Managerial Marketing Final Paper
Final Paper
Ashford University
Managerial Marketing BUS620
Dr. Sharif Muhammad
August 09, 2010
Table of Contents
Abstract……………………………………………………………………………………….…...3
Market Plan………………………………………………………………………………….….....4
Executive Summary of Marketing Plan…………………………………………………….……..5
Analysis of current Situation……………………………………………………………….……..5
Company Overview……………………………………………………………….………5
Customer Analysis……………………………………………………………….………..7
Competitor Analysis……………………………………………………………….……...7
Microenvironment Analysis……………………………………………………....……….8
Market Segmentation………………………………………………………………………….......8
Marketing Strategy………………………………………………………………………………...9 Product…………………………………………………………………………………...10 Price……………………………………………………………………………………...10 …show more content…
Place……………………………………………………………………………………...10
Promotion……………………………………………………………………………...…11
Conclusion……………………………………………………………………………………….11
Abstract
In today’s economy, the globalization and the opening of markets is creating a very competitive place to find a good job even if you don’t have a high level of education.
For many people, to get this education is very difficult and for others it is almost impossible, for different reasons. An online program is giving to these people the opportunity to achieve their goals in the convenience of their own time. New technologies are creating better programs with better resources than on campus programs. This is a very attractive market with a lot of new possibilities to continue growing.
Final Paper In today’s world, globalization and new technologies are creating more challenges to find a job for traditional workers. Pursuing a higher education is one of the keys to overcome the competition in the job market. This paper will cover an assessment of the market plan of online MBA programs as one of the best solutions to this …show more content…
problem.
During the last few years, opening markets and globalization of them are creating a very competitive job market. People that are looking for a job in this economy benefit from having a higher level of education. The competition for a good position depends a lot on how well educated the person is. Earning a Master degree is now almost a necessary aspect of any workers profile to prove a better and higher level of education. One of the big issues is that not every person who wants to get these levels of education has the money or the time to do it. One of the best solutions of this problem is to do it through online education.
Nobody can deny the rapidly growing business of distance education programs.
One of those programs is the online Master of Business Administration that in recent years is becoming one of the most rapidly growing programs in this market. In the shared opinions of Dr. John Crossley (2010), Dinkel, S (2010) and Naidu, S (2010), online education is rapidly growing and it is giving the people who choose this method a lot of benefits to accomplish their dreams. They also agree that online education is here to stay and with effective and efficient virtual learning techniques it can be as good as face to face learning and
teaching.
In order to complete this assignment, I chose to create market plan project of the topic: “pursuing an online MBA program over an on-site program”. This assignment will be elaborated on the supposition of an institution that has an MBA program and is proposing their market plan for the next year and focusing also on an online program.
Market Plan
Executive Summary of Marketing Plan Globalization and this rapidly growing and competitive market are demanding managers with higher levels of education as in master and post degrees. Only a few people, especially including those who are called “traditional students” (21 – 26 years old), have the opportunity to get these higher levels of education. The objective of this market plan is to give the option and opportunity to complete a Master in Business Administration “MBA” online to other groups of the population known as non-traditional students (corporate students, workers, etc). An online education is one of the most rapidly growing types of education on the market.
Analysis of Current Situation Through the next points will be described the current situation and the trends the program faces in the market. It is well know that online education is growing very fast and many people of other segments of the population are becoming more interested in starting or continuing their education with an online MBA.
