LSST Marketing Plan: Increase Enrollment and Market Share Case Study

Introduction - Boosting LSST Enrollment: A Strategic Approach

Our consulting provides a thorough marketing plan for the London School of Science and Technology (LSST) in this study. The team we have is adept at negotiating as well as flexibility because of its great management, interpersonal, and empathy abilities. We provide decision-making and problem-solving abilities to the table along with proficiency in managing difficult circumstances, effective collaboration, and good time management. Our technology expertise also guarantees an approach based on data. In order to give LSST an edge over other schools and eventually broaden its market share and enrolments of students, the research will concentrate on a detailed examination of rivals, market structure, and external influences.

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Brief background of the client

The London School of Science and Innovation (LSST) is a recognized educational establishment with a total of 4 buildings in London. Facilitating around 4,000 understudies, LSST offers programs in Business and Management, Health and Social Care, and Technology. Accredited by professional bodies such as ACCA and CIMA, the foundation is monetarily upheld through Student Loans Company. LSST confronts the complexities of decisively situating itself to stand apart among contenders, planning to extend market fragments and draw in a more extensive understudy segment. The consultancy group expects to give arrangements through inside and out contest investigation, market research, and the advancement of unique scholarly courses (London School of Science & Technology, 2017).

The problem client facing

The London School of Science and Technology (LSST) is faced with a multi-layered challenge. Initially laying out a novel character among instructive establishments while offering specific projects in Business and Management, Health and Social Care, and Technology is basic. This requires an essential way to deal with sticking out and drawing in a different understudy base. Furthermore, the cutthroat scene requests a careful examination to recognize potential open doors for non-serious course contributions. At last, the organization's monetary dependence on The Student Loans Company requires investigating elective sources of financial support for maintainability and development. Tending to these difficulties includes a far-reaching methodology, including separation strategies, top-to-bottom statistical surveying, and monetary broadening, to situate LSST as a particular and strong player in the schooling area(Bozkus, 2010).

Competitors Evaluation Using Porter’s Five Forces

Applying Porter's Five Forces to assess rivals with regard to the London School of Science and Technology (LSST) uncovers basic bits of knowledge.

• Rival: Competition among educational foundations is serious, especially in the fields of Business & Management, Health and Social Care, and Technology. Contending foundations offering comparative projects represent a test, requiring LSST to separate itself through particular courses and vital situating.
• New entries: The risk of new entries is moderate because of the hindrances related to laying out a certified instructive establishment. Notwithstanding, LSST should stay careful as innovative methodologies or online training stages might actually upset the conventional advanced education scene.
• Buyer’s Power : Purchaser's power is huge as understudies hold the dynamic expert in picking instructive foundations. LSST requirements to improve its allure through remarkable contributions, solid staff, and steady learning conditions to emphatically impact understudy decisions.
• Supplier power: Supplier power is generally low in the training area, as personnel and course materials are broadly accessible. LSST can arrange ideal terms with providers and influence its authorization to draw in quality teachers.
• Substitute: Substitute dangers are moderate, with online courses and elective instruction models presenting difficulties. LSST should adjust by consolidating innovation and creative helping philosophies to alleviate the risk of losing understudies to substitutes (Chen, Viardot and Brem, 2019).

Target Customer Market

External Factors

• Political Aspects: Political steadiness and government strategies straightforwardly influence the educational area. Changes in guidelines, financing, or government support for specific projects can affect LSST's venture. Remaining informed and adjusting to political changes is pivotal to exploring possible difficulties.
• Economic Considerations: Financial factors like recession, monetary development, and students' monetary circumstances essentially impact LSST. Financial inflation might influence understudy enlistment or affect subsidizing accessibility. Also, changes in educational loan approaches and monetary circumstances could influence LSST's monetary strength and the capacity of understudies to manage the cost of education cost.
• Factors of Social and Cultural Influence: The social and cultural climate plays an imperative part in forming understudy inclinations and instructive patterns. LSST should adjust its contributions to cultural requirements and social assumptions. Figuring out segment shifts, social mentalities, and social inclinations is fundamental for fitting showcasing methodologies and course contributions.
• Technological Aspect: Advancements in technology influence training conveyance strategies and understudy inclinations. LSST necessities to put resources into modern advances for internet learning, virtual study halls, and other computerized apparatuses. Adjusting to innovative patterns guarantees the organization stays serious and meets the developing necessities of well-informed understudies.
• Environmental Considerations: Although not as articulated in the training area, natural worries can impact the viewpoints of the public and regimental laws. LSST ought to think about supportable practices and show ecological obligation to line up with cultural assumptions and expected future guidelines.
• Legal Aspect: Lawful elements entail guidelines and regulations that influence educational establishments. Adherence to the accreditation norms, business regulations, and different guidelines is basic for LSST. Regulation changes, for example, those connected with schooling financing or certification prerequisites, should be checked to guarantee consistency and flexibility (Paudel, 2020).

