Marketing Plan CaseStudyU (2)
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Marketing Plan CaseStudyU
Team Members University Canada West
MRKT 621-51: Marketing Management Professor Manish Bhatia
26
th
November 2023
Table of Content
1.
Executive Summary……………………………………………………………………….3
2.
Situation Analysis…………...…………………………………………………………….3
3.
Segmentation, Targeting And Positioning, PLC and Objectives………………………..
2
4.
1.
Executive summary
CaseStudyU's mission is to empower individuals to master business case studies through innovative learning experiences in the fast-paced education industry. This write-up outlines a comprehensive marketing plan for CaseStudyU. It will highlight the unique selling propositions,
3
competitor analysis, and strategic differentiation. The segmentation strategy targets undergraduates and post-graduates or professionals seeking skill enhancement. The product life cycle positions CaseStudyU in the introduction stage, prompting strategic pricing, differentiation,
and positioning approaches. The marketing objectives aim to build brand awareness and achieve a 100% increase in signups within six months. The marketing program details product, price, promotion, and place strategies. It will further be supported by a budget and control and monitoring strategies. CaseStudyU's dynamic and innovative approach, commitment to user feedback, and strategic marketing initiatives will position it as a leading solution in the competitive education industry.
2.
Situational Analysis
2.1 Industry Analysis
Following CaseStudyU, it flourishes in the fast-paced education and professional development industries, ideally located at the intersection of higher education, skills development, and business training. It strategically meets the demand for practical learning in critical thinking and analytical skills in the business sector. It excels in mastering case studies by positioning uniquely in the market. With a keen eye on competition, CaseStudyU leverages digital transformation, expanding its online presence and delivering interactive content. Its adaptability ensures meeting current expectations and anticipates growing needs in the dynamic context of professional development. (About Us – CaseStudyU, n.d.)
2.2 Competitor Analysis CasestudyU confronts stiff competition in case study marketplace services in Canada through well-established businesses such as Ivey Publishing and the Rotman School of
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Management. Having Analyzed this competitive situation provides CasestudyU with insights into the dynamics and strategic issues of the market.
Competitive Advantages:
The highlights of CasestudyU include its platform, which is user-friendly, specialized case studies, and emphasis on learning experiences that are interactive and adapted to the business context. Furthermore, Ivey Publishing benefits from academic rigor and an exhaustive library for
business cases, while Rotman benefits from its connections to the Toronto business sector for fresh insights. It is necessary for CasestudyU to constantly evaluate and refine its methods to maintain a competitive advantage.
Strategic Differentiation:
The emphasis on adaptation for the Canadian setting and interactive learning at CasestudyU creates a distinct value proposition. But still, it is critical to refine and communicate these differentiators. Academic rigor and local industry links have helped Ivey Publishing and Rotman carve out their separate niches. CasestudyU should look for ways to increase its uniqueness and effective communication with its target audience.
2.3 Company Analysis
CaseStudyU distinguishes itself with its focused approach, excelling in guiding students to master business case studies with superior resources. Addressing the evolving need for comprehensive solutions in academic and professional settings, CaseStudyU primary aim is to provide a flexible framework for any business case study and stands as an up-to-date database for diverse business models. CaseStudyU stands apart in dedication to continuous improvement, regularly updating based on academic studies and user feedback, and promoting a community-
focused environment. This dynamic and user-friendly platform is tailored to individual learning
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styles, and positions itself as a cutting-edge resource by exceeding the growing needs of individuals seeking to master business case studies.
2.4
Customer Analysis
Post-Secondary Students
Post-secondary students who study business and associated subjects are the primary target audience. CaseStudyU is designed for students who want to enhance their academic education practically and based on hands-on learning experience.
Professionals Seeking Skill Enhancement
CaseStudyU also appeals to professionals who want to improve their problem-solving and strategic thinking abilities. The courses available can be helpful for professional development.
2.5 Comprehensive SWOT Analysis
Figure 1
SWOT Analysis
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3.
Segmentation, Targeting And Positioning, PLC and Objectives
Stage Of the Product Life Cycle
3.1 Stage of The Product Life Cycle
Grewal et al. (2023) define the product life cycle as “the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategy planning”.(P.256).
Figure 2
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Note. Product Life Cycle of CaseStudyU
In the introduction period, the products are not well known by the potential customers. So, CaseStudyU can be considered in the introduction stage of its product life cycle. hence, the sales show a slow growth rate. Brand awareness is very important in this
stage.
