Marketing Plan - Rosies Institute of Studies - Free Essay Example

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MARKETING PLAN Table of Contents 1.0 Executive Summary 2.0 Introduction 3.0 Market Analysis 3.1 Description 3.2 Competitor Analysis 3.2.1 Market position 3.3 SWOT analysis 3.3.1 Internal factors 3.3.2 Weakness 3.4 External Factors 3.4.1 Opportunity 3.4.2 Threats 3.5 PEST analysis 3.5.1 Political analysis 3.5.2 Economic factors 3.5.3 Social analysis 3.5.4 Ever changing Technology 4.0 Customer Analysis: 4.1 What they want: 4.2 Value Drivers: 4.3 Decision Process: 4.4 Support Requirements: 4.5 Price Sensitivity: 4.6 How to reach them: 4.6.1 Social Events: 4.6.2 Seminars: 4.6.3 Advertisement: 4.7 Ideal Customer: 5.0 Market strategy (mix): 5.1 Product: 5.2 Price: 5.3 Place: 5.4 Personality: 6.0 Marketing Promotion: 6.1 Direct marketing: 6.2 Internet Marketing: 6.3 Public Relations: 6.4 Advertising: 6.5 Projected outcomes: 7.0 Conclusion: Executive Summary: Marketing simply means creating demand for your product. In todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s fast moving world where every corporation or company is trying to build up their business, marketing plays an anchor role for such companies. Now, we canà ¢Ã¢â€š ¬Ã¢â€ž ¢t even think about profit if there is no strong marketing in place. The companies who are giving much importance to marketing are leading the market today. i.e. McDonaldà ¢Ã¢â€š ¬Ã¢â€ž ¢s, KFC etc. In this assignment I have tried to make a marketing plan for R.I.S College, which comes under the education market. The education market has really rocketed from the last 3-4 years in New Zealand. With the help of this assignment I have tried to lighten some points which play a key role in this market. Don’t waste time! Our writers will create an original "Marketing Plan Rosies Institute of Studies" essay for you Create order Introduction: Rosieà ¢Ã¢â€š ¬Ã¢â€ž ¢s Institute of Studies (R.I.S) is one of the well-known institutions in New Zealand. This institution was established ten years ago by Marion Kerepeti Edwards (Currently working as Director of this Institute). With the lots of experience in education industry. R.I.S has maintained a very competitive position in the education market and is highly preferred by most of the International and Local students. The college is currently providing business (Level-5, 6, 7) and I.T (Level-5) courses to the students. 3.0 Market Analysis: 3.1 Description: The education market in New Zealand has really grown up from the last 4-5 years. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s the quality of education and possibility of bright future that is still luring the international students to come and study in New Zealand. No doubt New Zealand economy is strongly supported by the education market. But now the scenario has totally changed. Now this industry has not remained a profitable industr y. Basically there are two reasons behind that. 1) With the introduction of new rules by Immigration of New Zealand (which comes to effect after 2nd of April, 2012) the number of international students specially form Asia has decreased. 2) Competition in the local Market has made the situation even tougher. For example: If the college is ready to provide good quality of education but with a high fees, ità ¢Ã¢â€š ¬Ã¢â€ž ¢s very much possible that such college might be facing many problems. 3.2 Competitor Analysis: 3.2.1 Market position: About 4-5 years back there were very few government and private institutes which were providing studies to the local and International students. But now every month a new institution is introduced in the market. Thus, competition has become very touch today. Moreover, some colleges like Royal Business College, Prime International College, and N.Z.I.O.S College are giving tough competition to R.I.S with their attractive market approach, quick services and fee structure. The only thing which is still favoring R.I.S is its teaching staff. As a student I have seen that students are very much impressed with the tutors behavior and teaching style. No doubt R. I. S. has a very good marketing team due to which numbers of students have studied in this college but within few months I have seen a major drawback of students in the college. Thus, the output is not coming. Secondly, with the closure of Manukau branch is also not helping the institute much. Yes, the Manukau branch was expensive and not much income was coming but. It has become the first choice for the local students. 3.3 SWOT analysis: 3.3.1 Internal factors: 3.3.1.1 Strength: Every college has some strength which helps the college to compete and maintain its position in the market. As far as R.I S is concerned it also has some good points which are enabling R.I.S to merge in the market. 3.3.1.2 Maori Territory Education Provider: R.I.Sà ¢ â‚ ¬Ã¢â€ž ¢s strength is that ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a lonely Maori education provider. All other education institutes are being run by Asians or Chinese. But, R.I.S is totally opposite. Due to this benefit of point R.I S is getting the support of local people. 