Executive Summary
The core objective of this report is to recommend marketing strategies to the marketing department of the LSST to enhance its market share and position in the UK education segment. Bumblebee Consulting firm has thoroughly analyzed LSST’s objectives, expectations, problems, and many more. Finally, this report will provide some recommendations for LSST.
Introduction
As a consulting firm that offers business solutions, marketing consultants are being evaluated for this assessment. In this assessment, a variety of real-world business information and statistical source materials will be offered to endorse potential challenges. The consultancy firm will provide an approach for the customer’s problem while also reviewing the present state of circumstance concerns at the London School of Science and Technology (LSST). To develop a marketing strategy that will be executed successfully as a cooperative participant of LSST and make a significant contribution to value addition by the assessed pupils, numerous project-related operations will be supported in selecting relevant alternatives. Additionally, LSST and its rivals’ primary as well as secondary information will be used in carrying out an analysis to conduct in-depth research that will aid in generating improvements to issues. Responses from pupils can reveal what they expect from the LSST. This assessment would also lead to the planning of the user project’s portfolio and successful marketing plan through effective communication. The report can provide the LSST with significant information about the project, its main objective, context, project milestones, etc., and will help it discover possibilities for addressing its concerns. Specifics about the planning of the LSST project will also be added to the annexes to sustain the collection of proof instituting it.
The Study Problem Statement
Due to an increase in competitors and other issues, obstacles are indeed very frequent. Presenting difficulties that are completely obvious and well-defined to consultants is a smart option because it will simplify the task for both parties (Fearon et al., 2020). Understanding of the matter must be provided by the London School of Science and Technology (LSST). A straightforward statement of the problem can assist in the exploration of an efficient method and presumptions of the source of the issue. A private institution of higher learning, the London School of Science and Technology (LSST) was established in 2003. Students with a wide range of backgrounds, competencies, and wishes can grow their abilities through learning and accomplishment, which is the goal of LSST.
One of LSST’s most pressing issues at the moment is its courses portfolio, so in order to differentiate its courses from those of its rivals and gain a competitive advantage, LSST must do so. Information technology, social services, nutrition, and business administration are among the important subjects that LSST emphasizes, but the number of courses is constrained. The educational sector has seen a significant increase in new entrants, making it more competitive now. Furthermore, LSST courses are insufficient compared to rival institutions that offer comparable courses. Minimizing the key issue The LSST is currently expanding its service by incorporating online/distance learning programs into its current portfolio. The number of pupils pursuing their few degrees could rise as a result. LSST’s top management has decided to diversify the business’s activities because the company lacks core capabilities in terms of subject choices. Another significant issue for the LSST is the lack of specialized degree offerings and the creation of a unique brand. By boosting brand value, LSST can build its reputation and attract students. In spite of all the problems, LSST is performing well in the UK. The Marketing Consultants must deal with the primary issues if they are to help LSST University resolve its issues.
Research Methodology
The research methods will include broad methods for solving problems, which will assist in improving the specificity of the practices (Harris et al., 2019). The marketing consultants can use research to help LSST address the issues that have been found. The study methodology will include data collection and evaluation. Primary qualitative data, as well as secondary data, were gathered for the study. Secondary data sources include related papers, publications, journal articles, and the webpage of the client. The client would receive the questionnaire in advance of the explanatory inquests, which would assist in gathering primary qualitative information and provide a detailed understanding of the client’s challenges.
- The institution will gather all the data, such as the total number of courses offered, the number of programs, the enrollment rate, the number of faculty members, etc., based on the problems that the client has identified. If the LSST University has already gathered all the data, those will be cross-checked and analyzed to examine the issues. Along with these concerns, other aspects like course fees, the educational setting, and infrastructure have also been studied. The analysis will determine whether adding new specialized programs and expanding the number of courses is feasible. Launching specialized programs will require a new plan, resources as well as budget, and for this specialized faculty, more space will be required to satisfy the students.
- The competition encourages LSST to raise the level of quality of its offerings. The consultant learned of LSST’s both indirect and direct rivals. The current state of the competitive rivalry and various factors, such as the specifics and scope of the overall programs, advantages, service costs, etc., have been studied. It is also determined how challenging it would be to offer new programs and courses. However, relevant tactics are created by the consulting firm group to have an advantage over rivals.
- Students who want to discover the core purpose of their aim are included in the research areas. The most important thing to consider is how the new course options and specialized programs are received by the students. If the new initiative does not benefit the students, the number of students participating in LSST will not rise. Comprehension and interaction with students are absolutely necessary because consultant marketing is primarily intended to encourage students in institutions of higher education like LSST. Implementing new courses based on student preferences and interests is essential because it will directly affect their future careers.
Possible solutions for LSST
Enhance Product Portfolio
In order to add a new course, LSST must first determine its objectives, determine whether or not it will be truly beneficial to the students, and assess the outcomes of the course (Liu et al., 2019). For the purpose of developing and designing the course topics and subtopics, the university needs to hire new faculty members. The aspect of the course must be determined by the leadership, and a marketing executive must ascertain whether it will actually draw in prospective students or not. The program’s supporting materials need to be organized and should follow a specific schedule. It is essential for the consultant to conduct research to determine the student’s willingness for a particular idea, expertise, or endeavor that can be useful in adding a new course.
Digital Approach
With the proper marketing, it is possible to draw in a diverse pool of potential pupils with different racial, cultural, and national backgrounds. A helpful trick for the LSST to connect with potential students is through a variety of platforms like seminars, workshops, and case competitions, both online and offline. Digital transformation will contribute to more productive university programs. The effects of the COVID-19 pandemic accelerated the digital transformation in almost every sector (Amarneh et al., 2021).
