project subject principles of marketing analyze and suggest competition based pricing strategy for specified product at ielts fighter

ĐẠI HỌC UEH UNIVERSITY PROJECT Subject: PRINCIPLES OF MARKETING ANALYZE AND SUGGEST COMPETITION-BASED PRICING STRATEGY FOR SPECIFIED PRODUCT AT IELTS FIGHTER Instructor: Associate Prof.

ĐẠI HỌC UEH

UNIVERSITY

PROJECT Subject: PRINCIPLES OF MARKETING ANALYZE AND SUGGEST COMPETITION-BASED PRICING STRATEGY FOR

SPECIFIED PRODUCT AT IELTS FIGHTER Instructor: Associate Prof Dr Tran Mai Dong Group: 4

Class: IBP003 - K49

Nguyễn Thi Dung : 31231027578 Nguyễn Hoàng Thu Giang : 31231025764 Võ Khánh Hang : 31231027598 Bùi Thành Đạt : 31231021606 Nguyễn Thiện Nhân : 31231023192

Lê Minh Kiên : 31231025790

TP Hồ Chí Minh, ngày 28 tháng 11 năm 2023

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4.2.3 Competifive pricing - n1 c1 ng TH T1 1n ng ng 1111k ke re II

4.3 Compare IELTS Fighter's pricing strategy with its competitors 12

4.3.2 Comparison between IELTS Fighter and direct compertitors 12

With a great amount of today's learners' demand, numerous language institutions are generally getting popular to meet the requirements in learning English After conducting much research, we decided to pick up Ielts courses from the Ielts Fighter institution In the purpose of analyzing strategies, product pricing is the most concerning factor because if product pricing works efficiently, it will have an ability to directly affect the process of using the product in the marketing, and also be able to earn a large amount of profits and revenues in comparison with other counterparts My team figured out that lelts Fighter is carrying out this strategy very effectively

1.2 Research objectives: - Analyze IELTS Fighter center's product pricing strategy based on competitors - Proposal to improve the effectiveness of pricing strategy for IELTS courses at IELTS Fighter center

1.3 Research Methods Our group established a set of questions to interview members of Ielts Fighter's Marketing group and based on secondary information collected from research methods From there, our group conducted discussion, analysis and synthesis

1.4 Research scope: - The topic focuses on the company's pricing strategy, one of the four elements of the 4Ps marketing mix

- The project proposes measures to improve the competitiveness of the company through pricing strategy

1.5 Practical significance To evaluate product strategies in the most realistic and effective way To give more objective and subjective views on product selection Positive and negative aspects when students choose products for themselves Thereby helping students make choices that are suitable for themselves

Chapter 2: Theoretical basic 2.1 Definition of “PRICE”

Price is the amount of money charged for a product or service In a more general sense, price is the sum of all the values that customers give up to achieve the benefits of having or using a product or service

Buyer: Product price is the amount of money that the buyer must pay to the seller for the use or evaluation of that product

Seller: Price is the income they receive by meeting the needs of customers 2.2, Pricing strategy:

- Pricing strategy is a strategy or tactic that outlines product or service pricing directions to help businesses and individual stores achieve one or more marketing goals (increasing market share, sales, minimizing multi-profit, maximize brand value ) mainly through applying a reasonable price for the product/service at a specified time based on consumer and market needs

- Pricing strategies account for many of your business factors, like revenue goals, marketing objectives, target audience, brand positioning, and product attributes They’re also influenced by external factors like consumer demand, competitor pricing, and overall market and economic trends

2.3 The importance of pricing strategy: In Marketing, price is considered one of the four basic factors that a business uses to influence the target market This is an effective competitive tool, helping to enhance a business's position compared to competitors in the same industry It has 4 main roles: 1 Increase conversion rate

2 Create competitive advantage 3 Reflects the brand value of the business

4 Position the brand in the minds of customers 2.4 Competition-Driven Pricing strategy

Competition-Driven Pricing is a pricing method in which a business determines the price of a product/service based on the prices of its competitors Specifically, the business will collect information about the price, quality of products/services, sales policies and other factors of competitors, then consider to set appropriate prices for their products/services The goal is to create a competitive price advantage and gain the most profitable market share

