Presentation on theme: "How to Create a Written Strategic Marketing Plan to Achieve Student Recruitment Goal While Enhancing Program Vibrancy Should You Extract the Right Dose."— Presentation transcript:
1 How to Create a Written Strategic Marketing Plan to Achieve Student Recruitment Goal While Enhancing Program VibrancyShould You Extract the Right Dose of Marketing Magic From the Genie’s Bottle or Develop a Strategic Marketing Plan that Best Positions Your School of Business in a Hyper-Competitive Environment?By Dr. Randy L. FryeDean, School of BusinessSaint Francis University
2 Three Essential Questions To Be Asked When Writing a Marketing Plan Planning ConceptsPlanning ToolsMission Statement (What is the purpose of our organization?)Situational AnalysisTarget Market AnalysisMarketing Mix AnalysisIndustry AnalysisSWOT AnalysisMission Statement Assessment ScorecardMarketing Mix AnalysisFive Forces of Competition Analysis (Michael Porter)SWOT AnalysisWhere are we now?3. Vision Statement (Where do we want to be in the future?)4. Goals vs. Objectives5. Big Hairy Audacious Goals (BHAGS)6. S.M.A.R.T. Objectives2. Where do we want to go?7. Revised Marketing Mix Analysis8. Boston Consulting Group Matrix9. Product / Market Expansion Grid10. Marketing Action Plan (MAPS)3. How are we goingto get there?5. Revised Marketing Strategy (Target Market and Marketing Mix)6. Assessment of strategic direction and writing strategic tactical marketing plans
3 Essential Elements of a Marketing Plan for an Academic Unit Mission Statement, Core Values, and Vision StatementA complete Situational Analysis that includes an Industry analysis along with a SWOT analysis.Prioritized Target MarketsMarketing Goals and ObjectivesVivid Descriptors and Points of Pride for your UnitMarketing Strategy ProfileMarketing Action Plans (MAPs)Implementation, Monitoring, and Analysis of Results
4 Mission Statement Attributes of a Good Mission Statement Clear and concise statement of the unit’s purposeProvides clear directionCreates affinity and is endearingEnduringDistinctiveRealistic/HonestMeasurableSFU Statement of MissionThe Saint Francis University School of Business seeks to enable students and graduates to know more, do more, and be more. The School of Business will graduate students who have the knowledge, skills, love of learning, confidence, drive, and ethical and moral values needed to be spiritually fulfilled in life and successful in professional careers.
5 Vision Statement Attributes of Good Vision Statements Be graphic Be forward-thinking and directionalKeep it focused, but allow some wiggle roomBe sure the journey is feasibleIt makes practical senseMake it memorableSFU School of Business Vision StatementTo be clearly positioned as, and to appropriately leverage the reputation as, the primary leader in business education and consulting in the Southern Alleghenies Region of Central Pennsylvania.
6 Additional Vision Statements “To be perceived as one of the finest strong small university business programs in Pennsylvania and the Middle Atlantic states with notable excellence in all of our academic programs, but being particularly noteworthy in accounting and business management education.” “To develop a national reputation for a successful Students in Free Enterprise (SIFE) Team.”“Expand the Small Business Development Center (SBDC) into a comprehensive Center for Rural Business Development and Outreach center, including expanded and enhanced educational offerings, consulting,training programs, and a business incubator.”
7 Core Values A Franciscan, Catholic University Student-centric The School of Business and its academic programs are liberal-arts based in the Franciscan tradition and are in alignment with the Eight Franciscan Goals of Higher Education and where applicable, the learning goals of the Saint Francis University General Education Program.Student-centricThe School of Business is student-centered and strives to create student success stories, one alumnus or alumnae at a time.Teaching-focused and Outcomes-basedThe School of Business is committed to the outcomes-based assessment process and maintaining IACBE accreditation. Faculty must be devoted to effective teaching, scholarship,and service.
8 Industry AnalysisMichael Porters Five Forces Model applied to a School of Business, including:Rival institutionsThreat of New EntrantsThreat of SubstitutesPower of the SuppliersPower of the BuyersComplementors (a sixth force)
9 Availability of Substitutes Michael Porter’sFive Forces ModelThreat ofNew EntrantsRIVALSPower ofSupplierPower ofBuyerAvailability of Substitutes
10 Who are Your Direct Competitors? Rival InstitutionsWho are Your Direct Competitors?PublicPrivatePenn State – both Altoona and Smeal School at University ParkPitt-Johnstown and University of PittsburghShippensburg UniversityIndiana University of Pennsylvania (IUP)Mount Aloysius CollegeJuniata CollegeDuquesne UniversitySaint Vincent CollegeRobert Morris University (PA)Mount Saint Mary’s University
11 Threat of New EntrantsPennsylvania Highlands Community College offers a variety of low cost, business-related programs that erode market share in our OCE division and traditional undergraduate business programs.IUP and Robert Morris University offer graduate business programs in nearby Johnstown.Corporate online degree programs, such as the University of Phoenix, Keller University, or Strayer University could enter our regional market and offer adult-friendly undergraduate and graduate programs in business.
