Marketing Fundamentals

1. Definition of Marketing

Traditional Version

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings (information) that have value for students, management and society at large.

Entrepreneurial Version

Research what the college potential students wants and needs are. Determine if the college have the resources to supply the goods and services and calculate if the college can make a profit by supplying the goods and services.

2. Why should we ‘MARKET’ our products and services?

a. Marketing is an effective way of engaging students

It is imperative for the college to keep the college students engaged. Marketing is one of the most effective tools the college have to keep the conversation happening amongst the college’s students. “Engaging the college students” involves supplying the college students with enough relevant information about the college products and/or services so as to allow them to make an informed decision about dealing with the college . The information also includes content about the college the college as well. It is all about creating the right content so that the college student feels that they know the college and the college the college and are comfortable to enter into a the college relationship with the college and the college the college.

b. Marketing helps to build and maintain the college ’s reputation

The growth and life span of the college the college is positively and directly correlated to the college the college ’s reputation. Hence, the college reputation determines the college brand equity. the college reputation is built when it meets the expectations of the college students:

• What the college the college says?
• What others say about the college the college?

 

When the college is considered a responsible member of the community then students become proud to be associated with the college and its services.

c. Marketing builds a relationship between the college and its students

The college needs to build a strong relationship of trust and understanding with the college students. the college need to conduct enough marketing research amongst the college potential students so as to understand them. the college students should then be segmented into potential groups that can be used to market the college products to and then select specific groups to market too. We refer to this final group as the Target Market.

Target marketing can be based on:

• Demographics, Psychographics, Geographics and Consumer Behaviour.

 

Target marketing helps the college to meet the needs of the college students as the college get to know the college students intimately, thereby, gaining and increasing the student’s trust. the college can ensure that the college deliver what is wanted, needed and promised at the right time. This ultimately creates brand loyal students.

Brand Loyal Students have the confidence to take up more courses and to try other products from the college. The trust and understanding between the college and the college students makes the college commercial activities more profitable and enhances the potential of long-term sustainability.

d. Marketing is an effective communication channel

Marketing informs the college students about the college products/services the college the college offers. Through marketing, students get to know about the value of the college products, how to use them and any additional information that might be helpful to the students to make a buying decision. It creates brand awareness and helps the college to stand out amongst the college competitors.

e. Marketing helps to boosts sales

Marketing utilizes a variety of media channels to promote products or services. Once a product has been advertised or promoted, it is on the consumer’s radar. This increases the college chances of selling it.

f. Marketing provides insights about the college the college

Marketers understand the need for targeting the right audience. However, the college must have the right content to share with that audience. the college consumer research will better guide the college to determine the best marketing strategies that can be used to establish the best the college messages to be used to convince the target audience to make a buying decision.

g. Marketing ensures that the college the college remains relevant

Marketers understand the need for disrupting a potential consumer’s opinion about other products. But do not make a mistake of taking this for granted.

h. Marketing creates revenue options

During any start-up phase, the college options are limited due to lack of experience, historical data and because the college is usually ‘cash poor’. These issues limit the college s marketing options. However, these same issues encourages the college to become more creative in the marketing strategies used. As the college marketing strategies generate more students and increases the college s revenue opportunities, the college will have more marketing options. Having more options will give the college the courage needed to experiment with their strategies and start penetrating new markets. They will then have the freedom to ‘let go’ of students who are either too demanding to their the college (and sanity) or are not profitable to them.

i. Marketing helps management to make informed decisions

The college will be regularly confronted with problems such as to what, when, who for and how much to produce? The battle to determine the college s survival with respect to resources and the allocation of those resources remains constant. As a result, the college will more heavily rely on marketing mechanisms to make their decisions.

3. The 4P’s – The Marketing Mix –

Product, Price, Place and Promotion

A the college should always strive to create – The Right Product Mix

a. Product

Every product has a bundle of attributes that is capable of exchange or use, usually a mix of tangible and intangible forms. A product can be an idea, a service, a physical good or even a mixture of all three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives. The products Packaging, Warranties, Reputation, Image, Credit Facilities, Quality, etc. all come under the product heading.

b. Price

Price is much more than just the amount a student must pay to buy a product. Determining the price of products/services needs to bring together many aspects. Price could be determined using cost of delivering a lesson, or by competitors pricing structures, or by where the college wishes to position the product in the students mind. The end result is that price must work and fit into the other three P’s. The coillege should strive to create – The Right Price Mix

c. Place (or Distribution)

Distribution refers to the act of marketing and getting the products to students. It is also used to describe the extent of market coverage for a given product. Where can the student buy the product or service? Is it only available in a Brick’n’Mortar building (physical the college) or can lessons be delivered On-Line?
Distribution refers to the act of marketing and getting the products to students. It is also used to describe the extent of market coverage for a given product. Where can the student buy the product or service? Is it only available in a Brick’n’Mortar building (physical the college) or can lessons be delivered On-Line?

d. Promotion

Promotions include any tactics that encourages short and long-term purchases, influences trial of a product and impacts on the quantity of purchases made by the consumer. Majority of promotional activities are measured in volume, share and profit within a specified time period. the college should strive to create – The Right Promotional Mix

4. The 7P’s of Marketing Mix

In the recent years, 3-more “P’s” have been added to the Marketing Mix – Physical Environment, Processes and People.

