Executive Summary and Introduction
Queen Margaret University (QMU) was formed in 1875 to bolster and promote high-quality education to the residents of United Kingdom and the entire world. The university’s recent expansion and collaboration is a result of high-quality education service that the university offers.
Introduction
This report will focus on the market strategy the university will use to get more students, especially from South Korea to pursue further education at the university. At the moment, there is no marketing planning to target South Korean students. Queen Margaret University is an internationally recognized university having collaboration partners across the globe.
The University was in founded 1875 as Edinburgh College of Cookery, focusing on contributing in practical ways to improving the quality of human life and serving the community.
In January 2007, Queen Margaret was granted full university title resulting in a change of name from Queen Margaret University College to Queen Margaret University.
The University has four schools offering different courses. These schools are School of Business, enterprise, and management, School of Drama and creative industries, School of Health Sciences, and School of Social Sciences, Media and Communication (QMU, 2008).
Mission Statement
The Mission of QMU is to enhance or offer high-quality life and serve communities, through excellence and leadership in vocationally and professionally relevant education, research, and consultancy, as a university which is outward-looking and committed to innovation, participation, and lifelong learning.
Objectives
QMU’s main objectives are:
- Providing high-quality education to students
- Increasing student numbers from non-traditional groups
- Extending collaborative working relationships
- Promoting staff understanding of diverse student groups
- Maintain standards of excellence
Goals
QMU as an institution has set goals that have to be achieved for proper running of the institution. These goals are as follows:
- Maximizing potential through learning
- Be a community of learners
- Ensuring quality assurance and audit
Situation Analysis
Queen Margaret University is a higher institution offering high education to students of UK and throughout the world. The University has a highly qualified staff whose main aim is to administer high-quality education and research services to students of QMU. The university offers various courses in healthcare, drama and creative industries, media, communication, and sociology as well as business and enterprises. The university is increasing the number of students seeking admission in the university hence need for expansion which is going on.
Market Summary
QMU will command a greater market owing to its vast expansion both within the UK and vast through collaborations with other institutions worldwide. QMU has a huge market share given the fact that it has over ninety agents spread across Europe and Asia. These agents assist to facilitate admission issues regarding enrolment at QMU’s main campus or another college under the collaboration of QMU. Courses offered at the university are up to date and attract more students to seek admission at the university.
Internal Situation
At QMU there is proper coordination of management with various departments in ensuring efficiency of the institution. No department works in isolation. There is proper coordination of facilities. The work also in QMU is one of teamwork amongst the staff. The students’ welfare is well addressed both academically and socially. The university’s chancellor oversees all the functions of the university assisted by other officers subordinate to him. There is an international student department that takes care of all the international students who are willing to come to the university and experience quality education.
Tangible Resources
The tangible resources of the university include all capital that is available in the university. This includes assets and cash. The statement of accounts for the year ended 31st July 2007 showed the university had $27.2 million as its income. The university has also other numerous assets housed in its new campus with modern facilities fitted in it. In 2008, Queen Margaret University was awarded for being among the best 10 most modernized universities in UK. Efficient and highly qualified staff at QMU is also an asset to the institution since it is through their tireless effort that the university has attained its current status and prosperity. The staff of QMU includes the teaching staff; management staff and support staff all working under the supervision of the chancellor. The university opened its first QMU branch in Singapore in early 2008. It is considered the only campus of QMU in Asia and this will help to promote QMU in acquiring more students in the Asian market.
Intangible Resources
Intangible resources refer to those resources that cannot be touched or felt and which are created by time or effort (Figstad 95). At QMU these resources include cultural activities, research activities, education, sports activities, etc. These resources contribute to sustainability and success of the university in one way or the other.
Reputation Assets
In line with Weiss et al (1999, 75) reputation can be defined as a “global perception of the extent to which organization is held in esteem or regard. Reputation is determined by the firm or institutions past actions or performance. Therefore, reputation assets include brand equity, corporate reputation and corporate image.
QMU is a university of repute owing to the courses and quality of education offered at the university. The university has earned her name through its performance.
Human Resources
Human resource is a term which many organizations use to describe the combination of traditionally administrative personnel functions with performance management. Human resources are the best assets of the organization, if maintained well (Mintzerbeg, 2000).
The role of human resources at QMU is to support the university strategically and operationally to deliver its strategic plan. At organizational level, human resources provides strategic direction for people management issues.
