Transcript Strategic Marketing Plan

Should 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. Frye
Dean, School of Business
Saint Francis University
Three Essential Questions
To Be Asked When Writing a Marketing Plan
PLANNING CONCEPTS
1. Where are
we now?
2. Where do we
want to go?
3. How are we
going
to get there?
PLANNING TOOLS
1. Mission Statement
(What is the purpose of our
organization?)
2. Situational Analysis
A. Target Market Analysis
B. Marketing Mix Analysis
C. Industry Analysis
D. SWOT Analysis
1. Mission Statement
Assessment Scorecard
3. Vision Statement (Where do
we want to be in the future?)
4. Goals vs. Objectives
5. Big Hairy Audacious Goals
(BHAGS)
6. S.M.A.R.T. Objectives
5. Revised Marketing Strategy
(Target Market and Marketing
Mix)
6. Assessment of strategic
direction and writing strategic
tactical marketing plans
7. Revised Marketing Mix
Analysis
8. Boston Consulting Group
Matrix
9. Product / Market Expansion
Grid
10. Marketing Action Plan (MAPS)
2. Marketing Mix Analysis
3. Five Forces of Competition
Analysis (Michael Porter)
4. SWOT Analysis
Essential Elements of a
Marketing Plan for an Academic Unit
• Mission Statement,
Core Values, and Vision
Statement
• A complete Situational
Analysis that includes
an Industry analysis
along with a SWOT
analysis.
• Prioritized Target
Markets
• Marketing Goals and
Objectives
• Vivid Descriptors and
Points of Pride for your
Unit
• Marketing Strategy
Profile
• Marketing Action Plans
(MAPs)
• Implementation,
Monitoring, and
Analysis of Results
Mission Statement
Attributes of a Good Mission Statement
• Clear and concise statement
of the unit’s purpose
• Provides clear direction
• Creates affinity and is
endearing
•
•
•
•
Enduring
Distinctive
Realistic/Honest
Measurable
SFU Statement of Mission
The 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.
Vision Statement
Attributes of Good Vision Statements
• Be graphic
• Be forward-thinking
and directional
• Keep it focused, but
allow some wiggle
room
• Be sure the journey
is feasible
• It makes practical
sense
• Make it memorable
SFU School of Business Vision Statement
To 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.
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.”
Core Values
A Franciscan, Catholic University
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-centric
The School of Business is student-centered and strives to create
student success stories, one alumnus or alumnae at a time.
Teaching-focused and Outcomes-based
The 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.
Industry Analysis
Michael Porters Five Forces Model
applied to a School of Business, including:
•
•
•
•
•
•
Rival institutions
Threat of New Entrants
Threat of Substitutes
Power of the Suppliers
Power of the Buyers
Complementors (a sixth force)
Michael Porter’s
Five Forces Model
Threat of
New Entrants
Power of
Supplier
Power of
Buyer
Availability of
Substitutes
Rival Institutions
Who are Your Direct Competitors?
Public
• Penn State – both
Altoona and Smeal
School at University Park
• Pitt-Johnstown and
University of Pittsburgh
• Shippensburg
University
• Indiana University of
Pennsylvania (IUP)
Private
•
•
•
•
•
Mount Aloysius College
Juniata College
Duquesne University
Saint Vincent College
Robert Morris
University (PA)
• Mount Saint Mary’s
University
Threat of New Entrants
Pennsylvania 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.
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.
Power of the Suppliers
Business 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.
Power of the Buyers
Traditional-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.
A Sixth Force: Complementors
Recruiting
High School Grads
Recruiting Adult Learners
• High School teachers and
guidance counselors
• “Alumni” parents of
prospective students
• School of Business
alumni
• Current students visiting
their old high schools or
hosting visiting students
on campus
• Corporate partners who
employ our graduates and
current students
• Corporate CEOs, HR
professionals, training and
development managers or
coordinators
• Program Alumni
• Chambers of Commerce
and other associations
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
Competitive Positioning Strategies
Porter’s Generic Strategy
Given 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 Strategy
According 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 model
appears to be “best total solution” or customer intimacy.
