Marketing Plan For Binary University College Business Essay

Marketing Plan For Binary University College Business Essay EXECUTIVE SUMMARY Binary University College according to binary.edu.my is a university which was established in 1984 as an oxford learning center, became the first specialist college for business and IT in 1989, the first private college to be approved to offer Masters Degree in 1994 and finally upgraded to University College in 2004. Today, according to binary.edu.my, the University College is best recognized in Malaysia for management, IT and Entrepreneurship world class education at an affordable cost as compared to its competitors. This is a report intended at preparing a marketing plan for the School of Business of Binary University College. This marketing plan will include defining and identifying the situational analysis of the organization, the target market of the university, its SWOT analysis, major competitors, its marketing strategy in terms of its marketing mix, the universities forecasting issues, implementation strategies and finally controlling and contingency planning of the School. SITUATIONAL ANALYSIS OF BINARY BUSINESS SCHOOL The business school of Binary University College is according to binary.edu.my, the only school in Malaysia offering business that is affiliated with the worlds largest business network organization, the Conference Board of New York. Being the countrys oldest business school has enabled the school provide high quality programs which attracts all kinds of people from different backgrounds, all over the world including students from the Middle East, Africa, Indian Sub-continent and within the ASEAN countries. One of the business schools aim according to binary.edu.my is to take advantage of the different cultures and values of the international community to help its students become global business professionals. MARKET SUMMARY-TARGET MARKETS Binarys university Business School comprises according to binary.edu.my of both local and international students who have the intention of pursuing or furthering the education in areas of foundation in business studies, gaining a diploma in business administration or in marketing, earning an undergraduate in business management or marketing and finally a masters in business administration. Market Demographics Geographics The business school attracts both students who are willing to pursue undergraduate and postgraduate programs and also lecturers from overseas. The business school provides courses which is intended at attracting part of the student which according to binary.edu.my comprise of students from over 41 countries which includes the Philippines, Pakistan, Ghana, Nigeria, Kenya, India, Libya, Angola, Zimbabwe, Indonesia, Vietnam, Rwanda, Sri Lanka, Oman, Bangladesh, Myanmar, Iran, Sudan, Tanzania, Russia, among many others. Demographics According to binary.edu.my, students are offered courses in the business school irrespective of the age, sex or income. However, there is a certain entry requirement for any student who intends to pursue either a foundation, diploma, undergraduate or postgraduate course from the business school. These entry requirements include SPM, STPM, A-Level, O-level and any other educational certificate recognized by appropriate bodies. Market Needs The business school seeks to provide its student with a range of programs ranging from foundation, diploma, degree and postgraduate, all of which is to enable it fulfill the following benefits that are important to its students and todays market: Foundation- all of its student seek to achieve a very sound academic foundation Experience- gain practical experience in a specific industry and finally, Competitive Advantage- gain competitive advantage in the employment market. Market Trends and Growth Binary.edu.my explains how jobs in the past use to be less competitive even though lesser people went to universities. Jobs were in abundance in the past despite most of graduates were generalist who had to compete with functional specialists. However, in todays market, most jobs are being pursued by hundreds of graduates applying for it. Employers are no longer looking to employ graduates with just degrees, but ones who have knowledge relevant to the industry in which they find themselves in. Employers notice a graduate who has a clear and much knowledge on a particular industry that is among a hundred of applicants and they feel the need to have that particular applicant in their organization. This leaves little room for applicants who only poses paper qualification and less knowledge about an industry in which they are applying for a job in. SWOT ANALYSIS OF BINARY SCHOOL OF BUSINESS Strengths Industry Specialist Professionals (ISP) The schools strength lies in its differentiation and ability to according to binary.edu.my produce graduates from its degree courses who do not just graduate with an award and certificate from the university but also a certificate in a specialized industry. The industry specialist professionals program which is undertaken by degree and masters students is equipped at preparing the schools students with the advantage in the marketplace and also to employers with an extensive practical knowledge of a specific industry. The business school teaches and prepares its students to analyze issues, defines problems, compare alternatives, formulate solutions and implement action plans in any industry they might find themselves in after graduation. Weaknesses Concentration on ISP So much focus is placed on the ISP program as a means of ensuring students from the school of business graduate with what is to be seen as an advantage in the workplace. However, this program provides graduates with knowledge on a specific industry. In the case a particular graduate does not end up in the industry in which his/her ISP was targeted on, they become as common as the other applicants they might end up applying for a job with. Opportunities Location The university is located in a area which provides the students of the business school to have a feel of how a business environment is like. The universities location is in the Multimedia Super Corridor (MSC), in IOI Business Park. The environment is filled with easy access to transportation, accommodation, a variety of food, and also an easy reach to the countries international airport. The location is also an advantage for the school of business to maintain its position in the country as it is the only business school located in the IOI business park, Puchong. University Partners The business school attracts a lot of students from both local and international market with its according to binary.edu.my 2+1 option which makes it possible for students to pursue their first and second year of a degree program at Binary and when they reach their third and final year, have the option of completing their study in one of the partner universities in the united kingdom and Australia. This business option attracts a lot of students because of the following: The cost of education are much lower than to complete the