Posted at 12.29.2018
Taylor's Education Group has been a home name in Malaysia for four decades known for producing all-rounded graduates with on-hand work experience which will enable these to be competitive and assertive in the working environment. Taylor's has contributed much to Malaysia's economical prosperity seeing as Taylor's is extending not only domestically but also internationally. Taylor's started with humble beginnings, with only a small block in Jalan Pantai, Kuala Lumpur offering only one program. Today, Taylor's has 5 campuses like the very recently founded Taylor's Lakeside Campus that provides a multitude of courses which comprises of diploma, undergraduate and postgraduate studies. Apart from that, Taylor's' 10 year mission is to become a college or university of 20, 000 students renowned because of its teaching brilliance and the distinctive quality of its graduates. On the rate Taylor's keeps growing, there is no doubt that quest can be completed in 5 years let alone 10 years. Taylor's effective quest statement, "Wisdom. Integrity. Quality" is undoubtedly one of the reasons why many students are attracted to this educational establishment. Taylor's' mission declaration positions students to think about Taylor's as reduced and exclusive educational institution that offers excellent education quality while inculcating self-discipline at exactly the same time. Taylor's core goal to teach the youngsters of the world to have their productive places as leaders in the global community also plays an important role in drawing students in to the educational institution. In addition to that, Taylor's also offers 5 core beliefs in all with their programs. Firstly, Taylor's believes in "Respecting and caring for each and every other". Taylor's promises to create a host where many people are loved disregarding personal, cultural, racial or religious beliefs differences. Taylor's will this by giving a safe location to express your ideas. Besides that, training responsibility will also be encouraged. The initiatives of individuals and groups will also be recognized and respected. Subsequently, Taylor's also believes in "Being dedicated to a culture of excellence". Taylor's will systematically and purposefully do the best they can to achieve their organizational goals. Thus, Taylor's will regularly look for methods to improve themselves through continual learning and implementing methods that will contribute to Taylor's' long term objectives and goals. Finally, Taylor's also thinks in "Openness in communication". Taylor's promotes being genuine in daily exchanges, and when this is performed in a kind and respectful manner, trust and understanding will be developed. Fourthly, Taylor's believes in "Acting with integrity". Taylor's will follow the codes of conduct and be moral in their daily procedures to build a culture of openness within the business and society most importantly. Fifthly, Taylor's also have confidence in "Being passionate in what we do". Taylor's believes by doing things passionately, it'll motivate others to wish to accomplish better. Finally, Taylor's believes in "Creating enjoyable environments". This task is mainly to review the Taylor's education group, in conditions of how they market their programs and education. The main emphasis in this project is the newly built Taylor's Lakeside Campus. From here, we'll assess how the Taylor's education group has efficiently turned this job into a great revenue making campus. This assignment will research their marketing strategies by analyzing the company's strengths, weaknesses, opportunities & risks (SWOT Research), the company's segmentation and placement strategy and the business's marketing mix. We'll also provide recommendations to boost their marketing strategies at the Taylor's Lakeside Campus towards the end of this assignment.
The two types of internal factors that have an effect on the company to attain its objective are advantages and weaknesses. Firstly, the effectiveness of Taylor's college is it has a solid background and a history of 42 years. The 44 years of background include proven experience in college or university level education and training with growing emphasis on research to help expand improve the quality of the university or college. This is proven by the recognition from Ministry of Higher Education with the renowned Excellence in Research and Development award 2005/06. Taylor's University had developed a solid brand name and causes an increase in market share and brand equity. It has a famous slogan that is "Wisdom, Integrity, Excellence". Taylor's University's drive for knowledge, quest for integrity and thirst for superiority made it become a famous academic establishment and can deliver a high quality education. Besides that, the effectiveness of Taylor's university is it offers a variety of quality value and quality countrywide regarded programs. The university or college offers structures, design, biosciences, business, communication, IT, executive, hospitality, legislations and drugs program. The academic activities designed to the newer socio-economic trends leading to the development of a broad selection of classes. The variety program that Taylor's School provided proven that it's a powerful one stop education business. The linking layout with foreign universities ensures the product quality assurance of the classes and examinations. Moreover, the high development in coaching and learning skills will be the power of Taylor's school. The establishment of Integrated Coaching and Life-long Learning Centre at Taylor's (InTeLLeCT) is to guarantee the provision of relevant, impressive, and excellent learning experience at Taylor's. It generates learning experience through excellent teaching, outstanding academic learner support initiatives, and an innovative and technology-driven learning environment. (Taylor's University or college 2011) By buying InTeLLect, it ensures the constant improvement of recruiting by creating a skilled academics and support staff to educate more quality students. The high quality lecturers can be proved by one of the lecturers from the institution of Anatomist Dr TVN Padmesh to be honored with the "Young Scientist Paper Award" 5th International Discussion of Environmental Technology and Technology 2010 in Tx, USA from July 12-16. In addition, geographical location and comfortable campus environment also increases the strength of Taylor's College or university. Taylors University is located at Subang Jaya and there are high amount of human population and fast growing developments. It really is well linked to the metropolitan areas of Kuala Lumpur, Shah Alam and the townships of Petaling Jaya therefore it is a good location. Taylor's university offers the best campus environment and offer the best facilities one of the competition. The facilities provided are new and detailed, a good example of facilities that is provided is the catalogue, sports and entertainment centre, hostel, lecture theatres, pupil central, suffering bay, experiment labs and food court docket. (Taylors 2011)
