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Unit 4 Marketing Orientation Assignment
The term marketing can be described as an idea which helps an organization to plan how it will promote the products or services in the open market. It comprises of a course of actions such as identifying the needs of the customers and fulfilling hem accordingly. In order to carry out an effective marketing a business should consider its four elements namely product, price, place and promotion commonly known as 4P’s. To remain competitive in market every organization practices a range of marketing principles which helps to revamp the existing performance of a product or service in the market and also supports the organization in launching new products and services in the market. This Unit 4 Marketing Orientation Assignment is being focused on London Bridge Business Academy in London which is a small college with keen focus on spreading quality education. The mission statement of LBBA is to offer excellent education quality with focus on every student in campus, to create emerging professionals who are competitive and responsible. LBBA achieves their mission by engaging dynamic and expert team of lecturers, teaching methods, state-of-the art libraries and research facilities.
The success and failure of LBBA generally is based on various aspects which eventually focus on the surroundings of the college both internal and external. It is necessary that a LBBA evaluates the current aspects and identifies the kind of development requires at both infrastructural and educational level in order to remain competitive in the education industry.
a)The benefits and cost of marketing orientation approach for the small college of further education. What is the importance and use of marketing and the benefits to the small college explained with relevant examples.
The educational services furnished by LBBA should be based on the students’ demands and need of the rapidly changing educational environment. It has been observed that LBBA has adopted the concept of marketing and product orientation which are very common approaches of marketing orientation. Use of marketing will benefit LBBA by providing adequate services to the students and counselling them to understand their career ambitions. By guiding the students to make adequate career choices, LBBA can encourage the students to enroll into professional courses provided in their college. Getting enrolled into professional courses will help the students to prepare themselves for the practical world. By engaging highly educated faculty members and non-teaching staffs’, LBBA can establish a healthy equation with the students who tend to consider their teachers as their mentors. By furnishing unique educational services backed with competent marketing strategies is a philosophical stride which further helps LBBA in developing its image and emerges as a responsible institution. LBBA aims in furnishing benefits in order to retrieve revenues and derive costs. It designs adequate promotional activities for advertising the various courses both at professional and graduate levels. Apart from this by hiring skilled faculties and non-teaching members LBBA furnishes an improved educational service to the students most of whom have enrolled to take higher educations. Engaging skilled and experienced employees helps LBBA by reducing the costs of training them. LBBA also monitors the students’ behaviour on how they decide to choose a particular college and accordingly plan the cost of the educational packages. In the market orientation of LBBA, a student is considered as a core facet which further conveys that every effort made by them focuses on the demands of the students at large. Market orientation of LBBA evaluates the educational needs of the students added by market analysis which further lays stress on the growth of the academic services. Once a student enrols, LBBA conducts a reassessment in order to measure if the course is apt for that particular student and whether or not any changes are needed to develop the structure of the course. It has been observed that market assessment and growth of educational services is an endless process for LBBA because of the unstable educational sector.(Babin; Zikmund, 2012)
What are the elements of marketing process
In order to understand the elements of marketing process the very first stage is to study the present conditions of the competitive market and identify the entrepreneurial demands and provide the same in order to furnish satisfaction. Once the entrepreneurial needs are identified it becomes easier for the LBBA to accordingly develop its course plans, student exchange programs, research collaborations and serve value to its students. Hence, an integrated plan for marketing will help the LBBA to segment the academic market and target the younger generation and prepare strategies that will seek the attention of the potential students. It is necessary that the marketing structure is implemented in way that it establishes a healthy relation between student and LBBA.
In order to better understand the elements of marketing process it is important to have a concise intuition of its various aspects like the marketing audit, marketing objectives, environmental analysis, SWOT analysis, constraints, target markets and marketing mix.
- Marketing audit: - can be described as a self-regulated, periodic assessment conducted by LBBA in order to determine the demanding facets and scope and accordingly suggest a plan of action to revamp their marketing condition.
- Marketing objectives: - these are the objectives that are further determined by LBBA so that it can endorse the academic services it provides to potential students. LBBA needs to achieve these objectives in a preset time frame and are primarily enforced in order to comprehend the integrated ambitions of LBBA.
- Environmental analysis: this is generally is a kind of approach that is based on extensive research and helps in analysing both the internal and external attributes of LBBA which further might leave an impact on its everyday functions. This kind of a research activity primarily focuses on reviewing the scope the various aspects that are present.
