the authority of experts Too much is expected from executives Decision making is taken by top management

 Functional: Under the orgnisation the departments are

created on the basis of specified functions to be performed i.e. the activities related to marketing, distribution etc Merits:
Division of work base on specialization Relives line executives of routine and specialized functions Promotes application of expert knowledge Helps to increase overall efficiency Demerits: Leads to complex relationships Makes coordination ineffective Promotes centralization Lack of proper coordination Delay in taking decision

 Product Oriented marketing organization: Organizations

that produce wide variety of products often organize marketing, training and promotion with respect to a product.

Merits:
The sales man can render better customer service as they possess good knowledge of product and may have close contacts with customers. It marks individual departments responsible for the promotion of specific products. It facilitates effective coordination Demerits: It increases the employment of a number of managerial personal Many salesmen of same enterprise attend same customer each representing a separate product which creates confusion in the minds of the customer. There may be duplicate of activities

 Demerits: It makes coordination difficult It may lead to under utilization of resources in same department There may be duplicate of activities These types of sales organizations are not suitable for small enterprise

 Geography/ Territory: In a territory oriented marketing

organizations, the responsibilities for marketing of various products rests almost entirely with line executives. The territory managers are given varying nomenclatures like depot manager, district manager, area manager, zonal manager, Divisional manager etc. Merits

It leads to economy in terms of times and money

It helps in taking knowledge of local customer It help in effective control Demerits: It required employment of number of managerial personnel It dilutes control from headquarters

 Matrix; There are some business firms that incorporate in marketing organization combining all the above. Usually such firms are multi product, multi market firms. At the head office level they have number of staff departments to take care of each specialized functions of marketing.

MARKETING EVALUATION AND CONTROL

 Marketing Control: Marketing control means monitoring, realigning the marketing efforts. It implies adaption of plans, laying down the standards, grids, review and analysis of performance.

Management control is a natural sequential process to marketing planning, organizing and executing. Any management which is sensitive to market will be benefited by a system of marketing control.

 Benefits of control: Puts a unit on the progress path Locates responsibilities for deeds(Subordinates) Keeps space with environmental changes It observes orgnisational complexities It brings about realistic reformulation of plant
Role & Scope of marketing control Marketing control is a part of management control Helps to achieve performance Helps in controlling wasteful expenditure Helps in maximizing sales force productivity Helps in directing the company to pursue best business opportunities Helps in motivating sales force Detection of deviation in performance Assisting plan reformations .

 Types of Marketing Control:

There are four types of controls in most successful

marketing firms. These controls have different objectives and tools. Each of these controls exists in different levels in management.

Annual Plan control Profitability control Efficiency control Strategic control

 Annual Plan Control: The purpose of annual control

is to ensure that the company achieves sales, profit and other goals established in its annual plan, The four steps involved in annual in APC are :

Setting monthly and quarterly goals Monitoring its performance in market place Identify the caused of serious performance deviations Corrective actions to close the gaps between goals and performance that can be understood through a control process

Goal Setting

Performance

Corrective Act

Performance Diagnosis

 Manager uses four tools to check plan performance: Sales analysis Market share analysis Market expense to sales analysis- which can be measured through
Advertising to sales ratio Sales promotion to sales ratio Sales force cost to sales ratio Distribution expense to sales ratio Sales administration to sales ratio

 Financial Analysis- with regards to return on assets

forms financial leverage Customer attitude tracking

Customer surveys Customer panels(company uses customer panel who agree to communicate their attitudes periodically through questionnaire or over telephone) Feedback and suggestion system

 Profitability control: It allows the company to

monitor its sales, profits and expenditure. It demonstrates the relative profit earning capacity of the companies different products and consumer goods. Companies are frequently surprised to find that small percentage of the product and customer contribute to large percentage of profits. With the increasing competition firms are finding their profits margins reducing and the companies looking for profit making strategy and increasing the markets, territories which involve three steps:

 Identify functional expenses e.g.. salaries, rent , travelling,

advertising Calculate the gross profit and net profit contribution to the firms profit by deducting the above expenses and subtracting the total sales. Assign the functional expenses to marketing entities. The next step is to assign these functional expense to marketing entities. This becomes important when the expenses are incurred on non marketing entities e.g. assume if the western region office of the firm there is an accountant, secretary, peon who does not perform of expense to marketing entity. Also if the rent is shared by two different corporations it has to be subtracted and these steps clearly identifies the marketing expenses vs. non marketing expenses.

 Prepare Profit and loss statement for each marketing

entity. Based on the above data the marketer can prepare profit and loss statement for each marketing activity just for selling activity e.g..

Total cost of selling

No. Of sales calls made in the period No. Of units sold Expense per sold Expense per call

Total sales revenue Cost of goods sold Gross profit contribution

 Efficiency Control: this mechanism helps the marketer determine if

there are better ways of performing a task. They exist in determine Sales force efficiency
Average number of sales calls/person/day Average number of sales calls/sales person/customer group Average time spent per customer Average time spent on travel Return in time invested on different customer groups Number of new customers added Number of customers lost Volume of potential business lost due to competition Advertising efficiency indicator Advertising cost per 1000 target customers reached by the media No.Of enquiries generated by the advertisement Cost per enquiry

 The last two are relevant to direct marketing and

industrial product advertising

Distribution Efficiency Market reach of channel member as measured by members in terms of number of customer Sales extraction from channel members Cost per channel member

 Strategic Control This system helps management to

determine the fit between the firms marketing and external environment. They specially help in resolving the issues of obsolescence in strategies, structure, policies, programs and systems. There are two tools that help management

Customer relationship barometer which aims to access how well the customer is integrated to the org. It provides inputs for the following parameters

Core value of the organization Organizational policies Technology Strategy of customer retention

 Marketing Audit: Audit is a continuous comprehensive and systematic periodic examination of companies business unit. It critically evaluates marketing activities of the firm and the direction of its growth

Marketing audit is concerned with long term business interest and challenges rather than short term achievements. The marketing audit is a fundamental part of marketing planning process. It is conducted not only at the beginning of the process but also at a series of point during the implementation of plan.

 Features of marketing auditing: Comprehensive: The term marketing audit should be reserved for comprehensive audit covering companies marketing environment, objectives, strategies etc. It should cover horizontal and vertical audit. Horizontal audits study overall marketing performance with emphasis on inter relationship variables. Vertical audit is in depth analysis of one aspect of firms marketing strategy like product planning which involves a through audit of data protection within a particular function or department.
Systematic: Marketing audit will normally increase to the extent that it follows a sequence of diagnostic steps covering internal and external marketing system. Independent: A marketing audit can be conducted in 6 ways:

Self Audit Audit from across Audit from above Company auditing office Company task force audit Outsider audit down sharply, sales force morale has fallen and other problems have occurred in the company. Whereas the irony is that the companies have been thrown into crisis because they failed to review their marketing operations during good times. So, a periodic marketing audit promises the benefits for the companies that are in good health as well as the companies that are in trouble, This has to be done at periodic intervals.

Periodic: Marketing audits are initiated only after sales have come

Product Life Cylce

Kotler-Pg-292