How Much Is College Tuition Average Costs

How Much Is College Tuition Average Costs SAT / ACT Prep Online Guides and Tips Tuition is one of the biggest (if not the biggest) costs associated with attending college. Because of this, it’s important to know exactly how much of your money will be going towards this expense. In this article, I’ll explain exactly what’s included in this â€Å"tuition† line item on your college bill. Then, I’ll get into some of the nitty-gritty details, like: What isn’t included with tuition Average college tuition cost and the wide range of possible tuition prices Ways to pay less for college tuition Read on to learn more! What's the Average College Tuition Cost? So, tuition prices vary from school to school. Sometimes tuition prices will even vary within a certain school depending on your program or state residency. With that being said, here are average college tuition fee prices (2014-2015): $31,231 at private colleges $9,139 for state residents at public colleges $22,958 for non-state residents at public colleges As you can see, there’s a lot of variation in the prices of tuition based on the type of school you attend. These average amounts are helpful of course - they tell you what typical costs to expect - but we can also look at extreme prices at both ends of the spectrum. The Cheapest College Tuition Prices Some schools offer tuition prices that are significantly lower than the averages listed above. Schools that offer such low prices usually fall into one of two categories: They’re public schools that receive large subsidies from local governments so that they can charge students less They’re private schools that have made it their mission to offer low-cost educations The lowest tuition price I could find was $660 per semester at Dine College, in Arizona. There are many other schools that are very inexpensive, however. The average cost of attendance on this list of low-cost schools came to only $6,077 per year. The Most Expensive College Tuition Prices Some schools offer tuition prices that are, frankly, intimidatingly expensive. Schools that come with such a hefty sticker price generally fit one or more of the following criteria: They’re private schools, which means that tuition is not subsidized by any local or state governments. They’re elite, competitive schools with high operating costs. They'resmall liberal arts colleges. The highest tuition price I could find was $52,320 per year at Vassar College, in New York. There are a lot of other schools that are close to this price range, though. This list of the most expensive colleges in the US might give you a better idea of how common it is to charge such high prices. One caveat about these high prices, however: the same schools that charge so much for tuition often offer some really generous financial aid. Just because a college or university has a very high sticker price (also known as Cost of Attendance) doesn’t mean that students actually pay the full sticker price. The more financial aid a student gets, the lower her Net Price, which is the amount she actually has to pay to attend a school. The Net Price includes all expenses - not just tuition - but it’s an important number to consider because it’s more relevant when it comes to your budgeting concerns. What Does College TuitionInclude? Most of the time, when people say â€Å"tuition† they really mean â€Å"tuition and fees† - these costs are generally lumped together into one sum. So what does tuition money actually pay for? Well, tuition is considered the core of your college bill. It’s the fee that you pay for taking academic courses, and it may be calculated per semester (i.e. a flat rate) or per credit. Your tuition helps cover things like instructor pay, facility maintenance, and administrative costs. The â€Å"fees† that are usually lumped in with tuition may vary from school to school. Fees are generally pretty small when compared to the cost of tuition alone. They’re billed to students in order to cover extra services that are required to run a functioning school. Some common fees include: Lab fees - cover extra equipment and supplies required for lab courses Library fees - cover expenses associated with library resources and materials, which can be quite expensive Registration fees - help cover administrative expenses associated with enrolling and registering students each semester Student organization, activity, or services fees- used to support different student organizations, clubs, sports, activities, or even visiting academics Technology fees - used to cover expenses associated with providing technological equipment, programs, and support on campus Parking fees - common at schools where students commute, they help to cover maintenance of parking areas Health fees - cover health and counseling services provided to students Sometimes, students feel that they should not have to pay for particular fees if they know they won’t take advantage of certain services or resources. As unfair as that may seem, schools tend to make most fees mandatory for all students - if they didn’t, they wouldn’t be able to properly budget for those expenses. That being said, it couldn’t hurt to talk to the student billing office if you don’t think you should pay for a particular fee (i.e. if you’re charged a parking fee but you don’t drive to school). Fees: Annoying add-ons that cover pretty important services (like the library that you need to do well in your classes.) Tuition and Fees: Reals Here, I'll go through a couple of examples of tuition and fee breakdowns at real schools. This way, you'll be able to see exactly where students' money is going. Example #1: Arizona State University College of Liberal Arts Sciences, Full-Time In-StateStudent An in-state college student at ASU would be responsible for the following tuition and fees before any financial aid funds were applied: Description Annual Amount Resident Tuition $9,484 Resident Surcharge $320 Financial Aid Trust Fee $94 Recreation Fee $50 Technology Fee $100 Student Programs Fee $50 Health and Wellness Fee $80 Student Service Facility Fee $150 Student Athletics Fee $150 Total Tuition and Fees $10,478 As you can see, the bulk of the annual cost goes towards tuition. The total fee