Marketing Strategy Audit
Olivia Barnett
Minnesota State University Moorhead
MBA 611
Ruth Lumb
10/05/2021
Marketing Strategy Audit.
The marketing audit focuses on the growing complexity of the market environment; there is a need for systematic evaluation of an organization’s marketing performance to cope with the market’s dynamism (Golyash et al., 2017). Successful institutions rely on marketing audits such as strategic audits so as to create value by meeting customers’ expectations (Bentley et al., 2017). The University of Minnesota Moorhead is an institution that offers training on health care and nursing training to students. With an audit on both the strategic and marketing organization audit, the institution is able to examine its business vision and goals in alignment with its marketing strategy.
Business mission
The University finds itself in the education sector with its mission ‘the rigor to develop intellectually and the versatility to shape a changing world.’ This links up as a marketing term that attracts potential students to come and join the institution so that they can develop up intellectually. Further assessment of the mission term such as ‘caring’ makes one feel that there is comfort in the department. This mission is feasible in marketing the institution, especially to the health and nursing students who want to join the University and, in the end, be the one to change the health sector in the country.
Business Objectives and Goals
With competition in the training of health experts, the department’s objective is to meet the high demand for nursing professionals; this comes out as a clear market plan. For the nursing department to meet its goal and objective, the organization has even developed an online learning platform to try and breach the gap of demand, an indicator of strength in performance. The objective ‘meeting the high demand of training nursing professionals’ considering the department resource, opportunities, and competitive edge proves to be appropriate.
Strategy
There is an outline of three simple strategies first to the students, the University, and lastly to the world. These are marketing strategies to reach the students as well as employees who may wish to work in the department. Their strategy convinces the student, the employees, and the world that being in the institution, it’s the best place to be. The strategy is a strength in the product cycle of training of nursing professionals, and so as to ward off competition, there is the development of online classes so as to fully reach more students. Lastly, there is a significant allocation of resources so as to effectively market the department to the world on the learning courses offered.
MARKETING ORGANIZATION AUDIT
Formal Structure
With the organization offering its services in the education sector, the CMO in the nursing department of the University of the Minnesota State University of Moorhead has adequate authority and responsibility for the institution through the admission of the students. The CMO ensures that what was promised is what is being delivered and offered to the students. The employees in the department posse the relevant skills to run the customer relation services to the students (Kasztelnik et al., 2017). There is a need for collaboration of marketing activities along with the department.
An organization has to constantly have both market strategic audit and market organization audit so as to see if it’s in alignment with its marketing strategy (Chen et al., 2017). A business has to come up with a feasible mission, as well as strategies to deal with customers and ways to cope with the changes in the market environment. Clear and set out marketing objectives and goals brings a competitive edge. In conclusion, the business should have structures that ensure customer satisfaction.
Functional Efficiency
The Nursing department has good communication with other departments within the University to ensure coordination of functions that improves the efficiency of the functions at the University. The communication is done through the product management system that enables the University to deal with the projects implemented by the University (Malhotra et al., 2017). The project management system is working properly where information is shared to all the stakeholders on time. Product managers often use the management system to implement new plans by ensuring all stakeholders understand the implementation plan.
The people who need additional training on how to use the product management system include external stakeholders that the department contacts to help implement new projects. The university employees also need to be supervised to ensure they implement new projects in the right manner.
Interface Efficiency
There are no problems in marketing and manufacturing that need attention. The project is implemented by experts that know the dynamics of the project. The nursing department experiences challenges include purchasing finance. The department has to wait for finances to be approved by the relevant personnel for the department to access the funds. The delays affect the implementation of a new project. There is also poor coordination of activities where there are delays in communicating important information to all the employees working at the department.
References
Bentley-Goode, K. A., Newton, N. J., & Thompson, A. M. (2017). A business strategy, internal control over financial reporting, and audit reporting quality. Auditing: A Journal of Practice & Theory, 36(4), 49-69.
Chen, Y., Eshleman, J. D., & Soileau, J. S. (2017). Business strategy and auditor reporting. Auditing: A Journal of Practice & Theory, 36(2), 63-86.
Golyash, I., Panasiuk, V., & Sachenko, S. (2017). The performance audit of a corporate website as a tool for its internet marketing strategy. EUREKA: Social and Humanities, (5), 57-66.
Kasztelnik, K. (2021). Correlational Study: Internal Auditing and Management ControlEnvironment Innovation within Public Sector in the United States. Available at SSRN 3852317.
Malhotra, N., Nunan, D., & Birks, D. (2017). Marketing research: An applied approach. Pearson.