SWOT Analysis
Strengths
Weaknesses
• Dedicated, talented faculty
• Satisfied students and
alums
• IACBE accreditation and
outcomes assessment
• An outstanding SBDC
• An $1.5M. endowed chair
program
• Outstanding career
placement
• Small full-time faculty
cohort
• Under-funded business
school
• More curriculum integration
is desired and coverage of
information technology and
global business
• Limited institutional support
for marketing and public
relations activities
SWOT Analysis
Opportunities
Threats
• New academic programs in
health care administration
and sports management
• A new online MHRM
program
• $5 M for Schwab Hall
renovations
• Rural Business Center
• Francis in the Marketplace
Ethics Center
• Competition from rivals and
other competitive forces
• Adverse change in
“potential student”
demographics
• Reductions in corporate
funding and work force
reductions
• Faculty talent shortage
• Rural isolation
Prioritized Target Markets
• Prospective students and their families
• Enrollment management professionals at the University
• Business faculty and staff (internal customers)
• Area Guidance counselors and high school teachers who
teach business subjects
• Regional Employers, including HR and training managers
• Current Saint Francis University students
• College administrators and academic advisors
• Media Outlets and Chambers of Commerce
• General Public
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 Goal
Increase marketing effort bandwidth and ensure that marketing
efforts become more direct and seamless
Primary focus
To support our School of Business enrollment objectives
Aspire for
250 FT undergraduate business majors
160 PT graduate students (MBA and MHRM programs)
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 Education
• The Dr. Albert A. Zanzuccki
Endowed Chair in Business
Endowed Chair Program
• Profiles in Student and
Graduate Portraits of Success
• The Executive-in-Residence
(EIR) program
• The Springtime in London
Trip/Course
• SIFE activities and other
business club activities
• Career guidance sheets/
information for each of the
six undergraduate business
degree programs
• Articles on the different
majors offered in business
at Saint Francis University
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
benefactors
Raise $2 million to endow the SBDC and create
the Rural Business Outreach Center within
three years
Points of Pride / Vivid Descriptors
• Franciscan, Catholic focus on the holistic and
ethical development of students
• Legacy of success among graduates and
students
• Talented and dedicated faculty and students
• Outstanding career placement results
• Realistic / hands-on business education
• Personal attention / small class size
• Division I athletics – the games our
students play
Marketing Strategy
What 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?
Product Differentiation Model
London Travel
Course
Student-Run
Business
SBDC
General
Education
Service
Outreach
Qualified
Faculty
Good
Business
Reputation
Speakers’
Program
CBC
SIFE
College
Education in
Business &
Opportunity
Internships
Modern
Facilities
Executive-InResidence
Program
Career
Mentoring
Student
Research
Active
Clubs
Pricing / Financial Aid
Packaging Strategy
School 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
Integrated Marketing Communications
Enhanced portfolio of promotional materials,
including the “Portraits of Success” Campaign,
updated newsletters, SIFE updates, and news
stories about academic majors
Integrated Marketing Communications
Enhanced web site for
the School of Business
Use of social media,
such as Facebook and
Linkedin
Integrated Marketing Communications
Effective event
marketing, such as the
Tom Peters lecture
Distribution or Location Strategy
Loretto
Undergraduate programs
MBA program
MHRM program
Altoona
MBA program
State College
MBA program
Harrisburg
MHRM program
The $1.5 million Dr. Albert A. Zanzuccki Endowed Chair
in Business program for the campus community and
regional business community
Elements of the
Dr. Zan Endowed Chair Program
Annual Distinguished Lecture Program,
featuring speakers such as Ken Dychtwald,
Stephen Sheetz, David Chilton, and Tom Peters
Tom Peters
David Chilton
Elements of the
Dr. Zan Endowed Chair Program
Executive in Residence (EIR) program (six per year)
Marjorie Kline
Bill Ryan
Jason Hite
Elements of the
Dr. Zan Endowed Chair Program
Global Assistance Program for a Spring break
in London excursion course
Buckingham
Palace
Lloyds of London
Elements of the
Dr. Zan Endowed Chair Program
Student Research Symposium
Marketing Action Plans (MAPs)
• Title of the MAP
• Which 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.
Marketing Artifacts
Marketing Artifacts
Executive-In-Residence (EIR)
Roger Stoy
Anthony Bambocci
Earl Springer
Marketing Artifacts
Springtime in London
Marketing Artifacts
Tom Peters
Marketing Artifacts
Steve Sheetz
Marketing Artifacts
Students In Free Enterprise (SIFE)
9th Annual
Breakfast
2010 Regional
Championship
Team
Lessons Learned
• Incremental 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.
Works Cited
David, 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. 24-25.
Treacy, M. and F. Wiersema (1997). The Discipline of Market Leaders: Choose Your
Customers Narrow Your Focus, Dominate Your Market. Reading, Mass: AddisonWesley.
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.