Marketing Strategy Protecting the Schools against Threats - Assignment Example

Marketing Report Question 1 Our General Manager with a very credible economic background was of the opinion that in the product category the brands with lower market shares would have higher average prices. However, being a market analyst I disagree with his opinion. Looking at the data set 1 that contains synthesized data on the detergents sold in terms of the amount of sales and other statistics over a certain time period, I believe these data does not support the manager’s opinion. Applying the principles of data reduction that is; The Likelihood principle, The Sufficiency principle and The Equivarence Principle we find that his assumptions are wrong. Based on a description of a function of the parameter defined by the sample on observation, the Likelihood Principle consists of data on θ of which is accessible in the sample. The Sufficiency Principle on the other hand endorses a technique of data reduction which preserves synthesized data about θ at the same time realizing a certain summary of the information. Similar to the Sufficiency Principle, is the Equivarence Principle which advocates for a data reduction that that does not discard among others the vital aspects of the model (Paliwoda 2009). Products with lower market shares would not necessarily have higher average prices. I will base my explanations on the first data reduction method that is the Likelihood Principle which consists of data on θ of which is accessible in the sample. There are so many factors apart from market share that would influence the price of the detergents. Situational influences are the things that influence consumers that are independent of enduring consumers, brand, or product character. Situational influences can be classified in three categories which are time, place, and conditions. For example, if Biz detergent was under the time category specifically in the form of time of year and day. This purchase would situational influenced by the holy month of Ramadan and my hours of fasting. The time of buying the detergent correlated with my breakfast time so it follows the rhythm of my circadian cycle (Adcock 2001). In addition, products with lower market shares might have lower average prices due to the fact that some purchases of products are determined by an aspect of circadian cycle. The motive of the purchase is associated with for example a study time which normally occurs during certain hours. The consumption of the particular detergent at this time increases the value of the product because of my need of it. This is opposed to if the purchase was made during the morning where there is no motive for such consumption. Furthermore, in an exceptional circadian cycle consumption choice, because it affects my value of detergent to use for washing at that time, this would result in me purchasing the product at that time. On the other hand, my consumption choice would not have occurred if I have had no dire need to wash clothes. Additionally, a detergent advertisement on television earlier that day has turn on my emotions toward washing clothes that day. Therefore, there is an increased demand of the product that might have had a lower market share and hence would have lower prices (Paul, 1997). Products with lower market shares might have lower average prices due to the fact that People’s consumption in sometimes classified as a time situational influence this might influence products with lower market shares might have lower average prices. People receive their monthly allowance almost on the same date each month. Therefore, their detergent purchase is associated with the time they receive my monthly allowance. Likewise for other products such as “recharge voucher” unless I run out of credit before I receive the salary. Therefore, due to this reason during the other part of the month there is less demand and hence lower average prices of the detergent. People’s purchasing habits in sometimes identified as conditional situational influence which relates to the mood as a factor to consumer preference. For example if someone was invited for breakfast at a friends’ place in Gold Coast. While they were having a great time they decided to go to play Bowling for entertainment. It appears that because he was in a good mood so he decided to go with my friends to try out a new detergent product for example Cheer. Thus, unless he was in good mood he would have not gone with them and spend money on that detergent. Consequently, for this reason during the other part of the month there is less demand and hence lower average prices of the detergent. Products with lower market shares might have lower average prices due to the fact that people’s purchasing habits are sometimes of place situational influence on consumption choice. A good example is if I was having a walk with my friends in surfers Paradise that night suddenly a gorgeous billboard of how a certain detergent cleans clothes catches my eye and hence gained my positive response toward it. In fact, I stood and looked at the billboard for a while. The billboard was so eye catching I just had to try the product and see for myself. In some instances peoples consumer preferences lie in both place and conditional situational influences. For example if it was a Saturday night when my friends asked me to join them at the movie. I thought that was a nice idea and I was feeling the right mood to relax and watch a movie. Perhaps if I was busy working on assignment that is due Monday or maybe feeling ill, I would obviously not go as I will not be in a good mood for a movie. In terms of place situational influences, I see my friend wearing a new shirt and when I ask him where he bought it he tells me it’s old only that he has been using a new detergent product. I am therefore compelled to try out this detergent. Question 3 Looking at data sheet 3, we realize that it is a discrete choice experiment about university choices of a sample of 1,400 students. It consists of three attributes: university size (A=Small; B=Big), Location (A=Australia; B=USA), and Tuition Fees (A=$20,000; B=$28,000) and two levels per attribute are given. Analyze the data. . Recent statistics about university enrolment indicate that a) small US universities and b) big US universities will close down in the next few years. Therefore, it