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This stage Includes determining the areas here the company’s valuables and sources will enable it to satisfy recognized client needs better than its competitors can. Once these opportunities have been recognized, a strategic plan can be prepared, based on researching the industry, to manipulate the opportunity. As part of this, the company will need to section the industry in terms of the most profitable client sections, focus on this section with all ads, placement the item within the preferred focus on audience section, and offer a strong value undertaking to client In the focus on section.
Marketing Mix The marketing mix includes the detailed strategic choices which are required to turn the technique into reality. These Include creating and producing the Item, setting the correct price, organizing submission agreements and the locations where the Item will be sold, and creating and promotion or promotional Annihilates. Implementation and Control Implementation effectively begins with the release of the item, which could be when the item first appears in stores or when marketing starts.
However, as surroundings and client choices are never stand still, the Implementation phase often requires a racketing mix to provide any changes in customer choices or industry perception. This can range from simple changes to the marketing messages right through to reorganizing the item or even creating a new production line or extension. 1. 2 Evaluate the benefits and costs of a marketing orientation for a selected organization. Market orientation Market orientation is the company extensive creation, responsiveness and extensive creation to promote intellect.
Most of plenty of time the market concept is where the company concentrates on productivity, coordinated promotions and client incinerations. Market orientation operates in reverse to customize items to ensure the customer care. Market Orientation concentrates primarily on meeting the wants and needs of their client base. They regularly monitor their client’s desires and are quick to change the items or services they offer to whatever best suits their clients. Product orientation Similar to production orientation, the product orientation of promotion concentrates completely on the item an organization plans to sell.
A company employing product orientation is generally concerned with the great high quality of its item. A company such as this would assume that as long as its item was of a higher standard, people would buy and consume the item. This approach pressures the research and development of items and the ongoing progress during their life cycles, to keep the interest of prospective clients. Under the product orientation, control concentrates on developing top great quality items that can be sold at the right price, but with inadequate interest to what it is that clients really need and want.
Benefits and costs A major social benefits of implementing the marketing orientation in the business is hat the employees at all levels can get involved in one strategic mission of customer satisfaction. This requires top control focusing the needs and fulfillment of clients as top main concerns. Another big benefit of a market orientation is that the organization likely has its ear to marketplace to produce more immediate reviews from clients. This helps to improve and support but also make items or services adjustments generally desired by clients.
Another prospective disadvantage of a customer-centric strategy is less emphasis on continuous improvement of manufacturing procedures and efficiency. New equipment and manufacturing reoccurred appear all plenty of time in sectors and if your organization is not watching regularly for these improvements, it can fall behind. Decisions Macro environmental factors include PESTLE, Political MICE needs to know the rules and regulations. Thus we will be more convenient in continuing our business. Otherwise, if there is any modifications in those rules which is concerning with our business, we will be damaged by that.
Economic Economic influence on all kinds of businesses. So it is important to our company. As we can see that our products are specialty products, if there is economic crisis, equines owners will not want to spend their money using on expensive security products. This will affect our company’s profit. So economic is also one of the important factors on our college. Social Affect our attitudes, interest and opinions. These forces shape that we are as people, the way we behave and ultimately what we purchase. For example, the attitudes of people in Manner are changing towards their views and ideas about private education.
Therefore, the number of students registering in private colleges are growing and a massive growth for more private educational institutes. Technological The world’s technology is improving dramatically. We need to be keeping in touch with the improving technology. Advances in technology communication help every student can learn their subjects and lessons in a simple step with the help of using Internet such as using Backbone, Twitter and other websites like educational advisor which help both students and schools. For the university students, they can get the degrees such as bachelor degrees or MBA degrees in the online university.
Environmental The climate of the city Yang is very mild and gentle. So, we do not need to worry such about the climate and weathers and for the disasters, the structure of our campus is rainstorm and earthquake proof. Besides those climates, one of the threats is traffic Jam that usually takes place in the city Yang and this will cause the students to come later than they should be. Legal It includes discrimination law, consumer law therefore the legal conditions of countries vary from one another and MICE should assess the legal requirements before entering a new market.
SOOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. SOOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors. In SOOT, strengths and weaknesses are internal factors while opportunities and threats are external factors. Strengths Weakness Faculty are highly involved in their professional organizations.