Figure 3
Note. Various Behavioural segment Bases of CaseStudyU
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Strategies for CaseStudyU at the Introduction Stage
CaseStudyU needs to adhere to the following strategies in the introduction stage to attract more signups.
Providing a free standard package encourages market penetration by reducing user
resistance.
Adding free study resources, such as theory-explaining videos, can attract students and
promote brand loyalty and awareness.
Simultaneously, the premium package can be introduced by charging a price that
identifies the diverse needs of users. It will capitalize on the value proposition gained
through the free tier.
This conversion strategy, charging for premium packages, ensures sustainable revenue
generation for long-term growth.
CaseStudyU currently has strategic partnerships with educational institutions and
industry experts. They can also focus on enhancing user engagement through continuous
platform improvement. These initiatives support the overarching objectives of
maximizing market penetration, creating brand loyalty, and positioning CaseStudyU as an
innovative body in education and professional development.
3.2 Segmentation
: The objectives of CaseStudyU are to provide a dynamic framework for completing any business case study and act as a database for all the different models and cases (CaseStudyU, n.d.), CaseStudyU must increase its market share by reaching the maximum number of students by increasing the number of signups. To achieve this objective, geodemographic segmentation has been considered to effectively segment the market.
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Geodemographic segmentation
Grewal et al. (2023) define the geodemographic segmentation as the grouping of consumers on the basis of a combination of geographic, demographic and lifestyle characteristics.
Segmentation profile
Considering the geographic, demographic, and psychographic variables, the characteristics has been profiled as follows.
Figure 4
Note. Segmentation profile
Segmentation grid for CaseStudyU
The segmentation grid has been depicted below based on the segmentation profile, and two market segments for CaseStudyU have been identified.
Table 1
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Note. Segmentation Grid of CaseStudyU
The attractiveness of the identified two segments has been evaluated using the criteria of whether
these segments are identifiable, reachable, responsive, and substantial and profitable (Grewal et al.,2023).
Selecting the target market
Grewal et al. (2023) define the Differentiated targeting strategy as “a strategy through which a firm targets several market segments with a different market offering for each.” Hence, undergraduate, and graduate segments are selected to cater to these two segments, whereas presently, CaseStudyU follows the undifferentiated targeting strategy.
Figure 4
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Note. Level of segmentation
Accordingly, selecting two-segment paths the ways to treat and reach segments more effectively and the rationale behind using the differentiated targeting strategy is that the difficulty level and the course content differ between the two segments.
3.3 Differentiation and Positioning
Positioning is the market segmentation strategy and mental picture, thoughts, feelings, and impressions consumers have regarding the company products and brands relative to the competitor’s products Grewal et al., (2023). The CaseStudyU needs to use the positioning strategy to communicate the value proposition of the company to the customer and get a response.
Positioning statement
The positioning statement express how CaseStudyU wants to be perceived by the customers and the positioning statement for CaseStudyU has been created as follows.
Table 2
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Note. Positioning Statement
Positioning Map
The positioning map displays the two or more dimensions that position the CaseStudyU in the customer's mind. The positioning statement of CaseStudyU entails the two specific dimensions of innovative way and resolving case studies efficiently and effectively are the value delivered to the customer. Figure 5
Note. Positioning Map for CaseStudyU
3.4 Marketing Objectives
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CaseStudyU targets to provide a versatile framework for business case studies and a comprehensive database for diverse models. The SMART marketing objective is to increase market awareness, focus on unique selling propositions, and achieve a 100% increase in signups within six months.
CaseStudyU targets two specific segments—undergraduates who seek practical skills and goal-oriented professionals and graduate students for advanced approaches. This strategy aims to
increase sales, market share, and overall success. Success will be monitored by tracking segment-specific signups with each audience's distinct preferences and needs.
4.