Company Overview The main goal of this institution for the next year is to incorporate an online MBA program using their experience in on-campus programs. Another goal of this institution is to create interest in the market of this program with very competitive program outlines and prices. Focus.- The main focus of this plan will be to convince the customer of the efficacy and effectiveness of the learning techniques when using these programs. Another is to show the benefit of choosing an MBA online program over an on campus program. Also, to show the better prices for the same education using the online program. Since this institution is not the first to offer this program it is going to be very important to share the market and create a very competitive and pedagogically revolutionary program to dominate in this market. Strengths.- * The main benefit of pursuing and MBA online is that is irrelevant where the student is located to finish their program. * Student can have their full time jobs and continue on their own time studying their courses. * Freedom for students to choose the best program to continue their education in their own time without mandatory meetings * Lower cost of courses, materials, gas and expenses otherwise incurring when students have to go to a campus * 24 hours a day and 7 days a week access with personalized attention for their students. * Pay for the courses as you go without being obligated to continue every semester. * This institution can provide small class sizes with great pedagogical services * One big advantage over their competitors will be to create good technical and supply agreements to help their customers at any time. * Joint ventures and agreements with key companies to offer the possibility of work in their installation after completion of the program
Weakness.-
* This institution can’t guaranty a big salary job because employers don’t believe much in online education yet. * The institution can’t guaranty the level of commitment of their students. * Many students can feel isolated for the lack of interaction and communication. * This lack of communication can result in not getting immediate answers for the students’ questions. * If the student doesn’t know to use the internet very well it can be a big issue for them.
Customer Analysis
The customer of this type of high level of education is not necessarily the same. Typically the people who can use the option of going on campus to study an MBA are “traditional students” (students between the age of 21-26). The customer who is generally going to use this online MBA program is: * People who work (part or full time) and don’t have the time to go on campus to study * People who can not necessarily go to mandatory meetings in the school campus * A Non Traditional Student (basically people who can’t afford to leave their jobs) * Professionals who want to compete with the demand of highly educated workers * Professionals who want to change their regular type of work * People who are going to focus their decision on the cost of the education and the facilities the institution is giving to them * Military personnel traveling or getting deployed all the time
Competitor Analysis This is a market that already has a lot of competition. Many institutions offer these programs online as alternatives of their on campus programs. One of the best ways to know who the competition is, really, is to know the real position of the market of the institution. After exactly recognizing this position, the institution has to make an analysis of the strengths and weaknesses of their competitors. The last step will be to evaluate who they will be sharing the market with, or in the best scenario create a very competitive product to improve their position on the market. The main problem of offering this type of program is the competition of big institutions with a lot of resources to compete for the market. To compete with this issue, this institution will have to learn from the mistakes of the competitors and take advantage of these mistakes.
Microenvironment
This is going to be an analysis of the environmental factor and the opportunities of the moment to implement a new program to the market. This analysis can be made through: * Political and legal environment * Economic environment * Social and Cultural environment * Technological environment
Another analysis can be made according to the tools the quickmba internet web page offers named SWOT (strengths, weaknesses, opportunities and threats). The first two are using the internal analysis of the attributes of the company and the last two using the external environment that present opportunities and threats.
Market Segmentation
This institution has decided to compete through their online program with many other institutions that have the same program. According to the segmentation criteria described by Mullins, J. W., & Walker Jr, O. C. (2010), it is clear that the students who are pursuing an online program instead of an onsite program is a combination of demographic (Age, problems with time, full time jobs, etc) and psychographic segmentation (the market targeting is people who will prefer to use the internet for pursuing a higher level of education). Another point of view is that of Wyner, Gordon A.. (1992), his segmentation design has similarities to the criteria mentioned before and based on his segmentation criteria this customer is geographic and psychographic (based on the same behavior that is use the internet).
The institution should do very good research about the market segment they will focus on. This is very important because many other institutions already offer the same product and this research will help to make sure the needs and wants are getting satisfied. The main market of this product will be: * People who want and need to complete a MBA * People who can’t go to campus to do it will have to use the internet in order to complete the course * Professionals who want to change their occupation and improve their education * Professionals who can’t go to campus because they have a part or full time work * People who can afford the cost of the course * Professionals who need the necessary support to pursue the next step of education * Military personnel who can’t attend class and are always traveling or deployed
The best way to reach them will be looking for them. Many times this market segment is very busy and they do not realize the support that a good institution can provide them.
