Harvard Case - Exercise: Creating a Model of Consumer Beliefs
"Exercise: Creating a Model of Consumer Beliefs" Harvard business case study is written by Kimberly A Whitler, Jude Hammerle. It deals with the challenges in the field of Marketing. The case study is 3 page(s) long and it was first published on : Dec 19, 2016
At Fern Fort University, we recommend a multi-pronged approach to model consumer beliefs, encompassing market research, consumer behavior analysis, and data-driven marketing. This strategy will leverage technology and analytics to understand consumer motivations, preferences, and purchasing patterns, ultimately informing marketing strategy, product development, and brand positioning.
2. Background
This case study focuses on Fern Fort University, a small, private university facing declining enrollment and increasing competition. The university seeks to understand its target market, particularly potential students and their families, to develop a more effective marketing strategy. The case highlights the need to understand consumer beliefs about the university's value proposition, particularly in relation to its competitors.
The main protagonists are the university's marketing department, tasked with developing a marketing strategy to attract new students and retain current ones. They are faced with the challenge of understanding the complex factors influencing student choices, including cost, reputation, program offerings, and perceived value.
3. Analysis of the Case Study
To analyze the case, we will utilize a combination of frameworks, including:
- SWOT Analysis: This framework will identify the university's internal strengths and weaknesses, as well as external opportunities and threats in the competitive landscape.
- PESTEL Analysis: This framework will assess the political, economic, social, technological, environmental, and legal factors influencing the university's market environment.
- Consumer Behavior Analysis: This framework will examine the factors influencing student decision-making, including perceived value, social influence, and personal motivations.
- Competitive Analysis: This framework will evaluate the university's competitors, their marketing strategies, and their value propositions.
Strengths:
- Strong academic reputation
- Experienced faculty
- Unique program offerings
- Strong alumni network
Weaknesses:
- Limited resources
- Lack of brand awareness
- Limited online presence
- High tuition costs
Opportunities:
- Growing demand for higher education
- Increasing online learning opportunities
- Emerging technologies in education
- Growing focus on career readiness
Threats:
- Increasing competition from public and private universities
- Economic downturn impacting student finances
- Shifting student demographics
- Increasing costs of education
PESTEL Analysis:
- Political: Government policies regarding student loans and funding for higher education
- Economic: Economic conditions impacting student spending and family income
- Social: Changing student demographics and increasing demand for diverse learning experiences
- Technological: Rapid advancements in online learning platforms and educational technologies
- Environmental: Growing focus on sustainability and social responsibility in higher education
- Legal: Regulations regarding student privacy, data security, and accessibility
Consumer Behavior Analysis:
- Perceived Value: Students are looking for value for their investment, considering factors like program quality, career prospects, and affordability.
- Social Influence: Students are influenced by peers, family, and social media in their decision-making.
- Personal Motivations: Students have different motivations for pursuing higher education, including career advancement, personal growth, and social impact.
Competitive Analysis:
- Direct Competitors: Other universities offering similar programs and targeting similar student demographics.
- Indirect Competitors: Online learning platforms, vocational schools, and other educational institutions.
- Value Propositions: Competitors offer different value propositions based on their strengths, including affordability, program specialization, and career support.
4. Recommendations
Based on the analysis, we recommend the following actions:
- Develop a clear and compelling value proposition: This should highlight the university's unique strengths and address the needs and motivations of the target market.
- Implement a data-driven marketing strategy: This should leverage technology and analytics to understand consumer behavior, target specific segments, and track the effectiveness of marketing campaigns.
- Enhance the university's online presence: This includes developing a user-friendly website, engaging social media content, and optimizing search engine rankings.
- Invest in digital marketing strategies: This includes search engine optimization (SEO), search engine marketing (SEM), and social media marketing to reach potential students online.
- Develop strong relationships with key influencers: This includes high school counselors, community leaders, and alumni who can advocate for the university.
- Offer competitive pricing and financial aid options: This will make the university more affordable and accessible to a wider range of students.
- Focus on career readiness and professional development: This includes offering career counseling, internship opportunities, and alumni networking events.
- Embrace innovation and emerging technologies: This includes exploring online learning platforms, virtual reality applications, and personalized learning experiences.
- Develop a strong brand identity: This includes creating a consistent brand message, logo, and visual identity across all marketing channels.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the university's mission to provide high-quality education and prepare students for successful careers.
- External customers and internal clients: The recommendations address the needs of potential students and their families, as well as the university's faculty and staff.
- Competitors: The recommendations take into account the competitive landscape and aim to differentiate the university from its rivals.
- Attractiveness - quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): The recommendations are designed to improve enrollment, increase revenue, and enhance the university's long-term sustainability.
All assumptions, including the need for a data-driven approach, the effectiveness of digital marketing, and the importance of career readiness, are explicitly stated.
6. Conclusion
By implementing these recommendations, Fern Fort University can effectively model consumer beliefs, understand its target market, and develop a more effective marketing strategy. This will help the university attract new students, retain current ones, and achieve its goals of growth and sustainability.
7. Discussion
Other alternatives not selected include:
- Focusing solely on traditional marketing channels: This approach may not be effective in reaching the target market, which is increasingly reliant on digital platforms.
- Ignoring the importance of career readiness: This could make the university less competitive in attracting students who value career prospects.
- Failing to adapt to emerging technologies: This could hinder the university's ability to provide innovative and engaging learning experiences.
The key assumptions underlying these recommendations include:
- The effectiveness of data-driven marketing in understanding consumer behavior and targeting specific segments.
- The willingness of potential students to engage with the university online.
- The university's ability to invest in the necessary resources to implement these recommendations.
8. Next Steps
To implement these recommendations, the university should:
- Develop a comprehensive marketing plan: This should outline the specific actions to be taken, the timeline for implementation, and the budget allocation.
- Create a dedicated team: This team should be responsible for overseeing the implementation of the marketing plan and tracking its effectiveness.
- Conduct regular market research: This will help the university stay informed about the evolving needs and preferences of its target market.
- Monitor the results of marketing campaigns: This will help the university identify what is working and what needs to be adjusted.
By taking these steps, Fern Fort University can successfully position itself in the competitive higher education market and achieve its goals of growth and sustainability.
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Case Description
Converting myriad data into a simple, visual conceptual model is the basis for developing the ability to communicate consumer marketing insights up, down, and across the organization. This enables the marketer to persuade others of his or her analysis and helps with alignment of the broader organization. And while throughout the MBA program, students have been exposed to various models, once students graduate and enter the workforce, they will be expected to convert complex data into usable insight, typically through visual models of their own design. This exercise, then, is designed to help the students transition from users of conceptual models to creators or developers of models. The ability to create a conceptual model sharpens the abstract thinking required to convert insight about the market, consumers, competitors, or other entities into an understandable model. The detailed teaching note accompanying this exercise guides instructors through the process of eliciting and evaluating students' visual models, and then proposes a simple, complete model that frames many consumer categories surprisingly well. Additionally, there are videos that can be used to help explain the development of a new-to-the-world conceptual model. This exercise is intended for use in either an undergraduate capstone class or at any point during an MBA, executive MBA, global MBA, or executive education program.
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