12 Availability of Substitutes Community colleges offer affordability and confidence. Online degree programs offer convenience and access. Two-year business schools or technical colleges, such as Cambria Rowe and the South Hills School of Business and Technology offer quicker and cheaper routes to a college degree and earning a work credential. Corporate training programs and professional certificates can trump the need to earn to an advanced degree in business. Independent book learning and books on tape learning by working professionals.
13 Power of the SuppliersBusiness faculty command higher salaries than other categories of faculty and there is an acute shortage of doctoral-qualified business faculty. Pending retirements by large cohorts of Baby Boom School of Business faculty nationally will only make the faculty shortage worse.
14 Power of the BuyersTraditional-age students seeking business degrees have many universities and colleges to choose from and the competition is intense among schools of business.Adult students seeking graduate programs in business normally are more bound by geographic limitations and the availability of academic programs that provide desired convenience in terms of place and time utilities. However, online programs are overcoming geographic limitations.There are high switching costs for undergraduate and graduate students who do change schools and ultimately lose credits earned and time toward a degree.
15 A Sixth Force: Complementors RecruitingHigh School GradsRecruiting Adult LearnersHigh School teachers and guidance counselors“Alumni” parents of prospective studentsSchool of Business alumniCurrent students visiting their old high schools or hosting visiting students on campusCorporate partners who employ our graduates and current studentsCorporate CEOs, HR professionals, training and development managers or coordinatorsProgram AlumniChambers of Commerce and other associations
16 Summary of the Five Forces of Competition Analysis Rivals – A strong competitive force Threat of New Entrants – Moderate threat Availability of Substitutes – Moderate force Power of Suppliers – Strong competitive force (faculty shortage) Power of Buyers – Strong competitive force Power of the Complementors to help – Strong potential if properly tapped
17 Competitive Positioning Strategies Porter’s Generic StrategyGiven the breadth and depth of Saint Francis University’s program mix, Porter’s differentiation strategy is the best competitive position to take. Differentiation fosters customer loyalty and support, brand preference or insistence, and perceived value through high perceived benefits rather than lower costs or prices.Treacy/Wiersema StrategyAccording to Treacy and Wiersema (1997) in their book The Discipline of Market Leaders, there are three value disciplines that managers must understand and develop competencies around: (1) “best total cost” or operational excellence model, (2) “best product” or product leadership model, and (3) “best total solution” or customer intimacy model.In the case of Saint Francis University, the best approach or modelappears to be “best total solution” or customer intimacy.
18 SWOT Analysis Strengths Weaknesses Dedicated, talented faculty Satisfied students and alumsIACBE accreditation and outcomes assessmentAn outstanding SBDCAn $1.5M. endowed chair programOutstanding career placementSmall full-time faculty cohortUnder-funded business schoolMore curriculum integration is desired and coverage of information technology and global businessLimited institutional support for marketing and public relations activities
19 SWOT Analysis Opportunities Threats New academic programs in health care administration and sports managementA new online MHRM program$5 M for Schwab Hall renovationsRural Business CenterFrancis in the Marketplace Ethics CenterCompetition from rivals and other competitive forcesAdverse change in “potential student” demographicsReductions in corporate funding and work force reductionsFaculty talent shortageRural isolation
20 Prioritized Target Markets Prospective students and their familiesEnrollment management professionals at the UniversityBusiness faculty and staff (internal customers)Area Guidance counselors and high school teachers who teach business subjectsRegional Employers, including HR and training managersCurrent Saint Francis University studentsCollege administrators and academic advisorsMedia Outlets and Chambers of CommerceGeneral Public
21 Prioritized Marketing Goal #1 Recruit business students through effective promotion that creates awareness and enhances the image of a business education at Saint Francis University.Means to Reach GoalIncrease marketing effort bandwidth and ensure that marketing efforts become more direct and seamlessPrimary focusTo support our School of Business enrollment objectivesAspire for250 FT undergraduate business majors160 PT graduate students (MBA and MHRM programs)
22 Prioritized Marketing Goal #2 Develop a marketing communications plan for the undergraduate business programs that incorporates more effective communication of the following attributes of a Saint Francis University Business EducationThe Dr. Albert A. Zanzuccki Endowed Chair in Business Endowed Chair ProgramProfiles in Student and Graduate Portraits of SuccessThe Executive-in-Residence (EIR) programThe Springtime in London Trip/CourseSIFE activities and other business club activitiesCareer guidance sheets/ information for each of the six undergraduate business degree programsArticles on the different majors offered in business at Saint Francis University
23 Prioritized Marketing Goal #3 Develop a fund raising campaign to raise $5 million dollars to renovate and expand Schwab Hall into the NEW School of Business building within two years by identifying friends and benefactorsRaise $2 million to endow the SBDC and create the Rural Business Outreach Center within three years
24 Points of Pride / Vivid Descriptors Franciscan, Catholic focus on the holistic and ethical development of studentsLegacy of success among graduates and studentsTalented and dedicated faculty and studentsOutstanding career placement resultsRealistic / hands-on business educationPersonal attention / small class sizeDivision I athletics – the games ourstudents play
25 Marketing StrategyWhat is our product strategy and how do we effectively differentiate it? What is our promotional strategy, including our integrated marketing communications plan? What is our pricing strategy and financial aid packaging strategy? What is our distribution / location strategy?
