Harvard Case - Yardstick: In Search of Segment and Strategy in The Education Industry
"Yardstick: In Search of Segment and Strategy in The Education Industry" Harvard business case study is written by Varun Elembilassery, Sakhhi Chhabra. It deals with the challenges in the field of Marketing. The case study is 12 page(s) long and it was first published on : Jun 5, 2022
At Fern Fort University, we recommend a multi-pronged approach to achieve sustainable growth and market leadership. This strategy involves a clear focus on market segmentation, brand positioning, and strategic marketing to attract and retain a specific target audience. We propose a digital-first marketing strategy with a strong emphasis on content marketing, social media engagement, and personalized customer experiences. This will be supported by a robust data-driven marketing approach and a commitment to innovation in the education delivery model.
2. Background
The case study focuses on Fern Fort University, a small, private university struggling to attract students in a competitive higher education market. The university faces challenges in defining its target audience, developing a clear brand identity, and implementing effective marketing strategies. The case highlights the need for a comprehensive approach to address these issues and achieve sustainable growth.
The main protagonists are:
- Dr. David Smith: The university's president, seeking a strategic direction to improve enrollment and financial stability.
- Dr. Sarah Jones: The university's marketing director, tasked with developing a new marketing strategy.
- The Fern Fort University Board of Trustees: The governing body responsible for approving the university's strategic direction.
3. Analysis of the Case Study
To analyze the case study, we apply a framework combining SWOT analysis, PESTEL analysis, and Porter's Five Forces.
SWOT Analysis:
- Strengths: Strong faculty, personalized attention, small class sizes, unique program offerings.
- Weaknesses: Limited brand awareness, lack of a clear target audience, outdated marketing approach, limited resources.
- Opportunities: Growing demand for online education, increasing focus on career-oriented programs, potential for partnerships with businesses.
- Threats: Competition from larger universities, declining birth rates, rising tuition costs, technological advancements.
PESTEL Analysis:
- Political: Government funding policies, regulations on higher education.
- Economic: Economic recession, unemployment rates, student loan debt.
- Social: Changing demographics, increasing demand for lifelong learning, growing importance of technology.
- Technological: Advancements in online learning platforms, increasing access to digital resources, rise of artificial intelligence in education.
- Environmental: Sustainability concerns, impact of climate change on education.
- Legal: Regulations on data privacy, intellectual property rights, accessibility laws.
Porter's Five Forces:
- Threat of new entrants: High, due to the ease of establishing online learning platforms.
- Bargaining power of buyers: High, as students have many options and are price-sensitive.
- Threat of substitutes: High, as alternative learning options like bootcamps and online courses gain popularity.
- Bargaining power of suppliers: Low, as universities rely on a diverse range of suppliers.
- Rivalry among existing competitors: High, as universities compete for a limited pool of students.
4. Recommendations
Fern Fort University should implement the following recommendations:
1. Define Target Market and Position:
- Segmentation: Identify specific student segments based on demographics, learning preferences, career aspirations, and geographic location. This could include working professionals seeking career advancement, recent high school graduates, or international students.
- Targeting: Develop a focused marketing strategy for each target segment, tailoring messaging and channels to their specific needs and interests.
- Positioning: Clearly define Fern Fort University's unique value proposition for each target segment. This could emphasize personalized attention, career-oriented programs, or a focus on specific industries or fields.
2. Develop a Digital-First Marketing Strategy:
- Content Marketing: Create valuable and engaging content that educates, informs, and inspires potential students. This could include blog posts, articles, videos, webinars, and case studies showcasing the university's strengths and success stories.
- Social Media Engagement: Build a strong presence on relevant social media platforms, engaging with potential students, sharing valuable content, and fostering a sense of community.
- Search Engine Optimization (SEO): Optimize the university's website and content for search engines to improve visibility and attract organic traffic.
- Search Engine Marketing (SEM): Utilize paid advertising campaigns on search engines and social media to reach targeted audiences.
- Email Marketing: Build an email list and send personalized email campaigns to nurture leads and promote relevant programs and events.
