MARKETING PLAN
Executive summary:
Now a day’s online or e learning is in the top position and a way which is accepted by most of the learners in recent time. The market digitalization takes a lead role in this e learning business market. Behind the upward hike of e learning in such a minimum time, shows that it has some special features over the conventional way of learning which is more acceptable for the learners. Such a company is B online learning which is situated in Australia.Bec Hall, Beck Berity, Bronwyn are the founders of the company as well as chief executive officers also. They found this company in Sydney, 2006 and registered it in Australia, 2007 and from then it provided a high quality of online learning procedure. In this assignment a proper segmentation has been done to target the market. Obviously, students and universities as well as colleges are the main target for the company to facilitate their business. In order to gain the business company, need to utilize the social media to gain the customers for the products. Also, they need to fix their cost according to the market and by considering the competitor price.
Table of Contents
Executive summary: 2
Introduction: 4
Market analysis: 5
Market Segmentation 5
Types of Market Segmentation: 5
Market Segmentation: 5
Target market 6
Marketing plan: 7
7Ps of marketing mix 7
Operational plan: 8
Management summary 9
Financial plan 9
Targeted market 10
Customer’s behaviour 10
Trend 11
Increasing demand 11
Conclusion: 11
References: 12
Introduction:
In the market of e-learning it is very essential to make the users understand about the importance of the e-learning. In Australia various companies are providing the e-learning services and it is very much attractive to the students. The company provides a huge number of facilities in the context of learning like online tutoring, downloadable notes which will guide the learners, online projects, online assignments, e learning modules, regular tests, live doubt solving class, all time open question answer facility, rapid courses and many more. The company within these years achieves an outstanding growth in this field. Currently the company holds 2460 successful projects, 15 awards, 5000 trained peoples and many customers as well as learners (B Online Learning, 2019).The main issue is the instructor’s role and the student’s role to achieve the success for both, as it’s not able to transplant the traditional teacher and student relationship, thus the student and the instructor both have to understand their roles with seriousness. The issues can be countered as digital divide, lack of motivation for students and sometime lack of suitable courses etc can be designated as issues. The main objective of this project was to determine the current market position of the B online learning and to get idea about the challenges of the company. In addition to get knowledge about the mitigating measures for the challenges and idea about the necessary steps in order for further growth of the company in future was also the objectives of the project.
Market analysis:
Market Segmentation
It is the process which divides the total population of the market into many meaningful segments based on the many marketing variables like geographic segmentation, Psychographics Segmentation, Behavioural Segmentation and also the demographic segmentation. Market segmentation is a set of identities in market which having similar needs similar demands and the properties. Once the total population in the market is divided into segments then the company easily target them and design their position according to them.
Types of Market Segmentation:
Market Segmentation:
The most important variables in the market segmentation are basically depended on the psychographics, demographics, geographical and behavioural.
- Demographic Segmentation:
The market area based on demographics like age, education, family members, socio economic status etc. and it is called the demographic segmentation (Hardcastle and Hagger, 2016). The company B online learning has been targeting the market of education as the company provides the technological learning through online services, it could impact the traditional education institutions. The demographic segment would help the company to attract younger students by understanding their expectations. The company increase its online services to the customers and it provide the new offers to the customer. The 3P learning also try to increase the customer base in the lower segment and it is the opportunity to invade entry level market.
- Geographic Segmentation
When the population is divided based on the geographies like country, region it is called geographic segmentation (Hardcastle and Hagger, 2016). By using this market segmentation B online e learning company helps to service their products to the students in different locations and it increases their global presence as well.
- Psychographics Segmentation:
This market segmentation based on the people’s characteristics, their life styles; also depend on their social status (Hardcastle and Hagger, 2016). By using this segmentation B online e learning company understand the demand and choices of the students. Segmentation is performed according to the registration status such as high school graduate, transfer learners, e-learners, drop-outs and the learner characteristics. In this segmentation, strategies should be both marketing and process orientated and marketing messages, images and communication media should represent the students groups of which attention the institution want to attract.