- SWOT analysis: - this activity is very a composed process and assesses the strength, weaknesses, opportunities and threats educational organization like LBBA faces from its competitors.
- Constraints: - these are the constraints that can either be a physical limitation or even can be a social and economical limitation which further is involved having an approach that is certain and moves towards a perception that is appropriate for LBBA.
- Target markets: - by targeting the market LBBA can eventually target the students who are seeking higher education and formulate strategies and accordingly implement the same. This will ultimately give a push to its educational service towards the targeted section of students.
- Marketing Mix: - it basically is the organizational strategy which helps LBBA to analyze the suggestions made by the educational service and is further associated with the 4P’s of marketing mix namely product, price, place and promotion
SWOT analysis of LBBA
Include an explanation of the audit and show macro and micro environmental factors which will influence marketing decisions for the small college
The capability of LBBA to establish and retain its relationship with its current and potential students is being attributed by both internal and external components along with the business environment forces. These factors further influence the marketing decisions. The success and failure of LBBA is eventually based on the aspects which emphasizes on the internal and external habitat of the college. By focusing on these aspects LBBA can further bring itself to a profitable position. It is necessary that LBBA in the initial stage evaluates the existing aspects and simultaneously makes an estimation of the alterations needed to be done which will help the college to emerge as the most preferred educational institution.
(Forsyth; Leadley; Groucutt, 2004)
- Macro Environment: - The factors of macro environment are beyond the control of LBBA and hence it tries to establish a healthy relation with all the factors in a way which helps in bringing more number of students and ultimately escalates the profit margins.
- Micro Environment: - The factors of micro environment are under the control of LBBA and it has been observed that the college aims on providing satisfaction to these factors which will ultimately help the institution to absorb more students and hence generate profit for the institution.
LBBA can also conduct PEST analysis in order to understand the internal and external aspects that influence the macro environment of LBBA. By studying the political, economical, social and technological aspects of LBBA a better evaluation of their habitat can be done.
- Political Factors: -. The overall performance of LBBA is dependent the political conditions of UK, the government regulations, privatization of schools and colleges, changes made in the syllabus etc.
- Economic Factors: the performance of LBBA is also dependent on the economical growth of UK. The stable growth of the economy helps them to get funds from the government to develop its infrastructure and other facilities.
- Social Factors: - growth in population, changing demographical aspects and rapidly changing needs of qualification also influence the overall performances of LBBA.
- Technological Factors: - by adopting innovative technologies LBBA can bring growth in its research activities and development in the educational services which will help the students to expand their knowledge and skills.
- Environmental Factors: the environment related issues and the social responsibilities of LBBA are the main elements in this aspect and it helps them to establish a better image amongst the students.
- Legal Factors: - the operations of LBBA are affected by the legal factors of UK such as regulation for employee welfare and protection, student protection laws, safety governance etc. LBBA works in compliance to the legal aspects of UK and ensures that it does not break any regulation which may damage its reputation in the educational sector.
(Saren; Stewart, 2014)
The use of Segmentation and how it can be used for products in different markets and then related to the small college
Market segmentation divides a market into various sections which helps LBBA to efficiently market its educational services to the targeted potential students. By segmenting its market LBBA can easily decide on where, when, how and to whom the educational services it provides should be marketed. Market segmentation will help them to escalate its marketing competence by focusing directly on a specific segment it wants to target. Mentioned below is the segmentation of LBBA:
- Geographic positioning - the geographic positioning of LBBA can further bring a change in its pricing and promotional aspects. Example, location of LBBA at well connected geographical area helps to attract both domestic and foreign students.
- Age - this is prime factor of a targeted market as the educational package are to be designed by considering the age group of potential students and the promotional activities are also designed accordingly. (Hart, 2003)
- In case LBBA begins to promote its educational services without proper market assessment then it can lead towards a possible failure. Mentioned below is the segmentation criteria needed to be implemented by LBBA:
- Segment differentiation: - in order to avoid confusion which segment of market is LBBA focusing it is necessary that the targeted section is interpreted luminously or it can distribute the characteristics of into other segments. Take for example, if a student who is in first year and a student in a second year consider same behaviour while purchasing textbooks, then there is no need to tag them into different segments.
- Identifying segment size: -assessing the prevailing size of admission of students in the segment is needed ahead of considering the application based on it. It is important that LBBA evaluates the preferences of the students in a précised segment.
