Detailed Planning of Marketing Strategy for Stamford International University in Bangkok

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Detailed Planning of Marketing Strategy for Stamford International University in Bangkok

Marketing Situation Analysis

Stamford International University Founded in year 1995, located in urban area of Bangkok with the population of 5 Million inhabitants. Level of education in Thailand is increasing from before. Launching an MBA International and National program is brilliant and successful strategy for now days in the area like Bangkok with the majority of educated population and large number of foreign students. Marketing situation of Stamford International university based on top universities in Thailand, it ranked 84, and 6706 worlds ranked.

SWOT analysis

Strengths:

New education reform has made education sector more lucrative: Stamford International University offers always new and fresh course often. It introduce new system 2 times per year and bringing update according to current situation of market.
Strong and well-known brand name in US, Europe and Asia: The band name Stamford International University is well known brand in US in many states like (California, Washington, New York…), Europe (UK, Germany, France…), Asia (South and Middle Asia).
Located in a business area: Unique business location of Stamford International University give the university one step ahead of its competitors, it make their business easy to achieve their goals with less expending.

Weakness:

Little scope in extra curriculum activities.
Limited land for expansion and development of course: Stamford Asok Compus located in Exchange tower only in less than half of the one floor, In case if Stamford want to target the Thai market less than 5 year than with increase of students they will face class room limitation and there is no way to expand its land in this current location.

Opportunities:

Inflow of foreign students will bring huge revenues: Inflow of foreign students have a huge effect on cash flow of the university. Its not only beneficial for university although its more beneficial to the area around the university and country economy. Inflow of foreign students will make the area important and business location for others around the university.
Opening of new branches in south Asia: Stamford International University not only target Thailand market, whereas want expand its business in south Asia and have plan to open new branches in: Malaysia, Vietnam and Singapore.
Technology development in teaching methods: Stamford International University want to make its teaching system more digitize, they want to add more computers which connect with the teaching method of university and bring fresh data to discuss and develop strategy for it.

Threats:

More likely depend on Tourism: Stamford International University will target the International students more than National students, relying on International Students can be risky. Any politic roles can affect the inflow of tourists.
Politics and Government Taxation: Stamford International University for continue its services, have to pay multiple tax for Thailand government as an foreign registered institute.
Country Economy: As general down of economy in a country will affect every sectors of the country including Institutions private of government institutes and Universities. But for a University like Stamford it will affect more in the revenue of the university because Stamford International University target middle- and upper-class peoples.
Rapidly Changing information technology will make university to expend more to their business to keep them in the level of their competitors.

Target Market

STP Analysis:

Segment your market

Demographic: According to 2010 last census, out of 8.3 million population 5.7 million of them were registered residents which includes different types of race, like: Japanese More than 80000 population, Chinese 56000 population, European 48000 population and other Asian countries 117000 populations. Majority of these population are staying for education purpose. Based on demographic conclusion more than 50% of this population is young generation people. almost all foreign students traveling in to Thailand they’re speaking well English and MBA International program welcomes all types of race and people.
Geographic: Our location in Asok campus geographically its in the center of Bangkok with highest foreign population. Our Geographic target will be more foreign student, so we have plan to add more classes in Asok campus for both international and Thai students.
Psychographic: Based on psychographic analysis our target will be customers with urban Life style, more educated and open mind and Stamford International University offers an unconventional urban learning space.
Behavioral: How did our customers or student’s family will behave for their Child education.

Target your best customers: Our best and Targeted customers are foreign students which they work and visit Thailand with middle- and high-class economy. For foreign and Thai students, we offer more facilities and second is high class National students with high family income.
Positioning: Stamford International University position its education in top 100 in Thailand and 6706 position in the world. Based on International Students it’s in top 20 position in Thailand.

Marketing Objectives

Marketing objectives are the marketing strategy defined to achieve the overall business objectives.

Specific: Stamford International University goal is to be among top 5 Thailand Universities with the highest number of foreign students and among top 100 Universities in All Asia.
Measurable: Stamford International University’s aim to grow the number of students in MBA program by putting chart of foreign student’s candid and Thai students list yearly. And Stamford International University growing their business by different ways like social pages (Facebook, Instagram…), Board, seminars about new MBA program.
Achievable: Stamford International University’s aim to achieve more share in Thailand market with target of 20+% between 2018-2022.
Realistic: Stamford International University always keep updating their data, libraries and university system and they offer pre-courses, workshops to make the students more active to achieve more knowledge about their new launching program.
Time: Stamford International University’s aim to achieve majority of share in Thailand market and All Asia in less than 5 years.

Marketing Program (7 P’s)

1. Product: As we know product is something tangible to being sold, so in case of university Students are our customers and the MBA degree which Stamford University want to give to the students is product and design of the degree is central to the product element of the marketing mix. The main job of University is to make their product and curriculum more developed to their customers and can provide needs of the students.

2. Price: Stamford International University offers their MBA program 25,000 Baht for each block for Thailand students and adding 3500 Baht international charges for International Students. And with this price they offer many free workshops and presentations.

3. Place: Place is the distribution method of an university which adopts to tuition to its market in manner to match students expectations, Stamford International University Place provide many facilities for International Students, like their access to Metro station, shops, mall and restaurants.

