Designing an advertisement plan is the first step towards developing brand awareness that will increase market share for business organization. Towards this end, the marketing plan seeks to increase enrollment in a private facility from the current 3,000 to 5,000 students in the designated academic year. Further, the institution wants to increase its revenue generation from $100 million to $200 million in the next financial year. Importantly, the promotional scheme intends to reduce the number of transfers from 20 learners to 10 students per year. Most importantly, the promotional program aims to raise the organization’s market share from 2% to 4% within the stipulated time frame. Broadly, the marketing plan seeks to raise the profile of the school within a specific target group. Please read the following marketing plan sample provided by an academic expert Writemypaperhub.com paper writing service.
To begin with, the school is a premier institution that specializes in offering early childhood education to lower level students. The institution has designed a unique curriculum that is aligned with federal and national requirements concerning early childhood education. Notably, the organization ensures that young learners are provided with the necessary support that ranges from physical to emotional needs to ensure they develop holistically (Choi, 2014). Fortunately, the marketing plan has specific advantages which include the employment of social media to promote the services on offer at the school that has been well received by the target market.
The use of trade fairs, churches, and community social halls is another approach that has been successful in past promotional campaigns. However, the competitors also offer the same services and use similar marketing tactics which may limit growth. Notably, reforms in the education sector, especially the early childhood section, is likely to influence institution’s growth negatively.
The market analysis shows that the school is classified as an educational product. Importantly, the market size for private education is significant since many parents are turning to non-government schools for their children’s education which demonstrates the viability of the business. In terms of segmentation, the market has been divided into several tiers that are homeschooling where students are provided with personal teachers and private schooling in a standard setting where learners mingle with other students. Further, the parents have been classified into young and old with the latter representing children already enrolled in the school while the former revolving around first-time clients.
Porter’s five-analysis tool is a vital evaluation mechanism that will reveal the factors that are likely to affect the marketing plan. To begin with, the threat of new entrants is a notable issue that might lower growth in the sector since new players are aware that the industry is profitable and may seek a share. Further, the threat of substitute is another element that is likely to affect the marketing plan since some competitors attempt to use different models in the provision of services, which might erode the competitiveness of the institution (Dalken, 2014). To illustrate the point, the use of online classes in instruction is an aspect that has been employed by some competitors, which has led to a slight advantage in the market. Further, the bargaining power of customers poses a risk to the marketing program since the clients have alternatives which requires the development of unique product offerings. The bargaining power of suppliers, in this case, the teacher with the relevant expertise, should be factored into the plan to ensure sustainability of the business model. Finally, industry’s rivalry is fundamental to the development of the promotional campaign to ensure the school is visible, thus leading to growth and revenue generation.
The situational evaluation will also focus on external factors that are likely to influence the promotional scheme. In this regard, PESTLE analysis reveals the political element that is expected to affect the institution considering that education is highly regulated by the government (Aithal, 2015). The economic environment might have an impact on the plan since profitability is hinged on the performance of the financial market. As mentioned earlier, technology is another element that has been employed by competitors, which might erode market size. Additionally, the social aspect is vital to the success of the advertising scheme since education should incorporate the social element in a community.
The SWOT analysis can be used to demonstrate the viability of the project and the likely threats to accrue from the plan. Strength shows that the enterprise has unique selling points that include expertise in the education service, especially special education. However, the school has weaknesses that include its dispersed nature, which makes management challenging for the administration. Nonetheless, the institution has numerous opportunities, for example, a growing market that enhances sustainability. In relation, the economy is on the rebound and many parents are seeking private education for their offsprings. The presence of threats is evident since the education sector is subject to external forces, which include the formulation of new laws, which might affect the institution negatively.
The target market is an essential aspect of the marketing plan with the primary audience of parents with children in lower classes in the education system (Aghdaie & Alimardani, 2015). To be specific, the promotion is targeting parents and guardians that desire to enroll their children in private schools. The marketing plan aims to attract middle-class families in the suburban areas that are able to afford the product offering. The scheme has been designed for parents from different ethnic backgrounds since the school values its diversity outlook with children drawn from all races of the country.
Marketing Plan Objectives
The goals of the promotional campaign for the year include the growth of student numbers to 5,000 from the current 3,000. Further, increase in revenue is another objective that the promotional scheme seeks to enhance, from the current figure of $100 million to $200 million. Again, the institution aims to increase its market share from the current 2% to 4% in the next academic year, which will have an impact on the aims, as mentioned above. The entity seeks to lower the transfer of students from the school to other institutions to 10 students, which currently stands at 20 learners per year.
