Pioneer Strategy for New Market Entry - Case Study Example

Student’s Name: Institution Affiliation: Student Number: Name of The Unit : Name of The Unit Coordinator: Word Count: Table of Contents Executive summary 3 New Idea for sportUNE 3 Product life Cycle 4 Strategic Marketing Plan (Part II) 4 New Market Entry 5 Pioneer Strategy for New Market Entry 5 Mass marketing 5 Skimming 5 Growth Strategies 5 Market expansion 6 Flanker 6 Shake-out, mature and declining strategies 6 New Economy Markets 6 Organization Structures 7 Organization’s Structure & Business Strategy 8 Marketing Plans 9 Marketing Metrics and Marketing Audit 12 Product Development 13 Conclusion 15 References 15 Executive summary This paper presents a strategic marketing plan of UNE organization. UNE is an institution of higher learning with different offers that constitutes its business portfolio. In particular, the business comprises of graduation services, online shopping of books & other research support services and the management of a second hand bookshops. These services form the unique products that define the business framework of the organization. There are various strategies that the UNE community has upheld in order to stage a rigorous competition with its rivals. For instance, it has placed its workforce into distinct groups under supervision with consideration of cultural aspects and minority groups in the formation of any integral groups. Furthermore, the integration of technology in the conduct of its business activities has also become a major element that has fostered the capacity for the business to flourish with high level accuracy and minimal manual attendance hence high accuracy in its dealings. Indeed, the UNE is renowned research support enterprise with multiple capability of ensuring high level performance capability with regard to either local or distance learning services. Over the years, UNE has been craving to top a flexible and an online learning experience service provider. This process has been characterized with major changes such as increased integration of technology into the development and the undertaking of various processes. For instance, the learning has been promoted through the use of latest technology that has promoted information sharing across long distance clients as well as the local clients of Australia. These advances have also led to increased accumulated profits. New Idea for sportUNE There are various activities carried by sportUNE. For instance fitness Reboot, group training, clubs, sporting competitions etc. Under sporting competitions, Athletics competitions and its associated products is not included and it is one of the best sporting activities. Therefore it’s a new idea that can be implemented by sportUNE. Athletics competitions would involves both the students and the community. The products enables sportUNE to engage in business trading Product life Cycle A product advances through a series of stages from introduction to growth, maturity, to decline stage. This series is called the product life cycle. These stages can be elaborated as follows; in introduction stage, the firm finds product consciousness and improve the market for the product. At growth stage, the firm finds brand preference and enlarge market share. At maturity, the sturdy progress in sales reduces. Competition might seem to deal with similar products. The main impartial at this stage is to secure market share whereas maximizing profit. On decline stage, sales diminishes and the firm arrives to some options i.e., Harvest the product – decrease costs and remain to offer it, perhaps to a faithful niche section, stop the product, settling remaining record or trading it to a different firm that is ready to sell the product.Diagramatic representation of product life cycle is shown below. Introduction growth maturity Decline Athletics competitions or athlete’s falls under the growth stage in the above product life cycle. Strategic Marketing Plan (Part II) The development of a strategic marketing plan is an essential tool that could be effectively used in promoting the performance process of an organization. The process consolidates the internal mechanism that has been devised by the individual firms with the solid intention of perpetuating proficient market performance under the integral market development processes. For the UNES business process, there have been a number of measures that has been instituted towards ensuring a long-term growth in market share as well as increased revenue generation across different generational production (Featherman, 2006). In this regard, the institution has developed various platforms including online platforms upon which clients can access and purchase their e-resources among other marketing projections. New Market Entry For a number of years to date, the establishment of the UNE strategic Plan has been a major element towards the enrichment of the performance culture of UNE .Athletics competitions and athletics’ products, sportUNE should comprehend its clients’ wants and needs and then deal with right products(footwear and others) at affordable cost in the correct place. Also encourage the product and use public relationships in the correct manner. To attain this goalmouth, the sportUNE must cultivate a strategic marketing plan. This plan helps it to regulate how to place itself in the market. Pioneer Strategy for New Market Entry Pioneer strategy simply means being the first to enter into new developing market or creating a new market. Under this, there are sub-strategies i.e. skimming, mass market whose relevance are discussed below. Mass marketing Mass marketing strategy refers to the promotion of a product, good or service to a big diversity of spectators with the anticipation of pleasing to large number. The capability to generate customers or clients is what makes a sportUNE more successful. Skimming Price skimming is a strategy type that sportUNE will use when being first to go into the market with athletics’ products including footwear. With price skimming, when it releases the products, it will accessible at great price