Marketing Plan and Plan Report for the New Master Program - Term Paper Example

Marketing Plan of Promotion Campaign Marketing Plan and Plan Report for the New Master Programme Table of Content Executive summaryPage 3 Marketing Plan ReportPage 4 Marketing Plan Page 10 Context AnalysisPage 11 Marketing ObjectivesPage 13 SWOT Analysis Page 14 Target AudiencePage 14 Co-ordinated Communications MixPage 15 The SchedulePage 17 Budget/ResourcesPage 18 ImplementationPage 19 Control and EvaluationPage 19 References & Bibliography Page 20 Appendices Page 22-24 Executive summary At present London Metropolitan University has decided to launch a new Master programme in Events Marketing Management, the only course of its kind in the world. The New Course believes that opening the new programme it is in the best interest of University, and would result in various advantages and economic gains. Over the last year there has been an increase in the number of students who want to enrol this new programme, and a substantial number of people are sure they want to join Events Marketing Course. London Metropolitan University has a large number of different courses and interested students, who wish to join up. The main purpose of this paper is to write a Marketing Plan and Plan Report for a launch event of a new Master programme in Events Marketing Management. The event shall take place on London Metropolitan University premises in June 2006. The underlying assumption is that there will be launch of the programme in June 2006, and the main goal of promotion marketing plan is to make positive public opinion and awareness towards Programme launch by this date. The London Metropolitan University needs to implement an integrated marketing plan to achieve a level of 100% enrolment at the Course during its first year, in order to do this it need to strategically categorise the potential students into various segmented areas. Consideration also needs to be given to the large number of students who have not decided on whether they want to join the Course. The plan advises what methods need to be used along will how they need to be implemented to obtain the overall objectives of the plan. Plan Report The theoretical part or this paper will analyse the plan written in terms of academic marketing theory. Following are the key terms and concepts explained; they could be found over marketing plan in order of appearance. The main distinction of this marketing plan is in its core objective - promotion and marketing of new Master's programme. Since it is not a tangible product or service, some characteristic points will be considered further. Context Analysis determines the overall strategic direction, it must be a "comprehensive and through analysis of the background situation"1, therefore consideration must be given to the market, customer, company (internal) and general environment (external) contexts. 2 It examines the 'marketplace and the company's preferred overall approach to achieving its objectives in the light of market conditions and competitor behaviour"3. . Promotional Objectives These are specific 'goals' that need to be achieved during the timescale of the overall plan. It is important that these 'goals' are clearly understood and accepted by everybody involved. All of these 'goals' need to be measurable in order for the organisation to establish whether they have achieved the overall goal. The 'SMART' objectives are a set of guidelines to assist in measuring goals.4 (Appendix 1) Corporate Objectives The corporate objective is normally included within the mission -statement and normally stems from the purpose of the organisation. Marketing Objectives "Marketing communication objectives are specific communications tasks to be achieved among a defined audience to a defined extent and within a specific time frame" Communication Objectives should "Enhance the image or reputation of a product or where promotional efforts are seen as a communication task"5. Colley (1961) suggests that the communications task be based on a hierarchical model of the communications process (see appendix 3). SWOT Analysis A SWOT analysis allows an organisation to place itself and its products into perspective as it highlights the main internal strengths and weaknesses of the company together with any external opportunities and threats.6 Strengths: The capabilities, resources and advantages of an organization. Weaknesses: Things the organization is not good at, areas of resource scarcity and areas where the organization is vulnerable. Opportunities: The good opportunities open to the organization, which perhaps exploit its strengths or eliminate its weaknesses. Threats: Things that can damage the organization, perhaps as people exploit its limitations or as its environment changes. Positioning This allows the organisation to communicate information about themselves, to allow the consumer/customer to perceive them as being different from the competition. The positioning concept is also a statement about what the brand is, what it stands for and the values and beliefs that the customers should associate with the brand. Promotional Strategies All products and organisations have a position and are positioned either by the 'rational' or 'emotional (expressive)' approach. There are three main promotional strategies, which are used to achieve the promotional objectives, and use of various 'statements' (see appendix 1) will be used to transmit the message. 