Marketing Program for La Trobe Universitys Newly Launched Online Master of Management - Case Study Example

MARKETING PROGRAM FOR THE LA TROBEUNIVERSITY’S NEWLY LAUNCHED ONLINE MASTER OF MANAGEMENT By Name Course Instructor Institution Location Date Marketing program for the La TrobeUniversity’s newly launched online Master of Management Executive summary This paper conducts a marketing analysis for the online Master of Management program, which is a new product at the La TrobeUniversity.The marketing strategy plan is a very crucial aspect of any organization that intends to enter a new market or launch a new product. Recently, the La TrobeUniversity launched a new online course, Master of Management, and as a formality, a marketing strategy was created so as to help market and promote the new consumer product to both the local and international market. The local market comprises of Australia and New Zealand, and the rest of the world lies in the international market. Basically, this paper reports on the analysis conducted on the marketing program of the newly launched consumer product at the La TrobeUniversity as well as its effectiveness in terms of its launch and commercialization in the market. Table of Contents Table of Contents 3 Introduction 4 Industry background 4 Situation and competitor Analysis 5 Mission 5 Customers 6 The product 7 Features 7 Requirements for the product (degree course) 8 Benefits of the product 8 The brand 9 Price 11 Distribution 11 Recommendations 12 Conclusion 12 Bibliography 14 Introduction This article conducts an analysis of a marketing program for the newly launched Master of Management online consumer product at the La TrobeUniversity as well as the effectiveness of its launch and commercialization. This will be done in a competitive environment for higher education programs conducted online within and outside Australia. Developing a marketing strategy for new product mainly involves selecting the market and then coming up with the best marketing mix so as to satisfy the target market (Kotler & Armstrong 2010). The marketing plan is a very crucial document used by companies for planning especially in cases when a new product is being launched or whenever there is a new market. It is simply a roadmap that assesses the business environment, evaluates the problems, threats as well as opportunities available for the industry; and contains a marketing strategy. A marketing plan is more concerned with the strategy and provides direction for the company (McDonald & Dunbar 2007). The marketing plan is an integral part of a company’s business plan; this paper highlights the importance of this document in the case of La TrobeUniversity’s newly launched online Master of Management. Industry background La TrobeUniversity is a multi-campus public research university based in Australia, with its main flagship campus based in Bundoora, Victoria. This university was set up in 1964 after the assent of the La TrobeUniversity Act by the Victorian Parliament. After the Act was assented, La TrobeUniversity became the third university in the state as well as 12th University in Australia (La Trobe University 2016).La TrobeUniversity offers both underground and postgraduate courses within its colleges, namely: Social Science and Commerce (ASSC) and Science, Health and Engineering (SHE). It is recognized across Australia and overseas as one of the leading universities that provide postgraduate and post-experience training in management. World-class business and management education is provided at the University and has been proved to be professionally relevant in the market. Situation and competitor Analysis In the analysis of a marketing plan, a situational analysis is often termed as the basic foundation of the entire marketing plan as it includes a systematic and a detailed examination of both internal and external factors that affect the business especially in the future. It creates an outline of the organization and this will lead to a good understanding of the factors and issues that will influence the future of the organization (La Trobe University 2015). La TrobeUniversity belongs to the education market whereby it offers highly marketable undergraduate and postgraduate courses within and out of Australia. Recently, the organization launched a new product that deals with providing an online postgraduate program in Master of Management. La TrobeUniversity offers both underground and postgraduate courses within its colleges, namely: Social Science and Commerce (ASSC) and Science. This paper deals majorly with one product; Master of Management (La Trobe University 2016). Mission The online Master of Management is mainly offered at the La Trobe Business School, which is committed to improving business learning through the process of innovative, responsible and engaged education and research. The organization’s mission is based on innovation, responsibility and engagement (La Trobe University 2016). Innovation The La Trobe Business School works to develop learning through research that comes up with innovative solutions to various issues at the local, national and international importance. This nature of learning is reflected in all programs including the online Master of Management, which will provide innovative solutions as required by academics and students. Responsibility The La Trobe Business School develops learning that aims at generating sustainable economic value for organizations within the communities and also to uphold social and environmental responsibilities that help enhance the well-being of individuals and communities (La Trobe University 2015). Engagement The La Trobe Business School also develops learning based on engagements with each other as well as with both the business and the non-business community, and this helps produce learning relevant to the needs of individuals and organizations within the communities with which it is engaged in. The La Trobe Business School aims to be the leader in offering educational