Establishing and Adjusting the Marketing Mix
Added on 2021-04-17
31 Pages7313 Words341 Views
MarketingData Science and Big DataHigher EducationLanguages and Culture
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Running head: ESTABLISH AND ADJUST THE MARKETING MIXEstablish and Adjust the Marketing MixStudent’s name: Name of the university:Author’s note:
1ESTABLISH AND ADJUST THE MARKETING MIXExecutive SummaryThis report demonstrates the ability, knowledge, and skills to evaluate each component of themarketing mix and it determines the suitable marketing mix for specific markets as well asadjusts and monitors the marketing mix. This report has found out the marketing mix ofWentworth Metro College and it has considered the key characteristics of the services, prices,places and promotional methods taken by the college. This college is situated in SydneyMelbourne and it offers diploma level courses to the students around the world. It offers variousservices like online portal access, accommodation, and faculties. This report shows the pricingstrategy of the college and it takes service-bundling. The promotional methods are mainly basedon online service providing. This report evaluates the contribution made towards theorganization's objectives, desired positioning and strategies. The target market of the college isdomestic and international students who come to Australia for further studies in Business andAccounts. A marketing plan for marketing mix has been given in this report to show themonitoring process of each components of marketing mix. Environmental factors in theAustralian college industry have also been shared to show the college's marketing objectives andthe promotional techniques.
2ESTABLISH AND ADJUST THE MARKETING MIXTable of ContentsIntroduction......................................................................................................................................3Part A...............................................................................................................................................31. Marketing of Wentworth Metro College’s products and services...............................................32. Identifying the key characteristics of the products and services and their significance to themarket..........................................................................................................................................53. Review pricing policy and analyse pricing variables to determine their effect on the market64. Analyse the significance of market outcomes of.........................................................................7a. Promotional methods...............................................................................................................7b. Customer base..........................................................................................................................7c. Channels of distribution...........................................................................................................8d. The level of customer service provided...................................................................................85. Establishing the marketing mix components...............................................................................9a. Information on how each element of the marketing mix has been used..................................9b. Analysing and testing their significance to each other and relevance to customer base.......10Part B.............................................................................................................................................111) Identifying environmental factors and assessing their potential impact on the marketing mix112) Identifying customer priorities, needs and preferences and the way they impact the marketingmix.................................................................................................................................................12
3ESTABLISH AND ADJUST THE MARKETING MIX3) Considering product, pricing, promotional activities, distribution channels and servicevariations........................................................................................................................................134) Analysing the marketing mix in relation to...............................................................................14a) Select the most appropriate mix and explain your decision..................................................14b) Evaluate marketing mix decision to ensure it meets organisational, strategic and operationalmarketing objectives..................................................................................................................15Part C.............................................................................................................................................181) Monitoring the performance of the organisation’s products and or services in order determinewhich components should be tested..............................................................................................182) Evaluating the implications of altering one or more components of the marketing mix inresponse to market factors and consumer response.......................................................................193) Adjusting components of the marketing mix in response to.....................................................20a) Testing the results and evaluation of market response..........................................................20b) Budget requirements..............................................................................................................21c) Continuously meet organisational strategic objectives.........................................................21d) Consistently maintaining operational marketing objectives and the desired marketpositioning.................................................................................................................................23Conclusion.....................................................................................................................................23
4ESTABLISH AND ADJUST THE MARKETING MIXIntroduction Marketing is the management process and with the help of marketing, products andservices move from concept to the consumers. Marketing is mainly used to make, keep andsatisfy the consumers. As stated by Armstrong et al. (2015), marketing involves promoting,researching, distributing and selling of the services and products. Mainly marketing includes thecoordination of the four elements in it, product, price, place and promotions. In this report,Wentworth Metro College is chosen in order to show the marketing mix as well as thepromotional method of this college. The aim of the report is to highlight the potential impact ofthe marketing mix on the college and the effectiveness of customer service of the college. Part A 1. Marketing of Wentworth Metro College’s products and services The mission statement of Wentworth Metro College: Wentworth Metro College seeks the exceptionally promising students around the worldand across the nations to educate them in accounts and business through social experience andmental discipline. Sydney Metro College is known as Wentworth Metro College as it is situated atWentworth. Sydney Metro College has opened its new branch at Melbourne CBD as well.Wentworth Metro College offers the products to the students: Textbooks and trade books Reference books
5ESTABLISH AND ADJUST THE MARKETING MIXArt supplies School and office supplies Gift items and card or stationary items Dorm room furnishing Emblematic merchandiseWentworth Metro College is also provided with the services like:Special courses of Wentworth Metro College (Certificate IV in Business, Diploma of Business, Advanced Diploma of Business, Certificate IV of Accounting and Diploma of Accounting) Wentworth Metro College Mailroom Library access Online learning facilityAccommodation Wentworth Metro College provides these services and products to the students in order toattract maximum students from Australia and from international spheres. In addition, they do themarketing of the products and services through online modes like social media, e-mail andwebsites. The college provides diploma and advanced diploma level courses for the students thathelp the students to become job-ready. The special features of the courses and online help canattract the students across the globe and this college has a well-maintained website from wherethe students can get the information regarding applying process and library access(Sydneymetrocollege.edu.au 2018).
