Marketing Plan for University of Wales Trinity Saint Davids E-learning Product - Case Study Example

Marketing plan for University of Wales Trinity Saint David’s e-learning product Name Course Instructor Institution City/state Date Executive summary This report is a marketing plan developed to the senior management of University of Wales Trinity Saint David. Besides, the paper presents some of the possible challenges or barriers of market entry that are best explained using Porter’s model of five forces. On the other hand, it also explains to the senior management of the institution how it can create value to the product by first taking into account the importance of value chain analysis. The barriers to market entry can be best addressed by doing proper relationship marketing and identification of marketing mix using the 4Ps model. Nonetheless, the report has also mentioned the need to carry out proper market segmentation, targeting and positioning so as to successfully introduce the product into the existing education market. Finally, a growth strategy of the product is vital and the report concludes with some recommendations to the senior management. Introduction With the increased competition in the tertiary education, many institutions have diverted their education strategies towards digital learning. The advancement in information technology has created an online learning environment that is generally referred to as e-learning (New Zealand Ministry of Education 2014). E-learning is basically an electronic learning system where learners use their electronic gadgets that are connected to the internet to carry out their learning activities (New Zealand Ministry of Education 2014). The main focus of this piece of work is on University of Wales Trinity Saint David that recently introduced e-learning to complement its existing traditional model of education since Bologna Press has recommended changes to education standards (Reuters 2014). Certain marketing mix factors influence the introduction of new products into the market (Alan & Fiona 2013, p.208). Therefore, this paper utilises different elements of marketing to develop a marketing plan for e-learning product that University of Wales Trinity Saint David is availing to the education sector. The marketing plan process The marketing planning process is important since it involves such activities like doing proper marketing mix, value creation, relationship marketing and other marketing concepts like segmentation, targeting and position. Furthermore, the process identifies the need of corporate social responsibility in the modern business environment and it is also important to the organisation by identifying barriers to market entry. Most importantly, the process provides the growth strategies that are suitable for the chosen product. Marketing mix using 4Ps model A new entry of a product of into an existing market requires a clear understanding of the marketing mix concept which acts as the feasibility test of a project. Firstly, the most important thing is to do a proper market positioning of the product. A model that best defines a marketing mix is the model 4ps that states that entails the product, place, price and promotion (Mahadevan 2000, p.58). The same tool is used to coin a basic phrase that states that marketers must choose the right product, introduce it at the right place under appropriate price by using the right strategies of promotion. Marketing mix is rather the different choices that an organisation has to make when availing products or services into the market. EJ McCarthy introduced 4Ps model to define marketing mix (Alan T & Fiona 2013, p.207). The first P may help the institution to know the educational needs of the customers, product nature and usage (Håkan & Alexandra 2005, p.110). The e-learning as a product is a learning system that is discreet thereby allowing learning at learner’s pace with tasks that help them understand the knowledge acquisition process. This system specification enables the management to differentiate its product according to learning capabilities of the students. The second P will entail the geographical location that customers wish to buy the product from (Alan T & Fiona 2013, p.207). In this case, the customers will engage in online consumption of the e-learning as a product. The third P encompasses price. The company must compare its prices to other competitors and threats from substitute product prices must also be considered. The prices should be affordable to the customers. A good marketing strategy will be the provision of discounts. Finally, the fourth P entails promotional activities that marketers use to avail their products into the target market (Arijit S & Prakash 2010, p. 61). It enables the organisation to know the time and place before sending marketing messages as well as the media of sending those messages like advertisement in the social media. Besides, it is important to know the perfect time to o promotional activities while keeping in mind what competitors do to promote their services. Relationship marketing This strategy will help the institution to build a strong customer loyalty, long-term engagements and interactions (David 2009, p.1). It will basically focus on customer retention. The marketing audit also carried out a PESTEL analysis that concluded that technological advancement has built a strong social