amount comes to $994. Keep in mind that these expenses don't include things like room, board, and transportation. Example #2: Boston University Full-Time Student Boston University doesn't supply quite as detailed of a breakdown when it comes to tuition and fee costs. Here's what a full-time student would be responsible for at BU before any financial aid was applied: Description Annual Amount Tuition $47,422 Fees $1,014 Total Tuition and Fees $48,436 A lot more expensive than ASU, right?The major difference here is that ASU is a public school whereas BU is private. To learn more about why these sticker prices are so high, read our guide explaining why college has gotten so expensive. Although BU might come with a pretty high sticker price, that doesn't mean the average student pays $48,436 every year for tuition and fees. At schools like BU, students' average Net Price (what studentsactually pay) tends to be much lower. For more info on sticker price versus Net Price, check out our guide to college costs. WhatIsn't Included With Tuition? Tuition is a big part of your college expenses, but it isn’t the only part. Depending on where you decide to go to school, you could have to budget for some other significant costs. The most important expenses not included with tuition include: Room - This covers rent or housing, whether you’re living on-campus or off (this is usually combined with board if you live on-campus). Board - Board amounts to your food expenses, either in the form of a meal plan (if you eat on-campus) or grocery/restaurant bills if you buy your own food. Transportation - This includes the costs associated with traveling back and forth from campus. Transportation may just be daily travel (if you commute to school), but it also may include transport to and from campus for holidays and breaks. Textbooks - Textbooks are notoriously expensive - you’re responsible for getting your hands on these required materials for your classes each semester. Personal expenses - Presumably, you’ll spend some money on yourself each semester. Personal expenses include things like hygiene items, laundry, clothing, and entertainment. These costs vary pretty widely depending on a lot of factors, including the type of school you go to (public versus private), where you go to school (in-state versus out-of-state), and your own personal choices (e.g. living at home versus living on campus). To get more information about what these expenses come to, and what you can do to minimize them, check out our complete guide to college costs. How Do You Pay Less for Tuition? These tuition prices might have you a little freaked out at the moment, but don’t panic yet! Published tuition prices aren’t necessarily what students actually pay to attend a school - like I mentioned; your Net Price is more important than the published sticker prices. There aren't any fire sales or flash discounts when it comes to college tuition, but there are ways to save money. So how canyou pay less for tuition and get your Net Price down to a reasonable amount? Here are your options: Go to a School With Cheap Tuition Costs This is perhaps the most obvious strategy - you can get your tuition costs down by applying to schools where tuition is already low. It’s easy to get information about a school’s tuition cost- itshould be outlined on every school'sfinancial aid or admissions website. You can start looking for inexpensive schools by checking out this list of the least expensive schools in the US. Before you get started, however; you should be prepared for the drawbacks that come with this strategy.There isn't necessarily great selection when it comes to schools with cheap tuition rates - you might only find public schools that offer lower prices for residents or schools that aren't particularly prestigious. Apply for Financial Aid Financial aid can bring down your costs no matter where you end up -if you submit the right application, that is. Anyone can apply for federal student aid with the FAFSA, the applicationfor the biggest source of student financial aid in the US. Many colleges and universities use the FAFSA to award their own financial aid funds. For more information, check out our step-by-step guide to applying for financial aid. Attend an In-State Public School Most of the time, public schools offer subsidized tuition at very good prices to in-state residents. These prices tend to be much less expensive than prices offered to out-of-state residents. If you’re interested in any schools close to home, you may be able to save even more money on room and board by living with family instead of payingexpensive rent costs. Attend a School With a Generous Financial Aid Program I’ve already mentioned that some of the most expensive schools in the country also offer some of the most generousfinancial aid in the country. If your grades and test scores are competitive, and you’re accepted to a school that offers strong aid, much (if not all) of your financial need may be covered by the school itself. You should check out schools that cover 100% of financial need and schools that have the best overall financial aid programs. Come across a school that you're interested in? You can instantly estimate your chances of admission. Just google â€Å"PrepScholar [school name] admissions† to visit our interactive admissions page. What's Next? You've just processed a lot of information about tuition costs and how to lower them. If you want even more strategies for decreasing your costs, keep reading! Scholarships are a great way to get funding for tuition, fees, room, board, textbooks, anything you use for college, really. To get your hands on scholarship money, check out our guides to top scholarships for high school juniors and seniors.You might also be interested in top minority scholarships available to high school students. Don't have a lot of time on your hands? Submit these very easy scholarship applications. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

7 Expressions and Ideas About Elephants

