Marketing of education service
- 2. EDUCATION Education is the process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs & habits. It can be done through storytelling, discussion, teaching or research. It can takes place in formal or informal settings that directly effect the way of one’s thinks, feels or acts.
- 4. SIGNIFICANCE OF EDUCATION For a happy & stable life Equality Money Makes you self- independent Turns your dreams into reality Makes the world a safer & more peaceful place Makes you confident Helps to contribute to society For economic growth of nation Saves you from being fooled
- 5. EDUCATION SECTOR IN INDIA India is one of largest network of higher education institutions in the world with 666 universities & 39671 colleges. Third largest in terms of education enrolment (21.5 million per year). The sector is currently pegged at US$ 2-3 billion & is expected to touch US$ 40 billion by 2017. GOVERNMENT INITIATIVES P.M. Mr. Narendra Modi launched the Skill India initiative – ‘Kaushal Bharat, Kushal Bharat’. National Education Policy (NEP) 2016 was released recently by MHRD. The focus of the policy is to address gender discrimination, on quality of education as well as innovation & research in the sector.
- 6. 0.8 1 1.2 1.6 2.1 2.5 3.2 3.4 Direct Contribution of Education & Training to GDP (US$ billion)
- 7. MARKETING OF EDUCATION SERVICE • Marketing of education is gaining momentum. • The technological changes have increased. • It can be described as a high contact, consumer & people based service.
- 8. CHARACTERISTICS Intangible Perishable Heterogeneous Inseparable Customer Participation
- 10. 1. PRODUCT In educational services, product means the students & the services means the intangible offers like course, services rendered by faculty etc. made by educational institutes. It promotes brand value of institute in competitive market. 2. PRICE It is the amount a student pays for services availed by him/ her. It is determined by no. of factors: o competition o facilities provided o reputation of institute o demand of course It reflects quality of services provided to students. It can be used as marketing tool by institute.
- 11. 3. PLACE It represents the location where an educational institute is established i.e., in Metro city or in any Rural area. It will provide much more competitive edge to Metro city institute. 4. PROMOTION It represents all of communications that a service provider use in the marketplace. Components of promotion largely used by institutes: advertising, web-based marketing & word-of-mouth. 5. PEOPLE It means people associated with the services rendered to students either directly or indirectly. Satisfaction of students depend on the way the faculties deliver their best services to them. Growth of institute depends on competency, effectiveness, sincerity & dedication of teaching community of institute.
- 12. 6. PROCESS The procedure, mechanisms & flow of activities which lead to an exchange of value are called process. If process is hassle free, simple, understandable, technology based, it makes the institution with difference. 7. PHYSICAL EVIDENCE It refers to tangible services provided. It includes: o total ambience o infrastructure o indoor stadium o number of books o different modern teaching aid etc. All of these play a crucial role in marketing of educational institute services.
- 13. Example of IIM Marketing Mix PRICEPRODUCT Offer unique & specialized programmes: • Executive education (For working professionals • Doctoral education • PG education etc. • Best campus placement packages • Reputational institute • Gives future security • Student gets good return • Qualified faculties
- 14. PLACE PROMOTION • IIM-Kolkata with main campus in Joka • IIM-Ahmedabad • IIM-Bangalore etc. • Currently, 20 existing IIMs • Sponsorship of events • Exhibitions in educational fairs
- 15. PEOPLE • Academicians, eminent entrepreneurs, theoreticians, scholars • PhDs faculty members who involved in every aspect of institute: academics, research, consultancy etc. PROCESS • World class infrastructure • Qualified faculties • Signage: • To take admission in IIMs, student must pass all eligibility tests PHYSICAL EVIDENCE