entire degree overseas Students get the chance to study in Britain or Australia thus acquiring valuable overseas experience Students who choose this option are awarded the same degree by the British/Australian university as if they studied all 3 years overseas Threats Uncertainty and unpredictability of University Partners The universities partnered with the business school for the 2+1 option such as the University of Teesside, University of East London, Murdoch University and Deakin University can always end their partnership with the university and not renew it if they see no need necessary to especially in the case students to choose to complete their degrees elsewhere. In some cases where there is issues such as with immigration which is out of the control of the both parties, students may be discouraged in pursuing the option and might look to pursue their degree programs in other universities or the schools competitors. COMPETITION Although Binary is the only School offering business in Puchong, it is not the only one providing a course in business in the Selangor state. There are a couple of universities in the state also offering the same courses in business. However, the schools major competitors are: Taylors University The school of business in Taylorss University according to taylors.edu.my seeks to produce graduates who have the unique approach to prepare themselves to face todays business world. Strengths The business school in Taylors offers a wider range of courses as compared to Binarys business school. The business school has a foundation, diploma and degree for business management just as Binary business school but alike Binary; it also offers degree courses in human resource management, international business, international marketing, applied finance, commerce in accounting, and a masters course in finance and masters in business administration and management. Weaknesses Even though Taylors university according to taylors.edu.my has on its curriculum an industry-relevant program; it is not as intensive as that of Binarys business school. Binarys ISP is a program focused on producing graduates with knowledge on a particular industry, Taylors offers it as part of its curriculum and not a program which leads to a separate certificate when graduating. Opportunities Taylors business school has a program, Taylors American degree transfer program which according to taylors.edu.my sees to it that students get a chance to transfer from Taylors business school into over 50 universities in the United States, Canada, Australia, United Kingdom and New Zealand of which is of a wider range of options compared to Binary. Threats The number threat Taylor has is from Binary and this is in the form of the ISP program. Binary might not have the range of university partners Taylors has but it has an advantage for its graduates in terms of knowledge about chosen industries. Sunway University College According to sunway.edu.my, the Sunway School of business has a commitment to international academic standards and also encouraging its students to reach out to reach their potential. The school has the necessary skills to help it mould its students into leaders. Strengths The school of business focuses a lot on providing academic excellence. To enable the school achieve this, its faculty are trained to make use of case analysis, group projects, field trips, classroom discussions and guest speakers as a way of helping them teach. The school also, as a means of helping its graduates find situatble jobs, works closely with the business community to according to sunway.edu.my help their students with finding quality internship and employment after graduation. Weaknesses Less effort or no effort is placed at all on preparing its graduates with knowledge in specific industries to help them gain a competitive advantage when it comes to todays industry-competitive market. Opportunities The school of business of Sunway has its degree programs validated by the university of Lancaster in the united Kingdom. Graduates are both recognized from both universities and the school makes it a priority to have a consultant from the university of Lancaster to help council and guide students in Sunway school of business to make choices in regards with their chosen career field. Threats Without the ISP program and with limited university partners, Sunway school of business is faced with the threat of its competitors enrolling most of the students who seek to pursue a course in business in the Selangor state. UCTI Strengths Just like Binary, UCTI has a foundation program which leads to a degree of diploma course. However, the school of business of UCTI according to ucti.edu.my has a wider range of diploma and degree course compared to Binary. The diploma in business studies in UCTI has wider options such as diploma in business administration and diploma in business with information technology, this helps graduates gain an advantage over other applicants with the knowledge they poses in information technology. The degree course of UCTI ranges from business management, business management with specialism in e-business, international business management, marketing management, human resource management, tourism management, service management, finance and accounting and finally, media marketing. Weaknesses Even though the school has a wider range of diploma and degree courses as compared to Binarys business school, its weakness is its inability to direct any of those courses at providing its students with knowledge in relevant or specific industries. Opportunities According to ucti.edu.my, the school of business of UCTI has a wider range and option in terms of university partners located in the United Kingdom and Australia. The school of business has available for its students, 17 university partners from the United Kingdom and 14 partners in Australia. Students are more attracted to the school of business of UCTI due to its vast partnership. Threats UCTI is also threatened just like Sunway by its competitors Taylors and Binary who provide curriculums and programs on industry related courses. BINARY SCHOOL OF BUSINESS PRODUCT OFFERING Foundation in Business Studies The business school of Binary according to binary.edu.my places focus on high school leavers who most often than not are faced with making a choice on which type of degree they would want to undertake in universities. The foundation program of the business school has the objective of: Laying down a foundation of students in their chosen pursue of a career in business Provide them with the chance of either pursuing their degree program locally or abroad To help students analyze a wide range of career options. Diploma Binary business school undertakes the diploma in business administration (DBA) program, a program which instill in students the foundation in business management with which they need to poses in becoming competitive targets for employers. Students who pursue the DBA program according to binary.edu.my have the benefits of: Gaining the understanding of the key areas necessary to