7 Expressions and Ideas About Elephants 7 Expressions and Ideas About Elephants 7 Expressions and Ideas About Elephants By Mark Nichol The elephant, thanks to its majestic size and unusual features, has inspired an assortment of metaphors and other verbal associations. â€Å"The elephant in the room,† for example, refers to an obvious issue that observers go out of their way to ignore. A more complicated connotation is that of a white elephant, an undesirable possession often donated alongside other like items at a fund-raising white-elephant sale on the assumption that someone else will find value in it. This usage is a dilution of the original meaning, based on the custom among the kings of Siam of offering a rare white elephant to noblemen who had fallen out of favor. The unfortunate recipient would then soon be financially ruined by the cost of maintaining such a beast. From this connotation arose the usage of â€Å"white elephant† to refer to a massively expensive, wasteful construction project. A pink elephant, on the other hand, is supposedly the likely hallucination of a drunk person. â€Å"Seeing the elephant,† by contrast, alludes to the onetime novelty of the animal, when people would travel far to view one in a circus parade or under the big top itself; thus, any overwhelming experience could be compared to this memorable observation. Then there’s the elephant test, which refers to the idea that an elephant is difficult to describe, but one knows it when one sees it. And sight, or the lack of it, is integral to a story told of six blind men who gave conflicting descriptions of an elephant because though each was giving an opportunity to touch one, they felt different parts: the trunk, a tusk, an ear, a leg, the stomach, and the tail. There’s also the concept of an elephant in Cairo, based on the idea of an algorithm computer programmers would develop to describe how to hunt elephants in Africa, involving a methodical sweep of the entire continent from south to north. This analog for creating a search algorithm refers to the placement of an elephant in the city in the far northeast corner of Africa to provide a termination point for the search process in case an elephant is not otherwise discovered. Two other associations of elephants are their well-documented superior intelligence and memory, and their fallacious fear of mice, perhaps based on observations in zoos and circuses of elephants, which have poor eyesight, unnerved by the scurrying of rodents. Finally, the origin of the adjective jumbo is an elephant of that name owned and exhibited by master showman P. T. Barnum. His hyperbolic advertisements of the elephant’s size led to the adoption of the animal’s name as a synonym for colossal. (Elephantine, by the way, is another synonym, though it also refers to ponderousness.) Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:100 Mostly Small But Expressive Interjections44 Resume Writing TipsUsing Writing Bursts to Generate Ideas and Enthusiasm

Research method Essay Example | Topics and Well Written Essays - 250 words

Research method - Essay Example Positivists believe that all true knowledge is scientific, and that all things are ultimately measurable, and that knowledge can be organized in clear and generally accepted ways.   A positivist also tends to believe there is one best way to do things (Bryman & Bell, 2006, 57). Realism is all about accepting an event or situation as it is and preparing to deal with it accordingly (D’Aleo) Realism can thus exist independent of the onlooker. Phenomenology is about getting the deeper reasons behind human actions, concentrating on personal perspective and interpretation (Lester, 2000, 2). It would use personal interviews to get individual perspectives rather than make sweeping generalizations about the reasons behind choices. While measuring the size of the customer segment, it is clear that positivism using a scientific or mathematically verifiable method would be the best way to proceed. In research projects, both inductive and deductive reasoning can be used to establish hypotheses to be proved or disproved. Inductive reasoning progresses from the specific to the general (www.nakedscience.org). For example, regarding the feedback about their first visits to the Thai restaurant, we can start with the observations of individual opinion leaders or age groups and end by surmising the likelihood that a particular behavior or preference will be endorsed by the majority of the Brighton community of that age group or social segment. Deductive reasoning by contrast, progresses from the general to the specific (Saunders et al, 2009, 152). We can look at the major reasons why the Thai restaurant is preferred to others in the Brighton area and then concentrate on specific elements that are likely to draw in more

Aristotle Essay Example | Topics and Well Written Essays - 1000 words - 2

Aristotle - Essay Example Greek was the language of scholarship: it was excellent for reasoning, and since Aristotle was well brought up and educated, his language skills furnished him with the tools for analysis, calculation, interpretation, and reckoning. The Hellenistic time was when the rules of geometry were nutted out, together with the ideas for formal proof. In this area, Aristotle did a lot of thinking and discussing - which was the method of teaching of the day. Without formal rules for proving and establishing the fact, it would be impossible to formalize mathematics or science, so this was an important time in the history of mathematics. Aristotle was fundamental in establishing the ways of thinking necessary to make mathematical calculation possible, against a set of standards. Another factor that made Aristotle important is his recording of things studied, which provided evidence for those who later wrote histories of mathematics. Part of his contribution, therefore, is his perpetuating fact to enable others to read it. Fauvel and Gray, two mathematicians who did a lot of research into ancient Greek mathematics, give many extracts from Aristotle’s sources. Aristotle believed that logic must be applied to the sciences and to mathematics. ‘The sciences - at any rate the theoretical sciences - are to be axiomatised,’ he wrote. How people think mathematically is in part due to his works known as ‘Prior and Posterior Analytics’. In a simple way, this can be explained as a way to analyze, which determines the correct order in which things happen.