- Behavioral Segmentation:
This type of market segmentation based on the customers’ behaviours (Hardcastle and Hagger, 2016). The behavioural segmentation gives the response or the change in the behaviour of the students through the change in the services as provided by the company B online Learning. The segmentation would enable the company in understanding the needs of the students. This approach requires differentiation of strategies, studies and resources based on the capacity of institution and learner demands.
Target market
Among this market segmentation demographic segmentation is more preferable to the company B online learning because by using this market segmentation, the company will be able to make a proper market strategy for its business. The target market will be the students of age group 18-30 around the world , as it is online course people will be able to access from any area, therefore This segmentation helps the company to help in education section by providing better technological learning through online. Also it helps to understand the economic status of the students. The demographic segmentation would help the company in identifying what type of customers wants to purchase which type of services. These help the business of the B Online Learning in connecting to the students in an effective way.
Marketing plan:
7Ps of marketing mix
Place
The e-learning company should start promoting the online courses for the students and other clients as well. Promoting these online courses will not only be cost effective for the college but it will also help the students and other educational institutions as well to learn from its online resources. For the increasing competition in the eLearning business, the company faces new threats. The new products launch in the e learning industry puts pressure on the 3P learning company. The company does not respond quickly to the market. Business relation with the US and china not so good and this can affect the growth of 3P learning industry however if the company focuses on online marketing then the business can be done globally and the threats of doing business in China and US can be mitigated.
Product
Online learning services will help the company to make healthy relationships with the students and other clients as well. It will also help the company in gaining financial benefit from the same. In addition, these online courses will be cost efficient for the students as it will be helping the colleges to carry forward their positive reputation in the market. The Aspin eLearning has the strong reliable suppliers which enables which mitigate any supply. Aspin eLearning performs excellent in the new markets that help to the business success of the company. The company good at the execution of the new project and returns the capital by making the new revenue system. The company provides the services to the corporate world too where it creates an environment of learning through working.
Process
Online courses and digital campaigns can be conducted every week. This would help the company to explore more business opportunities in the education sector as well. 3P learning is one of the leading organizations in the digital learning industry. Online learning through Cloud computing can be done, or they can focus on app marketing as App based marketing is a new technology and people can use it anytime, it is convenient and user-friendly too.
Physical evidence
The website of the company and the emailing system will help it to keep evidence of the services such that it will enable the B online learning company to build a sense of security among the students as well.
Price
In order to keep a positive reputation in the market, the company should be providing online tutorial services at low cost for the students and other educational institutions. This competitive pricing strategy will be enabling the company to remain sustainable in the market by exploiting on with the education sector as well. The worldwide market value of the Aspin e learning was 2018 in 190 USD and it expected to grow 7% from 2019 to 2025. 3P learning ltd has the market capture of AU$153. 3P learning has reduced its market share by the average of 85%. In last year its revenue was up 5.6 %.
People
The company needs to hire some efficient employees that could be able to carry forward their administrative works. In addition, they also need to hire some teachers and professors for their online courses and lectures for the students and other educational institutes. As it will be online learning platform, professors from top universities can record their video and upload it , students can use it as per their need. In order to manage the total process, Human resource is the important part of the success of the 3P learning Ltd in the Business service industry. For the many years 3P learning has started many businesses outside the service sector. It has increased to generate the revenue beyond the service sector and the business services and this will helps to increase the profit of the company.
Promotion
Social media and digital marketing will be the effective tools that will be helping the company to attract more students and education institutes in the process.
Operational plan:
In order to implement the several steps for promoting its services in the market, B online learning company needs to implement proper operational plan and processes that could be helpful in implementing the mentioned plan. It is one kind of process that evaluates the possibility of product or services by the good analytical research based on the potential customers. Market research permits the company to open a new target market and the obtain opinion from and also from the customer’s feedback about their demand and choices in the products and services. It is very critical tools that helps to understand the companies about their products and understands what customer wants and based on their demands develop their products and services which maintains the competitive atmosphere among the other companies. The e learning industry helps in education to provide positive result and also in technological section which has created its own market part. The trends and the production techniques all have been diverse in nature. B online learning is one of the greatest e learning companies in Australia. B online learning has created a strategy which has targeted the customers of the of all segments as they carry a vision of serving that what the customers need and based on their feedback the company follow a low pricing strategy which helps to focus on the quality of services they provide to the customers. The key partners would be the students for their e-learning and also the various schools and university who want to adopt the e-learning technology in their study. In addition various schools can be associated with this project as a viable partner.