Expectedly, the plan will cost the entity a substantial amount of money to finance the advertising campaign with the estimated budget of $500,000. The funds will be channeled through the marketing department for easy accountability. Notably, the amount represents the entire fiscal year for the unit. However, the money will be released in quarterly batches to ensure that monitoring and evaluation are conducted to avoid wastage of funds in an ineffective scheme.
Schedule and Marketing Methods
Expectedly, the marketing structure will entail an exhaustive schedule that begins in January (Silva & Casas, 2017). The employed tactics will include participating in trade fairs, especially in communal centers where many families frequent to widen the scope of the promotional area. The employed technique seeks to target business people that attend such exhibitions. Concerning expenses, the trade fairs are estimated to cost $10,000 since only few advertising staff will be required to pitch to the potential clients. Ideally, the methodology is expected to get 100 customers in the entire year.
Further, the use of digital media is another avenue that will be utilized, especially radio ads, to enhance the reach of the marketing plan during the onset of the academic year. The cost of advertising in the electronic media is estimated to range from $50,000 to $100,000 since the platform is relatively expensive. The adverts will be financed from the marketing kitty that has been allocated to the respective department. The number of expected conversions has been set at 1,000 students due to the extensive coverage of the tool.
Social media has gained traction in recent years, which will be used on a continuous basis to increase brand visibility. In relation, the use of websites to promote the institution is another strategy that can create traction leading to increased enrollment. The approach is expected to garner 500 students, especially in the young parent segment that are technologically receptive. The scheme will cost $50,000 since the method is not expensive.
Sending emails to potential customers is an effective strategy that will be exploited, especially using analytics to determine likely candidates for the school. Ideally, the technique has been informed by the fact that many people use the channel to communicate and seek information on various services. The approach has been assigned a target of 500 students due to its easy reach. The method is capable and cheap, which is estimated to cost $50,000 that will be funded by the internet kitty.
Sponsoring events in the community is another platform that will be used in the promotion with the annual diversity festival as an excellent platform to sell the school. Notably, being associated with specific events is positive due to the social capital within such meetings. The strategy is designed to target the masses, especially families that visit the shows with the set quota of 500 learners. The scheme will cost $100,000 since the events are usually held throughout the year.
Public appearance will form a critical component of the approach, which is designed to maintain brand visibility. The method is intended to attract customers in various settings that are aligned with the sector. One notable public appearance is the annual sports festival in the city that attracts thousands of people yearly. Consequently, the plan is estimated to attract 400 learners. The scheme will cost $100,000 due to the numerous public appearances to be attended.
Monitoring and Evaluation
Monitoring and evaluation are fundamental to the success of the marketing plan since they will be used to inform stakeholders on the progress of the marketing scheme. Towards this end, the assessments will be done on a monthly basis to provide sufficient data to influence decision-making processes (Royle & Laing, 2014). Moreover, quarterly estimates will be undertaken to understand the scheme’s impact on the organization. Most importantly, the program will be evaluated at the half-year mark to establish if the intended results are being attained. The use of Pareto and fishbone diagrams will be employed to determine the quality of the program.
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Aithal, P.S. (2015). Study on ABCD analysis technique for business models, business strategies, operating concepts & business systems. Srinivas Institute of Management Studies. Retrieved from https://mpra.ub.uni-muenchen.de/71989/1/MPRA_paper_71989.pdf
Choi, T.-M. (2014). Fashion branding and consumer behaviors. Springer. Retrieved from http://dresmaeilhasanpour.com/wp-content/uploads/2016/10/International-Series-on-Consumer-Science-Tsan-Ming-Choi-PhD-auth.-Tsan-Ming-Choi-eds.-Fashion-Branding-and-Consumer-Behaviors_-Scientific-Models-Springer-Verlag-New-York-2014.pdf#page=115
Dalken, F. (2014). Are Porter’s five competitive forces still applicable? A critical examination concerning the relevance for today’s business. The University of Twente. Retrieved from https://pdfs.semanticscholar.org/063f/be50003c29c81150bae86d4229ce38602a8f.pdf
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Silva, C. E., & Casas, L, A. (2017). Sports marketing plan: An alternative framework for sports club. International Journal of Marketing Studies, 9(4), 12-28. Retrieved from http://www.ccsenet.org/journal/index.php/ijms/article/viewFile/68628/37939