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Marketing Final Project - Lindsay Carleston
- 1. Marketing Plan for MySemester Prepared by Lindsay Carleston On December 10, 2017
- 2. OVERVIEW • Purpose: Given your investment, the grades of college students around the globe will soar. Should our product be funded, we will introduce students to a new, more effective way of studying. • Background: • About Us: Students often struggle with time management and procrastination; these factors can be detrimental to their GPAs. Our product is a web-based studying tool that does more to improve students grades! Our product offers flashcards and other studying exercises and also allows students to upload their syllabi. This feature warns students of upcoming deadlines and, based on prior data gathered from former students, suggests when and how far in advance students should study for their exams. • Mission Statement: “Our mission is to help people learn efficiently and effectively, to promote higher education, and to create more confident students as a whole.”
- 3. OUR CUSTOMERS & POSITION • Our Target Segment: Millennial-age students, pursuing business, or STEM-related degrees with C– B averages • Need: Save time, improve time management skills & grades • Necessary for heavy course loads and traditionally quantitative classes • MySemester will position itself as collaborative and time efficient tool by offering forums for students’ to review former students’ suggestions and study materials and by stressing timely, focused studying. • Perceptual Map: Collaborative Unilateral Time Inefficient Time Efficient Traditional studying MySemester Quizlet Competitors Quizlet Kahoot Traditional Studying Strengths - Study exercises - Popularity - Group studying - Practice quizzes - Conventional Weaknesses - Limited aid - One- dimensional - Impractical - Inefficient - Unilateral - Inefficient
- 4. OUR PRODUCT & PLACE • Name: MySemester • Product Definition: A web-based study tool that has features to improve learning and time management. Notifies student of upcoming deadlines and studying tips. • Key Elements: Problem: Procrastination Low Grades Confusion Regarding Course Material Benefit-Solution: Timely, realistic studying goals Review & repetition of course material Aid from colleagues or studying Feature: Schedule notifications Flashcards, practice quizzes, & other exercises Forum to ask questions & review former students’ study material & tips • Place: MySemester will be available through a direct digital channel. The process is quick, and effortless. Consumers will feel instant satisfaction.A+
- 5. PRICE • Strategies: • Odd-even pricing: our price will end with an odd number to imply that it is a bargain • Status-quo pricing: this strategy is both simple and increases the likelihood of survival for small firms in comparison to larger rivals • Standard Price: $9.99 Biannual Rate • Discounting Strategies: • Seasonal discounts may be utilized during the off-season to ensure a steady cash flow • Coupons will be offered to consumers at the conclusion of a six-month period for 10% off their next payment should they choose to recommend a friend to the services
- 6. PROMOTION • Social Media Plan: • Focus on identifying target consumers prior to their purchase. • MySemester will crowdsource, or utilize its consumers ideas to continue developing MySemester. • Why Social Media is Appropriate: College students use social media very often and MySemester is also available on the internet, making the purchase convenient and easy for consumers. • Relationship Marketing Plan: • Send emails to thank consumers for their purchase, alert students of the time remaining on their subscription and how much their grades have improved. Customer satisfaction surveys will also be issued. • Why Relationship Marketing is Appropriate: By reminding students of the value of our product, they will be more likely to renew their subscription and continue their relationship with us. • Content Marketing Plan: • Deliver 3 videos and 3 articles to share on its social media each pay period (every six months). • Why Content Marketing is Appropriate: Content will be shared using MySemester’s popular social media sites.
- 7. CONCLUDING STATEMENT • With your funding, MySemester will have a significant impact on the futures of college students around the world. With its various features that cater to the students’ course load, status-quo price, and engaging social media promotions; MySemester will restore students’ faith in their ability to succeed. This product will attract thousands of students and will be very profitable to you and your organization. MySemester
Editor's Notes
- - Hi, my name is Lindsay Carleston. I have a product that can improve students’ grades. All it takes is time management and efficiency. If you’re interested, I would love to share my marketing plan with you.