4. Promotion: Promotion Includes all the activities and tools that university want and can provide offering to the market, like: Sales promotional efforts, advertising, publicity and their public relations.

Stamford International University provide different types of promotion to their MBA students, like: Accepting Credit cards from Students which they cannot provide fee amount and give them fee offer with 10-15% discount for credit card students. Accepting Scholarship students from low economic countries. 80-90% discount for top ranked student.

5. People: In general, the people includes all the staff of university which interact with those students which enrolled in university, like: administrative support staff and academic team. Stamford International University have more than 50 active administrative staff and support staff to take care of their students.

6. Process: A University education requires payment prior to consumption, there is no ownership exchange, unlike tangible products the customer buy it and take the ownership of it and consume it. Process in Education institutes includes bureaucratic and administrative function of the university. A process in education institutes works like: Inquiries to registration of the student, Evaluation to examinations of the students and from result to graduation and degree. Stamford International University staff categorized as Financial department, Academic support, International support team, Visa sector, cashier and enrollment. Stamford International University have the processes of providing student need from the time they take admission to graduation; the staffs make sure the student registers in correct courses.

7. Physical Evidence: Physical Evidence is the tangible element of marketing mix. In University aspects variety of tangible include lecture facilities and teaching materials to the appearance of the buildings. Stamford International University for launching their new International and National MBA program invites lecturer from main branch in US to increase the quality of the studies.

Marketing Implementation

It’s a process which turns marketing plans into action assignment and ensure that such assignments are executed the plan’s stated objectives (Kotler 1997). Stamford is an international university and it want to expand its business in south Asia and all around the world therefore company uses advertising and different marketing programs which will use to target the various groups of people in the market, like: special seminars about education and marketing activities.

Action Plan:

Objective Periods for Tactic Activity: Term One (Jan-May).

Achieve the highest number of International candids. Beginning of the year is the time for International student inflow, and in this time of the year by adding more international lecturers and extra classes in weekend days (Saturday and Sunday) we will like to handle the maximum number of international students. Social media (Instagram, Tweeter, Facebook) channels

Board advertisements. Term Two (May-Aug)

Achieve the highest number of National and International candids. This period of time is normally selected by National and International students, our aim and goal is to increase the advertising and bring some promotion in the tuition and keep updating the resources and program. Social media (Instagram, Tweeter, Facebook) channels

Board advertisements. Term One (Aug-Dec)

Raise awareness This is actually the period that we can raise the awareness of our upcoming new year program to the customers with the help of Advertising and marketing team. This season of the year consider to be the best time for advertising and boost the sales and increase the awareness of our new program. In this period Stamford International University should focus on its advertising and expend more in this way to aware the customers as much as possible. We will consider to expend in two main type of adverting more than others which can be the Social Media and TV advertising. Social media (Instagram, Tweeter, Facebook). December Holidays Prepare for the upcoming season This is good to take advantage from holidays to increase awareness of our program and measure all the university and make them update if need to be, bring update to systems.

Evaluation and Measurements

Measurement carrying out actual measurement in aim to assign a quantitative meaning to a quality. Evaluation is the qualitative measure of the business situation and it calls for evidence of suitability, goodness and effectiveness. Evaluation of education institutes includes recommendation for a constructive action.

Purpose of Evaluation for Education Institutes:

To determine the effectiveness of the program.
To make sufficient and reliable decision about the program planning.
To identify growth and lack of growth in knowledge skills.
To Provide educational administrators about university needs.
To measure the general trend in the development of the learning and teaching process.
To provide an efficient management and economical management of scarce resources.

Types of Evaluation:

Formative: Formative Evaluation use by Stamford International University to find out learning experience of students whether their able to do and attend what they were unable to do in past. And formative evaluation will help the students to perform well at the end of program. With the help of formative evaluation, the university will be able to know the strength and weakness of the student within an instructional context.
Summative: Stamford International University often use summative evaluation to determine the broad objectives of a program which have been achieved in (Public examinations, promotions…)

As per result after applying these two techniques by university the summative evaluation shows more objective and useful than formative evaluation

Evaluation Tools:

Sales (M&Y) = % of Sales Growth/Time
Sales Volume = Sales volume increase % / Order quantity for the block*100
Market Share = Total Revenue / Total Sales over a fiscal period
Marketing Expenditure = Total Marketing expenditure / Marketing Sales
Return on Investment = Current value of Investment – Cost of Investment / Cost of Investment

References:

A New Higher Education Marketing Mix (7P’s). Retrieved from: https://www.researchgate.net/publication/235284514_A_new_higher_education_marketing_mix_The_7Ps_for_MBA_marketing
Bangkok Population 2019. Retrieved from: http://worldpopulationreview.com/world-cities/bangkok-population/
Measurement and Evaluation in Education. Retrieved from: https://www.academia.edu/34793647/Measurement_and_Evaluation_in_Education_PDE_105_UNIT_ONE_THE_CONCEPTS_OF_TEST_MEASUREMENT_ASSESSMENT_AND_EVALUATION_IN_EDUCATION
Stamford International University. Retrieved from: https://www.4icu.org/reviews/11989.html
SWOT analysis for Education, School and Colleges. Retrieved from: https://rapidbi.com/swot-analysis-for-schools-and-education/