3.3.1.3 Vast amount of experience: R.I.S is among few those colleges of New Zealand who has well experienced staff. Right from the Director to the Tutors and from Marketing Executives to C.S.R, all have worked in the industry for many years. They know their job very well. This experience really counts because if we are talking about the education industry it all depends on contacts and links in the market. Also experience brings knowledge. The combination of these two is really very important for any education provider if he wants to be successful. 3.3.1.4 Branches outside Auckland: There are not many colleges who have their branches outside Auckland. R.I.S does have two branches running outside in Taranga and C hristchurch. These branches are indirectly helping the institution financially. Secondly, it gives variety to the international students also to study outside of Auckland and make their career. 3.3.1.5 Strong marketing team: As I mentioned earlier this industry all relies on marketing and luckily R.I.S has got some good marketing staff lead by Mr. Ross Read and is very well supported by other members. 3.3.1.6 Experienced Tutors: Every Institution is mostly judged through the number of students and the teaching staff. I am very pleased to say that R.I.S has got very good tutors and administration. Friendly attitude and motivating ability is what makes them special. Students like such kind of things and indirectly ità ¢Ã¢â€š ¬Ã¢â€ž ¢s very beneficial for the institution as well. 3.3.2 Weakness: If this institute has some qualities at the same time it has some weak points also. 3.3.2.1 Lack of variety in the marketing team: The major drawback of the marketing t eam is it has only Asian employees. Due to which mostly students come from India, Fiji, and Sri Lanka, Pakistan to study because they will target the Asian side only. No students are coming from China and other European countries because the college doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t have employees who can focus on such market. We all know the importance of China. The variety of students makes a big impact to the college profile. Around 60-70 % of students who come to New Zealand for study are Chinese. Thus, The College is lacking in this field. 3.3.2.2 Having only Indian students: R.I.S only has Indian students in the institute. Yes, having number of Indian students are not a bad thing but its side effect is that students from other communities do not like Indian students. Due to which there are not much variety of students coming to R.I.S. 3.3.2.3 Less variety of courses: R.I.S has courses related to business and I.T only. There are number of students who are interested in doing Hospitality, Management and cookery courses. If the college wants to maintain its position in the market it has to introduce some more courses because then the college will have the variety for the students and can bring interest of students to join R.I.S. 3.3.2.4 Drawbacks in advertisements in Local and International market: Advertisement is the key weapon for every institute. There are many institutes in New Zealand who donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have a very good building but still they are able to bring in number of students. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s all due to their strong advertising. R.I.S is lacking in it. First comes the website itself. We all know that website is like the identity of any college. Mostly, students get lured if the website is good, but ità ¢Ã¢â€š ¬Ã¢â€ž ¢s not in the case of this institute. The institute needs to update it time to time. Moreover, not much advertisement is being done on Radio. In New Zealand large number of people listens to the radio. Suc h tactics needs to be applied. 3.3.2.5 Lack of Flexibility: R.I.S is not running according to the current market trends. Whether its Courses fee or introduction of new courses. Such things are affecting the college straight away. 3.4 External Factors: 3.4.1 Opportunity: The education industry changes very quickly. Thus, there is always an opportunity of gaining some profit in the market. R.I.S should try to pay its attention towards the Chinese students because most of the surveys are suggesting that in the upcoming years highest number of students is looking to come to New Zealand for studies. 3.4.2 Threats: There are some threats which R.I.S should look forward: 3.4.2.1 Increasing number of colleges: The numbers of colleges are increasing day by day. Due to which the ratio of students are also getting affected. 3.4.2.2 Less fee: Due to the decrease of international students colleges have started paying attention to the local market. Many colleges h ave drop down their fees straight away. This has hammered R.I.S also. 3.5 PEST analysis: 3.5.1 Political analysis: New Zealand is seen as a very good country to study. The government is also encouraging the education providers. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why mostly, students of different cultures and countries come to New Zealand for a better future. This friendly education environment is very beneficial for R.I.S. More over the director of the institute Marion Kerepeti Edwards is also form Maori community due to which ità ¢Ã¢â€š ¬Ã¢â€ž ¢s being liked and appreciated by the local community as well. 3.5.2 Economic factors: Economically New Zealand comes under the developing countries of the world. NZ currency is going up very quickly. A survey done in year 2011 shows that New Zealand government gets around 30-40% annual income from the education providers. This shows the value of colleges in this country. Such facts seems sweet when we are talking about an education inst itution like R.I.S 3.5.3 Social analysis: New Zealand is a multi-cultural Country. People of different countries can be found in one origin here. The social environment is also very good for the education industry because mostly foreigners take study to remain legal in this country or some times to fulfill their job requirements they take business or other courses. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why institution like R.I.S can look forward to grow their business in New Zealand. 3.5.4 Ever changing Technology: Technology is such thing which cannot be bonded. Every now and then we come to know about the new technology in the market. To maintain a good standard R.I.S has to catch with the latest technology, which its being trying to but still there is a long way to go. We all know that young generation is easily attracted by such things. Thus, the college needs to implement these things. 4.0 Customer Analysis: Estimated Percentage of sales: Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s very m uch clear from the graph that year 2011 proves to be very profitable for R.I.S. But on the flip side Year 2012 (currently running) has not bring much to the institute. It might be the effect of the new rules introduced by the immigration due to which very less international students are coming to New Zealand especially from India. 4.1 What they want: Understanding of studentà ¢Ã¢â€š ¬Ã¢â€ž ¢s attitude and approach for international study is very pivotal in this field. The colleges who are more concerned about all such things and are working on it are now being able to bring more students to their college. Mostly students look for such kind of provider which may be of good standard, which has appropriate fees structure and especially which will be providing some extra facilities to the international students. I think R.I.S should put more efforts in these areas. 4.2 Value Drivers: There are few things in this business which serves as value drivers in this industry. Servi ce and Student support. The college which is good in these two things is always being liked by the students. If we talk about R.I.S, yes no doubt student support is there, but there lack in the field of service. I think the college needs to work on this thing. 4.3 Decision Process: There is no doubt in the fact that studentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision ability is lured by many things. Like: à ¢Ã¢â€š ¬Ã‚ ¢College Presentation à ¢Ã¢â€š ¬Ã‚ ¢Strength of students à ¢Ã¢â€š ¬Ã‚ ¢The ability of college representator. All these factors certainly affect studentà ¢Ã¢â€š ¬Ã¢â€ž ¢s approach. 4.4 Support Requirements: Every institution needs some sort of support whether it is financial or moral. It always works. R.I.S has got support from the investors, but as per my knowledge thing have stated changing. Probably that would be the reason that Otahuhu branch is being closed. Therefore, college has to pull their socks so that they can stand tall in the market and bring t he investors in. 4.5 Price Sensitivity: In local market course price matters a lot. Yes, international students didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t worry much about the college fee but when students spent some time in New Zealand he becomes more aware about all such things. Bringing such students in the college is really a very big ask. If the price is acceptable, the marketers can easily impress the students. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why price sensitivity always matters. 4.6 How to reach them: There is a lot of competition going on in these days. Colleges have to reach to the students. There are number of things which can help colleges to do so: 4.6.1 Social Events: Social events are a very good place to gain some attention of youth. These are the perfect places where the colleges can do some marketing 4.6.2 Seminars: Arranging some seminars can also make a big difference in the numbers game. Such seminars help the students to learn more knowledge about the college. 4 .6.3 Advertisement: In New Zealand Radio is the best means of advertisement. By going on line to the Radio and answering students question can bring the confidence of students for the college. 