Cultural Diversity in the Media Essay Example for Free

Cultural Diversity in the Media Essay The term drugs refer to anything, which is not prepared by organisms and is generally considered that drugs are not part of food we eat. Although drugs also refer to Medical ailments (pills, syrups, capsules etc) but here we are discussing recreational drugs which are: LSD, Shrooms, Alcohol, Caffeine, Catnip, Salvia, Cocaine, Crack, DXM, Ecstasy, Ephedrine, Heroin, Inhalants, GHB, Tobacco, Cannabis, Methamphetamine, Milk (artificially prepared), Peyote, Nutmeg, Oxycontin, Ketamine, Whiteboard Markers and so on. Drugs have its uses and abuses. But mostly, its uses are almost negligible when one starts introspection of the conditions of society caused by the abuses of Drugs. Societies are damaging because of evils of the alarming increase in the intake of drugs all over the world, which is followed by the increase in crime and decrease in national income. It has been surveyed that people portray abnormal, illegal and ruthless behaviors after intake of drugs. Alcohols being widely available in societies of west provide easy hand in the provision of drugs. In America alone, every third child is said to be tainted by the drugs. All teens see some type of drug use or abuse in school or in the media. â€Å"The nineteenth-century explosion of drug use had gotten out of hand. Wiliam Halsted invented nerve-block anesthesia with cocaine (1885) but developed such a craving for the drug that his friends had to put him aboard a schooner for several months so he could kick the habit. He did, but became addicted to morphine from the ships supplies. It was long a closely guarded secret at Johns Hopkins University that one of the institutions founders was a junkie. Halsteds student, James Leonard Corning, invented spinal anesthesia with cocaine. Every family has a vicious drunkard dad or uncle on the loose; mournful mamas swigged patent medicines by the gallon; kids raised on heroin cough syrup graduated to coca-filled soft drinks. † Increasing display of drugs as element of â€Å"Being cool†, â€Å"Easy money†, â€Å"Failure in love†, â€Å"Family problems†, â€Å"Peer Pressures† and â€Å"Complexes†, in movies is grasping the attraction of teens and young adults. â€Å"An estimated 66. 5 million Americans 12 years or older reported current use of a tobacco product in 2001. This number represents 29. 5 percent of the population. Youth cigarette use in 2001 was slightly below the rate for 2000, continuing a downward trend since 1999. † Rates of youth cigarette use were 14. 9 percent in 1999, 13. 4 percent in 2000, and 13. 0 percent in 2001. The annual number of new daily smokers age 12 to 17 decreased from 1. 1 million in 1997 to 747,000 in 2000. This translates into a reduction from 3,000 to 2,000 in the number of new youth smokers per day. † Some of the most important movies to display drugs as an inspiration for live life, business and culture are given with their detail account of criticism and background. 1. The Blow The Blow was released in 2001 was based on a true story. The story of George Jung, the man who established the American cocaine market in the 1970s. It was directed by Ted Demme. The screenplay is by Nick Cassavetes and David McKenna. It is story of young man of middle class family struggling for a better place in society, which unfortunately do not turn out be very fruitful for the fate of the family. George then moved to California, where he starts his own business in which he finds both success and imprisonment. In prison, he meets a cellmate who introduces him into a partnership to the lucrative new market in cocaine. When George Jung released from jail he quickly becomes instrumental in establishing the exploding US market for cocaine in which he claimed that he handled about 85% of the supply in the 1970s. Although it was a movie that could be presented as a masterpiece for the awareness of the society, the movie missed its attempt. The death of the hero was tragic but his appearance in the movie appealed the young generation to a great extent. â€Å"Blow outlines the lifestyle of a mega-rich smuggler — the border crossings, the ruthless negotiations, the sudden betrayals, the wild characters, the run-ins with the justice system, the inherent problems in dealing with massive amounts of cash, the temptations — and, ultimately, the tragedy of blowing all of your dreams for greed. † 2. Trainspotting This Academy Award nominated movies was produced in 1996. Denny boyle directed it. This movie was based on a novel â€Å"Trainspotting† by Irvine Welsh. The screenplay was adapted from Welshs novel by John Hodge. This movie begins with the narration by Renton, who is a rent boy, he tell others that they should choose to live traditional family life. After his narration he tells that his train of thoughts ends with â€Å"who needs reason when you’ve got heroin? † all of his friend were addicted to drugs. The movie rotates all about dirty drugs business and its dealings. The movies most critical part is when Renton leaves drug addiction he feels no purpose of life. He then also deals in selling the heroin. Later Renton realizes that his friends are no his friends at all and leave them for a better life. â€Å"Its release sparked controversy in some countries, including the United Kingdom, Australia and the United States, as to whether it promoted drug use or not. U. S. Senator, Bob Dole, decried its moral depravity and glorification of drug use during the 1996 U. S. presidential campaign, although he admitted that