Marketing Audit as a Tool for Assessing Business Performance

Abstract

The aim of this article is to determine an approach to the practical implementation of a marketing audit of business performance in a competitive environment. The aim will be achieved with the involvement of the following methods: trend, comparative and rating analyses, the BCG matrix, the Brand Health Tracking, and Delfi methods. As a result of the conducted research, an approach to conducting a marketing audit of business performance in a competitive environment with an emphasis on the use of modern digital platforms and web resources was proposed. The proposed approach to the implementation of a marketing audit of business performance in a competitive environment involved the use of the BCG matrix to determine the positions of the four leading confectionery companies of Ukraine in terms of revenue volume and growth, as well as the market share. The online presence analysis evaluated the online presence of the studied companies and to analyse other related indicators. The conducted analysis gave grounds to provide relevant recommendations. The importance of implementing each of them was determined with the help of the Delphi method. The obtained results can be applied in practice in the activities of companies in order to improve the approach to the implementation of marketing audit as a tool for assessing business performance in a competitive environment. Academic novelty is the developed comprehensive practical approach to the implementation of marketing audit as a tool for assessing business performance relative to competitors using modern digital platforms.

References

[1] Bazaluk, O., et al. 2020. Dynamic development of the global organic food market and opportunities for Ukraine. Sustainability (Switzerland), 12(17): 6963. DOI: https://doi.org/10.3390/SU12176963
[2] Berndt, R., Fantapié Altobelli, C. and Sander, M. 2023a. Controlling in International Marketing Management. In: International Marketing Management (pp 459–464). Berlin, Heidelberg: Springer. DOI:https://doi.org/10.1007/978-3-662-66800-9_13
[3] Berndt, R., Fantapié Altobelli, C. and Sander, M. 2023b. International Marketing Audits. In: International Marketing Management (pp. 465-471). Berlin, Heidelberg: Springer. DOI:https://doi.org/10.1007/978-3-662-66800-9_14
[4] Bondarenko, S., Liganenko, I., Kalaman, O. and Niekrasova, L. 2018. Comparison of methods for determining the competitiveness of enterprises to determine market strategy. International Journal of Civil Engineering and Technology, 9(13): 890-898. Available at: http://izmail.maup.com.ua/assets/files/pf-2.4.-14.pdf
[5] Cancino Gómez, Y. A., Torres Palacios, J. P., Bautista Rodríguez, Y. M. and Palacio Rozo, J. J. 2021. Determination of evaluation variables for the marketing audit associated with the objective traceability model. Revista Venezolana de Gerencia, 26(96): 1413-1434. DOI: https://doi.org/10.52080/rvgluz.26.96.26
[6] Cancino, Y. A., Palacios, J. J. and Manjarrez, C. I. 2019. Uses and benefits of the marketing audit: A point of view of managers in marketing departments. Espacios, 40(11): 1-8.
[7] Chen, H. C., Yang, C. H. 2019. Applying a multiple criteria decision-making approach to establishing green marketing audit criteria. Journal of Cleaner Production, 210: 256-265. DOI:https://doi.org/10.1016/j.jclepro.2018.10.327
[8] Chmil, H. and Verzilova, H. 2020. Theoretical aspects of organizing a marketing audit at a trading company. Institute of Accounting, Control and Analysis in the Conditions of Globalization, 1(1): 89-97. DOI:https://doi.org/10.35774/ibo2020.01.089
[9] De Bruyn, A., Viswanathan, V., Beh, Y. S., Brock, J. K. U. and Von Wangenheim, F. 2020. Artificial intelligence and marketing: Pitfalls and opportunities. Journal of Interactive Marketing, 51(1): 91-105. DOI:https://doi.org/10.1016/j.intmar.2020.04.007
[10] Ghauri, P., Strange, R., Cooke and F. L. 2021. Research on international business: The new realities. International Business Review, 30(2): 101794. DOI: https://doi.org/10.1016/j.ibusrev.2021.101794
[11] Gryshchenko, I., Kruhlov, V., Lypchuk, O., Lomaka, I. and Kobets, Yu. 2022. Infrastructural development of smart cities as the background of digital transformation of territorial units. Cuestiones Políticas, 40(73): 233-250. DOI: https://doi.org/10.46398/cuestpol.4073.11
[12] Guliyev, F. V. 2022. Marketing audit in efficiency of marketing in the food industry. Marketing and Management of Innovations, 2(1): 161-170. DOI: https://doi.org/10.21272/mmi.2022.2-15
[13] Hadrian, P. 2020. The various models of marketing audit. Marketing of Scientific and Research Organizations, 37(3): 51-72. DOI: https://doi.org/10.2478/minib-2020-0022
[14] Hakimovna, U. M. and Muhammedrisaevna, T. M. S. 2022. Audit and Marketing Audit in Small Business and Private Entrepreneurship: The Order and Process of Inspection. Journal of Ethics and Diversity in International Communication, 2(3): 84-88. Available at: https://uniwork.buxdu.uz/resurs/12928_1_1DFDA83D6EFACDFB8B91B284C5189188931EF170.pdf
[15] Katsikeas, C., Leonidou, L. and Zeriti, A. 2020. Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions. International Marketing Review, 37(3): 405-424. DOI:https://doi.org/10.1108/IMR-02-2019-0080