Marketing Strategy In any marketing strategy, in the opinion of Mullins, J. W., & Walker Jr, O. C, will be to effectively allocate and coordinate marketing resources to achieve the firms objective. Now this strategy is not always the same because we are targeting different segments of the market. The strategy of this product will be focusing on the growing population who needs to pursue a MBA and can’t attend campus, but can do it online. As mentioned before, there are already many institutions who offer this product. This is why the strategy to follow according to the definition of Miles and Snow’s four business strategies, will be an analyzer. This strategy will use the evaluation of others performance and learn from their mistakes offering a better product at a lower cost and higher quality. Another point to analyze is that this institution will play the role of a follower on the market.
Product
The product will be a very revolutionary, pedagogically, and innovate online MBA program that satisfies the needs of the market segment targeted with this product. The brand name will be showing the prestige of the institution that is offering the product. One of the keys of this product is trying to differentiate it from other similar products with better customer services, more personalized and better technical support for the customer 24/7. The quality of the product has to be as good as any MBA on campus giving their customers the sensation of achieving a goal in life while paying a very low cost.
Price
The price of this product will be using the skimming technique. It will be very low at the beginning as introductory price to capture customers and with time reach standards levels with quality services. One of the introductory services will be promotions discounts depending on the amount of courses and the loyalty of their students. Many institution use federal loans but this institution will create funds with the idea to help students with personal loans with very low interest. Place
In the opinion of Mehta, K. (2008), the internet and virtual customers are one of the most important markets to target. This product will have as a distribution channel 100 % through the internet with all the support of the main institution who will continue to give this program on campus. The key of the internet is what I call “location, location and location”. With the use of the internet and new technologies, students will be able to access their classes and their resources at any time and more important anywhere that has internet access. The logistic is going to be based in a good library on internet where students can access allot of type of information, a great technical support unit 24/7 and small unit dedicated to attend the needs of their students.
Promotion
The amount of the promotion of this program will be depending on the budget dedicated to this. At the beginning the budget has to be big to create awareness on the customer of the existence of this program. Using the media with promotional programs will be attractive for customers. The creation of a small unit dedicated to enroll students in the program giving them very personal attention to their needs, will be one of the keys of the success of the program. The budget will increase depending on the rate of interest of new customers.
Control and Conclusion The implementation of the written market plan is going to be the key of the success of this program. The creation of a quality control office will be in charge to follow each step of the process evaluating the performance of the evolution of the program. Common knowledge said “the paper resist everything”. It is very important to write a very good market plan, but more important is to have all the parts involved in the creation of this program “on the same page” and follow their duties. An online program has the same recognition as an on campus program, and the key of this program is creating awareness in the customer of the efficacy and efficiency of the program over an on campus program. Following all the steps of this market plan and their implementation on regular bases will be the key of the success of the plan.
References
Dr. John Crossley. (2010, July 7). Top 10 Reasons Why Online Learning is the Fasted Growing Area in Higher Education Today. Miramichi Leader, A.7. Retrieved August 2, 2010, from Canadian Newsstand Complete (Document ID: 2075080761).
Dinkel, S. (2010, June). Walk, Drive, Ride or Log in: What is Your Best Way to Go to College? Leatherneck, 93(6), 48-49. Retrieved August 7, 2010, from Research Library. (Document ID: 2061401181).
Mehta, K. (2008). E-Commerce: On-Line Retail Distribution Strategies and Global Challenges. The Business Review, Cambridge, 9(2), 31-36. Retrieved August 5, 2010, from ABI/FORM Global. (Document ID: 1617904711).
Mullins, J. W., & Walker Jr, O. C. (2010). Marketing management: A strategic decision-marking approach (7th ed.). New York: McGraw-Hill Irwin.
Naidu, S. (2010) EDITORIAL. Distance Education, 31(1) 1-3. Retrieved August 7, 2010, form Research Library. (Document ID: 2074810871).
Quikmba. QuickMBA knowledge to power your business. Retrieved August 7, 2010, from http://www.quickmba.com/marketing/plan/
Wyner, Gordon A.. (1992) Segmentation Design. Marketing Research, 4(4), 38. Retrieved August 6, 2010, from ABI/INFORM Global. (Document ID: 1224947).