On the other side, the weakness of Taylor's School could it be is charging a higher price than other's competition in the education market. For example, Taylor's college or university is charging double the price of Help University College or university for the business enterprise program. The bigger price charge sometimes will affect the buyer decision to choose Taylor's university and unsatisfied consumers may conclude going to other colleges. Taylor's university must be sure that the price priced should create superior value and provide value-added services to the buyer. Besides that, the weakness of the college or university is the options of twinning program that it provides are limited. For example, Help University College or university is the biggest competitor at this time because it offers more university or college selections and has better partner universities. Taylor's university or college should improve the choices for partner universities to get its market show.
The two types of external factors that have an impact on the company to reach its target are opportunities and hazards. The chance of Taylor's university is there is an increase in the knowing of the importance in attaining tertiary education. Nowadays, most organisations are employing employees with the diploma or a bachelor's level. Therefore, this motivates Malaysian parents to finance their children's education to get at least a Bachelor's level for an improved career. Besides that, Malaysia works as one of the world excellence centre for education got created an opportunities for the university or college by an increases in international university student. It is estimated that there are about 70, 000 international students from more than 100 countries currently studying in public and private higher education corporations in Malaysia. (Study in Malaysia Handbook 2011) Malaysia is a diverse country with rapid economic development, secure politic, devastation free and it offers an affordable cost to the international pupil for higher education opportunities will draw in more international university student in the future. Taylor's school can consider providing more options for world right partner school to increase its opportunity by increase competitiveness and develop its market share.
The threat of Taylor's university could it be facing the increasing size of its competitor. For example, to cope with the increasing demand for quality education in the region, HELP University University will be beginning a new state-of-the-art 'Green Technology' Campus in Subang 2 The campus is 600, 000 sq foot which is strategically located between Kota Damansara, Subang, Sungai Buloh, and Shah Alam. Due to the increase awareness of public to avoid and preserve the surroundings, HELP University College new campus will attract more attention from the public. By improving the facilities of Help College or university College in the new campus, providing a better partner university or college choice and offer a lower prising education, Taylor's university will faces a higher competition. (HELP International Company 2008)
Direct competitors are firms that offer products and services that are functionally the same. The immediate competition of Taylor's college or university are those private university or college college and school for example HELP College or university College, INTI College or university College, Sunway College or university University, and KDU School. Those University and college provide similar programs and the dissimilarities between them is the brand familiarity and the grade of education provided. Taylor's College or university branding themselves by providing quality education, good campus environment and good facilities have made differences between itself with other brands. The excess value that Taylor's provide causes an increased price fee for the program. Taylor's school have to ensure that they can deliver what that they had promised the buyer to get market show and create client satisfaction for building customer romantic relationship.
An indirect competition is the businesses that are providing close substitutes products and services. These competitors are probably targeting the markets with a same or similar value proposition, but providing another type of product. The indirect opponents of Taylor's college or university are the government's higher education corporations such as polytechnics, instructor training schools, community colleges, Community college and General public universities. A few examples of these establishments are TAR School, University Malaya, and Politeknik Port Dickson(PPD). The general public system is becoming competitor because the amount of public colleges and community schools is increasing. The cost of learning in a general public university is cheaper because 90% of the public universities' funding came from Malaysian Authorities and the balance 10% is from student fees. (MoHE 2008)
Pie Chart 1. 1
The pie chart shows the Malaysian household monthly income syndication. The information is sourced from MP Amirsham's reply to Dr Michael J Devaraj's question during a parliament assembly in July 2008.
Demographic factors are the most popular bases for segmenting customer communities. One reason is that customer use rates, needs and would like always very meticulously with demographic variables. Besides, demographic parameters are much easier to measure than other types of factors. Therefore, demographic segmentation is employed in this assignment which divides the market into groups predicated on income for education in Taylor University Lakeside. The three market sections which relevant are low-income, medium-income and high-income.
