A brand audit is a comprehensive assessment of a brand's current position in the market compared to its competitors. This process involves evaluating the brand's strengths, weaknesses, opportunities, and threats (SWOT analysis) as well as examining its performance, customer perceptions, and marketing effectiveness. Conducting a brand audit is crucial for developing and managing brand portfolios, as it provides insights that help in strategizing brand development and ensuring that each brand aligns with overall business goals.
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