- Segment convenience: - it is a measure by which students are brought closer to their needs through counselling via digital media, television or radio. In case the targeted students are not using any of the modes of communication then it can occur as a big challenge. Therefore, LBBA should identify the right mode which will help it to focus on its targeted segment and spread awareness amongst the students regarding the courses it provides for further education.
- Segment suitability: -LBBA must emphasize on the segments appropriateness which exhibits the number of students in the segment and the courses they want to choose and simultaneously have the capacity to get them enrolled to the educational program.
- Resource need of segment: - lack of sufficient resources in order to satisfy the segments needs, all preceding norms will become futile. .
(Boone; Kurtz, 2008)
How a targeting strategy can be chosen for the same small college? Finally, how a new position strategy can be used for the small college?
LBBA can implement many strategies in order to attain the position it has targeted by providing unbeatable educational services to the students who are in look out of institutions where they can pursue higher studies at feasible costs. To stay ahead of the competitor’s LBBA should adopt different strategies in order to meet changing demands of the educational industry. While choosing a targeting strategy LBBA should consider their resources, lifecycle of the service and variability of the market and the marketing strategies of its competitors. LBBA should aim to choose a central location which has a decent transportation. Being a culture oriented educational centre, LBBA should encourage the students belonging to different cultures to take admission in their college without undergoing any hassles.
By implementing a single-segment targeting strategy it will become easier for LBBA to target such students who want to pursue higher education. With the help of social media LBBA can reach the maximum number of youngsters whereas through direct mailings it can promote the perks of studying in LBBA. By implementing a strategy for multiple segments, they can also target the parents who help their children in selecting the courses. LBBA can take part in educational talk shows to discuss the current needs of education and how it can help a student to pursue the career of their choices. (Kotler, 2008)
A new position strategy for LBBA
Once breaking down the market into multiple segments LBBA can easily target the students who wish to pursue higher education. From a student’s view point the position of any product or service is determined through various traits such as price, durability and characteristics. In order to differentiate the courses provided in LBBA from other institutions it is necessary that the college positions its educational packages in such a way that it will further drives the college towards gaining advantage in the educational market. It has been observed that positioning strategy of LBBA is eventually based on its students and they make continuous efforts to meet their expectations. By practising this strategy LBBA can not only gain customer satisfaction but can also achieve employee satisfaction. Mentioned below are the positioning strategies LBBA:
- Determining competition in the market competition and designing adequate strategies to convey a durable position in the market.
- Analysing the competitors to separate the identity of the services provided by LBBA
- Comparison of the strengths and opportunities of LBBA with competitors to evaluate its competencies and bring changes if needed
Illustrate what forces affects buyer behaviour. Explain how buyer behaviour affects marketing activities in the market place and in different buying situations
Mentioned below are the factors which affect buyer behavior:
- Cultural factors- it is an important factor that determines the buyer behavior who is highly influenced by family, friends and society. LBBA should perceive and consider this factor in order design adequate marketing strategies to promote the academic courses.
- Social factors- the buying behavior of students is also affected by the social factors like the social status. For example, a student belonging to a middle class family might consider the cost factor first in comparison to a student hailing from a rich family.
It has been observed that in UK the classification of social class is not determined just on the basis of earnings but is measured through occupation, qualification, wealth etc.
LBBA primarily aims in satisfying the educational demands of its potential students. By identifying the factors students consider while selecting a particular course and college, they can measure their buying behaviours.
Marketing is a form that delves into the regulatory and social scenario of LBBA which further helps it to establish a vigorous connection with potential students by furnishing premium educational packages services and seek attention of the latter’s aspect. LBBA should recognize the needs of its existing students along with the potential ones. Student Assessment and counselling centre will help them in doing the same. Evaluating the various aspects of marketing, focusing on targeted markets; marketing mix expansion and regulating the undertakings of marketing are interpreted as the process of marketing.
Explain how products are developed to sustain competitive advantage
It is very important that LBBA creates its sustainable competitive advantage in order retain its position in the market and emerge as a global institution that can satisfy the demands of the students who want to pursue higher education. By identifying the competitive advantage LBBA can determine its core strengths by brining innovation in their educational services and increase its overall growth and profitability. This has further helped them to cultivate a decisive image amongst the students. (Porter, 2008)
Mentioned below are the factors that help LBBA to gain competitive advantage:
- Sustainable competitive advantage has backed LBBA in retaining the long-term loyalties of the students through their innovative educational services to enhance student’s experience of learning.
- Helped in assimilating stable relations with trading allies to develop superior partnerships.