Low-income segment (household's every month income RM4-5k)
Medium-income segment (household's regular monthly income RM5-10k)
High-income segment (household's every month income >RM10k)
Firstly, low-income portion signifies the household's monthly income between RM4000 and RM5000. The folks from this portion only able to pursue the training provided by nationwide university or government's subsidy universities. Their families cannot spend the money for expensive tuition fees because they need to spend the money in their daily expenses. Secondly, medium-income segment indicates household's regular monthly income between RM5000 and RM10000. The people from this segment in a position to pursue the training provided by private colleges in the united states such as Taylor University or college and Sunway College or university. The standard of living is higher, so they willing to invest more money in education. Finally, high-income segment implies the household's regular monthly income more than RM10000. The folks from this section normally will send their children to foreign country for world-class education in United Kingdom or Australia. They totally have to power to cover the expensive living costs and tuition fees of their children at overseas.
Taylor's Education Group targets affluence customers that happen to be under medium-income segment with high quality facilities and services. This is because customers from medium-income segment hold the right size and development characteristics. Generally, the clients from this portion plan to examine locally. Using the approximately RM96000 of household's each year income, people will choose to review at private college or university in the united states.
Local private universites and colleges think it is easy to choose a differentiation and setting strategy. In several cases, two or more competitors will follow the same position. Therefore, all of them must find its ways to create itself apart. For example, Taylor University or college, Sunway University or college and Help College or university put in a lot of effort to decide on a value proposition. Therefore, Taylor's Education Group well known for quality in certain segments differentiates itself by the excellent image, service and slogan. The slogan possessed effectively been used to talk to the consumers by mailing the message of value and offers that the college or university will deliver. The slogan of Taylor's university or college had effectively create differentiation between its competitor and position itself as providing superior customer value and leads to the gain of competitive edge.
Furthermore, Taylor goes for ''more for more'' setting strategy. ''More for additional" positioning requires providing the most classy services, products and changing an increased price to balance the higher costs. Taylor's Education Group differentiates its offer by invested at least RM450 million to build a unique lakeside campus that appeal to people from the medium-income portion. Taylor's review environment and facilities are way better than its challengers. Taylor's Lakeside Campus is a state-of-the-art modern tropical university campus, made to meet up with the needs of students and good nation's goal of becoming a local centre of education brilliance. The campus is surrounded by a revived 5. 5 acre human-made lake and its landscape made up of trees, groundcovers, flowering shrubs, and normal water plants, which give a stimulating and abundant natural environment.
In contrast, compared to Help University College or university, who using ''the same for less'' positioning strategy just to offer a good deal to everyone. By offering this placement strategy, customers will have a tendency to join Help University College because of the affordable tuition cost. However, the low-prices brand in an effort to lure customers away from market leader. Due to the low cost procedures, the buildings and campuses separated and students have to take the shuttle bus to attain specific building for classes. This action brings a lot of inconvenient to customers and sets off them from signing up for. Customers from medium-income section normally will chase for the university that fulfil a minimum requirements such as everything in one campus and basic safety. Besides, high quality study environment and facilities will also make customers run after for this.
By offering high quality education and services, Taylor's Education Group desires for higher sales and better position within targeted market portion. The lakeside campus effectively developed a more powerful position and creates more total sales than its challengers. Although its overall tuition fee above RM18000 per year, compare to other colleges is much more costly, but customers are still willing to review in this university or college. As a result, Taylor Lakeside Campus gets a more stable, much higher market share than other school could. Taylor's Education Group designed positions that provide their services the greatest advantage in determined target markets, offered the personal preferences and needs of well-defined focuses on markets and yet succeeds because it just meet up with the right value proposition.
Taylor provided impressive and comfortable 4-storey collection, retail Podium, Experimental Theatre, 600-pax Auditorium, 300-pax Lecture Theatre and outdoor Amphitheatre. The 4-storey catalogue is so amazing, packed with different pcs, facilities and resources. There are also different types of closed research room and dialogue rooms in the catalogue that allows students to own discussions among their friends without interrupting other students in the collection. Besides, the Retail Podium is where inter-connecting roads lead to lenders, cafes, convenience stores, retailers and an array of service amenities. Everything of the made Taylor Lakeside campus so spectacular compared to others. In conclusion, the "More for additional" placing strategy totally more successful compared to "PRECISELY THE SAME for Less".