media like the internet that the university can utilise to build a strong customer base. Therefore, the strategy will enable the university to build a strong customer connection by providing them with the necessary information that meets their needs through promotion of open communication (Arijit & Prakash 2010, p.208). Modern customers are well information hence the institutions must use relationship marketing to manage its relationship with the customers that will lead to competitiveness of the product. It also leads to competitive advantage. The organisation can do relationship marketing through such channels like customer service, social media, emails, surveys and loyalty programs (Zhang et al 2004, p.77). Social sites that have been used by most multinational enterprises include facebook and twitter. Students interact most in these sites hence the e-learning marketing must utilise this advantage. Value creation The other important model of marketing is value creation as a way of increasing worth of the goods and services (Christine et al 2013, p.244). After the e-learning has established in the market, it is important for the management to constantly add value to this product. The management can only achieve the best value when it has aligned its business, investment and financial strategies that will enable them to stay in the market by identifying all the customer needs (David & Stan 2008, p.31). A good way of adding value to the product is by integrating the e-learning system to modern portable technologies like tablets, smartphones since they have some interactive designs for easy engagement for the learners. Value creation is done after the product establishes in the market. The value chain analysis below will also help the management to create value for the product as a way of enhancing marketing and promotional activities of the e-learning product. Value chain analysis(Gill H & Allan 2005, p.78) Market segmentation, targeting and positioning Market segmentation involves portioning of different sub-units of the market and designing the best products for them (Salah & Stephen 2012, p.344). Markets can be segmented based on demographics, psychographics and behavioural aspects of the customers. In e-learning for instance, the management can segment the market into national, regional and international markets and design learning product according to their needs. For instance, e-learning may be harnessed for the international students who are not fluent in English. In this case, key knowledge databases and asynchronous mode of learning will be effective for them (Peng & Brad 2003, p.197). Furthermore, market targeting must be put into consideration for the e-learning product. It involves choosing the targets that involves three strategies of undifferentiated targeting, concentrated targeting and multi-segmented targeting (Salah & Stephen 2012, p.344). The modern education sector is concentrated in nature and has both traditional and modern or digital markets like e-learning. Therefore, this institution will choose a concentrated targeting that reaches out to a specific group of learners who prefer e-learning and provide the services that best suit their needs. Finally, market position is equally a vital aspect of marketing that involves development of products and images of brands in the consumers’ minds (Salah & Stephen 2012, p.344). A product position is simply the place that it takes in a consumer’s mind. It is best achieved through strategic activities aimed at promoting the product. On the other hand, it will involve a comprehension of other competing products. Therefore, it is best to define the benefits of choosing a product relative to others that also includes the differential advantages that the institution builds. For instance, e-learning in this university can be differentiated into knowledge databases, online support, synchronous as well as asynchronous levels that must be well manipulated to get the best position in the consumers’ minds (Pituch & Lee 2006, p.241). Discretely, the product will mostly adopt online support to the students which will better position it consumers’ minds. Corporate Social responsibility One of the current issues facing organisations in the modern business environment is the need to conserve the environment (Thomas & Antoine 2001). The existing PESTEL analysis of the university shows that education sector is one of the large consumers of energy thus increasing carbon footprints. Increased public awareness of corporate social responsibility and sustainability is also driving companies to undertake appropriate environmental conservation programs. However, the institution is achieving environmental sustainability by introducing an online learning system that will save energy costs and reduce amount of carbon emissions into the atmosphere since students learn at their homes (Pituch & Lee 2006, p.241). They do not lead to travel and thus managing carbon footprint effect. Barriers to market entry and ways of overcoming them Conversely, porter’s model of five forces has been recommended by for the identification of challenges and barriers to market entry (Mahadevan 2000, p.60). This model will help the management identify the e-learning market barriers. Firstly, new entrances may be treated low or high depending on the type of e-learning strategy they choose (Childs et al 2005, p.24). A PESTEL