Preparing a Strategic Marketing plan - Essay Example

Introduction I have been hired by a Community College’s marketing department. My first task is to develop a strategic marketing plan of a degree program. I have chosen degree program of accountancy. Situation Analysis The community college is well known for its degree programs especially those related with arts and business. The college is advance in technology and is famous for this as well. Students are given due attention and are listened to. The workforce is in sync with one another and there is an informal culture among the workforce which makes them work as a unit and a family.

SWOT Analysis Strengths Affordability Full time faculty Students can voice their opinion Online tutoring as well One tutor available for each subject online 24/7 Technology used Availability of funds Weaknesses Not much cultural diversity No hostel facility Not many laboratories Not many scientific degree programs Opportunities Students prefer business studies more than scientific studies these days Students and teachers are looking forward to the new programs being introduced by the college Threats Funding might be curtailed if results are not satisfactory in the coming five years The top level staff might leave if not paid more immediately Competitors in nearby localities Inadequate scientific programs The community college not only has students from the city but also from many other cities close by.

Students are of age group 18-25 are enrolled in degree programs at the community college. The competitors are increasing and some of them have more lucrative offers as they give reduced rates for degree programs. Some even give accommodation to those coming from different cities. As of now our market share is 40% but it has been reducing from the past three years. It is about time that we do something about the competition. Students are keen to learn accountancy these days as it has a great demand in market and it always will be that way.

Plus, the accountants get a good salary which is another reason why students go for this degree. Therefore, choosing this degree and selecting the right teachers will be profitable for the college. Internal Forces Faculty and staff Students already enrolled Committees and societies Budget On-campus facilities External Forces Competitor colleges High schools Funding institutions Families and friends of students Marketing Objective The marketing objective is to increase students in business degree programs by 10% by the year 2012.

Another marketing objective is to take the ranking of the college among top 3 by the year 2013. Also, to get more funds by showing better performance so that we can develop ourselves even more. Positioning and Differential Advantage The community college is well known for its technology usage and a number of courses related to business and arts. The accountancy degree program not only gives basics of accountancy but also gives an insight on auditing and taxation so that the students can learn where their interest lies and where they excel.

This will help them choose what they want to major in. Moreover, their performance is evaluated throughout the years of their study in this program and they are given a performance report which will be useful for them to evaluate their expertise and will also be useful for universities to get an insight on how well they perform. Target markets The target market for accountancy degree is huge and with the faculty that we have we can get students easily. In order to attract more students we will hire teachers from other institutes by giving them lucrative offers because of the funds that we have.

This will bring a huge share of students to our college. Plus due to affordability students find it great to study at our college. Marketing Mix Product The product in this case is the degree program of accountancy. It is a great degree as the teachers offering courses for this degree are MBAs, CPAs etc. Price The funds will be utilized by the management to invest in this program. Top 5 students can be given scholarships to attract students who are capable. There will be costs incurred in recruitment of teachers, forming a program design, course outline, adding books to the library, getting access to electronic journals related to accountancy, accountancy seminars etc.

Place The degree is to be promoted not only in Farmington, but also in different areas of Connecticut.  Avon, Burlington, Newington, West Hartford, and Plainville, and the cities of New Britain and Bristol are the key areas where promotion can be done to attract students. Promotion The promotion strategies that can be used are advertising through newspapers and brochures which will be distributed in all the areas mentioned above.