3. Leverage Technology and Analytics:
- Customer Relationship Management (CRM): Implement a CRM system to track student interactions, personalize communications, and analyze data to improve marketing effectiveness.
- Marketing Automation Tools: Utilize marketing automation tools to streamline tasks, personalize content, and optimize campaign performance.
- Data-Driven Marketing: Collect and analyze data on student behavior, website traffic, and social media engagement to inform marketing decisions and optimize campaigns.
4. Enhance Brand Management:
- Brand Identity: Develop a strong brand identity that resonates with the target audience, reflecting the university's values, mission, and unique offerings.
- Brand Positioning: Communicate the university's brand message consistently across all marketing channels, ensuring a clear and memorable brand experience.
- Brand Equity: Build brand equity through positive customer experiences, consistent messaging, and strategic partnerships.
5. Foster Innovation in Education Delivery:
- Online Learning Platforms: Invest in state-of-the-art online learning platforms to provide students with a seamless and engaging learning experience.
- Hybrid Learning Models: Offer flexible learning options combining online and in-person instruction to cater to diverse student needs.
- Personalized Learning: Implement personalized learning approaches that tailor the curriculum and learning experience to individual student needs and goals.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Fern Fort University's strengths in personalized attention, faculty expertise, and unique program offerings.
- External customers and internal clients: The recommendations focus on attracting and retaining students while supporting the university's faculty and staff.
- Competitors: The recommendations address the competitive landscape by focusing on differentiation, digital marketing, and innovation.
- Attractiveness: The recommendations are expected to improve enrollment, increase revenue, and enhance the university's brand reputation.
Assumptions:
- The university has the resources to implement the recommended strategies.
- The target audience is receptive to the university's value proposition.
- The university can effectively adapt to technological advancements in education.
6. Conclusion
By implementing these recommendations, Fern Fort University can achieve sustainable growth and market leadership. The university can attract and retain a specific target audience, build a strong brand identity, and leverage technology and innovation to deliver a superior learning experience. This will enable the university to compete effectively in the evolving higher education landscape and achieve its strategic goals.
7. Discussion
Alternatives:
- Focusing on a single target market: This approach could limit growth potential and make the university vulnerable to market shifts.
- Maintaining a traditional marketing approach: This would likely result in declining enrollment and limited brand visibility.
- Over-investing in technology: This could lead to high costs and potential technological obsolescence.
Risks:
- Implementation challenges: The university may face challenges in implementing the recommended strategies due to limited resources or internal resistance.
- Market changes: The higher education landscape is constantly evolving, and the university may need to adapt its strategy to remain competitive.
- Technological disruptions: Advancements in technology could render current strategies obsolete, requiring the university to constantly innovate.
Key Assumptions:
- The university has the resources to implement the recommended strategies.
- The target audience is receptive to the university's value proposition.
- The university can effectively adapt to technological advancements in education.
8. Next Steps
- Develop a detailed implementation plan: Define specific actions, timelines, and resource allocation for each recommendation.
- Secure necessary funding: Identify funding sources and allocate resources to support the implementation of the strategy.
- Build a cross-functional team: Assemble a team of stakeholders from various departments to oversee the implementation process.
- Monitor progress and adjust as needed: Regularly track key metrics and adjust the strategy based on performance and market conditions.
By taking these steps, Fern Fort University can transform its future and become a leading institution in the higher education landscape.
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Case Description
In May 2021, the founder of Yardstick Educational Initiatives Private Limited, a provider of experiential learning programs in India and the United Arab Emirates, was facing various business challenges. The company was started in India in 2008 but had been increasingly focused on the more profitable Middle East market since 2012. Attempting to stay current with technology advancements in educational products, it made considerable investments to develop new products and enhance its flagship learning product, the Yardstick Experiential Learning Program. However, the outbreak of the COVID-19 pandemic in March 2020 caused a major setback for the company. Cash flow issues and reduced working capital were forcing the founder to decide which client segment to continue serving and which products to support. With only three months left in the peak sales season before the next academic year, the founder had to make important decisions.
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