and learning in the new program. As indicated in organization’s mission, marketing of the program to a new market is ensured since it is in line with the desires of the community in which it operates in. Customers The current customers of the La TrobeUniversity are students qualified for the programs offered and include degree, diploma, and post-graduate courses. Both local and international students are encouraged to apply for the courses in which they qualify. The new program is offered online and this means anyone can apply, whether local and international. Many customers have continued to register for the online Master of management because of its convenience as one can learn online without necessarily having to attend classes. This aspect is on its own a marketing strategy that favors the university’s management. The minimum entry requirement for a customer to be considered for the new program is a successful completion of an Australian Bachelor’s degree (or its equivalent). Prior learning as a result of relevant work experience or even a professional accreditation may also be considered in the place of a Bachelor’s degree. Ideally, factors such as academic record, proficiency of English and or relevant working experience are considered when determining whether an applicant has the capacity to work at the level of a masters (La Trobe University 2015). The La Trobe University is the third university to have been established in Victoria and has a diverse network that comprises of approximately 33,000 students and members of staff. The university is always committed to excellence in all its teaching and research work and prepares students for a positive and bold impact on the global community once they’re pout of the school. The new program, online Master of Management is absolutely in line with the university’s mission and is intended to create convenience for the students as they are in a position to learn from their homes as the course is majorly online (La Trobe University 2015). The product Features In this particular marketing program, the main product is the online Master of Management program, which is offered at the La Trobe Business School, which is an associate of the La Trobe University. The program is meant for students who are seeking for a career in leadership and management. It gives the core foundational knowledge required by all managers as well as providing the opportunity for them to develop knowledge in a more specialized area of management (La Trobe University 2015). This particular program brings together students from diverse academic backgrounds that range from engineering, science, humanities all the way to management, and assist in multidisciplinary innovation as well as exchange of ideas. The main objective of this course as stated by the University’s management is to equip learner with the tools and skills required to come up with ideas that lead and manage organizations across the private, corporate, governmental, parastatals as well as not for profit sectors. This applies in all manner of enterprises including the small, medium and large scale ones. Requirements for the product (degree course) The online Master of Management is a newly launched consumer product. For one to complete the course, there are certain requirements that need to be met: students are expected to complete 16 subjects which total to 240 credit points. The first year is composed of eight core subjects and the second one is made up of eight elective subjects. The course duration is exactly one and half years for cognate students whereas for non-cognate students, the duration is two (2) years, both of which should be full-time studies (La Trobe University 2015). This information is very crucial for its inclusion in the marketing plan as it helps the potential customer plan well for a successful completion of the same. Benefits of the product The newly launched consumer product is of huge benefit to both local and international students who wish to register for a course in management and be able to study while at home. There are many challenges associated with traditional universities and these include budget cuts, higher cost of tuition, shortages of courses, among others. With the online Master of Management, these problems and challenges are alleviated, and this forms one basic benefit of the new product at the La Trobe school of Business. Also, the course assures the student of flexibility and convenience as they are able to plan their study time around the rest of their day. Students have the option to study when they feel that they are at their peak energy, for instance, whether morning or late night. At the same time, course materials are readily accessible online and there may be no much need to regularly visit the library. This makes the product to be a god option for students who have the need to balance between their work, study and family commitments. Delivered 100% Master of Management at the La Trobe University gives students high-level qualifications that will give them the necessary skills and knowledge that will make them a real impact on the organizations they work for as well as to the entire community. The learning platform is highly innovative and one can access programs and courses at any time from across the whole world. Also, one can interact with fellow students and lecturers and give feedback at whatever time irrespective of the distance. One can download eBooks, forums, webinars, podcasts, and audiobooks so as to gain knowledge in the best format that they perceive as suits their learning style (Baker & Sinkula 2005). The brand The Masters of Management program is offered at the La Trobe University, which is an already established brand not only in Australia but also across the world. Based on the nature of the university, it can be clearly highlighted that the newly launched program would be a hit across the world. Since its inception, the brand has received several awards and accolades based on its relative