Delivery in day(s): 5
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.
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)
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.
SWOT analysis of LBBA
(Richter; Pahl, 2009)
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)
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.
(Saren; Stewart, 2014)
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:
(Boone; Kurtz, 2008)
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:
Mentioned below are the factors which affect buyer behavior:
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.
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:
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)
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)
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:
Discussed below is the utilization of the elements of extended marketing mix at LBBA:
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