The department is strongly student centered and focused. Situated in a convenient place and easy to travel. Internationally qualified academic programs for both undergraduate and post graduate students. Friendly, Active and supportive staffs. Parking space is too narrow. Shortage of toilets. Slow food services in the cafeteria. Aging technology and equipment. Lack of off-campus and alternative programming (e. G. , online courses) Opportunities Threats Well placed to carry out cross-disciplinary collaboration (research, teaching, service).
The high level of interest in department programs provides an opportunity to turn high student Demand into more selective admission. Geographic location affords opportunities to develop consultancy work. Competition from other colleges who have more various programming opportunities and resources for students (e. . , online courses, school clubs). Internal tension over limited resources. Many of our competitors have recently developed or are currently developing new facilities which strengthen the problems related to our aging facilities.
The Micromanagement Micro factors also affect the business of the company. Suppliers play a vital role in overall customer value delivery system of MICE by ensuring all the resources needed by the organization. The firm faces intense competition from other retailing players in terms of products, services and pricing (Farrell, 2012). Workers of the organization re brilliant because of the training methods adopted by the company at the selection stage. In business, a stakeholder is usually an investor in your company whose actions decide the outcome of your business decisions.
Stakeholders don’t have to be equity shareholders. They can also be your employees, who have a stake in your company’s success and incentive for your products to succeed. For example, the stakeholder of MICE is the Managing Director Dad Pot Pot Sky, She manages curriculum implementation, select and recruit new teachers, admit students, procure equipment and materials needed for effective learning and also plan for the improvement of school facilities and feedbacks from the students as well as the staffs.
The Porter’s five competitive forces: Competitive Rivalry- The intensity of rivalry between competitors in an industry will depend on: The structure of competition The structure of industry costs Degree of differentiation Switching costs Strategic objectives Exit barriers The current competitors in the industry for MICE are Victoria University College, Manner Noble College and many other private educational organizations in Yang. Threat of substitutes – The presence of substitutes in an industry can reduce the profit levels. The substitutes limit the price levels.
The threat of substitute products depends on: Buyers’ willingness to substitute The relative price and performance of substitutes The costs of switching to substitutes If any of the student who is currently studying at MICE moved to another private college and gets the same benefits like MICE which makes this a major effect on our profit. Therefore, in this case the level of threat of substitutes is high. The Power of Buyers and Suppliers- Businesses buy raw materials and other products from the suppliers. The cost of items bought from suppliers can affect the businesses profitability.
More buyers and fewer dominant suppliers Suppliers threaten to integrate forward into the industry The industry is not a key customer group to the suppliers The bargaining power of buyers is greater when:- There are few dominant buyers and many sellers in the industry Buyers threaten to integrate backward into the industry Suppliers do not threaten to integrate forward into the buyer’s industry The industry is not a key supplying group for buyers The individuality of our service and strength has the power and expense of changing from one to another.
MICE has smaller amount of the supplier choices so the suppliers re quite powerful. MICE mostly deals with many powerful buyers so we are safe to say that the power of buyers is high. The threat of new entrants to the industry- New entrants to an industry increase competition in an industry. The threat depends on the barriers to entry. Barriers to entry include: Economies of scale Capital / investment requirements Customer switching costs The possibility of retaliation from existing industry players.
The threat of new entrants to MICE is not so high based on the increasing number of students enrolling public colleges instead of private since the programs fees of private universities are such higher than the public institutes. 2. 2 Propose segmentation criteria to be used for products in different markets The segmentation of MICE is that MICE has great neighborhoods since it is situated in Nina Road. Moreover, it is situated in Yang, which is the commercial city of Manner and has a large population.
Therefore, MICE can have many opportunities to certificate that they had passed matriculation examination or other qualifications. The students must have interests in what they are going to learn, give an opinion when they make a decision and participate in the activities which MICE made. MICE use differentiated targeting strategy. MICE targeted customers as follow: Courses Age Range Work experience Nationality Educational Requirements Business Management (HAND) 16-25* 95% local Matriculated student or other equal qualified students, proficiency in English Language Master of Business Administration 26-34* 2-4* years local B.
