Marketing Research : Management And Assessment Answer

Answer:

Technological forces

Process

·         Delivery is moving towards online which is becoming more of an immerse learning experience

·         face-to-face

·         RTOs are embracing blended learning which involves mobile learning practices

·         Online collaboration tools with cloud-support have been introduced to reduce cost pressure

Social and cultural forces

Place and Product

·         Personal fulfilment of gaining job-specific skills contributes to demand

·         School leavers need a bridge to enable them land a job

·         Employees feel valued which boots their morale and retention

·         Positive and encouraging attitude from family and workplace influences course participation

·         Participation in skills development is directly linked to the level of job security and positive economic returns received by employees

·         Challenging to reach students with special needs (e.g.; remotely located, disability, or culturally and linguistically diverse background, etc.)

Legal framework

Product

·         access to public funds by private RTOs encourage student attraction


2.2

Customer base

Consumer priorities, needs and preferences

Impact on the marketing mix

Non-governmental organizations

The staff members of NGOs require courses at low prices but prefer standard quality courses

Demand will increase for the courses as prices will be lower as compared  to other competitors


Corporate entities

They are the ones which require premium courses with overall professional development of their employees and the courses need to be customized.

Demand will increase of the product i.e. the courses as RTO is offering customized courses. Price will also get increased.

Public

Because of lack of organizational support, these people want to have career development courses so that they can further step up their career outside the workplace.

Prices will b average, needs more promotions so that customers can attract.

 

2.3

Marketing mix variables

Marketing objectives, Target market characteristics, Desired positioning

Product

·         Register this non-accredited program as a nationally recognized course

·         Develop additional innovative and quality syllabus to

increase the perceived value offer in the eye of the market

Pricing

·         Maintain premium pricing to enhance quality image

except for non-governmental organisations, do not have discount offers as do not want to establish a pattern of regularly lowering prices

Promotion

·         Embed ‘Online Live Chat’ support option to the website in order to support promoting the product from the website

·         Increase the number of enquiries from the marketing communications activities by 15%

·         Develop the Change Management Program with an innovative and cutting-edge outlook

·         Build a solid customer base by delivering the product to industry giants

·         Have a professional and engaging video production to generate publicity and create brand awareness towards the training program

·         Support the opening of new premises across five states including NSW, VIC, SA, WA, and QLD

·         Support the introduction of additional syllabuses

·         Enrich the brand in a national scale cultivating the organisational image as the premier professional development course provider

·         Finding of the niche communities in the industry who need change management practices as the nature of their business

·         Showcase product features and benefits in national and local conferences

Distribution

·         Actively deliver the new Change Management Program in five states including NSW, VIC, SA, WA, and QLD

·         Launch online course delivery (which is currently only face-to-face)

·         Maintain percentage of customer complaints less than 5%

reduce cost-of-delivery by 15%

Service Variation

·         Increase sales volume by 20%

·         Increase overall market share by 15% of the market which provides change management related courses

·         Achieve a minimum ROI of 20%

·         Achieve 5% improvement in customer retention rates every year within the next five years

·         Increase number of student enrolments by 10% in each site of delivery


2.4

Marketing mix variables

Target Market 1

(NGOs)

Target Market 2

(Corporate entities)

Target Market 3

(Public)

Product

The course package offered to public clients is ‘gold class’

The course package offered to public clients is ‘platinum class’

The course package offered to public clients is ‘silver class’

Pricing

Provide courses at relatively low prices

Premium Pricing

Group discount offered

Promotion

Online live chat and videos

Online live chat and videos

Online live chat and videos

Distribution

Support the opening of new premises across five states including NSW, VIC, SA, WA, and QLD

Actively deliver the new Change Management Program in five states including NSW, VIC, SA, WA, and QLD

Support the opening of new premises across five states including NSW, VIC, SA, WA, and QLD