and then decreases later in the product's life cycle or when competition starts to enter the marketplace. Growth Strategies Under this growth strategy, a market leaders is choosen.Market leadership is the position of a sportUNE to have the biggest market share or highest profitability margin in a given market for its athletics’ products and services. It reaches this state by big volume of products sold or the value of those products. SportUNE will have various sub-strategies including market expansion, flanker and fortress strategies. Market expansion Market expansion is an attractive strategy that sportUNE determines sales to current customers and markets being maximized. Creating and exploring new markets for its product with an aim of maximizing sales. This results to increase development of the products. Flanker Flanking marketing lets one firm to eject a competitor in a marginal marketplace. SportUNE therefore applies such strategies with purpose to control a market segment that is not well attended to by the existing rival. Shake-out, mature and declining strategies The distinct stages that affect the market performance of a product from its inception up to depletion are identified by product life cycle. The implication at each stage is explained below; At the introduction stage, intense marketing effort prepared to form a clear identity therefore promoting high awareness in the product introduced. Lot of buying usually occurs at this stage. The interest of the consumer brings about the growth stage .This is made unique by increasing the emergency and sales of the opponents. Competitions starts to separate from the market in the maturity stage. Sales speed drastically reduces and the volume arrives at state smoothly. Most loyal clients buy the commodity .Decline stage is arrived at by dramatic decrease in sales. New Economy Markets UNE is geared towards subscribing to a larger share of the Australian bookshop market and research service provision on a global and regional scale. In essence, the UNE Life Business has been craving to top the regional and take a first-rate position in the market it has established in. Some of the priorities that the organizations has been focusing on is the global and regional market destinations in which UNE is a major organization known for its quality and distinct student experience attributed with formative approaches to on-campus student life cycle as well as the integrated academic culture, flexibility and accessibility particularly for its distance education services (Kotler & Fox, 2005). Another major characteristic of the organization is conduction of research pertinent to the communities served by the organization. In particular, this group entails the rural and other regional communities. Organization Structures The organizational structure is very essential to the different functional units of any organization. Essentially, the structures provide the hierarchy of power as well as the flow of commands in the production process. Besides, it also dictates the flow of ideas especially in the making of critical decisions pertaining to the functionality of an organization. In essence, the institution of marketing plans for organizations ensures that organizations are able to undertake comprehensive market projection into future. In essence, future performance is also considered as a major determiner of the success of any organization. In establishing the marketing plan for the UNE, it is important to consider the type of product or the respective output. For instance, the supply of facilities for research can be easily relayed through a chain of online pre-determined commands. These facilities are availed to consumers at a fee. Subsequently, it does not involve a long physical chain which means that few personnel are required to operate the entire chain. However, in such an instance, accountability is very important on the various organizational functions. For instance, in the case of UNE, several procedures must be followed by different employees but answerable to a common head. For instance, the second hand bookshop is manned by a certain group of personnel under one leader who is accountable for the second hand bookshop operations and reports to the UNE management (Bok, 2003). On the other hand, the online shop is also set to be manned by a group of personnel who are also accountable for the operations in this platform and subsequently reports to the UNE management. Thirdly, the establishment of graduation services of the UNE is also tasked under a particular individual who is responsible for undertaking certain specific function to do with the organization and dispatch of various graduation services and products that are responsible for the formulation and subsequent achievement of an effective graduation ceremony. However, the latter taskforce also reports to the management top management of the UNE. In general, this structure forms the unit of performance in the UNE and is an essential component of the UNE business unit. In this regard, market planning enables the different units of a single business to performance complementary roles and finally confine to a particular revenue projection under varying business environments (Hanushek & National Bureau of Economic Research., et al. 2010). As a result, the two segments of marketing plan and organizational structure forms a major component of business activities. Organization’s Structure & Business Strategy Of late, the UNE has been craving to establish all the above features besides providing education to a significantly large number of students particularly from the minority groups. Furthermore, they have also been aiming at becoming the Australia’s choice university with regard to research and development on both regional and global significance. Indeed, the organization has been continually enhancing the quality objectives of its courseware while at the same time focusing its particular delivery along the online environment. The main aims of this process are deliverance of quality course works in the fast-growing online market. As a result, this