he had not actually seen the film. † 3. The basket ball diaries This movie was produced in 1995 and was directed by Scott Kalvert. It was written by Brian Goluboff. The movie is an autobiographical account of poet and rock musician Jim Carroll. The running time of movie was 105 minutes. As a member of an outwardly invincible high school basketball squad, Jims life centers around the basketball court and the court becomes an allegory for the world in his mind. It was biggest dream of Jim to become Star of basketball. He was Catholic high school student but later become drug addict due to bad company. Jim and his friends roam the streets of New York City as trivial thieves and revolts. Soon school expelled the Jim for he took drugs before game. Later Jim faces more trouble when his family throws him. This movie is a critical for most of its scene describing, â€Å"A youth (a mere school boy of age 13) is enjoying the drugs† and hence portrayed that it is not very offensive of a young boy or girl to take drugs in that age specially. â€Å"This movie contained incredibly dark and vulgar guided imagery which could quite possibly lead the impressionable into moral and value modification, poor coping skills, and dangerous decision-making. † 4. Fear and Loathing in Las Vegas The movie Fear and Loating in Las Vegas was released on May 22, 1998. It was directed by Terry Gilliam. This film was based on Hunter S. Thompsons 1971 novel Fear and Loathing In Las Vegas: A Savage Journey to the Heart of the American Dream. Journalist Raoul Duke and attorney Dr. Gonzo travel from Los Angeles, California to Las Vegas, Nevada in 1971 to cover a motorcycle race for a sports magazine and enjoy a haphazardly planned vacation. Fueled by the massive amount of drugs they purchased with an advance from a magazine to cover a sporting event in Vegas; they set out in the Red Shark. Wreak havoc upon the citizens of Las Vegas. Encountering police, reporters, gamblers, racers, and hitchhikers; they search for some indefinable thing know only as the American Dream and find fear, loathing and hilarious adventures into the dementia of the modern American West. The movie is filled with violence and drugs series. It effected the audience to en extent that even an incident got attached to it. During shooting Gilliam was approached by a group of young men, one of which complimented him on the film in general, but said that his favorite scene was the andrenichrome scene. He said that he had used the drug and that Gilliam had captured the effects perfectly. Gilliam didnt have the heart to tell the kid that it was made up, and went along with his story. 5. Dazed and confused Dazed and confused is a 1993 American film written and directed by Richard Linklater. The movie tells the stories of the last day of school in May 1976 in a Texas suburb. As the movie begins, the last day of school at a high school is beginning. The last day at Robert E. Lee High School proceeds with regular classes but the soon-to-be-senior class (Class of 1977) is more interested in getting ready for the annual hazing of the incoming freshman class, which will take place after school. The hazing is depicted as a ritualized event that has the support of the town, in the movie. Randall Pink Floyd was a football player who moves with simplistic grace among groups of greasers, nerds, stoners, and athletes alike. The coaches introduced a new policy for the upcoming 1976-77 school year in which athletes have to sign a written pledge that they will not use alcohol or illegal drugs. Pink refuses to sign the pledge sheet. The coach berates Randall Floyd for hanging out with that other crowd (referring to his stoner friends) and Floyd takes offense to it. â€Å"The movie conspicuously shows the much more relaxed attitudes toward both teenage alcohol consumption and driving with open beer containers at the time; Kramer can easily buy beer as the lawful Texas drinking age at the time was 18 and even that was lightly enforced. † References 1. http://www. thc-ministry. net/history-of-drugs. html 2. http://www. getsomeblow. com/index2. html 3. http://parentingteens. about. com/cs/drugsofabuse/a/druguse10_2. htm 4. http://en. wikipedia. org/wiki/Trainspotting_(film) 5. ChildCare Action Project: Christian Analysis of American Culture (CAP) by Thomas A. Carder http://www. capalert. com/capreports/basketballdiaries/basketballdiaries. htm 6. http://en. wikipedia. org/wiki/Fear_and_Loathing_in_Las_Vegas_%28film%29 7. http://en. wikipedia. org/wiki/Dazed_and_Confused_(film)

How the Greek Revered Their Gods :: Ancient Greece Greek History

How the Greek revered their gods In ancient times, the Greeks had absolute and undeniable respect for their gods. They demonstrated their admiration by putting in place many rituals and celebrations to reverence the gods that they loved and feared in order to ensure harmony with them. In particular, the focus will be on the religious beliefs of the Greeks, including prayer and sacrifice, as well as on festivals and the arts, such as the ancient Olympic games and theatre. These aspects of their culture made a significant contribution to their quality of life. Moreover, these topics will be examined in relation to the twelve Olympian gods and their associates. The ancient Greeks practiced a religion that was in effect, a building block to many ensuing pagan religions. This religion revolved around their reverence to the gods. Essentially, the Greeks worshipped numerous gods, making their religion polytheistic. They believed that exercising the