increase student pool for coaching

  • View
    214

  • Download
    0

Embed Size (px)

DESCRIPTION

T.I.M.E

Text of increase student pool for coaching

PowerPoint Presentation

Consulting Project Client: T.I.M.E., JamshedpurAbhipsa PandaSambit Kumar DwivediSandeep Kumar JhaSwaroop Kumar Venkata DRoad Map2Final GoalApproaching the organization and getting preliminary problem statement ApproachDeep dive to find out the real problemProblem AnalysisIndustry analysis, Organization analysisPrimary AnalysisPrimary and Secondary Data on Consumer Expectations and existing Marketing activitiesData Collection Analyze Data to come up with Consumer Insights Data AnalysisStrategize a Marketing Plan to fulfill the Objective Business StrategyRun a pilot program to test the effectiveness of the planPilot RunIdentification of Organization(T.I.M.E)1234567

Introduction & Relevance of the ProjectExecutive Summary of Coaching Institutes in India4Coaching class market in India is highly fragmented and regional in natureAs of 2012, coaching class market is worth USD 12.6 Billion.Though Private tuitions make up 75 % of this market, it has limited potential to scale.Drivers: High propensity to spend on education, growth in double income nuclear families and increased competition at graduation and post-graduation level.Challenges: Person centric business, lack of government support and constant changes in test patternGeographical and Horizontal expansion of coaching institutes.PE/VC investments which present an opportunity to scale up the business.Increase in online activities (e.g. online tests, case materials etc)Few players like MT Educare have been able to scale up operations in fragmented tuition segment.Players like IMS, Career launchers and T.I.M.E. have more than 60 % market share in MBA test preparation space.MarketDrivers & ChallengesTrendsCompetitionEntrance Test Preparation Market is growing rapidly and is fiercely competitive5OverviewEntrance Test Preparation Market (2008-2012)Entrance test preparation is process driven as content can be customized across centersGraduate Entrance Test Preparation Market More than 80 % of the total test preparation marketDemand for coaching centers is high due to fierce competition among students for higher education professional coursesThe test preparation market for entry into a graduation course is dominated by the engineering courses followed by the medical coursesPost Graduate Entrance Test Preparation Market Post graduate coaching is dominated by MBA aspirantsMajority of the tests are held at national level and are aptitude based.Easy to scale due to lower dependence on particular faculty and higher focus on standardized content and study material 20 %Entrance Test Preparation Breakup (2012)

Approach to the Project and Deep Dive into Project BriefThe Preliminary Project Brief: The purpose was to increase enrollment in Long term and Super Long Term Courses7Usually the long term courses for college students cost less (average price per month) and gives student more time, more attention to cope with the challenges that real examination presents to them, yet majority students opt for costlier short term courses. Short term courses also conflict with the college examinations throughout the country, yet they are more popular choice. It is tough to make the college students and their parents buy the point that if the student is a normal graduate s/he needs to start preparing for Management entrance examinations as early as possible. Similarly for engineering graduates it is a challenge to convey every time that opting for MBA just after B tech / BE is a better option than to opt for job first and then look for MBA. Also that classroom courses are always better than correspondence and Test Series as it involves interaction with competent peers faculty members for a student to gain from, which no book can offer.

Client Deep Dive revealed that the real objective is to Increase the Size of the Pie while creating a Positive Word of Mouth Publicity for the Client8T.I.M.E. is the market leader in Jamshedpur in MBA entrance coaching. Hence, it wants to Increase the size of the Pie .Through increase in Super Long Term enrollment, the organization wants toIncrease Word of Mouth PublicityCreate more number of Positive InfluencersCreate a Brand Identity for itself

Primary AnalysisPorters Five Forces Analysis10Growing gap of demand vs supply making the market attractiveLow Entry barriers No government regulationsSmall market to experimentDifferent institutes having same or similar offerings Weak price sensitivityConsumer pipeline almost through referralsCyclical demandHigh cost for top notch MBAs as faculty Faculty prefer part time to full timeBusiness operations to be matched with faculty availabilityRisk of dependence on individual facultyLow propensity for substitutesApprehensive because of high switching costsStandard productsPoor success rate of non-traditional substitutes (online, correspondence programs over class room programs)Limited number of players with legacyFirst mover advantageMostly a franchise modelMinimal advertising requiredSustained market leadershipNot much of retaliation

Threat Of New EntrantsBargaining Power Of BuyersThreats Of SubstitutesBargaining Power Of SuppliersIndustry RivalrySWOT Analysis11STOWStrength

Focus on Learning ValuesCounselingApproachable FacultyHonesty/ Fairness in publicity Weakness

No/ Less number of WorkshopsLess Marketing Activities

Threat

More number of students opting for Vocation/ JobAggressive marketing of competitorsSmall pool of aspirational studentsOpportunity

Online ContentMobile App with question and answerTo expand the category

PEST Analysis12PESTGovernment isnt very favorable to it and as it signifies a failing basic education system. For making the students concentrate more on 12th Boards exams and demotivating the need of coaching, they assigned higher weightage to board results for even engineering entrancesIts a costly service. Unlike schools/colleges, they mean Business ,come with an accountability factor. Their reputation relies on the number of success stories / converts. Quality of teaching thus becomes paramount leading to a intense costingMore than an option, a necessity nowEstimated number of private tutors now exceeds the number o school/college teachers87 per cent of primary school and 95 per cent of high school students in metros receive private tutoringResults form a drive in Indian society as an ego boostAstronomical fees charged against success guaranteesMost coaching centers have an equipped computer centers for the effective test atmosphereInstitutes like FIITJEE offer video lectures for those who cant attend classroom lectures, at additional pay. Mobile apps having test schedule, flash cards, important formulas and course details Tie-Ups with Schools/colleges are a new trend. Classrooms are being rented by Coaching InstitutesPoliticalEconomicSocialTechnologicalThe Road Ahead13Competitor AnalysisComparing Time against other key players viz. CL and IMS on Performance, Convert Rates, Material Provided, Quality of Faculty and Student DemographyUnderstanding the coaching needs of the consumer (i.e students ) by doing qualitative researchSubstantiating the findings by quantitative research, if possible.Develop a differential marketing strategy based on consumer needs.Special focus on designing a structure to help popularize the courses in Tier 2 Colleges of Engineering, mainstream Graduate CollegesImplementing the strategy on a sample set of 3 such tier 2 colleges and evaluating the response by surveysIf the client is satisfied with the result, up scaling the structure across the organization

Thank You