Summary of Marketing Plan for Online MBA Programs
An increasing number of business professionals choose to earn their MBAs through the internet. Pursuing an MBA is a great accomplishment. Many undergraduate students graduate and move on to pursue their Masters Degree in their desired field. This marketing plan illustrates the market segments and the strategies of employing to get customers and create a solid revenue stream. Our unique focus is creating opportunities for the fulltime working student that is not able to go to a campus for classes. A twist that gives us an advantage over our competitors is by giving students more options of what is available in picking from a larger selection of majors. From experience, many online universities have a very basic selection of MBA program majors. The university will fund development for the university in getting the resources to support the amount of demand for majors not added in most online accredited universities. Also by providing consulting services to create surveys for the demand of the majors that are wanted the most by potential students.
In today’s business world, the value and importance of customers is not something that should be set aside by companies. In determining a target market you must determine if your product is international or national in scope? Or is it more likely that you will sell it primarily in your own region or community (Mann, 2003)? In the case of an online MBA Program, the primary market is actually national and international. Students want to come to the United States from all over the world to go to school. And there is a market for students in the United States that want to go to school out of the country. The secondary market is local people who have families and don’t have time to go to a campus and go to class. Also the in this market is the working person who cannot go to campus because of work and want to further their education. Marketing plans and strategies would be incomplete without paying much consideration to customers. Because of the implications for profitability and growth, customer retention is potentially one of the most powerful weapons that companies can employ in their fight to gain a strategic advantage and survive in today’s ever increasing competitive environment. Market segmentation involves breaking down the market into groups and submarkets. Segmentation strategies are made significantly easier when customers accept the product faster. Segmentation provides for efficiency and specialization. A university can reach working students better by designing programs that match the needs of specific majors. Most universities don’t have all types of programs that are offered online. This in some cases prohibits the working professional or stay at home mom from pursing that degree in their desired field. To become successful, the university must be able to determine the markets needs. Demographics include the research that includes profiles of the students and their wants and goals that they want to obtain after getting their bachelors.
Description of Competitors
There are so many different universities that offer online MBA programs that it is an industry that is so hard to come in and compete with right off the bat. Online programs bring a sense of relief to certain students with those needs of going to class but can’t make it on site. Many universities now understand that there is a need for online MBA Programs so the competition is very high in depth. Each university tries to bring out the different features of their online programs. Universities have made their website pages more user-friendly and have increased the resources available such as an online library, chat lines and other educational resources. In past years most universities were not equipped enough to support an online program (Porter). Now with the all so ever improving technology universities are...
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