26 Product Differentiation Model London Travel CourseService OutreachCareer MentoringStudent-Run BusinessStudent ResearchExecutive-In-Residence ProgramActive ClubsSIFESpeakers’ ProgramSBDCGeneral EducationGood Business ReputationCBCModern FacilitiesQualified FacultyInternshipsCollege Education in Business & OpportunityAUGMENTEDPRODUCTEXPECTEDPRODUCTGENERICPRODUCT
27 Pricing / Financial Aid Packaging StrategySchool of Business Undergraduate Student Fellowships and Scholarship for Entrepreneurship and Economic Development (SEED) Graduate Assistantships for full-time graduate students who work at the University Corporate discounts for corporate partner institutions
28 Integrated Marketing Communications Enhanced portfolio of promotional materials, including the “Portraits of Success” Campaign, updated newsletters, SIFE updates, and news stories about academic majors
29 Integrated Marketing Communications Enhanced web site for the School of BusinessUse of social media, such as Facebook and Linkedin
30 Integrated Marketing Communications Effective event marketing, such as the Tom Peters lecture
31 Distribution or Location Strategy LorettoUndergraduate programsMBA programMHRM programAltoonaMBA programState CollegeMBA programHarrisburgMHRM programThe $1.5 million Dr. Albert A. Zanzuccki Endowed Chair in Business program for the campus community and regional business community
32 Dr. Zan Endowed Chair Program Elements of theDr. Zan Endowed Chair ProgramAnnual Distinguished Lecture Program, featuring speakers such as Ken Dychtwald, Stephen Sheetz, David Chilton, and Tom PetersTom PetersDavid Chilton
33 Dr. Zan Endowed Chair Program Elements of theDr. Zan Endowed Chair ProgramExecutive in Residence (EIR) program (six per year)Marjorie KlineBill RyanJason Hite
34 Dr. Zan Endowed Chair Program Elements of theDr. Zan Endowed Chair ProgramGlobal Assistance Program for a Spring break in London excursion courseBuckinghamPalaceLloyds of London
35 Dr. Zan Endowed Chair Program Elements of theDr. Zan Endowed Chair ProgramStudent Research Symposium
36 Marketing Action Plans (MAPs) Title of the MAPWhich goal does it support?Prioritized target audiences?Coverage Period – beginning and ending dates need to be specified.Who is responsible?Budget needs and timeline must be specified.Specific step-by-step actions that must be completed.Evaluation mechanism.
42 Marketing Artifacts Students In Free Enterprise (SIFE) 9th Annual 2010 Regional Championship TeamBreakfast
43 Lessons LearnedIncremental improvement is more likely than revolutionary change.Continuous energy and dedication to the marketing effort are needed. It needs to remain a top priority.You need talented and creative people to fuel the effort.It can be a transformational experience for the School of Business.
44 Works CitedDavid, F. (1997). Strategic Management. Upper Saddle, NJ: Prentice Hall, pg. 89. Porter, M.E. (1980) Competitive Strategy, New York: Free Press. Stamats Communications, Bob Sevier, a vice president for this marketing communications consulting firm, provided a marketing plan template that we adapted for Saint Francis University more than a decade ago. Thompson, A., M. Peteraf, J. Gamble, and A.J. Strickland (2012). Crafting & Executing Strategy: A Quest for Competitive Advantage. 18th edition. New York: McGraw-Hill/Irwin, pp Treacy, M. and F. Wiersema (1997). The Discipline of Market Leaders: Choose Your Customers Narrow Your Focus, Dominate Your Market. Reading, Mass: Addison-Wesley.
45 Special Acknowledgment Many of the materials prepared in our School of Business Marketing Campaign produced by: Ms. Stacy Varmecky, Marketing Coordinator for the School of Business and a May 2011 MBA graduate. Ms. Varmecky also assisted me in the preparation of this slide show. Ms. Oliva Shingle, graphic artistic previously employed by the School of Business.