Ashford University
Managerial Marketing BUS620
Dr. Sharif Muhammad
August 09, 2010
Table of Contents
Abstract……………………………………………………………………………………….…...3
Market Plan………………………………………………………………………………….….....4
Executive Summary of Marketing Plan…………………………………………………….……..5
Analysis of current Situation……………………………………………………………….……..5
Company Overview……………………………………………………………….………5
Customer Analysis……………………………………………………………….………..7
Competitor Analysis……………………………………………………………….……...7
Microenvironment Analysis……………………………………………………....……….8
Market Segmentation………………………………………………………………………….......8
Marketing Strategy………………………………………………………………………………...9 Product…………………………………………………………………………………...10 Price……………………………………………………………………………………...10 …show more content…
Place……………………………………………………………………………………...10
Promotion……………………………………………………………………………...…11
Conclusion……………………………………………………………………………………….11
Abstract
In today’s economy, the globalization and the opening of markets is creating a very competitive place to find a good job even if you don’t have a high level of education.
For many people, to get this education is very difficult and for others it is almost impossible, for different reasons. An online program is giving to these people the opportunity to achieve their goals in the convenience of their own time. New technologies are creating better programs with better resources than on campus programs. This is a very attractive market with a lot of new possibilities to continue growing.
Final Paper In today’s world, globalization and new technologies are creating more challenges to find a job for traditional workers. Pursuing a higher education is one of the keys to overcome the competition in the job market. This paper will cover an assessment of the market plan of online MBA programs as one of the best solutions to this …show more content…
problem.
During the last few years, opening markets and globalization of them are creating a very competitive job market. People that are looking for a job in this economy benefit from having a higher level of education. The competition for a good position depends a lot on how well educated the person is. Earning a Master degree is now almost a necessary aspect of any workers profile to prove a better and higher level of education. One of the big issues is that not every person who wants to get these levels of education has the money or the time to do it. One of the best solutions of this problem is to do it through online education.
Nobody can deny the rapidly growing business of distance education programs.
One of those programs is the online Master of Business Administration that in recent years is becoming one of the most rapidly growing programs in this market. In the shared opinions of Dr. John Crossley (2010), Dinkel, S (2010) and Naidu, S (2010), online education is rapidly growing and it is giving the people who choose this method a lot of benefits to accomplish their dreams. They also agree that online education is here to stay and with effective and efficient virtual learning techniques it can be as good as face to face learning and
teaching.
In order to complete this assignment, I chose to create market plan project of the topic: “pursuing an online MBA program over an on-site program”. This assignment will be elaborated on the supposition of an institution that has an MBA program and is proposing their market plan for the next year and focusing also on an online program.
Market Plan
Executive Summary of Marketing Plan Globalization and this rapidly growing and competitive market are demanding managers with higher levels of education as in master and post degrees. Only a few people, especially including those who are called “traditional students” (21 – 26 years old), have the opportunity to get these higher levels of education. The objective of this market plan is to give the option and opportunity to complete a Master in Business Administration “MBA” online to other groups of the population known as non-traditional students (corporate students, workers, etc). An online education is one of the most rapidly growing types of education on the market.
Analysis of Current Situation Through the next points will be described the current situation and the trends the program faces in the market. It is well know that online education is growing very fast and many people of other segments of the population are becoming more interested in starting or continuing their education with an online MBA.