2.5 Company valuation method 2.5.1 Cost-based pricing

Cost-based pricing means calculating the sellmg price based on the costs of manufacturing, distributing and selling the product plus an expected rate of return for the effort expended with the risks incurred

2.5.2 Value-based pricing Value-based pricing is a customer-focused pricing method, meaning businesses care about the value customers receive from consuming goods and services

2.5.3 Competition-Driven Pricing Competition-based pricing is a pricing method in which sellers make decisions based on competitors’ prices This type of price is intended to achieve the most profitable market share, not necessarily exactly the same as competitors’ prices

Chapter 3: Information about English Fighter's business and products 3.1 Central platform

3.1.1 History of formation and development IELTS Fighter was founded in 2016 with the goal of "universalizing [IELTS for Vietnamese people” After 6 years of development, the unit has been present in 12 major provinces and cities across the country with nearly 40 training facilities The traming team continuously researches, improves and develops learning models and teaching methods to provide students with inspirmg English learning experiences, ensuring learning effectiveness and achieving set goals

The center's slogan "Inspirational Warrior” conveys the message of the teaching motto throughout the past 6 years The teachers are considered language ispirers, arousing and helping students nurture their love of English Teachers and students work together to create rich learning experiences, learning to discover the beauty of language, not just learning to achieve score goals

3.1.2 Vision, mission and goals of the center Vision: To become one of the prestigious foreign language training centers and the top choice of students in Vietnam by providing the most effective and quality training courses Nurturing the next generation Children are confident and full of potential in the constantly changing world

Mission: Fighter has a mission: "for 1 million Vietnamese people to achieve 6.5 IELTS", not only helping you achieve high scores in exams but also instilling in you a passion for English, love English more, easily access this seemingly dry language Just like the name, FIGHTER, will turn you into warriors fighting hard for your goal, will give you strength, inspire, motivate and guide you on the fastest path to your destination

Objective: With 6 years of formation and development, FIGHTER has the goal of "universalizing lelts for Vietnamese people” With the desire to inspire the language and spread value to the English learner community across the country with images Different types of activities Helps arouse and nurture a passion and love for English, creating rich learning experiences, learning to discover the beauty of the language, not just learning to achieve target scores The training team continuously researches, improves and develops learning models and teaching methods to provide students with inspiring English learning experiences, ensuring learning effectiveness and achieving goals suggest

3.2 Center products Online ielts course levels I BASIC IELTS (0-2.5-3.0) Here is a basic class for you: Losing English roots, needing to rebuild the basic foundation Just started studying IELTS, don't know anything about the skills and test format Pronunciation is weak, grammar is poor

Pre IELTS class details: - Duration: 16 sessions (32 hours) + | free online platform IELTS course - Class model: 1-2 lecturers + consulting support team, online homework checking - Output 2.5-3.0, guaranteed 4 skills

IL PRE IELTS (2.0-3.5+)

Here is a basic class for you:

Has some foundation in grammar and vocabulary but is still weak Just started studying IELTS, don't know much about the skills and test format Pre IELTS class details:

- Duration: 21 sessions (42 hours) + | free online platform IELTS course - Class model: 1-2 lecturers + consulting support team, online homework checking - Output 3.5, guaranteed 4 skills

Il PRE FOUNDATION IELTS (3.0-4.5+) Class for those whose foundation is not yet strong, entry level 3.0, 3.5 [ELTS Detailed information of Pre Foundation IELTS class:

- Input: 3.0 - Output score: 4.0 - 4.5 - Duration: 21 sessions (42 class hours) + | free online course - After each class session, you will receive additional practice exercises along with weekly Writing and Speaking scores

IV FOUNDATION (4.0-5.5+)

If you have basic knowledge but are not very strong, do not pronounce correctly, do not do well on assignments, have difficulty in Writing - Speaking, then this is the nght class for you