opportunity to choose between a wide array of gods to worship offered them a great sense of freedom that they treasured. After all, the Greeks were known for their intellectual distinction of which their means of worship played a huge part. Each city-state, or polis, thus had an affiliated god who protected and guided its residents. Within a given polis, the belief in common gods unified the people. Ultimately, the Greeks yearned for this unity and order in the universe, which is a characteristic that is not unlike that of people today. It might seem contradictory that they believed in many gods and sought organization at the same time, for larger numbers are inherently unstable. But, to the god-fear ing Greeks, each god represented a different facet of life that together upheld an organized universe if each of these gods was properly appeased. To satisfy these gods, the Greeks participated in activities such as prayer and sacrifice and erected divine temples and centers for oracles in honor of specific gods. There is evidence of this institutionalization early on in the reign of the Olympian gods, thus forming the Olympian religion. The Olympian religion lacked the presence of true sentimentality, and the gods were not seen as forgiving or "flawless" as the Christian God is often portrayed. The Greek gods were portrayed as humans, which meant that they were not perfect. That is, the gods made mistakes, felt pain (e.g. Aphrodite in love with the mortal Adonis), and succumbed to anger and their tempers (e.

New Product Launch Marketing Plan Essay

A marketing plan can be defined as a written document that summarizes what the marketer has learned about the marketplace and indicates how a firm expects to reach its marketing objectives. It contains tactical guidelines for the commercialization programs and financial allocations over the planning period (Kotler et al., 2012). This document can be considered one of the most important outputs from the marketing process as it provides direction and focus for a brand, product, or company (Kotler et al., 2012). Typically, the marketing plan includes the following elements: Executive summary, situational analysis, marketing strategy, financial projections, and implementation controls. Executive summary Founded in 2014, Luxury-Pedic is a start-up manufacturer of luxury mattresses offering a product line that is focused on creating a lull the senses into a deep, relaxing, and peaceful night’s sleep. With other competitive offerings like Tempur-Pedic, Icomfort, and Sealy Optimum, the Luxury-Pedic product line will focus heavily on being different. By providing a quality product at competitive price levels, excellent warranty, and service experience, Luxury-Pedic will stand out. Luxury-Pedic will realize vital market penetration by utilizing a market challenger strategy and attacking the market leader on the basis of competitive pricing. Additionally, Luxury-Pedic will thrive based on the following operating principles: hiring a top-notch management team with extensive industry experience; a solid business model and long-term planning; and careful evaluation and response to competitive opportunities. Situational analysis Luxury-Pedic is entering into its first year of operation. Thus  far, its products have been well acknowledged with the intention of further and rapider expansion to come based on the marketing efforts soon to be implemented. Luxury-Pedic offers memory foam mattresses in three varieties of firmness and a several varieties of types of memory foam. Market Summary Luxury-Pedic understands the existing market and has done extensive research to understand the common attributes of the target market. This research will be used better to understand the consumers, their needs, and how to communicate best with the market. According to Business Journal for the Sleep Products Industry (2015), the target market for the mattress industry includes the following: Mattress Involved Sleep Sufferers Healthy and Content Brand Selectors Apathetics There is no set geographic target area for mattress sales. By utilizing in-store sales, Internet sales and delivery services, Luxury-Pedic intends to serve both domestic and International customers. The market can also be narrowed down to the adult demographic, ages 18 and up. Behavioral factors will include the working class, the sleep deprived or fatigued population looking for a good night’s rest. Market Growth Potential The mattress industry is a steadily growing, altering, and evolving. As the mattress industry has changed, the consumer demographics have changed as well. Baby Boomer’s no longer are wanting to deal with horrible sleep conditions as it saved money in exchange for a better nights sleep that allows consumers to be more energized and feel younger. This changing of consumer wants to consumer needs has enabled the mattress industry to become more prosperous than ever. There is an unlimited market growth potential as consumers are becoming more educated on the benefits of a better nights sleep as well as more educated on the advantages and disadvantages of the different types of mattress products. According to Wise (2012), â€Å"The mattress trade group recently revised its estimate and expects the value of mattress shipments to rise 10.5 percent and the number of units to grow 6.5 percent† (p. 3). This increased consumer knowledge base has changed the mattress market potential from being a small market with potential immediate rewards into a market where long-term growth and increase opportunity