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Key Topics
Requirement
Assignment based on Marketing Management.
MARKETING MANAGEMENT
Solution
Introduction
Being an individual, I want to develop a phone application which will offer tutoring services. It will be named as QuickTeach. It will provide help to the students in their school work. By using this application, students would be able to match the requirements for tutoring. Further, the overview of the company is given which will help in understanding that how the phone application will actually work and how it will be beneficial for the students. Then the company analysis will help in understanding the focus, objectives, market share, strengths, and weaknesses of the development of phone application. Moreover, the marketing activities and the required resources like human resources, finances, etc. are all given for the better understanding of the business.
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Company Overview
QuickTeach will help the students to improve their performance and grades at school as they can get the services of private tutors. The targeted segment for this phone application will be students who are from universities or high schools across Canada. They can easily log in after downloading the application in order to find the tutor. Moreover, the students of London would get the membership on the basis of certain degree criteria. The students have to post the subjects in which they want help and how much time they have. Further, the students would have access to go through the portfolios of the tutor in order to seek help from them otherwise the tutor would be given randomly according to the knowledge in that particular field. After that, the student would pay to the tutors through the QuickTeach application only. If the students would give reviews, then they will be getting coupons for the upcoming session. This is the method in order to advertise our application. Moreover, if the student recommends our application to his/her friend, then they both would get a coupon for the upcoming session.
Company Analysis
The company analysis will help in knowing the objectives, focus, strength, weaknesses and the market share of our business i.e. providing private tutoring services to the students through the phone application QuickTeach.
Objectives
The objectives of our business are:
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Serve approximately 800 students individually in the next three years.
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Maximize the number of tutors to around 30 in the next three years.
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Achieve 96 percent customer satisfaction.
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Rated as the best provider of tutoring services in Canada by the end of 2019.
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Obtain around 160 testimonials and approximately 100 public relation mentions in the next three years.
Focus
Initially, we will be focusing on-
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Promoting our mobile applications by using appropriate marketing strategies.
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Hiring tutors for our business in order to help the students to improve their performance.
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Developing our application effectively so it can be used with ease.
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Attracting students towards our application by offering coupons and discounts.
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Developing a sustainable competitive position in the market of Canada.
Strengths
The strengths of our business would be:
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Our people would be the biggest strength in order to achieve success.
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Our tutors would be an expert in their respective designated subjects and would further communicate their knowledge to the students i.e. our clients.
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Advanced technology in order to accommodate clients who are looking forward to tutoring.
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Our phone application would be easy to download and use along with the option of payment.
Weaknesses
The Weaknesses of our business would be:
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Our services of tutoring would lack space on the site initially.
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The lack of funds in our business would also minimize the offering of tutoring services to some extent initially.
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Retaining the qualified tutors if they would be in great demand for their expertise.
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Low recognition of the brand name would be a weakness for our business during the initial days.
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The application would not be accessible in IOS and Windows initially.
Market Share
The market share for our phone application would be around 75 percent for the androids. As it would not be applicable in the IOS and Windows, so the market share is relatively low during the initial commencement of the business (Parker, R. D. 2012). Therefore, 75 percent would also be a great share for our business in order to start.
Overall Marketing Activities
Below are the marketing activities which would be significant for our business (Kotler et al., 2015):
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Marketing planning: The marketing planning would help in refining the strategy for the long term basis. Further, the plan would be adjusted any time depending on the current situation of the market and the business. The marketing plan would help in growing the business continually (Hollensen, S. 2015).
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Marketing materials: It is very important to keep the marketing materials to the date whether the marketing is being offline or online. As we are going to do online marketing, our application would be updated on a regular basis along with the content and design in order to attract more clients and offer better tutoring services to them as compared to the competitors.
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Face to face networking: Being an individual, I would be personally attending the events of local networking in order to build relationships and make people aware of my business as this would play an important role in the expansion of our business. I would also conduct my events to make parents and children aware of our tutoring services.
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Email marketing: We would be promoting our services through E-mail as this is one of the most effective methods in order to generate the new business. During the promotion, we would be telling the discounts and coupons which we would be offering for the next session to the students so that they get attracted towards our services and avail them.
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Social media marketing: We would be using social media in order to engage with the students and would be posting timely about our tutoring services. As people use various forms of social media, this would make them aware about our services and we would be able to get more students who would like to avail our services (Liberali et al., 2016). Moreover, social media is the most relevant platform in the industry.
Company Resources
Below are the company resources which are required in establishing our business (De Clercq et al., 2013):
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Management Skills: The management skills which would be required in our business will be communication in order to interact the students efficiently, effective decision-making capability in order to take decisions to maximize profitability and achieving a sustainable competitive edge. It will be very important that the hired tutors are highly motivated as this would help in improving the performance of the students in their school work. The tutors should be enthusiastic about their work otherwise job would be very lame for them, and the student would not show any interest in our business.
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Competencies: The tutors will be knowing the importance of time and would make their working plans and schedules accordingly to help the students effectively. The tutors would be expert in their respective fields and will not face any problem while helping the student because they will get the work depending on their skills and expertise like economics, calculus, algebra, statistics, etc. The tutors would be well disciplined and patient in order to deal with the students through the phone application.
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Finance: Our estimated budget for the establishment of this business is $10,000 as we will be developing the phone application with the advanced features. Further are the rates for the tutoring services:
Tutoring service for individual- $18 per hour.
Tutoring service for two people- $14 per hour.
Tutoring service for three people- $10 per hour.