Competencies (Business Relationships)
QMU’s desire is to fill the needs of business. To achieve this, most of the academic staff is linked with business and professional networks. Some of the staff offers consultancy work in areas of business development. There are also several universities that are located around Edinburgh city and Queen Margaret University is competing for its reputation with others.
QMU also offers organisation opportunity to use facilities of the university. It has a range of rooms and conference revenues which are hired out.
Current Offering
Besides education and consultancy, QMU offers accommodation at a fee for those attending Edinburgh Festivals. It also offers supervised Chiropody and podiatry clinics. The university further has sporting facilities at its Musselburgh campus open to locals and students use.
External Situation
External situation refers to those factors that may make the organizational or institution not to function effectively. These factors are those in which the institution fails to address them its success will be hampered.
Market Demographics
Market demographics refer to selected market population for the purposes of carrying out an opinion research.
QMU has students from all parts of the world. The university has a target of serving students interested in pursuing studies in postgraduate and undergraduate courses in healthcare, drama and creative industries, media, communication, and sociology as well as business and enterprises. The university will give admission to those who are qualified both male and female. Age is open to all regardless of their position in society whether working or non-working class. In general, Queen Margaret has its good reputation in Health and Sciences faculty.
Market Needs
QMU offers high quality education in courses that are of great importance to the society and economic development of any economy. It is this need that necessitated QMU to offer training in these courses by its flexible admission to students who attain high quality education or training from the university’s most qualified staff.
Market Trends
Market trends are described as periods when buyers consistently out number sellers or vice versa.
In recent years there has been a desire for university education globally. Currently people seek education anywhere in the world. Therefore, there is need for rapid expansion of universities. It is through this reason that QMU was established in 1875 and subsequently attaining fully university status in January 2007 so as to cater for influx number of students seeking university education.
The Trend in South Korea at the Moment
There are increasing number of people from South Korea go abroad to receive education rapidly. The majority of South Koreans prefer to study in the America or in Canada; however, there are still demands for potential students who are willing to come to UK. Furthermore, strategies and market planning will be introduced through this report.
Market Growth
Market growth is the increase of product or service sales or offering within a given market. The growth rate factor assists in evaluating the performance of a particular service.
There is a huge market need for high quality education with the high number of population growing in the globe and desire for high education thee is need for expansive of high institution of learning. QMU experiences high number of students seeking admission both in undergraduate and postgraduate courses.
SWOT Analysis
The SWOT analysis addresses the strength and weakness within QMU and the opportunities and threats that exist in the institution. This analysis highlights areas to be leveraged and points out where the institution must improve.
Strengths
QMU has well trained staffs which is able to offer high teaching. The university has also an established a good name having been named as one of top 10 UK modern universities. The university also offers good research and consultancy services.
Weaknesses
The university has dependence on finance from fees paid by its students. Since QMU’s finance department has spent most of their budget on building a new campus in Musselburgh, QMU has not been able to expand its services across Europe by establishing other affiliated campuses in the region. The major weakness that detain is that there is no outstanding faculty to attract people. Even though, Health and Science faculty is known for its quality education system, however, the university need more faculties can be recognized for its excellence.
Threats
QMU is faced with a lot of threats; this is precipitated by upcoming universities offering education at a low fee and low-quality education hence compromising the quality of education offered by in UK. There are several other education institutes located around Edinburgh city and each one of them is unique in themselves.
Competition
QMU has been experiencing competition from other universities in Edinburgh and the rest of U.K. The immediate competitors of QMU are University of Edinburgh and Herriot-Watt University. What Queen Margaret University must achieve at this stage is an ability of producing excellent faculty that outstands among those competitors. Not to mentioned the tuition fee is an issue as well.
Product/Service Offering
QMU offers a wide range of services. At QMU there is high education offered to students. The education is of high quality. The University also offers consultancy work in areas of business development. The University further offers conference facilities and rooms for hire. In recent years, Queen Margaret launched its first campus in Singapore to target Asia market.
Critical issues
It is no wonder QMU is among the leading modern Universities in UK offering high-quality education. The university has growing opportunities and few threats. However, the critical issues the university is facing are:
- Maintaining the standard and high-quality education
- Maintaining it highly qualified staff
- Increasing the number of students both from within and from abroad
Historical Results
QMU was founded in 1875. By then institution was called Edinburgh School of cookery and Domestic Economy founded by Christian Guthrie Wright and Louisa Stevenson (QMU, 2007). The university was later called Queen Margaret University College and subsequently named Queen Margaret University in January 2007, confirming its long-established position as a university-level institution.