A, proficiency in English Language Media of Arts and Designs (HAND) 0-4 years Language Repositioning Establishing a new position can take many forms-solidifying relationships with favorable customers, differentiating the product either substantively or psychologically through marketing, integrating forward or backward, establishing adhering and technological innovation. 2. 4 Demonstrate how buyer behavior affects marketing activities in different buying situations. A consumer’s buyer behavior is influenced by four major factors: 1) Cultural, 2) social 3) Personal 4) Psychological.
These factors cause clients to improve product and brand preferences. Although marketers cannot straightforwardly control many of these factors, understanding of their impact is necessary, as marketing mix approaches can be developed to appeal to the preferences of the target market. When buying any product, a consumer goes through a decision procedure. This process consists of up to five stages: – Stage 1: problem recognition, – Stage 2: information search, – Stage 3: evaluation of alternatives, – Stage 4: purchase decision – Stage 5: post purchase behavior.
The interval of this decision process will differ. A buyer may not act in separation in the purchase, but rather may be influenced by any of several people in several roles. The number of people involved in the buying decision rises with the level of involvement and difficulty of the buying decision behavior. Consumer’s buyer behavior and the resulting buying decision are powerfully influenced by cultural, social, personal and psychological characteristics. An understanding of the influence of these factors is vital for marketers in order to improve suitable marketing mixes to appeal to the target customer. Revive Since MICE is one of the top private local colleges in Yang, students can obtain internationally recognized qualifications such as HIGHER NATIONAL DIPLOMA (HAND) in Business and Media, as well as Bachelor and Master in Business Administration, etc. MICE also offers consultations services for studying abroad and also scholarship and grant facilities, which is one of the most vital factors that influence students doodads. 3. 2 Explain how distribution is arranged to provide customer convenience Place Mica’s main campus is situated on Nina Road which is quite close to the Dad Among San Us Sky house and the American Embassy.
The location of the college is very convenient therefore; which makes it easier for students to travel to the campus. In other words, MICE is situated at a well-known place. 3. 3 Explain how prices are set to reflect an organization’s objectives and market conditions. Price The payment of MICE is separated into three groups for each subject. For business ours, the fee for Foundation (2 months) is catalysts, Higher National Diploma (16 months) is 6000000kyats, Bachelor (16 months) is 6900000kyats and Master of Business Administration (12 months) is 9900000kyats.
For media course, most of the fees are not too different from business course fees. The payment of media course for Foundation (2 months) is catalysts, Higher National Diploma (16 months) is 6800000kyats and Bachelor (12 months) is 6900000kyats. 3. 4 Illustrate how promotional activity is integrated to achieve marketing objectives Promotion Promotion refers to all of the activities that connect the benefits of an educational Revive and that are intended to inform, remind, or persuade relevant markets about the advantages of obtaining the institution’s educational offerings.
MICE advertises its product by promoting them in newspapers, brochures, and television and through SMS services so attentiveness can be produced quickly among the consumers. The college maintains public relation and sponsorship by making use of tools like press relation, public affair and through launching social campaign (Freeway and Mudguards, 2011). 3. 5 Analyses the additional elements of the extended marketing mix. People People management is the process of managing people in the association.
For an institution like MICE people mix is more important because a educational institute includes huge range of workforce so it is important to manage and satisfy them must also embody and exhibit the expressed attitude and aim of delivering personal attention. Process MICE continuously updates the knowledge in order to follow the changes and to meet the needs in the Today’s Business and Media world. Hence, the courses at MICE are guaranteed that it can be improved in the needs of complicated business and media environment nowadays.
During the improvement process, MICE gives a commitment of the course and the quality of the institution and continuous development of the learning strategies. Physical evidence MICE has three one-storey buildings with fully air conditioned multimedia facilitated classrooms, project rooms, student service center, lounge, library, canteen, consulting and enquiry room are also provided for the all the students, meeting room, reception and all the classrooms are able to access to the Internet due to the complimentary WIFE for all the MICE students. 4. 1 Plan marketing mixes for two different segments in consumer markets Consumer
Markets should have fast moving consumer goods that are high in quality and has high durability. All the individuals and households that purchase products, goods and services for their own consumption represent the market. There is an increase in the consumer market each year. Marketing mixes for two different segments (consumer market): Business Management Product (Service): Applied knowledge of business management, Career preparation “Full participations in the economic life” would certainly cover such preparation. Physical evidence: The projector for presentation, e-library, library, and well-supplied lassoers.