The main product that Taylor's School offers is within a kind of service in which they offer education in substitution for tuition fees. However, there are also other products that the Taylor's education group offers which include accommodation and basic requirements such as food and beverages which is provided by the campus's cafeteria and restaurants throughout the campus. The product that the Taylor's education group provides is one of the reason why to the new Taylor's Lakeside campus's success. Firstly, Taylor's University or college has provided potential students with many choices of programs such as a variety of pre-university programs, a range of bachelor's degree programs and also a PhD program running a business administration. With a mixture of a wide variety of classes, students who would like a tertiary education would find Taylor's as a potential establishment to help expand their studies. It is also important that people realize the programs Taylor's School offers are programs which can be popular among today's students and also popular among parents. Using a mixture of providing a wide-range of education programs along with programs that are popular, Taylor's have found the perfect product that this will offer to the training market.
Another type of product that Taylor's College or university offers is the accommodation and eating out service. While using presence of a student hostel located next to its main campus, student's who are from overseas or an alternative state do not need to stress for a location to stay, or for transportation as the campus is merely a walking distance away. Never to forget, the countless different restaurants and also the cafeteria that is situated right at the college student hostel. This is one of the advantages the Taylor's Lakeside campus has over its opponents, students who research at Taylor's do not need to go a long distance in order to find good and quality food. While using convenience that is provided by Taylor's School, many students find themselves attracted to its product.
The campus's structural design has also gained much attention from both potential students and also parents. Opportunities made for its attractive structures has definitely made a direct effect on the success of the campus. In a review our group did, we have found that 50 percent of students were in the beginning attracted to analyze as of this new campus due to its attractive design.
On average, to complete a bachelor's level at Taylor's University or college may cost up to RM80, 000. This price of course varies depending on the course the college student employed in. Here, we will focus on the charges strategies that Taylor's University or college experienced used for a bachelor of business level. At Taylor's University, to complete a 3 time bachelor of business program would cost an average of RM80, 000. This cost is arguably rather high for a university or college in Malaysia. When compared to HELP University School, the price to complete a 3 year bachelor of business program is 2 times higher of that of HELP's. It only cost up to RM40, 000 in order to secure a business degree at HELP School College. So why is it that Taylor's University is making higher profits in comparison to HELP University School? The answer is easy, the mark market are of these among the list of medium income portion. From pie chart 1. 1, it could be seen that 20. 7 % of Malaysians are either in the medium-income segment or the high-income section. For parents or guardians making more than RM5, 000 a month, it could not be much of a problem to cover to send their child to complete their studies at Taylor's College or university, provided that they have got proper financial management. However, people may question to why parents send their child to Taylor's College or university when they can save the amount of money and send the youngster to a different university. The response again is simple; parents want their best for his or her children. Most parents who are among the medium-income segment and the high-income section would not be reluctant to send the youngster to a far more renowned University provided that they have quality education, a superior campus in addition to a convenient location.
Taylor's main campus is situated in a location that is accessible to focus on market. It is strategically found in the cities of Subang Jaya which established fact as a student hub consistent of most types of home such as average and above average income household. It is also well linked with other township such as Bandar Sunway, Petaling Jaya, Shah Alam, and Klang making it a easily accessible educational institution for students to pursue their studies. Alternatively it is located thirty minutes away from Kuala Lumpur which is the administrative centre city of Malaysia. In addition Subang Jaya is linked by highways for example Lebuhraya Damansara Puchong and Federal Highway allowing students would you not live in Subang Jaya achieving the campus easier.
Taylor's uses several campaign tools to persuasively connect customer value and build customer romance. One of the tools is advertising. Taylor's will their advertising through major marketing types such as tv set, newspaper, direct email newspapers, radio and the internet through websites such as facebook twitter, youtube and their particular Taylor's website. Another advertising tool that Taylor's uses is sales promotion. Taylor's encourages purchases of the product by offering discount rates such as early on birds discount for consumers who sign-up early or pay their fees early on. Another discount is children and siblings discount for those who have other siblings studying in the same institution. Other incentives are scholarship such as top achiever scholarship which is dependant on SPM results. Another promotion tool used is building good pr. Taylors sponsors occasions such as activities competition, charity occurrences to construct their image in the general public. Besides that Taylor's uses other public relation tools such as news and written materials to promote their product, facilities and so on. For instance Taylor's promote the beauty of the new lakeside campus and the facility it provides in a publication. The last campaign tool that Taylor's use is personal selling. Taylor's uses sales rep such as consultants and counselors to market their product and build customer romantic relationship through personal discussion. Taylors present their sales by giving a demonstration of the products offered by Taylor's in events such as job day and Taylor's available day. Another example is Taylor's mailing some sales people to high institutions to market their product and build permanent customer romance with students who are soon taking their SPM and also to those who haven't made a decision what they would like to do after they finish their extra institution education.