- The purpose of our tool is to improve students’ grades. We believe this is possible by introducing students to a favorable studying atmosphere that eliminates thoughts of self-doubt such as “Have I studied this material enough?” or even “Am I studying the right information?”. Should you choose to fund our product, we plan on releasing our web-based studying tool to college students around the world. It’s no secret that students procrastinate or do not allot enough time to complete their assignments. Our product is the solution to these problems! Our site offers a variety of studying exercises and much more. By providing a feature that allows students to upload their syllabi to our site, our product will remind students of upcoming deadlines, exams, and quizzes. The tool also warns students of what may become a stressful week in their semester. Based on a patented algorithm and data from former students’ experiences, our tool also suggests when and for how long students should study their course material in order to be successful. Our mission is to help people learn efficiently and effectively, to promote higher education, and to create more confident students as a whole.
- Our target market is millennial-age college students, pursuing business, or STEM-related degrees that typically earn C– B averages. These students need an effective studying tool that will save time and improve their time management skills. By studying efficiently and effectively and practicing time management, students can improve their GPAs. This tool is necessary for heavy course loads and traditionally quantitative classes (which have the highest drop/fail/withdraw rates). Our competitors are Quizlet and Kahoot. An important substitute solution for our product is traditional studying. While Quizlet is popular and has many similar features, it offers limited aid to students and can be very one-dimensional. Rather than just providing flashcards and other studying exercises, our product has additional features that will help students improve their grades. Kahoot is a web-based studying tool that promotes competitive, practice quizzes in a group format. While this option is fun and collaborative, it is impractical for the amount of material students may be required to review. Copious amounts of information may be better learned formats other than practice quizzes. Traditional studying is conventional, although unilateral and inefficient. MySemester is collaborative and time efficient. It stresses timely, and focused studying for students.
- The name of our product is MySemester. This references that our product is intended for college students. MySemester is a web-based study tool that has features to improve learning and time management. Our tool notifies the student of upcoming deadlines and studying tips The three problems our tool helps with are procrastination, low grades, and confusion regarding course material. Our product’s schedule-notification feature helps students set timely, realistic studying goals and follow through with them. MySemester offers flashcards, practice quizzes, and other exercises to improve our consumers’ low grades. Moreover, MySemester offers a forum where students can ask questions and review former successful students’ study material and tips for doing well in the class. MySemester is available through a direct digital channel. Consumers purchase MySemester from our mobile-friendly website. Because we are available through a direct channel, no middlemen are involved and it keeps the price of our product low. Our consumers will feel satisfied as a result of the speedy, efficient process.
- MySemester utilizes odd-even pricing to imply that our product is a bargain compared to our competitors (who may instead convey that their product has strong value). It will also utilize status-quo pricing at the time of its release. This strategy is simplistic and increases the likelihood that smaller firms like MySemeter will survive while competing against its larger rivals like Quizlet, Our standard price is a biannual rate of $9.99. The price is set at a biannual rate in consideration of students who may graduate in May or December. This way, students only pay for what they use. Discounting Strategies: Seasonal discounts will be offered during the off-season months (March-April and October-November) to encourage a steady cash flow during the off-season. Coupons will also be offered to consumers at the conclusion of a six-month period for 10% off their next payment should they choose to recommend a friend to the service.
- Social Media Plan: By utilizing a social media plan, MySemester will be able to identify college students before they make a purchase. In doing so, MySemester can connect with its consumers and learn more about what they expect in a study tool. MySemester will crowdsource, or utilize its consumers ideas to continue developing MySemester. This is an appropriate marketing strategy given that college students frequent social media very often. MySemester, much like social media sites, is also available on the internet, making the purchase convenient and easy for consumers. Relationship Marketing Plan: In the months leading up to consumers’ subscription to our product running out, MySemester will send emails that thank consumers for their purchase, alert them of how their grades have improved as a result, as well as issue a customer satisfaction survey. A relationship marketing plan is an appropriate strategy given that students will use it on a semester-to-semester basis. By reminding students of the value of the product, they will be more likely to renew their subscription and continue their relationship with the site. Content Marketing Plan MySemester will deliver 3 videos and 3 articles to share on its social media each pay period (every six months). Why Content Marketing is Appropriate: Content will be shared using MySemester’s popular social media sites.