We will be only getting 5 to 10 percent of the payment, and the tutors will be paid according to their feedback and expertise. -
Human Resource: We will be requiring the software engineer who will develop our phone application by using the advanced technology. We will be requiring a graphic designer who will make our application attractive by using the appropriate content. Further, we will require at least five tutors initially which would offer tutoring services to the students. We will also be requiring a manager who will keep the record of all the feedback from the tutors and design their salary structure accordingly and he will also be handling the queries of the students.
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Other Resources: The other resources will be emotional and physical resources as establishing a business will be stressful, so I will need the support team in order to get guidance and inspirations whenever required. I am looking forward to the professional group as my support team. Moreover, in physical resources, we will require a proper workplace, effective material and information system in order to help the students in the school work. Therefore, we will be locating our office in Ontario, Canada.
Qualities and the Shortcomings of the Proposed Strategy
This section will help in understanding the shortcomings and the qualities of the proposed strategy of our business. Further, the core competency of our business and its viability is being measured with the competitor’s core competency. Then the responses of the competitors on our business will be given, and the impact of our strategy on the bottom line is given.
Match to core competency of the business and viability
The advantages of our firm’s core competency and viability are as follows:
The core competency of our business will help in driving the sustainable competitive advantage.
As we will be hiring only those tutors who will be having expertize in their respective fields, this would be a great advantage for our business in order to grow.
The price of our tutoring services is relatively low as compared to our competitors which would help us in improving our brand image.
As the resources of our business are minimum, will be completely utilised without any wastage and this would help in maximizing profitability.
The idea of providing tutoring services through phone application is unique which would help us creating our brand image in the market of Canada.
The disadvantages of our firm’s core competency and viability are as follows:
The core competency and viability is not new and unique to some extent as compared to the core competency and viability of our competitors.
First Tutor and Online Tutoring are the most famous business of Canada which offers tutoring services though the website, already has a strong recognized brand and image (Corp., 2016).
The competitors have huge resources and funds in order to help the students and changes the technology according to the demand of time and situation. Initially, we will not be able to do this in our business.
The students will think twice before using our services as our competitors have the great competitive edge and recognized the brand image and are also have similar competencies and viability.
The expert tutors might prefer to work with the well-reputed firms as compared to our business.
Responses of the potential competitors
The biggest competitors of our firm i.e. First Tutor and Online Tutoring might use response in the following ways in order to give tough competition to us and moreover make difficult for us to sustain the competitive edge in the market or develop the brand image ("Canada: Private Tuition, Home Tutoring, Private Tutors & Home Tutors", 2016).
Cut prices
The competitors might decrease the price as compared to our tutoring services, and as a result, the students will not even try to access our services, and they would use the tutoring services of the well-reputed and well-established firms. This might give rise to the price war between our business and the competitors. Further, we would have to put extra attempt in order to promote our services.
Differentiate the services
The competitors might offer different tutoring services unlike before in order to make it difficult for us to survive in the marketplace of Canada. For examples, the competitors might offer tutoring services in those subjects also which they were not offering earlier, or they might offer some schemes to the students so that they can avail the services again and again.
Merger
The potential competitors might merge in order to maximize their market share and profitability, and this would make difficult for us to achieve the sustainable competitive edge in the market and we would have to increase our resources and capital in order to compete with them.
Build customer loyalty
The potential competitors might build customer loyalty by offering various schemes to the students and improvise their services according to the opinion and demands of the students. This would help in developing strong customer loyalty, and it would be difficult for us to convince those students to use our services.
Do nothing
The competitors might not do nothing in order to compete with us because they might be confident enough about their offering of tutoring services to the students and they might know that the students would not show any interest in our business even if we are offering services through phone application, unlike others.
Impact on bottom line
There will be a positive impact on the bottom line of our business as the students who will be using our services will be retained for a longer period of time as they would get services according to their expectations and the prices will be kept low so that they can avail the services numerous times. Our phone application will be updated timely with the new features and content, and this would make easy for the students to use the application and get attracted towards it in order to avail our services. We will always be ready with the alternative solutions in case of any technical issue or any other issue within the company. The marketing strategies which we will be using in order to promote our tutoring services would be proven as the most profitable strategy of marketing for any business. The idea of our business is unique as we will offer services through the phone application whereas the competitors are offering those services through their website. We will also try to build a strong customer base in order to retain them. Therefore, our proposed plan will definitely have a positive impact on the bottom line, and we will be rated as the best tutoring service provider in Canada within a period of three years.
Conclusion
It is clearly understood from the above marketing plan that the idea of providing tutoring services to the students through the phone application i.e. QuickTeach is very innovative and helpful. As the students require guidance to improve the performance and achieve high grades, our business will offer that guidance to them. Therefore, the business will achieve a sustainable competitive edge in the market and will be able to engage more students as the clients within a period of three years.
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Place Your OrderREFERENCES
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Canada: Private Tuition, Home Tutoring, Private Tutors & Home Tutors. (2016). First Tutors: Canada. Retrieved 30 November 2016, from https://www.firsttutors.com/canada/
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Corp., N. (2016). Nowanswer.me. Retrieved 30 November 2016, from https://www.nowanswer.me
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De Clercq, D., Lim, D. S., & Oh, C. H. (2013). Individual?level resources and new business activity: The contingent role of institutional context. Entrepreneurship Theory and Practice, 37(2), 303-330.
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Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
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Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G. (2015). Marketing. Pearson Higher Education AU.
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Liberali, G., Urban, G. L., Dellaert, B. G., Tucker, C. E., Bart, Y., & Stremersch, S. (2016). A New Method of Measuring Online Media Advertising Effectiveness: Prospective Meta-Analysis in Marketing.
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Parker, R. D. (2012). Marketing Canada-Incorporating Canadian Studies in Collegiate Business Programs in the United States. Southern Journal of Canadian Studies, 2(1).
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