IELTS Foundation class details: - Entry score: 4.0

- Duration: 26 sessions (52 class hours) + | free online course (Writing or Speaking) - Committed output score: 5.0 - 5.5

V FIGHTER A (5.0-6.5+)

Level A is for those who have a fairly solid foundation but their skills are not stable, their pronunciation is not standard, they still make mistakes in using words, they lack subject vocabulary, upgraded vocabulary, and Reading - Listening is not enough Not done on time, Writing - Speaking still lacks ideas, presentation is not good

Class details:

- Entry score: 5.0 - Course duration: 26 sessions (52 class hours) + | free Online course (Writing or Speaking)

- Committed output score: 6.0 - 6.5

FIGHTER B (6.0-7.0+)

Level B is for those who have a solid foundation and want to improve their band score, strengthen their skills, aiming for 7.0-7.5 IELTS There are many students in class B who have achieved IELTS 7.5 and even 8.0

- Required entry score: 6.0 - Duration: 52 hours - Committed output score: 6.5 - 7.5

VII PRACTICE TOPICS (7.0-7.5+)

This is an advanced, practice class to help you strengthen your test-taking skills to achieve higher scores

Information: - Required entry score: 6.5+ - Duration: 8 sessions or 15 sessions upon request - Commitment to output score: 7.0+

ONLINE COURSE ACCOMPANYING ONLINE LEARNING

1 Online IELTS foundation course This is an online course based on basic IELTS with grammar and skills lessons With online lessons conducted by Ms Quynh, you will be given additional resources to practice, improve your vocabulary, strengthen your grammar and test-taking tips Online lock price: 988,000 reduced to 499,000

2 Listening - Reading course for beginners This is also a basic course, for you to consolidate your knowledge and practice Listening - Reading to prepare for the next level

The course is taught by Ms.Jenny + Ms.Quynh, sharing basic forms in IELTS Listening - Reading with real practice questions

Online lock price: 1,000,000 reduced to 699,000 3 IELTS Writing course target 6.0+

The course is taught by Ms.Lan Phuong - 8.5 IELTS The entire course focuses on sharing in-depth how to write each type of article in Writing, using structure, vocabulary, and ideas for impressive writing

Online lock price: 1,000,000 VND reduced to 699,000 VND

4, IELTS Speaking course target 6.5+ The course is directly taught by Mr Duc Tam - 8.0 IELTS The course focuses on divided by technique and techniques applied to major topics in IELTS Speaking From there, we provide many techniques, structures, and vocabulary for you to conquer Speaking

Online lock price: 1,000,000 VND reduced to 699,000 VND

Chapter 4: Analyze the prizing strategy of IELTS Fighter and its competitors 4.1 Factors affecting a company’s pricing strategy

4.1.1 Factors inside the business a) Business marketing goals - Target market: IELTS Fighter's goal is to become the leading IELTS test preparation center in Vietnam, present in all major provinces and cities across the country

- targeted customer: IELTS Fighter's target customers are students who need IELTS test preparation at all levels, from basic to advanced

- Development strategy: IELTS Fighter focuses on improving training quality, expanding the scale of operations and enhancing communication to achieve its development goals b) Expense

- On August 30, 2019, the Ministry of Education and Traming issued Circular 14/2019/TT BGDDT, guiding how to develop, appraise, and promulgate economic- technical norms and price construction methods Education and training services in the field of education and traming One of the main contents of this Circular is new guidance on prices of education and training services Accordingly, the price of education and training services is calculated according to the formula:

Price of education and training services = Salary cost + Material cost + Management cost + Depreciation/amortization cost of fixed assets + Other

c) Competitors - The IELTS test preparation market in Vietnam today is increasingly competitive, with the appearance of a series of new test preparation centers Among them, IELTS Fighter is one of the leading centers, with large scale and prestige However, IELTS Fighter also faces competition from many other competitors, including:

+ Test preparation centers that are as large and prestigious as Ielts such as ACET, ILA, International IELTS