Marketing Strategy
Marketing Strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage (Wikipedia, 2008). Marketing strategy is most effective when it is an integral component of corporation, defining how the organization will successfully engage customers, prospects, and competitors in the market arena.
Mission
The mission of a market strategy is to increase the number of sales of an organization in attaining a world leader in product service offered by an industry. The marketing strategy of QMU will be increasing the number of students from abroad to study at the University.
Marketing Objectives
The main marketing objectives of the strategy include:
- Increase in the number of foreign students seeking admission in QMU
- Be a world leader in the industry
- Increase the number of Korean students from South Korea in QMU
Financial Objectives
QMU’s main financial objective is to raise its finance base from other sources so that the university is able to maintain its financial base so that it is able to finance all its projects and activities like corporate social responsibility as well as provision of other services like scholarships. This is why targeting international students is an essential objective for Queen Margaret University, because as a fact, there is a huge tuition fee difference between UK, EU students than international students.
Target Markets
QMU will target the students from South Korea between the ages of 18 to 35 years interested to pursue higher education in U.K. These students must be well qualified and have an equivalent of university entry grade in South Korea. They should be financially stable, as they will be required to finance their entire studies in U.K. Even though, there are chances for international students to get support on their tuition such as student loans and scholarships, it is not possible for everybody to be qualified for it. Also, the university only offers £1000 once a year to fixed number of students and it is simply not enough.
Positioning
QMU will position itself as a reputed institution offering high quality education in the Edinburgh area. The University has leverage because it is highly accessed being the fact that it is near the railway station and it has also highly qualified staff. The effective marketing strategy used by the university will also give it an edge ahead.
Strategies
There are four strategies to target South Korea:
Collaboration Agreement Between QMU and Other Educational Institute
This is the most common practice that the university can exercise. QMU spoke person will go to South Korea and search for an Educational institute that is up to our standard. The problem with this strategy is, however, because the lack of information about South Korean it might be a challenge to find on our own. Therefore, we could hire a special agent to look for a proper candidate. Collaboration agreement can bring students abroad and give them option of studying for either one year programme or two-year programme
Exchange Agreement Between QMU and Other Educational Institutes
This strategy seems working on European countries, however, there are some problems when it comes to Asian market. This is a programme that offers either one semester or one-year learning. There is no extra tuition fee charged for this programme and students can study abroad with same tuition fee they pay in their country. Therefore, there is no financial gain as well as it is not preferred because of language difficulties. For instance, QMU has an exchange programme with Japanese institute; however, it seems that only Japanese are coming to study abroad but no one from our university. Also when Japanese come to Queen Margaret, because of their language barrier, often the university is almost obligated to provide them with some kind of language course to help them prove their English. We do not really gain anything from this strategy.
Study Abroad Agreement Between QMU and Other Educational Institutes
This strategy is almost similar to collaboration but little different. This programme only offers one semester and again there is no extra tuition fee that students need to pay to study at QMU. Therefore, it is not suitable for us.
Establishment of QMU Representative or Agent Agreement in South Korea
This is one of ideal strategy that the university can implement. Very similar to first strategy, however, instead of building a collaboration agreement with other institute rather set up a few agents who can gather potential candidate and send to us. This strategy is very commonly used around any university these days and QMU also do have agents all around the world except South Korea at the moment. The agents will represent Queen Margaret University and once they send us students than we pay them right amount of commission fee. This strategy will also save us time and money to go to South Korea every year to market ourselves.
I believe that mix strategy of first and the fourth will bring the most effective result that the university can achieve. Queen Margaret can have a collaboration agreement with educational institutes in South Korea and at the same time also hire a few agents who could represent QMU and gather potential candidates. Both strategies can generate the most tuition revenue out of four strategies that I have suggested. Also, when you look at India and Taiwan this is what the university has set up in those countries. With the arrangement of high institutions of learning in Korea, the university can organize for annual academic exchange programs of students from both countries visiting each other. This will assist in popularizing the university hence encouraging those from Korean universities pursuing undergraduate courses to s
Marketing Mix
Marketing mix is the accepted use and specification of the four Ps describing position of a product in market place.