[16] Khabliuk, O., Yatsyshyn, S. and Holiash, I. 2019. Marketing audit as a tool for evaluating business performance. Galician Economic Herald, 60(5): 129-136. Available at: http://dspace.tneu.edu.ua/handle/316497/37813
[17] Khan, S. A., Zia, S., Wajahat, A., Khokhar, M., Siddiqui, A. A. and Ali, S. Q. 2022. Why New Businesses Fail Due to Ineffective Services in Marketing Strategy. Webology, 19(3): 2315-2324. Available at: https://www.webology.org/data-cms/articles/20220713110419amwebology%2019%20(3)%20-%20159%20%20pdf.pdf
[18] Kotler, P., Gregor, W. and Rodgers III, W. H. 2001. The marketing audit comes of age. Marketing: Critical Perspectives on Business and Management, 4: 83.
[19] Krafft, M., Sajtos, L. and Haenlein, M. 2020. Challenges and opportunities for marketing scholars in times of the fourth industrial revolution. Journal of Interactive Marketing, 51(1): 1-8. DOI:https://doi.org/10.1016/j.intmar.2020.06.00
[20] Kryshtanovych, M., Akimova, L., Akimov, O., Kubiniy, N. and Marhitich, V. 2021. Modeling the process of forming the safety potential of engineering enterprises. International Journal of Safety and Security Engineering, 11(3): 223-230. DOI: https://doi.org/10.18280/ijsse.110302
[21] Leonidou, C. N. and Hultman, M. 2019. Global marketing in business-to-business contexts: Challenges, developments, and opportunities. Industrial Marketing Management, 78: 102-107. DOI:https://doi.org/10.1016/j.indmarman.2018.04.016
[22] Li, F., Larimo, J. and Leonidou, L. C. 2021. Social media marketing strategy: definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49: 51-70. DOI:https://doi.org/10.1007/s11747-020-00733-3
[23] Lim, W. M. 2023. Transformative marketing in the new normal: A novel practice-scholarly integrative review of business-to-business marketing mix challenges, opportunities, and solutions. Journal of Business Research, 160: 113638. DOI: https://doi.org/10.1016/j.jbusres.2022.113638
[24] Mohsenipour Golmaghani, M., Kheiri, B., and Karimizand, M. 2023. Design and validation of marketing audit model of fixed internet provider companies. International Journal of Nonlinear Analysis and Applications. DOI: https://doi.org/10.22075/ijnaa.2022.29014.4042
[25] Morgan, N. A., Whitler, K. A., Feng, H. and Chari, S. 2019. Research in marketing strategy. Journal of the Academy of Marketing Science, 47: 4-29. DOI: https://doi.org/10.1007/s11747-018-0598-1
[26] Sangkala, M. 2023. The role of marketing audit in Yotta beverage business in Makassar, Pettarani Branch. Economics and Business Journal (ECBIS), 1(4): 453-464. DOI: https://doi.org/10.47353/ecbis.v1i4.55
[27] Santos, K. E. S. 2020. Online marketing: Benefits and difficulties to online business sellers. International Journal of Advanced Engineering Research and Science, 7(3): 159-163. DOI:https://dx.doi.org/10.22161/ijaers.73.27
[28] Tien, N. H., Phu, P. P. and Chi, D. T. P. 2019. The role of international marketing in international business strategy. International Journal of Research in Marketing Management and Sales, 1(2): 134-138. Available at: https://www.marketingjournal.net/
[29] Tolstoy, D., Nordman, E. R. and Vu, U. 2022. The indirect effect of online marketing capabilities on the international performance of e-commerce SMEs. International Business Review, 31(3): 101946. DOI:https://doi.org/10.1016/j.ibusrev.2021.101946
[30] Tong, S., Luo, X. and Xu, B. 2020. Personalized mobile marketing strategies. Journal of the Academy of Marketing Science, 48: 64-78. DOI: https://doi.org/10.1007/s11747-019-00693-3
[31] Varadarajan, R. 2020. Customer information resources advantage, marketing strategy and business performance: A market resources-based view. Industrial Marketing Management, 89: 89-97. DOI:https://doi.org/10.1016/j.indmarman.2020.03.003
[32] Verzilova, H. 2020. Improvement of the approach to the development of marketing activity audit methods. Economic Strategy and Prospects for the Development of Trade and Services, 1(31): 50-62. Available at: DOI: https://repo.btu.kharkov.ua//handle/123456789/4202
[33] Wang, Y., Hong, A., Li, X. and Gao, J. 2020. Marketing innovations during a global crisis: A study of China firms’ response to COVID-19. Journal of Business Research, 116: 214-220. DOI:https://doi.org/10.1016/j.jbusres.2020.05.029
[34] Zyma, O., Ptashchenko, O. V., Shevchenko, I. and Afanasieva, O. M. 2019. International marketing and marketing audit in the context of European integration and globalization. Management, 2(30): 9-25. Available at: http://repository.hneu.edu.ua/handle/123456789/23209
[35] Clarity Project. 2023. Tenders. Available at: https://clarity-project.info/
[36] Food Technologies. 2023. Confectionery Market: Products must be both delicious and Instagram-worthy. Available at: https://harch.tech/2023/04/12/rynok-kondyterskyh-vyrobiv-produkcia-povynna-buty-i-smachnou-i-dostojmou-instagram/
[37] Google Trends. 2023. Home page. Available at: https://trends.google.com/
[38] State Statistics Service of Ukraine. 2023. Home page. Available at: https://www.ukrstat.gov.ua/
Published
2023-12-20
How to Cite
FESHCHUR, Iryna et al. Marketing Audit as a Tool for Assessing Business Performance. Theoretical and Practical Research in Economic Fields, [S.l.], v. 14, n. 2, p. 438 - 456, dec. 2023. ISSN 2068-7710. Available at: <https://journals.aserspublishing.eu/tpref/article/view/8227>. Date accessed: 25 feb. 2024. doi: https://doi.org/10.14505/tpref.v14.2(28).21.