Marketing Opportunities And Strategies For University Of Hertfordshire Business School In Chile

1. how to use fundamental marketing concepts across borders with clear consideration for cultural differences and variants;
2. how to analyse cultural diversity when formulating an organisation's marketing strategy;
3. how to create, evaluate and manage the marketing communications function across cultures.
4. collect, analyse and interpret data to understand cultural diversity;
5. explain the conceptual and theoretical justifications behind marketing strategy for cross-border marketing

Findings and Analysis: Product and Market Related Issues

This report intends to explore marketing opportunities of University of Hertfordshire Business School as the organisation is on the verge of implementing their international policies. After reviewing both the educational environment of Kenya and Chile, is has been understood that both geographically and commercially Chile would be a wiser choice than choosing Kenya as an international location for their investment in overseas educational platform. This report following by a situational analysis will try to suggest necessary strategies for publicizing and creating awareness among students across Chile about better quality of education. After analysing the existing issues and external factors with the services and market, an action plan will be framed with relevant marketing theory and considering cultural differences between two places. Successful implementation of marketing strategies across the cultural barriers would help to accomplish business objective as well.

According to the findings, while working on an international project organisations very likely confront with both the professional and personal cultural barriers. One of the necessary aspect of a successful international expansion is to imply relevant management theories to mitigate existing cultural issues and move forward. Such issues occur as globalised business practices gather so many people together with different backgrounds. According to De Mooij (2015), they perceive varied beliefs about professional culture as far as global marketplace of higher education is concerned.   According to Hofestede’s cultural model and reviewing the journal Pucciarelli and Kaplan (2016), to resolve such issues and to avoid such situations his theory of power-distance, uncertainty avoidance, masculinity/femininity and individualism/collectivism can be implemented.

While researching on selecting suitable international location for business HBS has consider Chile focusing on lesser geographical distance. It has helped them to understand cultural boundaries more than Kenya. In order to understand and being compatible with foreign professional cultures distinct communication and detail research is necessary. After reviewing the study Marcucci (2013), it can be said maintaining a throughout tolerant behaviour is important to learn new cultural aspects and to appreciate students’ perspective.

Being adaptive will assist to get into the culture and that is how the institute will be acceptable among students. Teaching and learning scenario is exchange of thoughts and revelation of varied intellect. In such a situation being adaptive and open minded not only fulfil the purpose of both the mentor and student, but also would make the institution successful to accomplishing their objectives.

Before starting off with the new venture of investment, Chile’s political and legal orientation must be reviewed in terms of accomplishing business objectives. As far as the free tuition policies are concerned that in a way is working as an encouragement behind opting for higher studies; on the other hand has a potential to resist the implementation of desired fee structure. In order to avoid such issues if the university starts to construct fee structure after considering students’ economic background it will be helpful for them to categorised students and implement required student fees. It will both serve the students’ and organisation’s interest as well. Moreover, as reported by the market research students’ tendency towards technical studies are present in the country as well. Hence, an alternative distance course on business studies can be offered for students who do not choose core business studies yet seek for professional edge. This is how HBS can make the base of their institution strong and will be successful to create trustworthy relationship with students and other stakeholders.

According to the prior analysis of industry competition through Porters’ five forces competitor analysis tool; following four points have been identified. Accordingly, strategies will be recommended for each kind of competition within the targeted marketplace.

• Although, decreased rate of interest and capital cost in Chile are encouraging new entrants yet considering the industry it can be said entering into educational marketplace is difficult as it involves so many technicalities and according toAl?Qahtani and Higgins (2013), virtual learning system which cannot be imitated or adapted within a short period of time. Therefore, it is important to identify the need of the education sector first. As HBS has identified already a need for a good business school in Chile and simultaneously the positive student behaviour towards higher studies focusing a working towards serving needs of the students may help to gain competitive advantage and combat the threat of new entrants. HBS can solve the issue of students who are not able to enrol themselves for foreign education programme.
• Threat of substitute is high as Chile possesses world’s top ranked universities all over the country. HBS has to identify the way to attract student if they have to increase market share in a progressive way. However, strategically enough focusing less on competitors and more on improving products and serviceshelp a company to align with the market demand and satisfy the needs as well. However, that does not mean underestimating competitors will bring success. A consistent process of following up the market demand and pricing strategies of competitors will help to recognise consumer preferences while choosing a university for higher studies.
• High bargaining power has been recognised and for that it has become necessary to maintain a good relationship with local universities to seek for future agreements regarding partnership. Collaboration will be mutually beneficialfor both the organisation and the competitor. Besides, acquisition or offering distant education under a renowned university can be effective idea for entering into the educational market place of Chile. Crating strategic partnership will open new opportunities for new venture and for education enthusiasts as well.   
• Although, in UK, as found in SWOT analysis, HBS has a brand name and positive image among students for creating advanced learning experiences. As per Kastanakis and Voyer (2014), it would be appropriate to improve existing infrastructure and creating advanced communication strategies through social media, launching educational applications or creating websites aligning with local culture and language along with English. Recruiting people from their country would help to recognise both the professional and personal perception of the citizen regarding student community of Chile.

Although, identification of strategies indicates well structure future plan for business yet without an action plan professional edge cannot be achieved. In order to achieve a clear direction it is necessary. It promotes attention, focus and uninterrupted commitment towards the goals. As it comes with expected timeline progress can be easily measured and pushes motivation to do better.

Conclusion

To conclude, it can be stated that as Chile has been identified acknowledging the potential of educational marketplace; HBS authority must address the threat of new entrants and try to solve those with their esteemed brand name, advanced infrastructure and capability of adapting into a different cultural setting. Following the above mentioned action plan would help them to focus and determinant towards the goals regarding investment on expansion in an international and highly competitive market place.

References

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