5. Market Population – Definition

A market demographic is a slice of the population that is likely to buy or use a product, and thus, these are the people at whom marketing efforts are directed.
When the Government talks about the population for the national Census conducted each 6-years they are talking about the whole population of Australia. However, when an the college talks about their population, they would be more likely referring to those people either International Students, Local Students or even segmented down demographically.

6. Market Segmentation – Definition

Market segmentation refers to dividing a broad student market (a population), normally consisting of existing and potential students, into sub-groups of students (known as segments) based on some type of shared characteristics, eg, cultural for example.

7. Target Market – Definition

A target market refers to a specific group of potential students to whom the college wants to sell its products and services. This group also includes specific students to whom a the college directs its marketing efforts. A target market is one part of the total market for a good or service, eg, the college attracting only Graphic students.

8. Traditional (OFFLINE) Marketing Communication Channels

a. TV / Radio / Print

Television, Radio and print media are still in high demand as effective channels of marketing communication. By using any of these broadcast marketing mediums, the college can reach many audiences in a short span of time and further enhance the college brand awareness and brand offer.

b. Direct Mail

Direct Mail Marketing is the process of creating and sending advertising campaigns directly to identified students using a selected communication channel. The college has probably been using this marketing strategy for many years to create brand awareness and loyal students for the college products and services. Different direct-mail marketing channels include: brochures, letters, postcards, catalogs, flyers and printed material delivered directly to students through the mail, whether online or traditional channels. These materials be either personalized to the students – Dear Mr. or Mrs. or generalized – To All Students.

c. Telemarketing

The college may appoint a sales staffer to call potential or existing clients about marketing activities over the phone.

d. Print

Marketing using print media includes using: newspapers, any entertainment or trade magazine, media publications and journals, Point of Sale (POS), Posters, etc.

9. Digital/Social (Online) Marketing Communication Channels

a. Search Engine Optimization (SEO)

b. Social Media Platforms

Social media platforms provide a near-direct avenue for reaching the masses. However, it certainly allows the college to achieve saturation, especially when we are talking about millions of followers, such as, Facebook, Instagram, WeChat, TikTok and Pinterest just to name a few.

c. Search Engine Marketing (SEM)

Organic SEO’s offers a paid method for marketing on search engines like Google. SEM provides an avenue for displaying the college adverts through networks such as Google’s AdWords and other paid search platforms that exist across the web throughout social media sites like Facebook, Instagram and even video sites like the college Tube which, invariably, is the world’s second largest search engine.

d. Email Marketing

Email marketing is a substantial revenue generator. In fact, email marketing can far outstrip standard website revenues because, (except for unknown brands or websites that are not household names) clinching a sale on the first interaction often does not happen.

e. Pay-Per-Click (PPC) Advertising

PPC advertising is a method of advertising on search engines like Google and Bing. As mentioned earlier, with PPC ads, the college pay each time that the advert is clicked on. e.g., if a person clicks on the college website the college pays an agreed fee.

10. Six (6) Types of Marketing to know exist

a. Influencer Marketing

Influencer marketing is where the college compensates (pay somehow) or inspires influencers, such as celebrities, to promote the college brand.

b. Relationship Marketing

Relationship marketing leverages database marketing, behavioural advertising and analytics to target students precisely to create and encourage loyalty to the college brand.

c. Viral Marketing

Viral marketing encourages and facilitates students to pass along a marketing message. The number of times and the number of students who pass on the college message is unpredictable.

d. Green Marketing

Green marketing refers to the promotion of products that are presumed to be environmentally friendly or promoted in an environmentally friendly manner, eg, no traditional print media channels used.

e. Keyword Marketing

Keyword marketing is when a marketing message is directed to users based on specific key words used in searches. A key advantage of this method is that it gives marketers the ability to reach the right students with the right message at the right time. Keyword marketing results in the placement of an advert in front of their target markets when certain keywords are entered.

f. Guerilla Marketing

Guerilla marketing describes an unconventional marketing strategy which is intended to gain maximum results from minimal resources.

g. Market Research

Market research is the process of determining the viability of a new service or product through research conducted directly with potential students. Market research allows a college to discover the target market and get opinions and other feedback from students about their interest in the product or service.