MKT741 Digitizing Marketing Communications Assignment Sample
Porter 5 Forces:
Determinants of Supplier Power
The concept of “supply” is undoubtedly familiar to you; however, likely, you are not accustomed to thinking of your “supply” as consisting of teachers and physical infrastructure, which is precisely what this essay is about today. Both of these issues will likely impact the way individuals who work in the teaching profession make decisions in the future (Katsikeas,2019). To keep up with the growing demand for STEM (science, technology, engineering, and mathematics)-related disciplines of study in Ulster University , it will be the employer’s obligation to fund the expenses of compensation increases in the future. According to the Bureau of Labor Statistics National Compensation Survey, professors in postsecondary STEM disciplines receive an average compensation of $85,827 per year. Still, professors in postsecondary humanities fields earn an average salary of $78,134 per year. If you take them out of the equation, the total cost decreases to $71,123, which is $14,000 less expensive per position than before (Rutz,2019).
Determinants of Buyer Power:
Ulster University’s efforts to diversify student populations by attracting more overseas students and their magnificent, breathtaking full tuition and fees are hurting the educational scene, becoming increasingly gloomy. Other factors, such as the slowdown of the economy and the rise of indigenous educational institutions, have all contributed to the drop in the number of foreign student applications. Political animosity against international students has also played a part. As a result, pricing is a popular topic of debate on student blogs worldwide, as students are continually looking for the best deal possible when making purchases, especially textbook purchases.
Determinants of Competitive Rivalry
In addition, Ulster University’s may be coping with the stress of personal rivalry, which may be difficult at times. Between 1981 and 2013, the number of four-year public and private colleges and universities expanded by 54 percent, from 1,957 to 3,026 establishments, according to a report by the National Center for Education Statistics. According to forecasts from the National Center for Education Statistics (NCES), the total number of pupils is expected to increase by 16.8 percent between 2016 and 2025. (NCES). Because of this, the number of schools competing for fewer pupils and the number of schools to consider will grow. An increase in the number of students looking for a good deal on their college education is expected (Mothersbaugh,2021).
The Threat of Substitution:
Taking education in Ulster University as an example, there is an increasing trend among students to regard it as a commodity that can be purchased and resold on the open market. The four-year tradition has been changed due to a “shopper’s attitude” and grade inflation, and more outstanding allowances for kids with special needs. According to the National Center for Education Statistics, the number of children enrolled in “mixed menu” schools has increased in recent years (NCES). For those seeking an alternative to the standard four-year bachelor’s degree program, there are now options such as gap years, two-year programs, online courses, summer courses, and real-world experience in Ulster University , which may be incorporated into one’s educational and professional growth. Examples of elements that have led to these competing higher education options include growing tuition costs, increasing student debt, falling return on investment, and a more comprehensive range of student expectations (Morgan,2021).
The threat of New Entry:
As a result of the fall in employer-sponsored training, they are becoming increasingly popular among the general public. Employment, as a consequence, is characterized by the expectation that employees will be job switchers for the rest of their lives, with the responsibility for ongoing retraining lying entirely on their shoulders from Ulster University (Ferrell,2021). Therefore, there is a greater need for qualifications that may be utilized to get new or better employment prospects in the future. As a result, both the practice of stacking students on top of one another and the “as-needed” educational paradigm is dependent on the capacity to stack students on top of one another, making the ability to stack students a critical component of both concepts (Sheth,2021).
References
Chou, S.F., Horn, J.S., Liu, C.H.S. and Lin, J.Y., 2020. Identifying the critical factors of customer behavior: An integration perspective of marketing strategy and components of attitudes. Journal of Retailing and Consumer Services, 55, p.102113.
Ferrell, O.C., Hartline, M. and Hochstein, B.W., 2021. Marketing strategy. Cengage Learning.
Katsikas, C., Leonida, L. and Zeriti, A., 2019. Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions. International Marketing Review.
Morgan, N.A., Whitler, K.A., Feng, H. and Chari, S., 2019. Research in marketing strategy. Journal of the Academy of Marketing Science, 47(1), pp.4-29.
Mothersbaugh, D.L., Hawkins, D.I., Kleiser, S.B., Mothersbaugh, L.L. and Watson, C.F., 2020. Consumer behavior: Building marketing strategy. New York, NY, USA: McGraw-Hill Education.
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