The paper "Relevance of the Marketing Research for Strategic Decision-Making " is a great example of a Marketing Case Study. University education has become very critical for any individual in the U. K. Today, the U. K. prides itself on being amongst the countries that provide the best quality education. University of New England (UNE), however, prides itself on being one of the best universities in Britain, producing highly talented graduates that impact positively on the economy of Britain and the world at large. According to UNE’ s mission statement, the institution aims not only provides high-quality education, but also gives its students the opportunity to enjoy the best life experience by providing a variety of services through its UNE Life, including fitness, entertainment, business, and excellent relaxation environment.
UNE Life’ s mission statement has significance to the university as it not only establishes the strategic direction of the university but also informs the targeted market of its services and products and why they should choose the university. The institution’ s SMART objectives are also significant to the institution as it enables UNE life to set goals that are precise, measurable, realistic and achievable.
Additionally, the institution has a hierarchy that ensures that communications come from the top downwards for easy decision making. Porters Five Forces Porters Five Forces model is a critical management tool that helps managers to understand the level of competition in an industry or business (Porter, 2008). The five forces identified by Porter include competitive rivalry, buyer power, and seller power, the threat of substitution and threat of new entry (Figure 1). Source: Porter (2008) Competitive Rivalry Competitive rivalry in an industry is a very critical factor that marketers must consider to ensure that the business develops effective strategies to ensure competitiveness.
The competitive rivalry has to do with the number of competitors and their strength. According to analysis, it has become clear that competitive rivalry in the industry where UNE Life operates is high. Currently, there are about 109 universities in the U. K. that offer almost similar attractive services and products just as UNE (Universities UK, 2015). Competition is majorly based on the quality of education and services offered at the institutions to attract many students.
Additionally, the universities are competing largely on the number of tuition fees charged. Buyer Power When developing a marketing strategy, Porter advises firms to consider buyer power in the industry to see if they have a greater influence over prices or not (Porter, 2008). In Britain, the buyer power in the institutions of higher learning is low. This is because, as much as the students are more than five million students currently enrolled in various universities, buyers are not only highly fragmented but also diffused. This characteristic limits the ability of any single student to negotiate tuition fees, admission requirements and other services.
Nonetheless, buyers have little power in the sense that there are many universities in the country that makes it easy for the students to other universities that offer better products and services at affordable fees (Universities UK, 2015). Seller Power Suppliers contribute immensely to the success of higher education by ensuring that universities do not fall short of supplies. However, understanding the power of suppliers in an industry is very critical because it helps managers understand how to deal with suppliers (Hill and Jones, 2009).
Fortunately, because supply contracts in British institutions of higher learning are awarded based on competitive bids as there are many vendors selling similar products, the supplier power in this industry is low. This gives British institutions of higher learning more power over sellers in terms of dictating the prices and terms of engagement.
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