SWOT Analysis

• Strengths:

1. Particular Accreditations: LSST has got some powerful qualifications in business & Management, Health and Social Care, and Technology.
2. Certifications: Proficient licenses like ACCA and CIMA upgrade the foundation's validity.
3. Various Projects: A wide exhibit of projects takes care of various instructive necessities.
4. Experienced Group: The marketing group's initiative, correspondence, and exchange abilities add to vital preparation.

• Weakness:

1. Financial Dependency: There is a risk to one's finances when one relies significantly on The Student Loans Company.
2. Limited Market Awareness: LSST can have trouble standing out from the competition and raising knowledge in the market.
3. Technology Collaboration: LSST may fall behind in addressing the changing needs of instructional technology if technical talents are not effectively utilized.

• Opportunities:

1. Market Development: LSST can investigate undiscovered business sectors and broaden its course contributions.
2. Online teaching: Utilizing innovation for online training can contact a more extensive crowd.
3. Vital Organizations: Working together with industry accomplices can improve functional learning potential and open doors.
4. Worldwide Reach: Growing universally can draw in global understudies looking for particular training.

• Threats:

1. Cutthroat rivalry: Competition from other instructive organizations might influence understudy enlistment.
2. Administrative Changes: Moving government arrangements or instructive guidelines can affect activities.
3. Monetary Slump: Financial difficulties might influence understudy enlistment and monetary soundness.
4. Mechanical Disturbance: The inability to stay up with innovative progressions might prompt out-of-date quality(Lizcano et al., 2019).

Top 3 issues client facing

1. The London School of Science and Technology (LSST) faces three critical difficulties that require key mediation. First and foremost, the LSST looks to separate itself from other instructive elements by utilizing its specific accreditations in Business and Management, Health and Social Care, and Technology. The difficulty lies in creating a unique character that draws in a varied understudy segment while growing business sector fragments.
2. Also, LSST's objective of expanding understudy applications needs tending to the serious scene. The requirement for top-to-bottom rivalry investigation and market research emerges to distinguish extraordinary and non-cutthroat course contributions. This includes examining rival instructive establishments and professional preparation providers and understanding their marketable strategies, benefits, and disservices. The goal is to foster systems that position LSST decisively, separating it inside the commercial centre.
3. At last, it has been identified that the monetary dependence on The Student Loans Company represents a serious challenge. To facilitate manageability and development, LSST should investigate avenues ahead of conventional funding. This requires a possibility study and exact measures to raise market mindfulness, making the organization monetarily strong.

Conclusion

So, it can be concluded from the study that, the London School of Science and Technology (LSST) marketing part faces the basic errand of separating itself in a cutthroat training scene, requiring key drives in course improvement, market situating, and monetary manageability. Through a far-reaching SWOT examination and thought of outer elements, LSST can explore difficulties, gain by open doors, and establish a groundwork for long-haul achievement and development in the dynamic field of education and training.

References

Anon 2017. London School of Science & Technology. [online] London School of Science & Technology. Available at: <https://www.lsst.ac/>.

Bozkus, K., 2010. William K. Balzer: Lean higher education: increasing the value and performance of university processes. Higher Education, [online] 62(2), pp.257–258. https://doi.org/10.1007/s10734-010-9389-4.

Chen, J., Viardot, E. and Brem, A., 2019. Innovation and innovation management. The Routledge Companion to Innovation Management, [online] pp.3–16. https://doi.org/10.4324/9781315276670-1.

Jackson, N.C., 2019. Managing for competency with innovation change in higher education: Examining the pitfalls and pivots of digital transformation. Business Horizons, [online] 62(6), pp.761–772. https://doi.org/10.1016/j.bushor.2019.08.002.

Lizcano, D., Lara, J.A., White, B. and Aljawarneh, S., 2019. Blockchain-based approach to create a model of trust in open and ubiquitous higher education. Journal of Computing in Higher Education, [online] 32(1), pp.109–134. https://doi.org/10.1007/s12528-019-09209-y.

Paudel, P., 2020. Online Education: Benefits, Challenges and Strategies During and After COVID-19 in Higher Education. International Journal on Studies in Education, [online] 3(2), pp.70–85. https://doi.org/10.46328/ijonse.32.