6ESTABLISH AND ADJUST THE MARKETING MIX2. Identifying the key characteristics of the products and services and their significance tothe marketWentworth Metro College provides products and services to the students who enrol theirnames in the academic session. Academic session starts at a specific time in each year and theduration of the courses are mainly 2.5 years; each of the courses has five semesters. For thefuture students from international spheres, Wentworth Metro College provides special benefitsand attraction of giving the provision like making a bank account, OSHC, accommodationfacility in Australia and airport-picking facility (Sydneymetrocollege.edu.au 2018). Currentstudents of the college get the opportunity of SMC E-learning portal access, recognition of priorlearning facility, student support services and English language support services. Therefore, it has been noticed, Wentworth Metro College provides various studentsupport services in order to increase the customer base. These products and services areperishable and time has significance in the college offers. The students need to enrol the namebefore all the seats are booked as service of the college is not used at the proper time, it may gofor one year. In Australia, especially in Sydney; there are so many business ad diploma levelscolleges. Service demand in education has a high degree of fluctuations and it many changes indemand for a year or for an academic year. Therefore, Wentworth Metro College has highdemand during the beginning of the academic year and low demand in off period. As opined byHuang and Sarigollu (2014), unlike a product, the service given by the organisation cannot betouched, tasted or sensed before their availd. Wentworth Metro College provides various serviceslike library access, online portal and graduation handbook; however, students have to enrol thename to get the access to these. Moreover, Wentworth Metro College provides personalisedservice as well when the students come for enrolment. The students can get the added advantage
7ESTABLISH AND ADJUST THE MARKETING MIXof getting a scholarship. Therefore, according to Fan et al. (2015), some of the personalisedservices must be created and consumed simultaneously. 3. Review pricing policy and analyse pricing variables to determine their effect on themarket Wentworth Metro College has three main strategies for pricing. The first strategy isproduct lining through which Wentworth Metro College sets the price steps between productline items. Therefore, using high-low pricing can be an effective strategy when it comes tooffering the premium students from the international sphere. It gives this college to same orrather higher pricing than the other competitor colleges in the market. In addition, servicebundling refers to when the customers are given a deal or discount when they make a largerpurchase rather than just one service (Hanssens et al. 2014). Therefore, Wentworth MetroCollege provides a special discount on the overall academic fees when the students book variousservices from the college like a handbook, academic fees, online portal access, accommodationand transportation. Lastly, price skimming is all about making the service or products pricinghigher initially and Wentworth Metro College uses the strategy because of its brand image in themarket. Wentworth Metro College provides various types payment features and this collegeprovides financial assistance to the students as well. The college also offers accommodation tothe students in Sydney. Wentworth Metro College uses the pricing variables like discountpercentage, agreements with the students over phone calls, the residual value of the servicepsychological elements of advertising and competitive pricing. Estimated total cost of studyingin this college is AU$3,400 for 23 weeks courses (sydneymetrocollege.edu.au 2014).
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