- Cultivate enhancements in their system by further delivering productivity in both internal and external operations and culture
- Helped in building a unique identity for LBBA
Explain how distribution is arranged to provide customer convenience
Distribution has a very fundamental role to play in developing customer convenience. It further lays stress on the need to promote a perception in order to enhance the accessibility of the students which will ultimately bring in more revenues for LBBA. For providing student convenience it is important that LBBA identifies the right place, right time and the kind of educational services needed to be provided. They should evolve an efficient effective distribution system to market the educational packages. Since the students are now involved with many activities including a part- time job, it is very important to establish a steep accessibility of the courses. It has been observed that LBBA is making efforts to give the institution an international presence; hence, it is discovering conducive approaches of distribution to serve the students who are dispersed geographically. This is likely to evolve student satisfaction and will simultaneously generate sales. LBBA’s distribution channels needs to provide convenience by making the academic and professional courses accessible to the students around the globe. They can also furnish more student convenience by using advanced technologies. The students can enter into counselling with their faculties who can guide them to choose from the various courses. (Evans; Collier, 2009)
Explain how prices are set to reflect an organization’s objectives and market conditions
The price of the courses at LBBA is set considering the student objectives along with the current entrepreneurial trend of the market. It should simultaneously evaluate the market and also the set the market objectives. Once the evaluation is done, LBBA should decide on which courses they should provide to the students in order to attain the desirable objectives of the institution. They should set a right price of the educational packages to fulfil the objectives. They should consider market conditions before setting price of its educational packages and its own aggressive performance with an aim of establishing measures of success. It is important to evaluate the pricing of competitors because students can come across similar packages with proportionate prices. It has been observed that standard prices of the various academic courses in the market are set by the key players of the educational sector. Therefore, it is necessary that LBBA who newly enters the education market understands the conditions of the market and then set a competitive price to attract more number of students. LBBA which emphasizes on escalating profits should eventually focus on the developing educational packages which suits the current needs of education and then set lower prices in comparison to its competitors. As a result it will help them to lure potential students and ultimately help back in accomplishing the objectives. (Lowe; Doole, 2008)
Illustrate how promotional activity is integrated to achieve marketing objectives
LBBA should pursue multiple promotional activities in order to fulfil its marketing objectives. The promotional activities of LBBA are a combination of sales promotion, personal selling and other strategies of advertising. To spread awareness amongst students about the various courses they should engage themselves into advertising either through print or electronic media. Mentioned below is the promotional strategy adopted by LBBA:
- Identification of the opportunities available in UK’s educational industry and simultaneously understand the demands of the students.
- Evaluation of the modes of advertising that will help LBBA to attract more number of students without much investment of college funds.
- Identifying the segments to target so that LBBA can design competent promotional strategies
Analyze the additional elements of the extended marketing mix
Discussed below is the utilization of the elements of extended marketing mix at LBBA:
- LBBA should provide the students with tailor made educational packages which can satisfy their requirements and simultaneously delivers value to them.
- They should further prepare pricing strategies that are competitive in nature and stands for their initiatives and gives value for money that too in a price that is invincible and captivates the attention of potential students.
- LBBA practices relevant promotional and advertising activities in order to convey the high points of the courses provided in their institution.
- LBBA has also started an initiative by staring an interactive session with the potential students so that they can understand the exact needs and also help them to plan and design the type of educational packages that will attract more students. (Withey; Lancaster, 2007)
At the end of this Unit 4 Marketing Orientation Assignment we come to a conclusion that LBBA should primarily lay its focus on the principles of marketing principles which will further help it evolve creative ideas so that it can fulfil the rapidly changing needs of the education sector and the preferences of the potential students. The long-term success of LBBA is completely dependent on the persistence of its marketing activities. They should further adopt various marketing tools to intensify its overall performance and increase the number of students who want to get themselves enrolled into the various courses offered in their institution. By implementing appropriate techniques for marketing LBBA can overcome the competition it faces from other private colleges.
Babin, B; Zikmund, W (2012). Essentials of Marketing Research. Cengage Learning
Blythe, J (2013). Principles and Practice of Marketing. SAGE Publications
Boone, L; Kurtz, D (2008). Contemporary Business. Cengage Learning
Egan, J (2014). Marketing Communications. Sage Publications
Evans, J; Collier, D (2009). Operations Management. Cengage Learning
Forsyth, P; Leadley, P; Groucutt, J (2004). Marketing: Essential Principles, New Realities. Kogan Page