advancement is expected to create a significant growth in the number of students taking part in the learning process while the support investments on student experience, research development and staffs is also likely to grow significantly. The Main strategy of the organization is to distinguish itself from the others through the production of a sharpened pool of experienced student. In order to achieve this fate, the organization has to set up a number of functional elements that could be used to attract a large component students and professional researchers. For instance, the organization should provide access to high quality as well as consistent experience of students without due regard for the manner and time that they have to engage with the college (Paley, 2000). Besides, in order to enhance acceptability and subsequent achievement of academic excellence, the organization should undertake a comprehensive move to promote a solid academic culture across all its colleges. The following chart represents the UNE Organization Structure: The above structured operational taskforce is responsible for championing the managerial operations including the development of new focus and product development at the organizational level besides checking out on the recurrent external elements. Marketing Plans Prioritizing on matters pertaining to the experience of both staffs and students is also an important factor that can be credited with enhancing the acceptability of the services provided under the umbrella of UNE. Besides, the institution should also develop its internal learning policies and management guidelines that will provide a discrete procedure that could be followed in ensuring that the organization objectives are achieved in the short-run. These may include standard teaching delivery options while at the same time taking advantage of the novel methods and technology guidelines. Besides, the organization should also execute a framework of operations that will see the provisions of on-campus domestic and international learners with the regarded formative experience as opposed to just a mere qualification. In addition, the college should manipulate its intensive research foundation in enhancing its teaching programs and perspectives. Finally, it should be able to stage and provide an efficient academic environment where teaching and other scholarly commodities are not only valued but also recognized. Secondly, the institution should also adopt an innovative student learning program supported by the modern technology. In order to achieve the latter, the following elements should be incorporated into the institution service remix. In particular, it should enhance its quality regarding online offerings through the embracement of new and efficient technologies. This could be done through the employment of the right and huge technologies that offers maximum supports to both teaching and learning. The expansion and subsequent enhancement of study centers coupled with the enhancement of future campus network in order to be able to serve students at any of their location whether locally on international would also form part of the extensive marketing projection (Patterson & Jones, 2005). Besides, UNE should also promote its IT service capacity in order to drives its growth to becoming the leading supplier of flexible and online learning experience. Online support would eventually create a social network between their clients and the organization. Thirdly, the UNE should also crave to strategic establish its performance towards achieving international excellence across its entire specialist areas of learning. To facilitate this development, UNE must engage a number of prioritized areas. In particular, this would entail gradual nurturing and further support high-proficiency research specializations. This would lead to the creation of a sustainable competitive advantage (Pride & Ferrell, 2008). Emergent areas of research should also be development with consistency to the organizational missions, besides having the capacity to earn an international recognition. In any case, the organization should be its growth on the strategic research development. Majority of the research should be aimed at understanding the communities’ perception of the Australian-based organization while recurrently promoting research facilities to attract foreign clients (Jordan, 2004). Similarly, one of the programs that should be instituted in the institution is the development of students groups comprising of mentorship groups, professional advancements and development programs towards enhancing the UNE research capacity both locally and worldwide. Furthermore, the organization should also continue maximizing the capacity for access to quality higher education. Indeed, for the development of local community loyalty amidst the prevailing diverse communities as well as the minority groups towards succeeding in the higher education sector. The provision of effective academic scaffolding in addition to support services aimed at meeting the needs of the entire student body. The establishment of new partnership with multiple institutions of learning in the areas of operation will also form the essential point of effective competitive with other brands and perhaps the shining of the organizational performance amidst prevailing rivalry (Kotler, 2000). By effective use or moderation of use of technology, UNE would be able to clear off barriers of distance or even the accessibility to facilities in the learning premises. Hiring for employees should also be a major step in for improvement. There should be innovative procedures of recruitment and subsequent retention of human resource personnel especially those coming from New England segment. The organization should also be well-organized in a manner that effectively meets the expectations of all the stakeholders particularly, the organizational staffs or students. In order to achieve some of these situations, the organization should promote its internal organizational culture which would enable it to respond towards certain altercation in the