Product Marketing
Product or service marketing is done when a product or service has been introduced and there is need for its presence to be felt in the market. Our product is the quality education programs that offer to potential candidate to promote them become better people. Therefore, the most important marketing plan is to give people impression of university that people desire to come and study. Public image must be created to the standard that the university has an out standing reputation. What we really need is to find out some of graduates who accomplished to succeed and have a good life that can impact on some young people. As well as, determine the trend in education industry that people consider the most to study for. According to the population of QMU students, it seems like Health and Science faculty is much respected. The university should consider invest more money in this area and bring it to the next lever. Or Queen Margaret University can invest money on some of faculties that are upcoming trend these days. For instance, computer design and computer engineer program are one of the hottest course that people want to involve in.
Price
QMU offers standard fees for all international students. The fees charged vary from course to course. The fee charged yearly is £8,800 for class based course and £9,700 for lab /studio based courses. However, there are various scholarships offered to international students and they can apply. The tuition fee at Queen Margaret University is fairly reasonable and it should remain at the same value. Offering cheaper tuition fee might be able to bring more students, however, this could bring down reputation of QMU. Also offering higher tuition fee might create no demand on the market because of competition of other universities. For instance, if other university is at same lever and offer cheaper tuition, there is less chance for Queen Margaret to compete with. Price is one of the sensitive issues that the university must consider wisely.
Promotion
Promotion of the University in South Korea will be done by young, smart boys and girls who will go out to various cities and promote the university through giving out different items like caps, T-shirts, pens which bear the name of the university. Further promotion can be done by way of holding education fairs in different towns of South Korea. Also the use of Science symposium in various institutions with the collaboration of QMU. The university will also organize for job experience for Korean students in UK after they complete their studies. In addition the university will organize for part time work programs for international students while undertaking their studies
People
QMU will reach out to those people interested to pursue studies at the University as well as other people interested to send their children to Queen Margaret University like parents, lecturers and any one interested people eager get more information about the University. This can be done by offering more insights about the working and functioning of the University in particular. Explaining to parents why the university should be a preferable institution than other more institutions in the U.K. The University should also seek to explain to parents and other parties interested about the availability of scholarships for foreign students interested in joining the university.
Services
QMU is a service-oriented institution offering its service in education industry. The services offered by QMU include offering degrees in undergraduate as well as postgraduate. The University also offers consultancy services to business enterprises as well as conferences accommodation facilities. Besides this, the University also offers other services including sports facilities. Also for other visitors especially those attending the Edinburgh festival are also able to be provided both accommodation and meals at a fee.
Financial
Finance refers to the concept related to money and assets. Finance can further be extended to include time (www. Wikipedia.org)
The university will acquire its finances from the college fees pad by students taking various courses in the university. Apart from that the university shall also seek to receive grants from the government on minimal level. The finances which will be obtained will be used to run the university in its day to day activities. Further, the finances will also go along way to fund other project like provision of scholarships as well as its corporate social responsibility. QMU has attained its current status due to adequate finance. The university was recently declared top 10 modern Universities in UK.
Sales Forecast
The first 5 years. QMU should set out goals at attracting 5 to 10 students per year. This is roughly about £50,000 to £100,000 every year. And when the market has settled in Korea we must aim at even higher. Korea has so much potential to increase revenue of 0QMU; therefore, we must not under estimate this target market.
Expense Forecast
Since there is no South Korea market at the moment, it is very hard to predict its expense forecast. However, if the university could establish right relationship with education institute or agents in Korea, this could save so much time and effort for QMU.
Control
Control refers to the activity or activities done in the organization by specific people to specific people so as to ensure that objectives are met. Without clear understanding and communication through collaborated universities and agents it can be challenged to remain in good position for QMU. Internal wise, the university must hire right staff for its job and what is needed. Further the university should ensure that there is good atmosphere of learning by providing the best learning facilities and well equipped and modern libraries and science laboratories.
Sustainability
If QMU decided to establish collaboration agreement and agent representative, the university must remain well understood communication through all time. Support them with materials or anything that the university could offer them to try their best to be our partner. Without their effort, Queen Margaret will not be able to bring big chunk of revenue to UK.
Conclusion
QMU has risen from being a mere college in 1875 to being a first class modern University. The University has earned full University status imparting high quality education. This has been achieved through able and qualified staff which practices teamwork and the spirit of students who are able and ready to learn.
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