7 Pull Strategy A pull strategy directs communication directly to the customer. A 'pull' strategy uses a number of different methods of communication, directly aimed at the 'target' audience. These strategies will be used to remind, reassure and raise awareness in potential students, it will also be used to differentiate the course from others. Communication Flow Flow of goods and services "A 'pull' strategy is one that requires high spending on advertising and consumer promotion to build up consumer demand for the product"8. The pull strategy increases levels of awareness, builds up consumer demand to motivate them to 'buy' the product. Push Strategy "A 'push' promotional strategy makes use of a company's sales force and trade promotion activities to create consumer demand for the product"9. The producer of the product promotes to the wholesaler, the wholesaler then promotes to the retailer and the retailer to the consumer. The push strategy tries to 'sell' directly to the consumer, bypassing other distributors. Communication Flow Flow of goods and services A push strategy directs communication through all the channels Profile Strategy Traditionally referred to as corporate communications, profile strategies deal with the corporate entity or organisation. "On some occasions it is important to communicate with all the stakeholders to convey information about the organisation itself rather than its products and services"10. The main task is to project a suitable identity and to build and maintain a solid reputation of the London Metropolitan University, and also to ensure that any contradictory interests between the different stakeholders are resolved so that everybody involved in the New Programme campaign is sending an identical message. Co-ordinated Communications Mix Consisting of five main elements, Advertising, Personal Selling, Public Relations, Sales Promotion and Direct Marketing, "The promotional mix is the direct way in which an organisation attempts to communicate with various target audiences"11. How people process communication is important, there are various theories that show this. Phillip Kotler (1983)12 suggests there are nine elements to a communication process which, belong to four major factors (see appendix 4): It has already been established how the message is to be transmitted to the selected audience, using a variety of 'pull' and 'push' strategies. The issue now is that the message is received and understood correctly. Control and Evaluation The evaluation of any campaign is important to establish whether the objectives were met, and also they "can provide a rich source of material for the next campaign"13. Evaluating a campaign can be done by a variety of methods: Pre-testing - involves showing the advertisement to selected audiences to gain their opinions. Post-testing - this will measure inquiries after the advertisement has been released. Financial test - measures how much money has been spent and compares to the financial intake received since the campaign. Tracking study - collects information from customers on a regular basis to assess their perception of the advertisement. Integrated Marketing Plan Context Analysis While it gets little interest, there are already high-cost, uneven fees in British universities. They are the focus of a competitive and fast-growing marketing sector. Huge numbers of students face variable fees, certainly. But the boom area - big commerce for many universities - is an international scholar. For these purposes that means any students recruited from outside the European Union. The latest estimate is that there are about 175,000 overseas, fee-paying students in Britain.14 All Universities in UK are now investing seriously in this growing market There are no limits imposed on fees for international students. Undergraduate fees of 7-9 thousands pounds a year are usual and they can be much higher for postgraduates, particularly on business courses.15 . International recruitment has grown by about 6% a year for the past five years. It is estimated that international students are worth about one billion pounds in fee income to universities and contribute about eight billions to the economy of United Kingdom.16 The growth of international recruitment - Tony Blair's initial target was an extra 50 thousands students - is one government education objective which "has been met with room to spare."17 The British Council has performed research into the factors, which conclude where international students decide to study. In upward order these are: accessibility, lifestyle, personal security issues, affordability, employability, and prospects quality of course. The accent on the quality of education should come as some guarantee to those who fright that market forces might lead to "a "pile 'em high, sell 'em cheap" approach to university degrees, whether for abroad or domestic students." 