Company Overview The main goal of this institution for the next year is to incorporate an online MBA program using their experience in on-campus programs. Another goal of this institution is to create interest in the market of this program with very competitive program outlines and prices. Focus.- The main focus of this plan will be to convince the customer of the efficacy and effectiveness of the learning techniques when using these programs. Another is to show the benefit of choosing an MBA online program over an on campus program. Also, to show the better prices for the same education using the online program. Since this institution is not the first to offer this program it is going to be very important to share the market and create a very competitive and pedagogically revolutionary program to dominate in this market. Strengths.- * The main benefit of pursuing and MBA online is that is irrelevant where the student is located to finish their program. * Student can have their full time jobs and continue on their own time studying their courses. * Freedom for students to choose the best program to continue their education in their own time without mandatory meetings * Lower cost of courses, materials, gas and expenses otherwise incurring when students have to go to a campus * 24 hours a day and 7 days a week access with personalized attention for their students. * Pay for the courses as you go without being obligated to continue every semester. * This institution can provide small class sizes with great pedagogical services * One big advantage over their competitors will be to create good technical and supply agreements to help their customers at any time. * Joint ventures and agreements with key companies to offer the possibility of work in their installation after completion of the program
Weakness.-
* This institution can’t guaranty a big salary job because employers don’t believe much in online education yet. * The institution can’t guaranty the level of commitment of their students. * Many students can feel isolated for the lack of interaction and communication. * This lack of communication can result in not getting immediate answers for the students’ questions. * If the student doesn’t know to use the internet very well it can be a big issue for them.
Customer Analysis
The customer of this type of high level of education is not necessarily the same. Typically the people who can use the option of going on campus to study an MBA are “traditional students” (students between the age of 21-26). The customer who is generally going to use this online MBA program is: * People who work (part or full time) and don’t have the time to go on campus to study * People who can not necessarily go to mandatory meetings in the school campus * A Non Traditional Student (basically people who can’t afford to leave their jobs) * Professionals who want to compete with the demand of highly educated workers * Professionals who want to change their regular type of work * People who are going to focus their decision on the cost of the education and the facilities the institution is giving to them * Military personnel traveling or getting deployed all the time
Competitor Analysis This is a market that already has a lot of competition. Many institutions offer these programs online as alternatives of their on campus programs. One of the best ways to know who the competition is, really, is to know the real position of the market of the institution. After exactly recognizing this position, the institution has to make an analysis of the strengths and weaknesses of their competitors. The last step will be to evaluate who they will be sharing the market with, or in the best scenario create a very competitive product to improve their position on the market. The main problem of offering this type of program is the competition of big institutions with a lot of resources to compete for the market. To compete with this issue, this institution will have to learn from the mistakes of the competitors and take advantage of these mistakes.
Microenvironment
This is going to be an analysis of the environmental factor and the opportunities of the moment to implement a new program to the market. This analysis can be made through: * Political and legal environment * Economic environment * Social and Cultural environment * Technological environment
Another analysis can be made according to the tools the quickmba internet web page offers named SWOT (strengths, weaknesses, opportunities and threats). The first two are using the internal analysis of the attributes of the company and the last two using the external environment that present opportunities and threats.
Market Segmentation
This institution has decided to compete through their online program with many other institutions that have the same program. According to the segmentation criteria described by Mullins, J. W., & Walker Jr, O. C. (2010), it is clear that the students who are pursuing an online program instead of an onsite program is a combination of demographic (Age, problems with time, full time jobs, etc) and psychographic segmentation (the market targeting is people who will prefer to use the internet for pursuing a higher level of education). Another point of view is that of Wyner, Gordon A.. (1992), his segmentation design has similarities to the criteria mentioned before and based on his segmentation criteria this customer is geographic and psychographic (based on the same behavior that is use the internet).
The institution should do very good research about the market segment they will focus on. This is very important because many other institutions already offer the same product and this research will help to make sure the needs and wants are getting satisfied. The main market of this product will be: * People who want and need to complete a MBA * People who can’t go to campus to do it will have to use the internet in order to complete the course * Professionals who want to change their occupation and improve their education * Professionals who can’t go to campus because they have a part or full time work * People who can afford the cost of the course * Professionals who need the necessary support to pursue the next step of education * Military personnel who can’t attend class and are always traveling or deployed
The best way to reach them will be looking for them. Many times this market segment is very busy and they do not realize the support that a good institution can provide them.