drive a business Learn to produce good reports, create and present excellent presentations, gain the ability to market products globally, develop quality initiatives and be able to work effectively in a team UNDERGRADUATE- Business Management and marketing According to binary.edu.my, as most schools rely on the traditional ways of producing business degree holders in areas of marketing, human resource, and finance who end up taking jobs such as marketers, financial analyst, or human resource experts. These traditional ways just concentrate on producing graduates who are just equipped with academic knowledge about the industry they find themselves in, but with Binary business school, it places more focus on ensuring that its graduates who pursue a degree in BA (Hons) in either business management or marketing also have an advantage on the knowledge and skills of their chosen industries. KEY TO SUCCESS The key to success for Binarys business school will be to concentrate on one of the universities educational goal of delighting employers by producing graduates who are industry specialist professionals. If the business school somehow manages to make use of the universities forged links between academia and industry to differentiate its graduates by ensuring they become industry specialist professionals, the school of business will become a very profitable and sustainable part of the universities success. CRITICAL ISSUES The school of business has the issue of playing its part to ensure that the universities educational goals are achieved. These issues, according to binary.edu.my include: To enhance student learning To be committed to continuous knowledge development through research To promote internationalization and attain international reputation To be a socially responsible, ethical and accountable university To strengthen community interaction and service To enhance professional training and lifelong learning MARKETING STRATEGY MISSION The mission of the school of business is to help achieve the highest international standards in management and also to mould world-class hybrid managers using their unique ISP formula. MARKETING OBJECTIVES The objectives of the school of business of binary according to binary.edu.my, includes the following: Development of careers from industry specialist professionals to industry specialist experts Produce industry professionally trained graduates with in depth knowledge about specific industries POSITIONING Binary school of business has positioned itself in the educational industry as the school which provides affordable world class education equipped with the competitive advantage of producing graduates who become Industry Specialist Professionals MARKETING MIX Pricing Binary business school has to continue to be the cost leadership in the industry if it intends to continue enjoying its position as the only affordable business school with the provision of world class education equipped with ISP. The school needs to continue to operate at the lowest cost in the education industry. In the case it is faced with competition from its competitors, the school needs to temporarily price its services at a lower price but ensure that the new temporarily price is enough to cover up cost of operations. Distribution To ensure that the business school increases its number in terms of students, the strategy of seeking out new students by the school into the course needs to be changed and more of the work of attracting students for the business courses be done through intermediaries. The use of agents and taking part in educational fairs can be a way for the school to gain more students. Also, more can be done by the school for its graduates in helping them develop from ISPs to ISEs if the school involves itself more in working more closely with the business environment to ensure its graduates end up with appropriate jobs which are related to their chosen industry. Promotion The current strategy, push strategy being used by the school by making use of its marketing team to attract and promote its products has t be changed to a pull strategy where more emphasis is placed on spending more funds on advertising and promoting courses to students willing to pursue courses n business. The pull strategy will see more money being focused on advertising in newspapers, television, radio, banners and posters, through e-mails and adverts via the internet instead of concentrating on promoting benefits of the business courses through word of mouth. Product For the school of business to achieve the above objectives, it needs to increase its product line. The current courses it offers in degree can be expanded to include courses such as tourism management, human resource management, international business, marketing management and other business related courses to help attract more students, widen the industry based programs and also produce specialist from a wider range of chosen industries. FINANCIALS BREAK-EVEN ANALYSIS According to the breakeven graph above, $7920 is the point at which the business school will be required to operate in order to reach its breakeven point and not overspend or loss out on operational cost in its strategies. EXPENSE FORECAST FOR BINARY BUSINESS SCHOOL Marketing Expense Budget 2011 2012 2013 Website $25,000 $7,910 $9,912 Advertisements $7,400 $14,900 $19,290 Printed Material $1,450 $1,789 $2,956 Total Operations and Marketing Expenses $33,850 $24,599 $32,158 Percentage of Operations 5.57% 2.98% 3.94% Contribution Margin $372,000 $523,231 $59,984 Contribution Margin/Operations 72.56% 74.12% 78.10% The above table is a budget for the next 3 years for the school of business to help execute its strategies of achieving its objectives. CONTROLS IMPLEMENTATION It is very necessary that the above strategies and objectives are carried out without fail, are performed on time or as planned and that the budget is adhered to ensure that the school achieves its objectives with its recommended strategies and that it meets its breakeven point to avoid overspending and loss. MARKETING ORGANIZATION The marketing team of the school shall be in charge in ensuring that all strategies are carried out on time, as planned and within the set budget. CONTINGENCY PLANNING Difficulties and Risks In the case there is any difficulty in implementing the strategies, the recommended strategy will be reviewed and necessary changes made. If the budget set for implementing the strategies is running out faster than expected, a budgeted emergency fund should be made available to ensure that the implementation moves on smoothly without any risks or difficulties. Worst case Scenario When students start leaving due to unsatisfactory results, lack of school interest in ensuring they gain good and appropriate jobs and for reasons of increase in pricing, the whole strategy will be aborted and a new one created. Also, when the budget set is running out when less than 50% of the implementation has been accomplished, the implementation stage will be forced into a halt to ensure the school does not end up spending more than it earns.