analysis on the organisation shows that there are increased e-learning programs globally. Therefore, the stiff competition may lead to low acceptance of the e-learning system. In real sense, the company can overcome this force by adopting a diverse form of e-learning to include knowledge databases, online support, synchronous and asynchronous e-learning levels. Secondly, supplier power also plays a critical role in market entrance. The suppliers have higher bargaining power thus the management must be ready to spend on buying e-learning materials (Fry 2001, p.235). A SWOT analysis of the organisation shows that it has considerable strengths that will help counter the supplier force a market barrier. The organisation developed a merger of University of Wales Lampeter, Trinity University College Carmarthen and the Swansea Metropolitan University to form the University of Wales Trinity Saint David as a competitive advantage. It is a strategic alliance (Thomas & Antoine 2001, p. 257). Such an alliance makes it possible to harness technological skills of developing e-learning materials thus the institution will not rely on external supplier Thirdly, there is high rivalry in higher education systems that adopt e-learning since they must be dependent on their strategies and resources (Svensson 2011, p.779). However, the institution offers a wider range of courses than most of its competitors. Nonetheless, there is high threat from substitute products like the education schemes that provide e-learning to employment organisations (Fry 2001, p.235). This threat can also be overcome by offering of a wide range of courses, a strategy that exist in the university as a corporate alliance that has enabled it to attain a competitive advantage. Finally, there is lower bargaining power within the customers that the management must consider when marketing the e-learning as a new product (Childs et al 2005, p.24). Low bargaining power as a market force can be overcome by developing effective pricing policy as a business strategy for the e-learning product. Porter’s five forces and market barriers to e-learning Growth strategy Growth of this product into the new market can be best illustrated using Ansoff’s Growth Matrix (HJM Business Development 2012). The growth of new businesses depends on how the organisations market existing and new products into existing or new markets. This model recommends four strategies that can be used to ensure growth of a product. Firstly, market penetration is vital that involves selling the same product to many customers of the same kind (HJM Business Development 2012). Secondly, market development also entails selling a large number of a homogenous product to differentiated customers. Thirdly, product development is also important where the marketers sale new products to same customers. The management must improve e-learning at all costs (Song et al 2004, p.62). Finally, diversification is an important growth strategy that involves selling of new products to differentiated customers. The above four strategies are equally important for e-learning product in the institution. Recommendations From the above marketing plan, the university can utilise the 4Ps model to build and market e-learning as a product. This will enable the management to know the right product for the customers or the students as well as an inference into the geographical location of the online students. Besides, pricing will be an important factor to consider that involves consideration of the university’s prices relative to other competitors. Furthermore, a good promotional strategy like the use of appropriate media will be instrumental in marketing of the product. However, proper relationship marketing will be needed to ensure that the organisation builds a good relationship with the customers to maintain their loyalty. In addition, good market segmentation, targeting and positioning is vital for the marketing of the product. The management must segment market according to demographic, psychographic and behavioural needs of the customers. Market targeting will mainly be directed to the e-learners while positioning must entail promotional initiatives that will attract consumers and maintain their loyalty. Barriers to market entry can be best addressed by proper relationship marketing, good utilisation of the marketing mix model and best application of the growth strategies. Conclusion In summary, the above marketing plan has utilised certain models to explain how the university can market its e-learning product. The report has first given an overview e-learning by defining the product as well as giving strategies or levels of e-learning. The plan has used the existing organisational strategies as well as SWOT and PESTEL analyses of to develop the marketing plan. The report has also found out some of the barriers of market entry of the product. The best way to overcome those entries is a proper consideration of the marketing mix by using the 4Ps model as well as detailed relationship marketing. Besides, value creation and proper market segmentation, targeting and positioning will enable the product to overcome barriers to entry. Finally, the report has recommended a growth strategy for the e-learning as product by using the Ansoff’s Growth matrix and concludes by giving a recommendation to the management. 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