4.7 Ideal Customer: Youth is the ideal customers for the colleges. Mainly students who are studying in senior secondary look forward to establish their career in abroad. By paying visit to such schools, telling them about the college and giving them presentation can change things quickly. 5.0 Market strategy (mix): Before heading towards any task proper market strategy is very important. There are some issues which plays key role while making any strategy. 5.1 Product: Courses serve as product in this education industry. Therefore, college needs to have variety of products under its pocket. Courses like Horticulture, Short skilled courses i.e. carpenter electrical, Management courses, Hospitality and cookery etc. No doubt bringing all courses together is very difficult but at least some courses should be in product list of college. 5.2 Price: Price of courses also plays a major role in diverting students mind especially, for the international students. I think College should set the price according to the current market position. If other colleges are bringing their course rates down there is no mean to bond the course rates. Unique selling point is what a college should try to have. 5.3 Place: Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s very important to understand the value of the place where the courses are going to be deliver .Otahuhu was the key spot for the local students. Yes, not much response was received at the starting but slowly people have started knowing about the college. AS per my knowledge, Otahuhu campus was directly giving competition to the near colleges like N.I.T.T, A.U.T etc. 5.4 Personality: Personality matters a lot. As far as R.I.S is concerned I have seen a drawback in college personality in the recent time. Agents who have been in touch with the college are not happy with the service .Commissions are not given properly in time. All this straightly affect the market value of college. R.I.S needs to stop all such things and try to rebuild their fame in the market. 6.0 Marketing Promotion: Promotion is the prime need of today. Without the proper promotion we canà ¢Ã¢â€š ¬Ã¢â€ž ¢t expect much from the market. There are several ways of doing it. 6.1 Direct marketing: Direct marketing is not like a cup of tea. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a very tough job to perform. The people who are doing this job should have ample of experience to do it. But it brings very positive results also. Because of face to face interaction students comes to know more about the college. 6.2 Internet Marketing: Internet marketing is the latest type of marketing which is being used today by almost all the colleges. R.I.S also has a very good website but still it needs some changes. Mostly students look the college site to get more information about the college. But, In R.I.S site, there is not much to see. Time to time update is needed. 6.3 Public Relations: Public support and good relation can also be very beneficial for the college .Good public support can bring fame for the college. To achieve all that the college executives needs to participate in the public functions etc. and try to tell people about the college. This may also be very helpful. 6.4 Advertising: Advertising is the key weapon behind the success in New Zealand. R.I.S is lacking in this field also. Radio is liked by most of the people here. I think the college should use this mean also. 6.5 Projected outcomes: There are few things which need certain attention. If ità ¢Ã¢â€š ¬Ã¢â€ž ¢s being done properly not only the sales will boost up but at the same time the college market value will also grow. We all know that whatever is done but the thing which matters is profit. If there is no profit there is no mean in s ticking to one plan. So, changing time to time and adopting new techniques is very important for the success. 7.0 Conclusion: Hammering the last nail I can conclude that running an educational organization is like walking on eggs. I have seen number of changes in the New Zealand education market within the last two years. After the new rules of immigration come in action (2nd of April, 2012) the number of international students has decreased. The colleges are working hard to increase the number of students same as R.I.S is doing. I think it will take some time to change the situation. Because international students will slowly accept the new rules of two years education. Secondly, as a student of R.I.S for the last seven months, I have seen many changes in the institute and have found that the institute has not done very well this year as compared to other colleges. For example; N.Z.I.O.S college which was about to close last year is doing extremely well at the moment. The reason behind that is N.Z.I.O.S reduces its college fee from $5800 to $4800 which has impressed most of the local students. R.I.S should look forward to all such little but valuable changes to improve their position in the market.