Customer Service Level

Customer Engagement

Customer Engagement

Customer Engagement

Email and budget attached with the solution file

Variance between planned and actual results

Reach to Customers

Estimated

Actual

Variance

Total reach

8500

2453

5547

Leads

2000

321

1679

Customers

245

46

199

Promotional Activities

Estimated

Actual

Variance

Direct Mail

3.4%

4.8%

1.4%

Email Marketing

4.8%

2.2%

(2.6%)

Organic Search

12.4%

23.4%

11%

Website Traffic

30%

22.3%

(7.7%)

Networking

8.8%

6.2%

(2.6%)

Social Media

19.2%

23.2%

4%

E-brochure

9.2%

6.9%

(2.3%)

Local Radio

12.2%

11%

(1.2%)

Total

100%

100%

Causes of Variance in reach to customers

There can be various reasons behind this variance such as people didn’t find the courses matched to their needs, unable to opt for the course due to financial issues, don’t have time to enroll or such courses etc.

Causes of Variance in promotional activities

There are various reasons behind this variance in promotional activities such as individuals have not checked their email on a regular basis, individuals don’t have access over internet facility at that time, don’t give much attention to promotional activities like e-brochure as other companies also send number of e-brochures for promotion and individuals do not prefer listening to local radio.

Components for testing

Marketing mix components

Test Strategy

Expected outcome

Price

Decreased prices

Increased participants

Place

Change in distribution channels: Visiting the organizations

Extended outreach of potential customers

Promotion

Discount offers

Increased demand

3.2

Scenario

Implications on consumer response

Scenario 1: Decreased prices of the courses

The individuals will find it competitive and will enroll themselves in the courses provided by the RTO and thus demand will increase.

Scenario 2: Change in distribution channels: Visiting the organizations

By visiting the organizations and making the employees understood about the various courses, there are huge chances that great customer response can be achieved for getting enrolled for the courses.

Scenario 3: Discount offers for first 50 participants

This will impact the individuals in such a way that they will try to opt for the courses on first come first serve basis as only first 50 participants will get the benefit so participants will try to enroll them fast.


3.3

Marketing mix variables

Target Market 1

(NGOs)

Target Market 2

(Corporate Entities)

Target Market 3

(Public)

Product

Gold class

Platinum class

Silver class

Pricing

Diminish the prices from $5,250 to $4,750

Diminish the prices from $11,600 to $10,600 per member

Diminish the prices from $7, 800 to $7,000

Promotion

No discount offers as prices are already diminished

Discount offers of 20% to first 50 participants

Discount offers of 15% to first 50 participants

Distribution

No visits needed

Visiting to  large companies

Visiting to medium and SMEs

Customer Service Level

Customer engagement

Customer engagement

Customer engagement

In excel sheet.

In excel sheet (only budget of Quarter 3 and 4 are re-adjusted)

Marketing mix variables

Target Market 1

Target Market 2

Target Market 3

Product

Gold class

Platinum class

Silver class

Pricing

Increase prices from $5,250 to $5,500

Increase prices from $11,600 to $12,000

Increase prices from $7, 800 to $8,200

Promotion

No discount offers as prices are already diminished

Discount offers of 20% to first 50 participants

Discount offers of 15% to first 50 participants

Distribution

No visits needed

Visits to public companies

No visit needed

Customer Service Level

Customer engagement

Customer engagement

Customer engagement

References:

Aaker, D.A., Kumar, V. and Day, G.S., 2008. Marketing research. John Wiley & Sons.

Constantinides, E., 2006. The marketing mix revisited: towards the 21st century marketing. Journal of marketing management, 22(3-4), pp.407-438.

Noble, P.M. and Gruca, T.S., 1999. Industrial pricing: Theory and managerial practice. Marketing science, 18(3), pp.435-454.

Sashi, C.M., 2012. Customer engagement, buyer-seller relationships, and social media. Management decision, 50(2), pp.253-272.

Solomon, M., Russell-Bennett, R. and Previte, J., 2012. Consumer behaviour. Pearson Higher Education AU.

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