The new course will be better planned and carried out as a result of the e-learning-based strategy. Additionally, e-learning will enable distant access connections between students from around the world and LSST (Al Rawashdeh et al., 2021). Utilize the internet, information systems telecommunications infrastructure, virtual applications, digital learning operating systems, etc., which can be used for digital engagement in addition to regularly scheduled in-person guidance. Students will be able to use educational modules and study material at any time because of internet-based learning frameworks. The use of online learning is possible in an emerging style. Furthermore, faculties have more oversight over the educational activities they conduct.
Product differentiation
The courses offered by LSST must be distinct from those provided by rival institutions. It can concentrate its attempts to enhance the appeal of its selections by being adaptable and enhancing the practicality of its courses. The university can add value by encouraging diversity in the methods used to teach the courses. Additionally, students’ commitment to the university can be increased by differentiating the course offerings. Differentiation techniques will be useful for focusing on a smaller target audience (Discua Cruz et al., 2020). For LSST to be successful, convincing the educational community to introduce new courses must be accomplished.
Upgraded Infrastructure
In order to provide the students with the specialized courses they need, the LSST’s current infrastructure must be improved (Samaila et al., 2022). New classes must be built to accommodate the increased enrollment that will result from the start of the new course. The design of the program and the availability of more space in the classroom will be necessary to draw students for new programs. The authority should design the infrastructure to include essential learning tools like LCDs, Projectors, Public Address Systems, etc., as a modern classroom.
Competition Analysis
Existing industry rivals are the most potent, so LSST competitors must be found. Information gathering on rival online classes, current courses, and plans for new course providers, among other things, will aid LSST in facing off against rivals and bolstering its position in the market (Distanont and Khongmalai, 2020). In order for LSST to be able to defend its market niche at any time, the threat of new competitors must be anticipated. Competitive analyses will support LSST in its efforts to continuous innovation, market its programs, improve its goods and services, and outperform the competition. The competitive position of LSST will be strengthened by the evaluation of key opportunities. Through competitor analysis, LSST can identify its own strengths and weaknesses in contrast to those of its rivals. Additionally, LSST needs to improve the gap with its own business strategy.
Brand Awareness
By promoting new courses through various media outlets, LSST hopes to raise brand awareness. LSST has access to both conventional and digital platforms for the introduction of new courses and programs (Zia et al., 2021). Students are more likely to select this university over others. It is more popular. An increase in brand awareness will make its consistency in the educational platform possible. To promote the brand, LSST can produce content that can be shared, hold online competitions, and support various educational platforms. In order to convince potential customers, the marketing consultant for brand awareness has used social media, which is the best platform for marketing. In addition, marketing will help the LSST network grow as well. LSST can partner with or pay influencers who will share with the audience by connecting with them. Universities operate in an evolving and difficult atmosphere, so marketing strategies need to be distinctive and effective. Coordinated appropriate marketing initiatives will aid in building long-term relationships and enable LSST to stand out from competing institutions. In order to build a strong brand, LSST should be able to engage in difficult activities.
Financial Waiver
If the new programs are more affordable for students to enroll in, they are more likely to pique their interest and draw in new applicants (Riinawati, 2021). Most students will enroll in LSST due to its flexible price point. The majority of students should be able to afford the tuition fees, which will also help to produce the most revenue. A certain number of students will receive financial aid depending on the student enrollment. Offering specialized courses at a low cost will give LSST a first-mover advantage and enable it to develop core competencies. As a result, LSST’s rivals won’t be able to provide low-cost programs like them. By offering tuition waivers to the students, LSSTs can profit and see an increase in enrollment. Through the online financial assistance form, the need-based category will be granted free tuition for the new program. Financial aid and discounts may also be offered based on the various abilities of the students.
Study Result
By introducing new courses and specialized programs, LSSTs engage with current students and draw in new ones to the institution. The university can ensure its prospective achievement in innovative courses with the help of effective planning and marketing (Leonidou and Hultman, 2019). Strategies used by marketing consultants to gain access to more students’ research based on primary and secondary data are useful in resolving the problem. According to the study, the company should offer financial assistance, raise brand awareness, improve the infrastructure, analyze the competitive market, improve differentiation, expand the product portfolio, and present a variety of strategies to institute consultants. These suggestions could probably aid the LSSTs in resolving their problem and greatly entice new students to the academy. If the LSST’s current issue is not resolved soon, its rivals will perform better. University courses will be less effective from the perspective of the students, resulting in a drop in enrollment. The LSST will benefit from effective advertising if it can increase brand loyalty among current students and increase awareness of them among their target market.
Recommendation
- In order to allow for changes at any time, LSST must carry out the project plan. Instead of introducing new courses all at once, it is advised that LSST evaluates their effects one at a time.
- LSST can begin by launching a single specialized degree in the project. In order for students to find LSST’s courses to be more than sufficient, LSST must create high-quality course materials.
- LSST must ensure that its content is tilted correctly to its target audience of students. To distinguish oneself from rivals with a logical course sequence that leads students on a learning journey, LSST can focus on a particular niche and work to establish itself as a brand. If the new course launch can be applied to other programs, it won’t be a waste of time. Maintaining contact with marketing agencies to market its latest brand is another suggestion for LSST.
Conclusion
In order to help LSST address its current issues, the consulting team offers recommendations. Businesses receive solutions thanks to the collaboration between LSST and the marketing consultant. With sufficient primary and secondary data used in this study, the main problem with LSST is resolved. Some current programs, which include those that are less effective for students’ careers and those that offer multiple courses on the same subject, may be eliminated by LSST. For the project’s actions, the consultant has also included information from the university, its rivals, and its students. Further, a differentiation strategy will also be done digitally, and digital marketing will aid LSST in strengthening its marketing strategy.
References
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