18 1) Promotional Objectives The primary objective of this marketing plan proposal is to achieve a level of 100% enrolment to New Master Programme at The London Metropolitan University during its first year. This total will be made up of approximately 40% day students and 50% boarders, with the students being sourced nationally and international students following in the first quarter of 2007. This New Programme seeks to attract a minimum of 30% international boarders in 2007 2.1) Corporate Objectives The overall corporate objective is to ensure that: "The New Programmes At London Met Give You More Opportunities and Choices" To increase the number of students members by 5% by the next year. To increase the awareness of University's public image, identity and policies by 2007. 2.2) Marketing Objectives To achieve a level of 100% enrolment to New Master Programme at The London Metropolitan University during its first year. To ensure that socio groups 'A, B, AB', receive the correct message by December June 2006 To persuade and increase the number of people who are undecided on which course to enrol. To evaluate messages and feedbacks to assess whether the targets have been met successfully; if unsuccessful, plan an emergency marketing strategy for the next semester. 2.3) Communication Objectives In addition to this, a number of goals must be achieved in order to improve the schools community image. These are as follows: Present a consistent brand image based around the history of the famous University, Its quality education; Its dedication to 'optimal learning environments'; Better safety and control management; Its association and relationship with a world famous town; Its direct pathways into tertiary education Establish a long term 'educational precinct' in the area; Combining a prestigious International University; A tertiary campus and; A University's New Science Centre. As a part of this, a number of corporate sponsorships will be sought in order to assist with the development of 'Excellence' programs including Sports, Hospitality and Tourism, Media etc. 2) SWOT Analysis Strengths London Met has one of the largest number of undergraduate part-time students and mature students out of all UK universities; 200+ degree courses are both vocational and intellectually stimulating; A huge range of Joint Honours courses; London Met has several internationally acclaimed Research Institutes The New Event Marketing Programme is unique one and the only course of its kind in the world. Weaknesses Relatively high fees for enrolment and studying. Relatively low percent of local students; Low awareness of potential students of New Events Marketing Programme Opportunities After two years of intense activity and an investment of 30million, London Met's new Science Centre will open in September for the 2006/07 academic year (http://www.londonmet.ac.uk/); Recent years have seen an expansion of permanent staff positions and agencies, created to promote, develop and coordinate events; There are also increasing numbers of convention bureaus, promotion agencies and specialist event management companies. (http://www.londonmet.ac.uk/) Threats Huge competition from other universities located in London. The huge megapolis like London with its intensive nightlife can decrease concentration of students at their studying. Strategic Consideration Advertising Objectives: Increase University open day attendance Rebuild public image Promote differences between London Met and other existing universities in London and UK. Sales Promotions: Utilize low fees as a way of attracting new clientele Public Relations: Emphasis on relationships marketing/providing a service. In line with the above point, we will seek to inform and relate to potential student candidates Corporate Sponsorships: Attract high profile corporations to a university renowned for achievers. In doing so, London Met can receive brand credibility through association. E-learning This means international students will gradually more decide which university to come to on the basis of the course itself and their awareness of its impact on potential employability. They may also make a decision not to travel overseas at all but to take their degree via the Internet from providers around the globe. E-learning is developing quickly. Australian and American universities are taking a huge share of the market. This is a global market and UK universities are not only competing with one another but with the rest of the world, particularly the English-speaking part of the world. The investment in e-learning in UK has been "far too low for the challenge we have ahead".19 UK universities which have got into the abroad market have done well. But, this is " "soft" market where overall growth can allow a steady rise in numbers, which might hide a decline in market share."20 3) Target Audience 4) Co-ordinated Communications Mix 5.1) Promotional mix for Pull Strategy Press - newspapers have a short life, but a "high attention value and it is estimated that an 11 x 13 (inches) advertisement is