external environment. UNE should also organize its academic and administrative procedures with recognition of its formerly changing environment coupled with intensive use of technology aimed at increasing efficiency. This would be supplemented by the establishment and delivery of a high quality as well as consistent level of experience focused on the experience and achievements of all students in general and the staffs throughout all destinations in the university. UNE should also engage constructively in the new and former partners in order to consolidate teaching processes as well as achieving professional linkages with other strategic partners as well as other professionals. Marketing Metrics and Marketing Audit Marketing metrics refers to the measurements of the performance of marketing processes. For instance, in the case of UNE, there are various performance indicators or measures that are used to gauge the level of values of certain marketing approaches. For instance, on research perspective, there are various parameters that are used at UNE such as the HDR load, retention rates, Numbers of successful National competitive grants and PhD Completion times among others. Similarly, UNE also focus at the returns deduced from students as far as overall satisfaction index is concerned, Effectiveness of teaching scales as well as the coursework load. With regard to financial viability, UNE focus on the Net result as a percentage of the total revenue, increase in operational profits and diverse revenue streams among other variables. Other variable that measures the marketing metrics includes Customer Acquisition Cost (CAC) (University of New England., 2002). On the other hand, marketing audit is a review process of the entire marketing framework of a company before and after conducting the actual marketing planning processes. It is often used to review a particular business strategy used by a business. It is important in the sense that it creates fresh perception and an external view of previous marketing activities while at the same time aiding in the assessment of performance against business competitors. Thoroughly done marketing audit provides an essential platform upon which future marketing activities can be grounded on. In this regard, marketing audit focus on the present and past marketing process of a company. For instance, UNE is currently using online platform in its marketing as well as face-to-face marketing. In essence, the company is trading in a number of diversified commodities such as graduation services, second hand books as well as new text books besides providing other critical research support services to its clients. Product Development While the college has made essential conditions towards renewing their infrastructure and further enhancing its highly prized residential system has been some of the potential avenues that the institution has sought to utilize with a view to increasing the economic efficiency of the firm. Besides, the institution has also undertaken a successful Structural Adjustments Funding aimed at financing aimed at facilitating its change in quick shift internationalized tertiary educations sector. This aspect has been major marketing prospects of the company that has tended to increase the effectiveness of the institution in delivering quality academics services. Besides, the organization has also been able to secure financial resources towards catering for the Integrated Agricultural Education Project while at the same time playing the capacity and role of the leading University within the context of Collaborative Research Network based on mental health as well as the loyalty aspects of both the Rural and the Surrounding communities. These activities under which marketing planning has been based upon has been geared toward enlarging the market performance of the institution. Essentially, within the contemporary new and highly competitive policy situation, UNE has been matching towards creating a distinction hence giving it the prime capacity to be the world’s superlative collegiate while at the same time posting a significant challenge on the existing outdated stereotypes based on face-to-face business conducts with its sophisticated online service platform. Basically, the institutional business projection is based on its focus to becoming the nation’s best quality service provider in both online and unified teaching. In various research perspectives, the institution has also invested in various areas that are supportive of the economic and social development aspects of the region and Australia in particular hence becoming the best university for research into both regional and global aspects. In order to spur fast developments, UNE has been pegged on a regional and global market targets through internationally networked university context with high capacity for quality and student experiences. Its excellence facilitation of research is a major attributes to its regional dominances as a major research support center while research forms major portion of the economic growth of any region and the world at large. Furthermore, the institution is also established on a relevant position with strong attachment to innovations and inclusivity with critical emphasis on its employees and the entire New England Society (Webb & Museum of Antiquities-UNE, 2001). In its strategic market projections, UNE provide an elaborate and distinct student experience with unique on-campus student tradition as well as overall academic culture pertinent to the community it has been established and serviced in. Conclusion In conclusion, UNE institution offers different services including graduation service, online shopping of books etc. that define its business framework. Strategic marketing plan is effectively used in promoting the performance process of the organization. Also the strategies used in offering its services enabled the organization to successfully maximize its sales and increasing the product development leading to establishment of elaborate growth-market strategies. 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