+ Online test preparation centers tend to have lower tuition fees than traditional test preparation centers such as IELTS Fighter

+ Telts self-study courses can proactively study according to your time and schedule - In those centers, B.C and DOL are direct competitors with IELTS Fighter because B.C and DOL target the same customers

- DOL English is an IELTS, TOEIC and SAT test preparation center in Vietnam The center was founded in 2012 by Mr Dinh Luc, an experienced IELTS instructor DOL English has 5 campuses in Hanoi and Ho Chi Minh City The center provides [ELTS courses from basic to advanced, suitable for the needs of all students DOL English is famous for its Linearthinking learnmg method, a learning method that helps students absorb knowledge effectively and quickly This method focuses on developing students’

logical thinking and analytical abilities DOL English also has a team of good, experienced and dedicated teachers The center's teachers are well-trained according to international standards DOL English has helped thousands of students achieve their IELTS goals

- B.C English Center is a prestigious and long-standing English center in Vietnam The center was established in 1993 by the British Council, an international educational and cultural organisation B.C English Center has 6 campuses in Hanoi and Ho Chi Minh City The center provides English courses from basic to advanced, suitable for all students’ needs B.C English Center is famous for its CLIL learning method, a learning method that helps students absorb English naturally and effectively This method combines language learning and knowledge learning B.C English Center also has a team of good, experienced and dedicated teachers The center's teachers are well-trained according to international standards

4.1.2 Factors outside the business

a) Customer demand - The English center's customers are special because the person who uses the product is not the one who decides to buy Parents mainly decide on the center Therefore, it 1s necessary to pay attention to factors that affect parents’ consumption behavior The center needs to provide high-quality training programs, suitable to children's interests and ages, creating a feeling of fun and comfort Children's feelings are an important factor influencing parents’ consumption behavior In addition, influence from relatives also plays a role in parents’ decisions According to a survey, customers are most interested in training quality, followed by price and teachers However, customers do not want to study with all foreign teachers, even when they can afford to pay high prices This shows that investing in teaching quality and student learning ability is more important than having foreign teachers However, to meet the requirements of practical communication and listening skills, foreign language centers need to maintain a certain ratio of teachers, 50% foreign teachers and 50% Vietnamese teachers Reasonable rates and most expected by customers Parents want a comfortable, pressure-free but highly effective foreign language learning environment and children really love this subject Normally, Children's English classes are held on two weekends: Saturday and Sunday Therefore, psychology is extremely important, it is necessary to create a classroom that is not boring, attracts children's movement and brings efficiency in learning That is the request of parents and also the goal of foreign language centers

b) Competitive market

- Currently, the foreign language teaching and learning market in Ho Chi Minh City is growing strongly due to the increasing demand for foreign language learning According to the Department of Education and Training of Ho Chi Minh City, there are a total of 502 cultural establishments, of which 207 specialize in teaching foreign languages, and 205 combine teaching foreign languages, information technology, and studying abroad consulting These institutions offer courses tailored to market needs The total number of foreign language students is 721,824, an increase of 62,624 students compared to the previous school year (according to 2008 statistics) The number of foreign language students is expected to crease in the future because the need to learn foreign languages is increasingly becoming a trend for integration In addition to domestic English centers, the number of foreign-invested English centers is also growing The market is divided into different segments, from high to medium-low tuition prices When entering the market, businesses focus on developing products and services, creating more value and differences, affecting the pricing policies of English centers Differences in products and services will create competition and increase position in the market

c) Competitor's price - Before deciding on product prices, the center always carefully researches costs, prices and selling prices of competitors: DOL, British Council

- IELTS Fighter's price analysis process includes comparing the tuition rates of its study programs with the DOL and British Council IELTS Fighter conducts cost and price analysis of itself and its competitors

+ The company compares with competitors to clearly identify its advantages and disadvantages, thereby making proposals to adjust pricing strategies

+ JELTS Fighter also analyzes the correlation between selling price and product quality, thereby setting prices based on customer perception compared to competitors