has become to the key to market success. Competitive Analysis The Luxury-Pedic 100% memory foam mattress line will move into a highly competitive space. Outside of the 100% memory foam mattress line, there is the independent wrapped pocketed coil line and the interlocking coil or traditional coil lines of a mattress. These lines are built and designed by mattress companies that have been selling mattresses for 65 to 140 years by brands such as Sterns & Foster, Simmons, Sealy, and Hampton & Rhodes just to start. When it comes to the 100% memory foam mattresses, Sealy, Tempur-Pedic, Hampton & Rhodes, & Serta are the most popular companies today. All four of these businesses produce memory foam mattresses that range in price from $698 to $9,000 for a queen set. The none memory foam mattresses range from $198 to $4,800 for a queen mattress set. Competitor Product & Price Summary When it comes to the prices of the 100% mattress foam lines, Luxury-Pedic is unable to compete with the prices of Hampton & Rhodes and the introductory lines from both Sealy and Serta. The quality differences between the Luxury-Pedic mattress lines and the lower end lines of Sealy, Serta, & Hampton & Rhodes are the differences between night and day. For their price point, none of their mattresses are 100% memory foam. They contain mostly low-grade heat conductive standard foam that sleep hot by giving back all of the heat put into the mattresses. Additionally, they do not have proper edge support or prevent body impressions. When it comes to the higher priced 100% memory foam mattresses from the other competitive brands, Luxury-Pedic mattresses will stand out due to same high quality of material, temperature regulation, comfort, and edge support at a price point that undercuts all other competing mattresses. Tempur-Pedic mattresses are the only mattresses in the entire industry that are price locked at a that is almost double of what any other memory foam mattress costs. Tempur-Pedic owns SealyTempur-Pedic, and so the focus of the Sealy  100% memory foam mattress line is to be only two steps above the Serta memory foam line. Out of all of the memory foam mattress lines, the Serta collection is the worst at temperature regulation and has no pillow top product offering. Sealy is better at temperature regulation but is the softest of all memory foam mattresses. The prices of these two lines are very similar. They range from $1,299 to $2,499. Segmentation, Target Market, & Strategy The Luxury-Pedic mattress lines will focus on three different areas of the consumer market. The first will be focused on consumer medical needs. The medical benefits of the Luxury-Pedic mattress lines range from increased circulation, increased recovery times, decreased: aches, pains, and soreness, and an increase in an overall comfort allowing for a better nights sleep. The second area will focus on consumer comfort. The Luxury-Pedic line will come in 3 different comforts from firm, plush, and pillow top allowing a customer to be able to identify the mattress that best suits their comfort needs. The third and final focus will be on consumer value as the Luxury-Pedic line will be more cost effective than Tempur-Pedic but will provide all of the same advantages and benefits of Tempur-Pedic. According to Perry (2010), â€Å"The mattress industry must sell dreams if it wants to elevate its image, boost its sale price and give consumers a better shopping experience† (p. 34). With the implementation of using these three different market strategies focusing on consumer segmentation and target marketing, Luxury-Pedic will be able to establish a stronghold in the 100% memory foam market. Pricing The Luxury-Pedic line will consist of three different mattresses firmness levels. There will be a firm, plush, and pillow top. When it comes a firm mattress, Tempur-Pedic queen price set is at $4,199, Serta is at $1,699, and Sealy has not actual firm 100% memory foam mattress. The price for a Luxury-Pedic firm mattress will be $1,899 as the Serta mattress has poor temperature regulation and it out prices the Tempur-Pedic significantly. When it comes to a plush mattress, Sealy is priced at $1,799, Serta $1,999, and Tempur-Pedic at $3,499. The Luxury-Pedic mattress will be priced at $2,099. The focus is to build value in the concept of adding more material  increases the size of the mattress allowing which causes an increase in the cost of the mattress. There is not a real pillow top in any of the Tempur-Pedic, Serta, or Sealy mattress lines, making Luxury-Pedic a true one of a kind, but in soft equivalences Sealy is priced at $2,099, Serta $2,199, and Tempur-Pedic at $4,999. The Lux ury-Pedic pillow top will be priced at $2,299. The point is to no be cheaper than a low-end mattress, but to be at a lower price than Tempur-Pedic. We will be at a higher price than Sealy and Serta with the benefit of much better quality. Distribution Strategies The distribution strategy for Luxury-Pedic will be following Indirect distribution. Luxury-Pedic Mattresses will initially be built and assembled in two factories in New Mexico and Kentucky to allow for easy mass distribution to wholesalers and mattress retailers. As Luxury-Pedic’s increase in the success, additional factories will be built to shorten delivery times in order to allow for an increase in mattress sales. The objective of the distribution strategy is to be able to get new mattresses to wholesalers and retailers in less than 72 hours after ordering. Developing clear objectives is vital to a successful marketing