Marketing Plan for Winthrop's MBA Program - Coursework Example

Marketing plan for Winthrops MBA program Table of Contents The Environment 3 Who are the MBA program’s current and potential s? 3 What do customers do with the firms products (the Winthrop MBA)? 3 Where do customers purchase the Winthrop MBA program? 4 When do customers purchase the Winthrop MBA program? 4 Why and how do customers select the Winthrop MBA program? 5 Why do potential customers not purchase the Winthrop MBA program? 5 The external environment 6 Competition 6 Economic growth and stability 8 Political and legal trends 9 Technological advancements 9 Socio-cultural Trends 10 Works Cited 11 The Customer Environment Who are the MBA program’s current and potential customers? In present day education sector, MBA program has become one of the retail commodities, where seller is the universities and affiliated business schools. Apart from personal motives, there are certain attributes associated with every MBA program that attract consumers. These attributes can be demographic, psychographic, geographic and psychological in nature. Furthermore, the type of consumer depends to a great extent on the kind of program. The program selection can be affected by age, gender, peer group, socio-economic status, income of family, life style of the student, personal achievement and learning and experience requirement. Age of MBA pursuers ranges from 20 to 30 years on average (Baruch and Peiperl 69-90) The purchaser of MBA programs are business graduate students, experienced workers interested to enter management field and so on. Other attributes that attract individuals to approach MBA program is development of leadership skill, analytical and communication skill, decision making skill, planning skill and risk taking abilities. There are individuals who prefer buying part-time MBA program package due to cost and time factor. Apart from these direct purchasers, there are indirect purchasers of MBA program such as, employers, who invest on behalf of their employees for their MBA course. Generally, it has been observed that majority students purchase MBA programs after taking educational loan from banks (Baruch and Leeming 589-602). What do customers do with the firms products (the Winthrop MBA)? Consumers purchase MBA programs because they desire to be updated with market requirements. The growing competition in the business industry has resulted in increasing demand for high-skilled workforce with qualities such as, team management, leadership, ability to perform under pressure and presentation and communication skills. MBA programs help in developing such qualities among individuals. During the initial days when only a few people pursued MBA courses, the program structure was almost similar across various universities. However, with growing competition and product demand, the structure has been greatly customized. Presently, different Business Schools present various customized programs, such as, multiple specializations, foreign internship, foreign language learning and additional certification courses (Starkey and Tiratsoo 15-50). Every consumer has his/her own motive for pursuing a MBA degree. Some consumers purchase these programs for upgrading skills, while others purchase such packages to find better jobs in foreign countries such as, Europe, United States and Australia. The disposition related to MBA program packages varies geographically as well as from Career point of view. In majority of countries, an individual needs to pursue the subject as specialization as done during under-graduation. The firm needs to focus on individual needs before framing the product structure as fancy courses result in wastage of resources, money and time (Baruch and Leeming 589-602). Where do customers purchase the Winthrop MBA program? Consumers can access the company website to know more about different products offered. They can directly purchase the program package online from company website or by visiting the firm’s corporate office. In addition, they can purchase the product through MBA consultancy firms. Moreover, individuals can enter into the program through employee development programs that are sponsored by employers. It has also been observed that when foreign students apply for studying in foreign country, they are presented with a list of universities to make a choice. Presently, the firm’s product is expected to stimulate purchase because structure of Winthrop MBA is different from that of other firms. The company is providing satellite classroom experience to students, who can connect to others through campus cloud. In addition, satellite classroom will result in greater personalized attention to individual students (Ivy 288-299). When do customers purchase the Winthrop MBA program? The purchasing behavior of consumers is affected by a number of factors such as, presentation of the facilities by the firm’s management and lower purchasing power due to economic fluctuation, thereby affecting their buying decision. Moreover, scholarship and services, like, delivery performance and classroom hours, also influence consumers purchase decision. There are also certain uncontrollable factors that influence the purchase decision of consumers. These factors include country’s economic condition, employment status and social surroundings. For example, after 2008 recession in the United States, demand for MBA programs declined substantially as unemployment rose in developed economies and pay-package shrank considerably. Individuals avoid going to locations exhibiting social and disturbances