+ The company always focuses on analyzing and predicting the attitudes and reactions of competitors to its pricing policy, while also capturing the actions of competitors 4.2 Company valuation method

4.2.1 Cost-based pricing a Quality teaching staff - Excellent expertise: A team of highly qualified teachers, coming from prestigious international schools or famous foreign language schools in Vietnam, and possessing a TESOL certificate with teaching methods and skills depth In addition, IELTS Fighter

teachers are carefully selected, ngorously trained, and synchronously apply the RIPL method in teaching, helping students reach the finish line successfully

- Enthusiasm: The IELTS Fighter team takes 5 core values as a guideline for all cases: Dedicated service, Discipline responsibility, Innovation, Dare to think and do, Integrity and straightforwardness Teachers put students’ learning effectiveness as the number | priority in all thoughts and actions, so they always devote themselves to each lesson so that students can achieve maximum learning efficiency

- Creativity: IELTS Fighter teachers always proactively research new teaching methods and mnovations in the profession to make each lesson more attractive and students learn more effectively Mindful of learning what is necessary and useful, not learning everything English has, so teachers always apply logical learning, maximum practice, and pursue the goal with students to the end

b Facilities - Currently, IELTS Fighter has a large base system in Hanoi, Ho Chi Minh, Da Nang, Bac Ninh, Vinh, Binh Duong, Dong Nai to help people across the country have the opportunity to experience studying at IELTS Fighter and conquer high IELTS scores together Especially concentrated in two big cities, Hanoi and Ho Chi Minh City There is a system of 29 facilities nationwide, of which Ho Chi Minh City has 13 centers, accounting for 46% of the country Most FIGHTER Concentrated mainly in District 2, District 3, District 6, District 7, Binh Thanh, Go Vap

Not only that, IELTS Fighter has always been the TOP | IELTS Center with a system of websites, fanpages, and groups supporting IELTS self-study online completely free of charge at home for those who cannot afford to study IELTS at IELTS facilities IELTS Fighter

c Teaching methods - Applying RIPL comprehensive training method, IELTS Fighter promotes Refined knowledge, Inspiration, Practice and Logic to help optimize learning style and time exam preparation while motivating students

- All lecture content from the IELTS Fighter class will continue to be refreshed with the exclusive, groundbreaking RIPL teaching method, easy to understand, easy to remember

and easy to apply on the "Learn English” page to help a large number of readers You can study and review the IELTS test nght when reading newspapers or surfing the web d Training roadmap

IELTS Fighter not only builds lessons based on the necessary skills for the test, but also serves jobs and careers with a clear, streamlined learning path, helping to shorten exam preparation time, ensuring teaching quality and learn The time and form of learning are flexible from offline to online In addition to the main lessons, students can also participate in small group tutoring classes, weekend Speaking - Writing support classes, clubs, etc for free .brings good learning experiences and results for students e Huge store of English documents for learners

Continuing to expect to bring a huge repository of English documents and language training values such as teaching techniques, approaches, learning roadmaps, updated latest exam questions to a large number of language lovers UK, IELTS Fighter expands the ecosystem of self-study website ielts-fighter.com, Youtube channel, Fanpage IELTS Fighter - IELTS Warrior, Facebook Group IELTS Fighter - Study support, TikTok with a rich and diverse lecture system from basic to advanced on television press channels such as VIV7, VT'V2, VnExpress, Dan Tri newspaper, Education & Times newspaper

4.2.2 User's perceived price and value Based on my understanding of user perception, I believe that the perceived price of IELTS Fighter is fair and the perceived value is high IELTS Fighter is a comprehensive IELTS preparation program that offers a variety of resources, mcluding practice tests, mock exams, and personalized feedback The program is also very affordable, especially when compared to other IELTS preparation courses

Here are some specific examples of how IELTS Fighter is perceived by users: - Users appreciate the comprehensive nature of the program IELTS Fighter covers all four IELTS test sections: Reading, Writing, Listening, and Speaking This means that users can get all the preparation they need in one place