seen by one third of the readers"21. Newspapers are also bought for their regular features on certain days; this allows the press to establish segmentation and regional figures, similar to that of JICNAR. This system will allow the University to establish the correct days to publish an article to achieve the correct segmentation and geographical areas to gain to most readers.22 Overseas Offices should implement this strategy. Magazines - magazines vary from general through to specialist and retail trade subjects, advantages of using magazines is that the audience can be pre-selected, they have a longer life span than a newspaper and people also read them at leisure, taking more interest in the article.23 Overseas Offices should implement this strategy. Television - "television is a mass medium and can be received in over 99% of British homes", "on an average evening 50% of these homes are tuned in"24. Britain has thirteen geographical broadcasting areas, where the viewing ratings are controlled by 'BARB', this will allow selection of known weak areas to transmit University broadcasts, and also to raise awareness for the New Programme. Radio - In general "local radio listeners are more likely to be women, they tend to be young or middle-aged and probably downmarket"25. Cinema - "movie-goers are likely to be under 25"26, this area of segmentation needs to be targeted as this section of the population are in favour of joining the University. Direct mail/brochures/leaflets - using the JINCAR system information leaflets can be delivered to selected areas to promote the awareness of the University, their courses and the New Master Programme.27 Consideration must be given towards the presentation of the mail, to eliminate issues such as it being perceived as junk mail and being binned. 28 Billboards and posters (on buses, lorries etc) - both of these promotions are seen by a wide selection of the public on a regular basis. This is a cheap way of continuously reminding people of the issues surrounding the New Master Programme and also a reminder of the University and its courses. Internet Site - social classes 'A, B, AB' are in favour of joining the University, and are more likely to use and access the internet, so information regarding the New Programme and University needs to be placed within a various boards, banners and related websites. Other socio-economic groups that also need to be targeted such as students and lower economic groups, who may have access to the Internet through college or a local library, may also access this information.29 Overseas Offices should implement this strategy. It has been decided to divide the communication mix as follows: 5.2) Promotional mix for Push Strategy Information Leaflets/Booklets - this is another cost effective way of informing the public, and if possible leaflets could be distributed in colleges, students' societies, educational agencies, cafs and clubs to provide information to the public. Distribution will allow wide coverage of the country ensuring that a selection of the population has access to the required information, which will reinforce and inform many socio-economic groups. Open Days/Evenings - University currently hold open weeks to provide help and information, these weeks could be extended to include talks on the New Master Programme and the affects of joining. This will allow various members of the public to access essential information, and the groups that need to be informed (A, B) are more likely to attend these meetings. It has been decided to divide the communication mix as follows: 5.3) Promotional mix for Profile Strategy Leaflets/Meetings - to enable all the stakeholders involved in the campaign to correctly transmit the same message, leaflets could be distributed to them and also a number of 'meetings' could take place to insure that 'They are all singing from the same book'. Provided that everybody involved agrees, it will promote a 'solid' perception of them to the public. It has been decided to divide the communication mix as follows: 5) The Schedule It as been decided that the new programme will take place in June 2006, the scheduling for the communication mix will begin in August 2006, this will provide eleven months to communicate with the 'target' audience in a variety of ways to ensure that the message is delivered. Schedule for Push Strategy Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Radio X X X X X X Television X X X Newspaper X X X X X X X Magazines X X X X X X X Cinema X X X Leaflets/posters X X X X X X Internet X X X X X X X X X X X Direct Mail X X X X X Schedule for Pull Strategy Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Personal X X X Leaflets X X X X X X Internet X X X X X X X X X X X Schedule for Profile Strategy It is important that the profile strategy occurs early in the communication mix to ensure that throughout the whole campaign all the stakeholders are sending the same message Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Open Days/Evenings X X X X X X X X X X X Leaflets X X X X X X X X X X X 6) Budget/Resources The amount of money that is spent on marketing communications varies between different companies and can be determined by: Percentage of previous years turnover Percentage of product gross margins Percentage of anticipated turnover New products Residue of last years surplus The HND Events Management has a 50,000 budget for the marketing plan. The overall budget has been divided as follows, 70% = 35,000 on Pull Strategies - the pull strategy will access most of the target audience. 