Explanation:

Brand Audit is a meticulous and careful study and an examination of the brand’s current position in the market, customer’s mind, and the industry as a whole as compared to its competitors. It is the review of the brand’s effectiveness and helps to determine its strengths, weaknesses, opportunities for further development and evolvement and come up with the corrective measures if there are any inconsistencies that can harm the brand in future.

The main aim of Brand Audit is to understand and get the fundamental insights of where the brand currently stands in the market. It is one of the significant parts of the overall brand management and is a valuable exercise with an agenda of a long-term strategy. It is like to take a step back and look at the overall picture and the scenario from the third party perspective as many a time the brand promoters and cynosures tend to get biased towards the brand strategies and operations that may or may not be good for the brand and the overall company.