for pursuing higher education. Post graduation, certain factors such as, promotion and employment, often cause individuals to change their mind (Rubin and Dierdorff 208-224). Why and how do customers select the Winthrop MBA program? Consumers purchase Winthrop MBA because it is one of the prestigious universities in South Caroline. There are also students from other parts of the United States such as, North Carolina, who are interested in this institution. Despite tough competition, the university is preferred because of its service quality, innovative products and holistic approach. The satellite campus concept was developed so that students can have access to the program from their residences, while quality of services delivered is maintained. There are certain factors that affect consumer’s perception while selecting product such as, MBA program; these factors include brand loyalty and value, commercialization and relational exchange. The main competitor of Winthrop University is Clemson University, which is equally prestigious and there exist a tough competition between them. In Winthrop, it was observed that majority of students get financial aid from the university and as a result, consumers prefer long-term programs such as, full-time MBA program (“Resources for Current Graduate Students”). Why do potential customers not purchase the Winthrop MBA program? The reasons behind students not selecting Winthrop MBA programs can be numerous, including certain uncontrollable factors such as, small city with limited transportation facilities, low rate of employment and recession in the US job market; whereas, internal factors include high SAT score and compliance with GRE and GMAT standards. There are also issues such as, lower tuition fee and more flexible and customized programs offered by other universities within the country and aboard. It has also been observed that promotion strategies of the university, along with cost of the programs, matter to a great extent for influencing consumers. Currently, high competition has resulted in universities undertaking aggressive marketing techniques such as, push marketing, online marketing and promotion through social networking (Rubin and Dierdorff 208-224). Figure 1 (Source: Bruner, “Higher Education as a Winners-Take-All Market: Effectual Thinking versus the Treadmill”) The external environment Competition The main competitors of Winthrop University program are various MBA programs by Clemson, UNCC and USC Spartanburg. Their MBA programs are: University Programs Clemson Entrepreneurship and innovation, Traditional MBA, Information sessions and Application resources (“Master of Business Administration”). USC Accounting, Economics/Finance, General Business Administration, Management, Marketing and Nonprofit Leadership (“Business Administration and Economics Degree Programs”). UNCC Leadership, ethics and business environment, Business decisions, Management accounting, Operations management, Financial management, Human resource management, Marketing management and Global strategic management (“University Catalogs”) Main attributes of the competitive universities: University Features Clemson The university is one of the important public universities of the US. The enrollment includes local and foreign students, where tuition fee ranges from $13000 to $25000 for in-state and out-of-state students respectively (“Tuition & Fees”). The marketing strategies include various university festivals and learning programs (“Admission”). USC USC is a private university that was originally founded and has its main campus in California. The tuition fee ranges from $485 to $12480 for resident and non-resident students undertaking full-time/part-time courses. University provides different financial aids such as, scholarships, grants, secured loans and work-study programs (“Financial Aid”). UNCC UNCC is one of the oldest public universities in North Carolina and currently, has a number of institutions under it, which houses students across the world. The university has comparatively low fee structure, ranging between $1500 and $12000 for resident and non-resident MBA students. It offers financial aids in the form of scholarship, grants, loans and student employment (“University Catalogs”). Strength and weakness analysis: University Strength Weaknesses Clemson Public university, standard of acceptance is high, high part-time as well as full-time retention rate, well-located (“Admission”) High tuition fee and less number of full time faculty (“Tuition & Fees”). USC Public research university with high reputation, brand value and financial aids (“Financial Aid”). Very high SAT rating required for acceptance, number of undergraduate and doctorate students is higher and low part-time retention rate. UNCC Public research university, provision of financial aids, affordable tuition fee, good location and academic excellence (“University Catalogs”). Percentage of students receiving financial aids is low (“University Catalogs”). Economic growth and stability Every business is affected by the surrounding economic condition. In South Carolina, Winthrop is considered as one of the important universities. The students of the university come from different states and countries. The fees of the university have been kept moderately low keeping in view economic conditions of different countries. It was observed that few alumni of the university are currently holding important positions in their respective fields. The university has sufficient number of full-time as well as part-time faculty members and academic excellence exhibited