One way to increase the product Taylor's College or university provides to students is to provide more parking places for students who drive to the campus. Based on our observation and research, we've found that many students are miserable with the auto parking system and lack of parking spaces enforced by Taylor's University. Some have even threatened to leave if a solution is not found. In order to avoid an awful reputation and a loss of consumer confidence, it's important that they build more parking plenty or change their auto parking systems. However, a cheaper and far more convenient way for the company is to modify student's timetables to make the campus less congested at certain times. For example, the management at Taylor's University can move more morning hours classes into the afternoon in order to avoid over-packed parking slot machines during the morning hours.
A prices strategy that people would recommend is to provide more college student help for programs which can be less well-liked by students and parents. The scholar aid would be for individuals who are not able to afford the entire tuition fees enforced by Taylor's University or college. This way, the company will also reap the benefits of less popular programs as parents from lower-income sections will also be able to manage to send their children for these less popular programs. . From the way we view it, the Taylor's Lakeside campus has been profiting huge amounts of money from scholar fees because of the crowded campus, therefore, we'd not recommend a big change in cost of student fees to avoid a congested campus which may deteriorate its quality. An increase in price of learner fees may cause Taylor's College or university to reduce its main focus on segment which are the medium-income earners for the majority of them, the purchase price is just right. It may however not have much effect on the high-income earners as it is still affordable for the majority of them. Also, minimizing the purchase price by a fair amount could cause more low-income earners to send their children to Taylor's University to further their education. This might cause the campus to be overcrowded which might in turn decline the campus's quality. Therefore, the only real recommendation we have is good for Taylor's University or college to provide more learner aid for programs which can be less popular among students and parents. However, Taylor's Education Group is a private limited company which therefore inhibits us from observing their financial claims which may confirm our judgements wrong.
In order to improve its putting Taylor's would need to built more campuses in a lot more strategic locations in order to make its product easy to get at. Kota Damansara and Puchong are some of the examples of strategic locations. Apart from building more campuses, Taylor's can build more campuses that offers tertiary educations. Right now the sole place students can undertake their tertiary education reaches Taylor's main campus. To have significantly more campuses that supplies the same tertiary education would improve its placing.
On the other hands, to improve its advertising, Taylor's can increase its outdoor sales force. Taylor's can do house to house personal selling by mailing sales consultants to properties. Instead of the customers come to Taylor's, Taylor's can go to their prospective customers. This introduces a much more personal interaction between the two or more people. Customers will feel much more relax expressing their need being that they are in their own house. Consultants can watch and make quick alterations to solve customer problems. Another advantage of doing this house to accommodate personal selling could it be can build a far better customer romantic relationship. Another Taylor's can do is to boost its campaign is by giving much stronger incentives by offering promotional tools such as payments or patronage rewards. For example Taylor's offered Ali cash pay back for being a dedicated consumer by studying in their institution for three years.
The Taylor's Lakeside Campus is currently becoming more and more popular. Because of the rising competition from other educational organizations such as HELP College or university University and Sunway University or college School, Taylor's Lakeside Campus must constantly strive to recognize themselves from other educational corporations. Taylor's being truly a well-known educational organization for over four decades certainly has its advantages. This gives a notion to people that Taylor's is a well-established educational organization based on the amount of years it has been running. Thus, Taylor's can use this possibility to charge an increased price in comparison to other local colleges. However, Taylor's must deliver the people's money's value through academic superiority and by providing a conducive environment. Take for example Taylor's Lakeside Campus. Taylor's Lakeside Campus still manages to bring many students regardless of the expensive cost of education because of its past documents of academic excellence and also the very peaceful and calming environment at Taylor's Lakeside Campus. Taylor's Lakeside Campus managed to combine both elements of work and play which is very much commendable. Taylor's Lakeside Campus focuses on the high-income section. This is quite definitely evident in the price of education of Taylor's which is comparably higher than its challengers. Taylor's Lakeside Campus is very interesting as it practices the "More for additional" placement strategy. This plan requires Taylor's to provide remarkable facilities and environment. In exchange, Taylor's will earn an increased brand placement in the intellects of the folks. This will attract these to enrol in Taylor's. Taylor's Lakeside Campus is a force to be reckoned with in the education industry. From proper locations to educational quality, Taylor's Education Group is certainly making a significant effort up till now for this to be able to endure the adversities of their time. In short, no educational institution is ideal. However, one can strive to deliver the cost effective it can to fulfill customers. Taylor's Lakeside Campus can indeed be labeled into that category as the epitome of educational institutions.