Marketing Program
4.1
Product Strategy
In the field of education, the main purpose is to create value by addressing the growing needs of learners. CaseStudyU positions itself as a provider of cutting-edge educational services. Unlike traditional learning models, CaseStudyU uses innovation through a dynamic learning environment tailored to master the case study approach in business and associate subjects for two
customer segments – graduate and undergraduate/professionals. CaseStudyU has dynamic and continually evolving features, setting it apart from competitors. It has regular updates based on the latest academic studies, learning trends, and innovative business ideas. It also includes interactive explanation videos of theories done by professionals. This ensures that users benefit from cutting-edge resources, staying ahead of the curve in a growing business world. The flexible framework caters to individual preferences and learning needs, offering a personalized learning experience. In particular, the integration of AI-
driven tools improves this experience by offering personalized learning paths tailored to each
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student. What truly differentiates CaseStudyU is its focus on interactive learning experiences, including virtual case simulations that foster practical problem-solving skills. This feature goes beyond traditional learning materials, providing a real-world application of theoretical knowledge. The branding strategy revolves around the identity reflecting a commitment to professional
learning. CaseStudyU's brand is prominently manifested through its website design, logo, and overall visual identity. The brand's identification, including the brand name, is carefully crafted to symbolize a progressive and professional approach to case study learning. Under the brand name "CaseStudyU" the platform ensures an intuitive and visually appealing interface through its
website design and a portable, on-the-go learning experience via a mobile app. The website design is structured to be user-friendly, reflecting accessibility and ease of navigation, crucial for an engaging online learning experience.
The delivery of service is characterized by cutting-edge technology integration. An AI-
enhanced Learning Management System (LMS) ensures smooth course delivery and real-time tracking of student progress. Blockchain technology is used to guarantee secure and transparent transactions for enrollment and certification processes. A cloud-based infrastructure facilitates global accessibility and scalability.
Beyond these, Discussion forums and virtual office hours are integrated, promoting an interactive online community. So, students can connect, share insights, and collaborate. Continual innovation is a key factor of CaseStudyU's strategy, with an agile development approach. It ensures regular updates and expansions to learning resources and frameworks. The company remains ahead of industry changes, offering a learning experience that grows with the dynamic business landscape. Furthermore, CaseStudyU uses social impact initiatives, aligning
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with corporate social responsibility (CSR) principles to address societal needs and contribute positively to the community.
4.2 Price
When creating an effective pricing strategy for CaseStudyU, it is vital to strike a harmonious equilibrium between giving actual value to clients and guaranteeing affordability for a diversified student demography. CaseStudyU may want to investigate the following price strategies: 1.
Freemium model
A freemium model can be introduced. For example, Offering free access to basic case studies
and charging for premium content. This function demonstrates the platform's value and encourages them to sign up. CaseStudyU may offer a limited selection of case studies and basic instructional materials for free while charging a subscription fee for access to premium content such as in-depth analyses and complex problem-solving tools.
2.
Market segmentation pricing Market segmentation pricing can be implemented. Example:l
ower pricing for undergraduates
compared to graduates/professionals. Recognizing the different financial capacities and educational needs of undergraduates and graduates or professionals can be addressed to make the
platform accessible to a broader audience.
3.
Subscription Tires
Implementing tiers inside subscription plans gives customers more options to get a package that works within their budget and meets their needs. For example: Offering Free, Standard, and Premium subscription plans.
Access, features, and supplemental learning resources may vary
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among plans. There will be a variety of payment tiers for the various levels of access to case studies, expert insights, and interactive learning tools.
4.
Student Discounts and Bundle Packages
Student discounts and bundle packages should be offered. For example, offering special pricing or bundles aimed squarely at students can increase the platform's accessibility and popularity. This method recognizes the prevailing budgetary limits usually encountered by students.
5.
Institutional License
CaseStudyU may form relationships with schools to provide special pricing for their student bodies. Eg: Negotiating license agreements with educational institutions. This method ensures a steady cash stream and makes implementing it more straightforward.
6.
Discounts and sales prices
Discounts and sales prices are the subject at hand.Promoting a sense of urgency and encouraging people to join up can be influenced during key period. Example: Limited-time offers during academic milestones.
7.
Referral programs This is a form of word-of-mouth advertising in which an organization offers a financial incentive
to its current clientele to bring in new clients. Ex: Implementing a referral scheme with rewards for users who invite others. The purpose of the referral program is to encourage current users to promote CaseStudyU to their friends and colleagues.
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4.3 Promotion
Creating a Holistic Marketing Mix as Part of Your CaseStudyU Campaign
Increasing the use of case studies in higher education is essential for developing students' analytical and evaluative skills. In order to reach more people and pique their attention, successful advertising uses both conventional and digital methods.
When you market to consumers one-on-one, you engage in "personal selling." Influence technique. When a seller interacts directly with a potential customer, this is known as "personal selling." This tactic has far-reaching effects on classroom instruction. CaseStudyU may grow by strategically deploying staff on college campuses, attending academic conferences, and interacting with professors and students. The idea would show the worth of the platform and bring together interested parties. Face-to-face interactions are essential for establishing rapport and satisfying basic human needs.
