7BUS2040-0901- 2022 Strategic Marketing Entrepreneurship
7BUS2040-0901- 2022 Strategic Marketing Entrepreneurship
New Product/service recommendation
On the basis of assignment 1, it can be stated that the University has the opportunity of promoting sustainable curriculum for the students that are living in different parts of the world. The reason is, with covid-19, most of the university has started focusing on the sustainable course, learning environment and learning program related to renewable energy that has led in offering educational facilities to all the students living worldwide.
For this, the University of Hertfordshire will be installing new computer and software and highly talented and qualified lecturer that has knowledge related to the way sustainable development concept can be used to teach students (Audretsch et. al. 2020). In the class, there will be proper rules related to attendance and key things will be taught, monitored and maintained with a motive to offer qualitative education to the students and aware those about the way resources are optimum utilized.
Business Model
| Key partners
University of Hertfordshire needs to make partnership with IT team and staff for promoting sustainability. |
Key activities
Engaged in an course which are having detailed about sustainable management. Digital marketing of the new eco friendly practices and campus set up (Chatterjee et. al. 2022). |
Value proposition
Offering different types of course To different students |
Customers relationship
Able to effectively build customer relationships with students through organising sessions. |
Customers segmentation
The student must be segmented on the basis of age, course they want, for a specific month and many more. |
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| Key resources
Computer, internet connection Teacher having knowledge of sustainability |
Channels
Different group apps and many more (Liñán et. al. 2020). |
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Cost
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Revenue
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Form of ownership
The new launch of online teaching services will have partnership with the IT company that can offer its technology as well as software to be utilised by the firm in order to offer education to the students. Use of partnership methods contributes to sharing the risk associated with the business and finding the best possible method related to the way it can be reduced to a greater extent (Muñoz and Kimmitt, 2019). Similarly, through the partnership, the resources gained in bulk quantities can be utilised in the online platform to offer qualitative education to the students.
Stakeholders Analysis
Stakeholders matrix
| High power, low interest
(Keep satisfied) Students and their parents |
High power, high interest
(Managed closely) Top head Project manager Investors |
| Low power and low interest
(Monitored) It team |
Low power, high interest
(Keep informed) Lecturer and other staff members |
High power, low interest: The Students and their parents are stakeholders which have high power but low interest in the sustainable curriculum project as they are ones for which the online session program is being organized. The company needs to lay emphasis on satisfying the students as well as their parents.
Low power and low interest: It team are the stakeholders that have low power and interest so they are being monitored related to the steps being taken by them related to the project (Drobyazko et. al. 2019).
High power, high interest: There are several individuals who have high power and interest likewise: the top head, project manager and investors. University has tried to manage closely by listening to their point of view.
Low power, high interest: The Lecturer and other staff members of the university have low power but high interest to know about new ideas so they are informed about how online sessions will proceed to offer better education to the students.
Launch Plan
Proposed date and channel of communication used for the announcement
The plan of the online platform will be launched after 2 months, that is on 1 July, in order to inform all the students as well as existing staff members about the new services and the way it will be beneficial for the university and other students. The communication channel being utilised for the announcement will be a social media platform through which the students are aware about the sustainable curriculum, key course, the features and other benefits, along with the overall cost of the session (Westgren and Wuebker, 2019). Email and other online platforms will contribute in effective exchange of information, resolving the queries of the parents, students as well as others.
Brand and positioning
The company has effectively positioned itself and the brand image in the external environment through offering qualitative education to the student related to sustainable sourcing and offering right education. It will be able to easily generate awareness in the minds of the students and their parents so that they can be enrolled in the course.
Business and marketing objectives (SMART)
Specific: To start sustainable curriculum classes for the students.
Measurable: To measure the number of students being enrolled in a specific year.
Achievable: Through teaching the teacher and student about the eco-friendly sourcing and sustainability concept.
Realistic: To ensure that the integration of sustainable concept in the course helps in providing education to students (Ali et. al. 2020).
Timeframe: To complete the project within 2 months.
Marketing Mix
Products or services: The University has planned to lay focus on sustainability in the curriculum.
Place: Official website will be the place to get information about the course.
Price: The courses are being offered at nominal fee (Chatterjee et. al. 2022)..
Promotion: Social media, such as: facebook, twitter and instagram will be utilised to share information with students about sustainability in the curriculum as there are many leaders illustrated in below image as from:
Process: Standard process will be made related to the class, course and attendance.
Physical evidence: The University is situated in London and also online.
People: All the trained lecturers and staff will be present that have knowledge related to sustainability in the curriculum, its key concept, benefits and many more.
Budget, measures and controls
Budget: The Company has an overall budget of approx £ 20000 for the course.
Method for measures: It has planned to measure through maintaining proper accounts of the total expense being made and comparing with others (Audretsch et. al. 2020).
Control: Through reducing the different expenses and finding alternative sources to proceed with the project.
Time-scaled plan (Gantt chart)
| Key activities | Week | ||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
| Planning of the project | |||||||||
| Deciding the aim and objectives | |||||||||
| Delegating the roles and responsibilities | |||||||||
| Implementing the steps | |||||||||
| Taking feedback | |||||||||
| Monitoring and tracking | |||||||||
| Final completion | |||||||||
Creative promotional message for new service using one (1) social media platform
The company will make use of the instragram platform to connect with the student and their parents to inform about the online session services which are being started by the university. The reason is, in current scenario, most of the people view reels and other videos, story on instagram as compared to other platform which will help in gaining attention of more people, and promotional message is:
| We’re pleased to invite all the students who have an aspiration to be enrolled in the university of Hertfordshire to get high qualification and improved knowledge. Now, the university is introducing sustainability in the curriculum study so that the student has knowledge about the way resources can be persevered while performing different task. The course will start from 1 July in which all the knowledge related to different subjects will be offered to the student at nominal fee. |
Investment/Funding/Budget
The company will source funds through bank loans as it contributes in getting sufficient amounts of money which can be returned in small installments through the profit earned from online sessions (Muñoz and Kimmitt, 2019). Overall budget for the project is around £20000 so that all expenses such as: salaries of the staff members, electricity bill and other expenses could be effectively met.
References
Chatterjee, S., Chaudhuri, R., Vrontis, D and Basile, G. (2022). Digital transformation and entrepreneurship process in SMEs of India: a moderating role of adoption of AI-CRM capability and strategic planning. Journal of Strategy and Management, 15(3), 416-433.
Drobyazko, S., Barwińska-Małajowicz, A., Ślusarczyk, B., Zavidna, L and Danylovych-Kropyvnytska, M. (2019). Innovative entrepreneurship models in the management system of enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), 1-6.
Liñán, F., Paul, J and Fayolle, A. (2020). SMEs and entrepreneurship in the era of globalization: advances and theoretical approaches. Small Business Economics, 55, 695-703.
Muñoz, P and Kimmitt, J. (2019). Social mission as competitive advantage: A configurational analysis of the strategic conditions of social entrepreneurship. Journal of Business Research, 101, 854-861.
Westgren, R and Wuebker, R. (2019). An economic model of strategic entrepreneurship. Strategic Entrepreneurship Journal, 13(4), 507-528.
Johnny Wood, 3 charts show the global growth in online learning, 2022, [Online] [Accessed Through]:<https://www.weforum.org/agenda/2022/01/online-learning-courses-reskill-skills-gap/>.
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