Answer To: Assessment Task – Tutorial Questions Assignment Unit Code: HI5004 Unit Name: Marketing Management...
Priyanka answered on Oct 08 2021
QUESTION 1: (WEEK 2: QUESTION 2)
SUITABLE SUGGESTIONS TO ADAPT MARKETING STRATEGIES IN EDUCATION INDUSTRY DUE TO COVID-19:
Covid-19 has been the global pandemic since March 2020 and has affected not just one national border, but all over the world. Nevertheless, irrespective of gender, income status and education level, it has affected all of them to the hardest. Education industry is not exempted from these as the crisis has shutdown schools worldwide and the world of online opportunities started since the lockdown. The mismatch been the resources and needs has been existing due to online education with need of broadband connections and laptops/PCs since a sudden fortnight. (oecd.org, 2020)
Students have become more important for Ed tech companies more than never before such that leading companies are investing more in the education industry for pleasing the customers. Few of the marketing strategies that can be adapted are:
· More access to education initiatives to various groups of audiences
More and more companies are taking the initiative to not charge fees from students who views their content online for the first time. They are encouraged to view the content for free after registering their email IDs which is a recent technique used to generate leads. After viewing a certain amount of the contents online, they are informed about the various courses and plans provided by the
companies and develops interest in tem to become a paid member.
This method is followed to encourage customer support and retention and also to increase brand awareness during these difficult times. (trainingindustry.com, 2020)
For example: companies like Chegg provide expert advice to students regarding various subjects and increases customer engagement by posting ads regarding their various courses available online. In this way, students are eager to become a paid member of Chegg to get more access to various contents.
· Being flexible in online transition
In order to generate new customers, more and more companies conduct webinars through online platforms and tools like Zoom, Google Meet etc. This online business model also includes providing of online delivery services and retaining the existing clients by connecting with them on a 1:1 basis. (trainingindustry.com, 2020)
· Understanding and updating about the changing client needs
Due to drastic change in the working patterns by changing to work from home, many companies provide new ways to use existing tools, new tools to learn new courses and also flexible schedules as per the client needs. In this way, customers are engaged with their products by knowing their changing needs. (trainingindustry.com, 2020)
· Expecting operational defects
Many ed tech start ups are piling up in the industry. With this, more and more customers are also interested in pursuing paid memberships in these platforms. As a result, many start ups does not have relevant resources to support the increasing traffic. Thus, there would be few operational defects like slowdown of the website in which courses are available online. These defects can be expected earlier and the required measures can be taken in advance so as to retain the customers. (Gartner.com, 2020)
QUESTION 2 (WEEK 6: QUESTION 2)
Love marks concept put forth by Kevin Roberts explains a simple agenda: Business must be done with an idea to make the world a better place for everyone to live, humans are packed by emotions and not reasons. (brandingstrategyinsider.com, 2020)
Businesses generally run based on VUCA set up:
V- Volatile, U- Uncertain, C-Complex and A- Ambiguous
This is because business people treat customers as money givers and without any emotions. But Kevin Roberts explains the world as a Super VUCA world with:
V- Vibrant, U- Unreal, C- Crazy and A- Astounding
Businesses are based on ideas which does not have settled definitions. They are just vibrant opportunities to explore and sometimes unreal without knowing it’s actual reason for existence. Every brand comes out from an idea that is crazy without any limits and becomes astounding when it is given a shape with people’s emotions.
Kevin Robert explains that Brands becomes a hit when customers becomes “us” instead of “them”. Advertising is the soul of any brand. If the advertisements can tell a story that can easily connect with human...