Advertising boosts brand awareness. CaseStudyU advertises online and offline. Social media and Google ads target targeted audiences. Classic monthly ads stand out. Email, social media, and websites are "internet" services. Due to its digital nature, CaseStudyU needs a strong website. LinkedIn, YouTube, Instagram, and targeted email. Regular blogs and case studies engage readers.
Radio and TV are essential yet outdated. CaseStudyU may partner with radio or educational channels based on demographics and funding. Explain CaseStudyU's professor and student benefits.
Many buyers view newspaper and magazine ads online and in print. Employers, schools, and jobs may advertise skills. Integrated multichannel media communicates consistently.
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CaseStudyU may increase brand recognition by integrating digital and physical messages. Periodic adverts may boost social media use.
Billboards can boost a company's local profile. Strategic college and university billboards reach the target audience.
Several advertising tactics are called "sales promotions". These adverts may boost signups. Participation increases with peak enrollment discounts or contests. CaseStudyU mails and contacts customers. Using personalised mailing lists, educational institutions can get instructional booklets via direct mail and telemarketing.
Public relations fosters trust and credibility. CaseStudyU may be able to lead the industry by engaging with key people, issuing media-friendly press releases, and participating in relevant conversations and publications.
Internet marketing necessitates a comprehensive digital strategy. A detailed SEO plan, a PPC campaign plan to target specific online adverts, an email marketing plan to reach the audience, and a social media marketing plan to engage the target demographic are all recommended to boost the website's search engine rankings. Get in touch with CaseStudyU if you need help with niche marketing. Planning: partnerships on campus, event sponsorship, and connections with thought leaders.
An effective marketing strategy for CaseStudyU will employ both digital and traditional channels to communicate the same message to the target audience. Modify to fit the channel and the target listeners.
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4.4 Place
In marketing, a place and distribution strategy refers to one of the methods that a company
uses to make its products or services available to its consumers and customers (Mars Discovery
District. 2023, September 21). It comes under the 4 Ps of marketing while helping the company
to succeed in marketing planning and execution. This will help the company produce the right
product at the right time in the right place with the right quality and quantity (Lumen Learning.
n.d.).
According to Case Study U, when it comes to place strategy, there are several elements to
be considered in order to reach university students to make an awareness of what Case Study U
is all about. Channels of distribution
,
This company mainly distributed its services via online platforms. Through online platform
distribution, the company allows easy access to students and its consumers in a convenient way.
Through a centralized zone, students can sign up and get access to case study materials that are
suitable for them, and they can engage with them. Online channels are one of the effective ways
that easily connect with people. The below statistics show how social platforms work with
consumers when considering marketing channels. Figure 4
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Note. Source: hubspot.com \ marketing-channels
. December 06, 2022
Product location availability
,
The product is available through the online platform. This leads students to access Case
Study U by using the internet from anywhere at any time they needed. This online model will
enhance accessibility and make it more convenient for its users to collaborate with this platform
at their own pace as well as at different locations. Physical Distribution/Location of Facilities/Modes of Transportation,
Like physical products, Case Study U does not require physical distribution since the
product is served via an online platform. The mode of distribution is totally digital with the help
of digital transformation technology. Through an internet connection, the accessibility for Case
Study U is facilitated. Since British Columbia has a huge number of internet users, it would be
an advantage for Case Study U to expand its business.
Figure 5
Source: Statistics Canada. Table 22-10-0083-01 Internet use by province, inactive
Cost,
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Mainly the costs associated with the below factors such as maintaining the online platform,
hosting the platform, costs for servers, website development, and technical support when
required. Apart from that, for production, distribution, overhead, sales, and marketing we allocate a
budget. One of the portions of the promotion budget will cover production costs related to the
maintenance and development of this online platform. To promote Case Study U, distribution
costs are majorly connected with online infrastructure and the budget includes overhead, sales,
and marketing expenses. Markup, Suggested Selling Price, Profit Margin,
For Case Study U service, a pricing strategy is employed to determine the markup,
suggested selling price as well and profit margin. By some factors such as the current demand of
the market, pricing of competitors, and the value of the services that are offered, pricing will be
influenced (McDougall, G. H., & Levesque, T. 2000).