20% = 10,000 on Push Strategies 10% = 5,000 on Profile Strategies 7) Implementation In order for all of these strategies to be achieved a large number of 'professional experts' such as graphic designers, photographers, commercial artists, media and production companies are required. It will be essential that an 'advertising' manager be appointed to oversee the employment of these companies, coordinate them and ensure that the budget along with target dates are maintained. Co-ordinated Communications Mix Sales Promotion In order to attract local students (Primary Market A), the school will rely on Government subsidies. This fee subsidy will attempt to attract local students based on the better quality of education and better resources for virtually the same price as a public education. As a result of this, positive word of mouth should attract more and more students as the University development goes on. Public Relations The Public relations program will focus on attracting media attention to the school thereby gaining television coverage at no expense. During the opening period the Education Minister and City Major will be notified of the new programme opening and formally invited. It is envisaged that the opening of the school will attract significant news coverage due to its history and it's re-opening. As a result, attention will be drawn to the University United Kingdom and World wide, generating further interest. 8) Control and Evaluation Due to the nature of the goals for this New Programme, it is quite difficult to identify the success or failure of the campaign. Two of the primary objectives were to increase brand awareness and improve public image. As a result of this, effective controls are hard to devise. However, as the campaign progresses, the University can gauge the reaction to its campaign by attendance at open days, web page hits and prospectus requests. Nevertheless, with any sales promotion, only a percentage of targeted individuals will go through with the enrolment of their child at London Metropolitan University. The true indicator of the success of this New Programme campaign will be realised at the end of semester two 2007 as enrolments level off for the year, and word of mouth and some further promotion paves the way for semester one 2006. References & Bibliography Baker Michael. 1996. " Marketing an Introductory Text". Macmillian Bristol. Barker Michael. 1999. " The Marketing Book". Butterworth Heinemann. Oxford. Brassington F. Petitt S. 2003. "Principles of Marketing" 3rd Ed. Pearson Education Ltd England Cannon Tom. 1998. "Marketing Principles & Practice". Cassell London. Cohen, William. 2005. The Marketing Plan, John Wiley & Sons, 4th Edition. Davies Eric, Barry Davies. 2002. "Marketing in a Week" CIM. London Fill, Chris. 2003. Marketing Communications - Contexts, Strategies and Applications, Prentice Hall, 3rd Edition Hiebing, Ronan & Cooper Scott. 2004. The successful marketing plan, NTC Contemporary Publishing Group. Fill Chris. 2002. " CIM course book, Integrated Marketing Communications". Butterworth Heinemann. Oxford. Griffin Tom. 1994. " International Marketing Communications", Butterworth Heinemann. Oxford. Lancaster G, Massingham L. 1993. " Marketing Management". McGraw-Hill. England. London Metropolitan University Website, 2006 http://www.londonmet.ac.uk/ Baker, Mike. The university 'market' is here. BBC News 3 April, 2004 Available from http://news.bbc.co.uk/1/hi/education/3595049.stm (Accessed 24/08/06) http://e-services.imls.gov/project_planning/module01/defineproject/stakecomm.asp (Accessed 14/08/06) Appendices Appendix 1 Appendix 2 Stanford Research Limited USA (CIM course book, Integrated Marketing Communications) Appendix 3 SMART Objectives (CIM course book, Integrated Marketing Communications) Specific: Is it awareness, perception, attitude or some other element that needs to be completed Whatever it is, it must be clearly defined and must enable precise outcomes to be determined. Measurable: Make sure that a measure of activity is set, against which performance can be assessed. For example, this may be a percentage level of desired prompted awareness in the target audience. Achievable: Ensure that the objectives are attainable; otherwise those responsible for their achievement will lack motivation and a desire to succeed. Realistic: The task must be relevant to the brand name and the context in which they are set. Targeted and Timed: The target audience must be clearly defined and the campaign should have start and end dates clarifying the period over which results are to be considered. Appendix 4 Colley (1961) AWARENESS COMPREHENSION CONVICTION ACTION Appendix 5 (Kotler 1983) Appendix 6 AIDA Model Read More