attract huge number of students annually. Nonetheless, post-graduate programs of the university were quite affected during the economic slowdown period (“Resources for Current Graduate Students”). Political and legal trends Political factor is an important aspect of external environment of a business. In higher education sector, the role of national political issues is worth considering. In the United States, the state government can exercise sufficient influence on student tuition fee, access and accountability of financial aids and size and structure of higher education in public universities. On the other hand, federal regulations affect extracurricular programs of universities such as, athletic programs and their participation in political activities. The government can support various innovative ideas of MBA aspirants and/or their projects, which can be materialized for economic development. Internal political issues involve one event, when the board of trustee suspended president of the university, Jamie Comstock Williamson. She was held responsible for excessive hike in summer tuition fee of students, which led to heavy increment in the salary of staff members. Students protested against the hike as it was as high as 40 percent. However, no decision have been taken so far regarding termination of the president as the board is expecting formal justification from former’s point of view (Douglas, “Winthrop board accuses president of lying, violating ethics law”). Technological advancements With increasing development of technologies in the business world, education systems have initiated activities that incorporate technologies in the structure. Especially, MBA programs have improved to a great extent due to technological innovation and advancements. There are several online applications whereby students can resolve problems related to their projects and assignments. In addition, almost every university presently has online library, where individuals can access e-books, class notes, study and research papers and journals. Availability of academic information has become very easy and students can apply and purchase any higher educational program such as, MBA packages, online from any corner of the world. There are facilities such as, cloud classroom, where student and professor can interact online in a manner similar to traditional classroom. Students can also take online exams and rent books online. Even so, technological advancement has posed certain threats such as, hacking, data security and privacy issues, to the university’s online databank (Starkey and Tiratsoo 15-50). Socio-cultural Trends The growth in higher education, such as, prevalence of MBA programs, has had a positive impact on the society. The society has observed immense growth of business and social entrepreneurs in past two decades. Presently, international students, as a part of their projects, travel to different countries for research on social development and for increasing awareness about gender issues, health issues and overall economic development. These changes have influenced people to support higher education and empowerment of women in developing and under-developing economies. Additionally, creation of social capital has boosted development and reduced crime in these countries. The present day businessmen and workforce with MBA degree have greater knowledge of people and organizational management. Managers with developed leadership and communication skills have been witnessed to effortlessly work in cross-cultural environment of multinational companies. However, the present day MBA programs do face certain drawbacks such as, low rate of retention, poor qualities of long-term facilities and unsatisfied consumers. These need to be resolved by the universities for improving quality (Baruch and Leeming 589-602). Works Cited “Admission.” Clemson University. Clemson University, 2014. Web. 25 June 2014. Baruch, Yehuda, and Anne Leeming. "The added value of MBA studies–graduates’ perceptions." Personnel Review 30.5 (2001): 589-602. Print. Baruch, Yehuda, and Maury Peiperl. "The impact of an MBA on graduate careers." Human Resource Management Journal 10.2 (2000): 69-90. Print. Bruner, Bob. “Higher Education as a Winners-Take-All Market: Effectual Thinking versus the Treadmill.” WordPress. University of Virginia, 2014. Web. 25 June 2014. “Business Administration and Economics Degree Programs.” USC Upstate. USC Upstate, 2014. Web. 25 June 2014. Douglas, Anna. “Winthrop board accuses president of lying, violating ethics law.” The State. The State, 2014. Web. 25 June 2014. “Financial Aid.” USC Upstate. USC Upstate, 2013. Web. 25 June 2014. Ivy, Jonathan. "A new higher education marketing mix: the 7Ps for MBA marketing." International Journal of Educational Management 22.4 (2008): 288-299. Print. “Master of Business Administration.” Clemson University. Clemson University, 2014. Web. 25 June 2014. “Resources for Current Graduate Students.” Winthrop University. Winthrop University, no date. Web. 25 June 2014. Rubin, Robert S., and Erich C. Dierdorff. "How relevant is the MBA? Assessing the alignment of required curricula and required managerial competencies." Academy of Management Learning & Education 8.2 (2009): 208-224. Print. Starkey, Ken, and Nick Tiratsoo. The business school and the bottom line. Cambridge: Cambridge University Press, 2007. Print. “Tuition & Fees.” Clemson Graduate School. Clemson University, 2014. Web. 25 June 2014. “University Catalogs.” UNC Charlotte. UNC Charlotte, 2014. Web. 25 June 2014. 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