is my job as instructed by UniSA to comprehend and analyze this data and come up with a solution to what would be the best course of action in the case that this statistics would verify. In the situation that this case verifies or occurs I would advise that they apply certain marketing strategies that I will explain below in trying to keep the situation at bay. To lay a general stage for the entire situation; in the recent years in many companies there have been made a few strategic choices which has included the adoption of the marketing strategy and also advertising of its products. These choices can be categorize following Porter's generic strategies. The objective of these strategic choices has been to increase sales, increase customer base, increase return customers, reduce operation costs, and maintain quality, improvement of revenue, increased output and expansion of the organization. The marketing strategy applied should relate with the mission of the organization in order for it to appeal to the consumers and for improvement and moving forward of the organization and hence expansion of the organization (Kotler 2009). It relates to the organizations vision of a better brighter future whereby they outweigh their competitors in that the objectives are to increase output and quality of their products to win over more customers and clients. These objectives relate to the marketing strategy of the institutions in that improvement of revenue, increased output and expansion of the organization will work well in the organizations strategy of putting peoples need forward and always going for the direct needs of the customers as they will be able to win more clients and hence increased output, improved revenues and ultimately expansion of the company (Kotler 2009). First and foremost in implementation of a good marketing strategy the organization should capitalize on the school's strengths. This strategic move of capitalizing on the schools strengths whereby the schools’ strength is a wide market and hence a cost effective strategy enables the schools to fully benefit from this strength as through provision of education at lesser operation costs the schools is able to produce more for a wider market it least cost possible. Due to the wide market also the schools are able to easily open up branches and other institutions over the world. Secondly to be able to save the situation marketing strategy involving shoring up of school's weaknesses would go a long way. The major weakness of many schools is competition but through application of this strategy the school or organization is able to produce the same quality of education with its competitors or of set standards but at a lower price due to the decreased operation costs and hence reduced marginal cost of production. In carrying out and implementing the marketing strategy the educational institutions need to exploit the environment of the institution. Marketing strategy has gained a lot of success in the Exploitation of the organization’s environment whereby through application of this strategy the organization has been able to exploit the cheap labor that is available in various parts of the world, acquire better contracts with teacher recruiters and also production at the lowest possible cost (Brown 2010). A proper marketing strategy should also incorporate time management especially by employees. Positive attitude towards time management will also enable the schools to set attainable goals, make appropriate decisions, effectively use critical and creative skills and also enables one to have a sound mind (Marketing Management: Strategies and Programs). In setting these goals one is able to have a sound mind knowing that everything is playing along well and that everything is going on as scheduled. In following all these steps in becoming an effective time manager ones quality of life is improved in that one is able to save a lot of time which would otherwise be wasted. Therefore, one has a lot of time on their hands which they can use to carry out other leisure activities or even spend time with their families and improve their relationship with them. In both cases one is more comfortable with their life and hence improves their lifestyle. Finally the marketing strategy requires protecting the schools against threats. There has been a huge amount of success in the field of protecting the schools against threats whereby the schools have been protected against the threat of competition or loss of students as has been able to exploit the cheap labor that is available in various parts of the world, acquire better contracts with teacher recruiters and stationery suppliers. Therefore these institutions are able to maintain the high quality and standards of the education they provide but sell them at a cheaper price than their competitors (Dev, 2005). This marketing strategy of the schools would fit with the elements of the external environment as well as those for the internal environment. Looking at the marketing strategy we discover that it fits with the elements of the external environment such as competition in that through marketing strategy, the institutions are able to offer quality education at a lower price than their competitor as they will educate at the same level of standards as their competitors but at a lower cost than the competitor. It also fits the external element of Environmental protection whereby through the marketing strategy they aim at reduction of cost of production in the process of educating students and therefore it is adopting more efficient means of educating more students at the same level of standards that require lesser use of money or resources (Joshi 2005). References Adcock, Dennis; Al Halborg, Caroline Ross (2001); "Introduction"; Marketing: principles and practice (4th ed.). 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Ryans (2009) "Back to first principles" International Marketing: Modern and Classic Papers (1st ed.). p. 25  "Marketing Management: Strategies and Programs", Guiltinan et al., McGraw Hill/Irwin, 1996 Dev, Chekitan S.; Don E. Schultz (January/February 2005). "In the Mix: A Customer-Focused Approach Can Bring the Current Marketing Mix into the 21st Century". Marketing Management 14 (1). Joshi, Rakesh Mohan, (2005) International Marketing, Oxford University Press, New Delhi and New York Read More