Price and quality relationship,
When emphasizing the value proposition offered by Case Study U, the pricing strategy is
based on the perceived value of its services. The focus will be on informing consumers about the
benefits of improving critical thinking and decision-making skills to emphasize the value that
they have. The main goal is to build a strong relationship between the quality of education and
the price of the service provided in order to reinforce the value of Case Study U in the nowadays
market.
5.
Marketing Budget CaseStudyU's marketing budget is strategically allocated to maximize user acquisition, engagement, and brand authority through a multi-faceted approach. As a small business, the
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company would follow the Affordable budgeting strategy, which determines the budget by deducting the estimated expenses and desired profits from estimated revenues (Dhruv Grewal et al., 2022, pp. 425–443)
Table 1
Marketing Budget Breakdown
Note. The data from the publication of “The Cost of Social Media Advertising: Where is the Value?” by Digital Marketing Institution, 2023 (
https://digitalmarketinginstitute.com/blog/the-
cost-of-social-media-advertising-wheres-the-value
)
Table 1 illustrates CaseStudyU's budget distribution for marketing, with 20% allocated to urgency and user enrollment. Academic milestones will be promoted through digital advertising and email. A significant portion targets social media advertising due to increased usage,
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emphasizing engaging content. Moreover, 15% supports a referral program for organic growth, offering users privileges. Additionally, 10% is allocated for real-time social media customer service and another 10% for building brand authority through content and SEO. An extra 5% is reserved for analytics, allowing informed adjustments based on channel performance (Digital Marketing Institute, 2023; Bobchenok, 2022).
This comprehensive budgeting strategy aims to strike a balance between various marketing channels, ensuring CaseStudyU effectively reaches and engages its target audience while building a solid brand presence in the competitive education sector. Regular evaluation and adaptation will be vital to optimizing the budget for sustained success (Olenski, 2015).
6.
Control and Monitoring Strategies
Control and monitoring are crucial to any marketing plan, ensuring the implemented strategies align with the overall objectives. For the case study, the following elements should be considered
for effective control and monitoring (Bauk, 2015; Merchant, 2023).
6.1 Feedback Mechanism to Monitor and Evaluation Process
1.
Website Traffic
Monitor weekly website traffic for an increase in visitors.
2.
Subscription Rates
Track the number of free and premium subscriptions to evaluate effectiveness.
3.
Course Enrollment
Monitor enrollment rates for the premium course to gauge popularity.
4.
Engagement Metrics
Analyze user engagement metrics, including time spent on the website and interaction with
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downloadable content.
5.
Feedback Mechanism
Implement user surveys periodically to gather feedback on website usability, content quality, and course satisfaction.
Collect feedback through customer support interactions to identify areas for improvement.
Monitor social media platforms for user comments and
sentiments related to the website and courses (Council,
2012; Koksal, 2020).
8.
Profit Margin
Calculate Cost per Acquisition (CPA) for free and premium subscriptions to ensure profitability.
Evaluate marketing channels' Return on Investment (ROI) to determine the most cost-effective ones.
Assess the profitability of the premium course by comparing revenue with associated costs (Merchant, 2023).
11. Market Share and Penetration
Track the market share of "CaseStudy-U" in the online
education sector, comparing it to competitors.
Evaluate the penetration of the website in the target audience, considering demographics and geographical reach (Tiaw & Suharjito, 2013).
13. Promotional
Analyze conversion rates from website visitors to subscribers and from free subscribers to premium
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Effectiveness
course enrollees.
Evaluate the impact of different promotional channels on subscriptions and course enrollments.
Assess the success of limited-time offers in driving user engagement and conversions (Webstudios, 2019).
16. Monitoring and Analytics
Regularly review Google Analytics data to understand user behavior, acquisition sources, and conversion patterns.
Utilize website plug-ins and dashboards to complement Google Analytics, providing additional insights.
Employ stand-alone tools for specific measurements not covered by standard analytics tools (Council, 2012; Merchant, 2023).
Effective control and monitoring mechanisms are essential to ensure that CaseStudy U's marketing plan remains dynamic and responsive to changing market conditions. Regular assessments and adjustments based on feedback and performance metrics will contribute to the overall success of the marketing initiatives (Merchant, 2023; Mojarad et al., 2023).
Conclusion
CaseStudyU's marketing plan strategically aligns with its goals of increasing market awareness and signups. Using a comprehensive mix of product, price, promotion, and place strategies, CaseStudyU aims to be a pioneer in the competitive education sector.The continuous
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monitoring and feedback mechanisms will ensure CaseStudyU’s adaptability and sustained success in the dynamic market.
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