Management summary
In order to implement the effective promotion of its services in the market, B online learning company needs to implement proper operational plan and processes that could be helpful in implementing the mentioned plan. The company could be implementing digital marketing for promoting its services. This digital marketing could act as an effective tool for the college to develop a proper marketing strategy for promoting the services of B online learning company. Online courses and digital campaigns can be conducted every week. This would help the company to explore more business opportunities in the education sector as well.
Financial plan
Variables
Description
Cost
Market research
Researching is required to understand the market properly
$1000
Wages of employees
The company would need to recruit efficient marketing managers who would be helping in making effective marketing plan for the company
$10,000
Website handling
This is the most important section for the company to handle as it is committed to provide its services online through its website.
$20,000
Advertisement
Promotional campaigns, TV and radio ads, social media marketing come under this category of variables
Total
$31,000
Table: Financial plan for marketing
Source: Created by author
Targeted market
The company targeted to help education system through the online learning. So basically the company b online e learning captures the market through the students.
Customer’s behaviour
The customer’s behaviour has been similar for all the products and the consumers’ behaviour describe that they choose a particular product. The consumer behaviour has been matching or aligning with the consumer behaviour theory which makes the eLearning services of B online learning a normal product.
Trend
The company b online e learning company provides the services of e learning which eLearning has been gaining the position of creating a trend which is being followed by the people at large.
Increasing demand
B online learning is one of the greatest e learning companies which has actually explored and exploited the customer’s demand by providing the high level quality services and adds the variety in their services.
Conclusion:
This study has focused on the complete business plan, and is expected to comment on business feasibility and recommendations. Students will develop Competitive analysis, Market analysis, Marketing plan, Operations plan, Management summary. E-learning now a day’s become more popular in every country and also it helps the student to learn in more convenience manner. In the project the entire description has been made on the basis of the B learning which is one of the reputed e-learning companies in Australia. In this project a proper market analysis has been done to understand the external market to build more convenience growth of the company. Also a marketing plan has been placed in this assignment to understand the basic marketing requirement of the company. In addition a coherent financial plan has also be generated in this paper.
References:
3P Learning. (2019). 3P Learning – Transforming lives through a love of learning. [online] Available at: http://www.3plearning.com/ [Accessed 27 Apr. 2019].
Andaleeb, S.S., 2016. Market segmentation, targeting, and positioning. In Strategic marketing management in Asia: case studies and lessons across industries (pp. 179-207). Emerald Group Publishing Limited.
Aspin eLearning. (2019). Aspin eLearning – Award winning bespoke eLearning solutions. [online] Available at: https://www.aspinelearning.com.au/ [Accessed 27 Apr. 2019].
B Online Learning. (2019). Transform your digital learning with B Online Learning. [online] Available at: https://bonlinelearning.com/ [Accessed 27 Apr. 2019].
Camilleri, M.A., 2018. Market segmentation, targeting and positioning. In Travel Marketing, tourism economics and the airline product (pp. 69-83). Springer, Cham.
Reuters.com. (2019). Global E-Learning Market 2017 to Boom $275.10 Billion Value by 2022 at a CAGR of 7.5% – Orbis Research – Reuters. [online] Available at: https://www.reuters.com/brandfeatures/venture-capital/article?id=11353 [Accessed 27 Apr. 2019].
Tradingeconomics.com. (2019). Australia GDP | 2019 | Data | Chart | Calendar | Forecast | News. [online] Available at: https://tradingeconomics.com/australia/gdp [Accessed 27 Apr. 2019].