Marketing Strategy In any marketing strategy, in the opinion of Mullins, J. W., & Walker Jr, O. C, will be to effectively allocate and coordinate marketing resources to achieve the firms objective. Now this strategy is not always the same because we are targeting different segments of the market. The strategy of this product will be focusing on the growing population who needs to pursue a MBA and can’t attend campus, but can do it online. As mentioned before, there are already many institutions who offer this product. This is why the strategy to follow according to the definition of Miles and Snow’s four business strategies, will be an analyzer. This strategy will use the evaluation of others performance and learn from their mistakes offering a better product at a lower cost and higher quality. Another point to analyze is that this institution will play the role of a follower on the market.
Product
The product will be a very revolutionary, pedagogically, and innovate online MBA program that satisfies the needs of the market segment targeted with this product. The brand name will be showing the prestige of the institution that is offering the product. One of the keys of this product is trying to differentiate it from other similar products with better customer services, more personalized and better technical support for the customer 24/7. The quality of the product has to be as good as any MBA on campus giving their customers the sensation of achieving a goal in life while paying a very low cost.
Price
The price of this product will be using the skimming technique. It will be very low at the beginning as introductory price to capture customers and with time reach standards levels with quality services. One of the introductory services will be promotions discounts depending on the amount of courses and the loyalty of their students. Many institution use federal loans but this institution will create funds with the idea to help students with personal loans with very low interest. Place
In the opinion of Mehta, K. (2008), the internet and virtual customers are one of the most important markets to target. This product will have as a distribution channel 100 % through the internet with all the support of the main institution who will continue to give this program on campus. The key of the internet is what I call “location, location and location”. With the use of the internet and new technologies, students will be able to access their classes and their resources at any time and more important anywhere that has internet access. The logistic is going to be based in a good library on internet where students can access allot of type of information, a great technical support unit 24/7 and small unit dedicated to attend the needs of their students.
Promotion
The amount of the promotion of this program will be depending on the budget dedicated to this. At the beginning the budget has to be big to create awareness on the customer of the existence of this program. Using the media with promotional programs will be attractive for customers. The creation of a small unit dedicated to enroll students in the program giving them very personal attention to their needs, will be one of the keys of the success of the program. The budget will increase depending on the rate of interest of new customers.
Control and Conclusion The implementation of the written market plan is going to be the key of the success of this program. The creation of a quality control office will be in charge to follow each step of the process evaluating the performance of the evolution of the program. Common knowledge said “the paper resist everything”. It is very important to write a very good market plan, but more important is to have all the parts involved in the creation of this program “on the same page” and follow their duties. An online program has the same recognition as an on campus program, and the key of this program is creating awareness in the customer of the efficacy and efficiency of the program over an on campus program. Following all the steps of this market plan and their implementation on regular bases will be the key of the success of the plan.
References
Dr. John Crossley. (2010, July 7). Top 10 Reasons Why Online Learning is the Fasted Growing Area in Higher Education Today. Miramichi Leader, A.7. Retrieved August 2, 2010, from Canadian Newsstand Complete (Document ID: 2075080761).
Dinkel, S. (2010, June). Walk, Drive, Ride or Log in: What is Your Best Way to Go to College? Leatherneck, 93(6), 48-49. Retrieved August 7, 2010, from Research Library. (Document ID: 2061401181).
Mehta, K. (2008). E-Commerce: On-Line Retail Distribution Strategies and Global Challenges. The Business Review, Cambridge, 9(2), 31-36. Retrieved August 5, 2010, from ABI/FORM Global. (Document ID: 1617904711).
Mullins, J. W., & Walker Jr, O. C. (2010). Marketing management: A strategic decision-marking approach (7th ed.). New York: McGraw-Hill Irwin.
Naidu, S. (2010) EDITORIAL. Distance Education, 31(1) 1-3. Retrieved August 7, 2010, form Research Library. (Document ID: 2074810871).
Quikmba. QuickMBA knowledge to power your business. Retrieved August 7, 2010, from http://www.quickmba.com/marketing/plan/
Wyner, Gordon A.. (1992) Segmentation Design. Marketing Research, 4(4), 38. Retrieved August 6, 2010, from ABI/INFORM Global. (Document ID: 1224947).