performance in the communities in terms of education and research. For example, in 2015, the University was ranked among the top 10 universities under 50, in the Times Higher Education World University Rankings. In addition, the University was placed at the 12th position in Australia in terms of teaching, 11th in research and 13th in industry income. The La Trobe University is also considered to be particular strong in arts and humanities as indicated in the 2014 QS World University Rankings. Also, it was ranked in the top 200 international universities for arts and humanities (La Trobe University 2015). In the educational sectors, the number of quality of both academic and administrative members of staff determines the quality of services offered. La Trobe is one of the highly recognized universities both locally and internationally, in terms of quality of staff. It has around 1481 members of academic staff and approximately 1736 members of the administrative staff. These staff members are highly qualified and experienced and this means that registering for the online Master of Management course would be a positive decision. It is a competitive course offered in a highly regarded brand (Knight 2000). La Trobe University is also a highly regarded university in terms of its contribution to the society(La Trobe University 2016). Apart from giving out highly qualified candidates to the society, the University gets involved in various activities that benefit the community and the society. One of the main aspects of the University’s mission being responsible to the society. The La Trobe University develops learning that aims at generating sustainable economic value for organizations within the communities and also to uphold social and environmental responsibilities that help enhance the well-being of individuals and communities. Price Currently, the pricing of the newly launched consumer products can be termed as a competitive one. For students from Australia and New Zealand, the cost is AUD$24,730 indicative 2016 annual tuition fee based on 120 credit points whereas for those outside these two countries, the cost is set at AUD$28,460 indicative 2016 annual tuition fee based on 120 credit points. Based on the fact that this is a new product, this can be termed as a competitive price for the course and one that is flexible enough for even international students (La Trobe University 2016). Price changes is imminent as the program continues to attract new students and the possible reaction may be either positive or negative or even both. For example, the quality of services offered for the online course may be a priority for many, and this may mean that price changes may not affect their decisions much. However, prove changes should be done with much are as the main possibility is reduced number of new students registering. Since this is a new consumer product at the University, the number of those registering should be maintained on a positive note. Thus price changes ought to be avoided as possible (Meredith& Maki 2001. Distribution Distribution refers to the way and manner applied by the organization to ensure that the product reaches the customers more efficiently. For this case, online advertising is majorly the main channel applied so as to ensure that the newly launched product is made known to the public. Also, referral also apply and thus, the university ought to enhance its customer service skills so as enhance customer experience. If a customer has the best experience with the organization, chances are that he or she will promote its services and share information about it amongst friends and colleagues (Sackers et al, 2008). Recommendations The La Trobe University has done much in marketing the new consumer product at the local, national and international level. However, there are various changes that can be made to the marketing program and help enhance its reputation among in the market. One recommendation is that the University should first concentrate in understanding the local market first and create a collaborative approach, before even going internationally. For a global model to work effectively, global teams should develop an understanding of local market first and establish a close relationship with local teams. Another recommendation is that the management at the La Trobe Business School should plan and budget well for the marketing program and campaign. Highly qualified campaign managers and partners need to be recruited, plan well and consider time zones when it comes to the global markets and work on efficient and effective communication strategies. Through this, the newly launched product will receive a huge reputation at the local and global market (Massey& Dawes 2007). Conclusion The La Trobe University is one of the highly regarded Universities within Australia, New Zealand and also internationally. Recently, they launched a new course, online Master of management, whose marketing program has been analyzed in this paper. This newly launched course is a consumer product that is offered at the La Trobe Business School, which is an already developed brand with a very high reputation, not only in the local market, but also internationally. The new product’s price and cost has been highlighted ion the paper and has been termed as a competitive one. Various recommendations on improving the marketing strategy for the new product have also been identified. Basically, the online master of management at the La Trobe University is expected to attract a huge customer base and this is as a result of the nature of the marketing strategy. Bibliography Baker, WE & Sinkula, JM, 2005, Environmental marketing strategy and firm performance: Effects on new product performance and market share. Journal of the academy of marketing science, Vol. 33, No. 4, pp.461-475. Belch, GE & Belch, MA 2004, Advertising and Promotion: An Integrated Marketing Communications Perspective, McGraw-Hill, New York NY. 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