plan. There are numerous essential elements to consider when creating effective marketing objective. It’s important that the objectives are specific, measurable, achievable, realistic and time-specific or SMART for short. The SMART approach let you how to manage your marketing activities successfully. Luxury Pedic is always evolving. The mattress industry is continuously growing. Key performances indicators are an important part of information used to describe how companies such as Luxury Pedic will progress towards its marketing goal within the next three years. Retailing at competitive rates of $1899-2500 depending on the mattress performance level, Luxury Pedic is priced to achieve increased profit revenue continuously. The key performance indicators are based on legitimate data and business objectives, and they are not always financial but they are necessary for directing management to their full potential. Some other essential performances include new and existing customers’ status, customer segmentation by profitability or demographics, customer referrals, advertisement, and testimonies. Demand forecasting Demand forecasting and estimation gives businesses valuable information about the markets in which they operate and the markets they plan to pursue. The purpose of demand forecasting and estimation is to find a business’s potential demand so managers can make accurate decisions about pricing, business growth and market potential. Managers base pricing on demand trends in the market. Demand forecasting and estimation is critical for inventory management. Businesses buy inventory based upon demand forecasts. Demand forecasting and estimation methods are typically accurate for short-term business planning. Estimating demand for the long-term is difficult because there are many unforeseen factors that influence demand over time. The expansion of the global mattress industry is forecast to reach 3.7% p.a. in the coming years. Between 2007 and 2013 the market increased with an average annual growth of 4.9%. Currently, cellular plastic and rubber mattresses account for 40.9% of the global demand while the remaining market share is divided between other mattresses (41.8%), and mattress supports (17.3%). China, France, Germany, Japan and the United States represent the largest mattress markets while the strongest annual growth is forecast to occur in Tanzania (24.1%), Ethiopia (15.4%), Philippines (15.0%), Rwanda (14.8%) and Bolivia (13.3%). Marketing Objectives Developing clear objectives is vital to a successful marketing plan. There are numerous essential elements to consider when creating effective marketing objective. It’s important that the objectives are specific, measurable, achievable, realistic and time-specific or SMART for short. The SMART approach let you how to manage your marketing activities successfully. Luxury Pedic is always evolving, the mattress industry is continuously growing, and key performances indicators is an important part of information used to describe how companies such as Luxury Pedic will progress towards its marketing goal within the next three years. Retailing at competitive rates of $1899-2500 depending on the mattress performance level, Luxury Pedic is priced to achieve increased profit revenue continuously. The key performance indicators are based on legitimate data and business objectives; they are not always financial, but they are necessary for directing management to their full potential. Some other key performances include new and existing customers’ status, customer  segmentation by profitability or demographics, customer referrals, advertisement, and testimonies. Implementation Milestones As a new company, setting milestones in a marketing plan allows your company to track the progress of company goals; allowing the business to determine if it can reach the task by a particular date and if there is enough data to move to the next activity. Luxury Pedic will identify their tasks, the start date, and the scheduled completion date, each event will continue until every task is finished. Creating a milestone table for your business sets the plan in concrete terms with real budgets and deadlines. Luxury pedic started by identifying each milestone, assigning a due date, allocating a budget, and designating a responsible person or group for each task, this is how a plan is implemented. Control Metrics It is important to set the rules of engagement within Luxury-Pedic. In order to measure success, we must be able to have a way to create company goals and establish the way to control what needs to be done in order to achieve the objectives set forth. We must be able to have a rule to measure current success, as well. We must be able to deliver efficiently on four types of marketing control. Those types are Annual Plan Control, Profitability Control, Efficiency Control, and Strategic Control. Annual Plan Control provides us with the ability to see if the results the company is looking for are being reached. Profitability Control shows us where we are making money and, even, where we are losing money. If it is found that money is being lost, we can adjust what is being done to produce a positive gain in revenue. Depending on the money that is lost, the product or idea will go directly to the end of life cycle to save cost in that area. Efficiency control gives us the opportunity to see how our marketing dollars are being spent in relation to the impact that our marketing strategy is having on our consumer base. Strategic control will give us a roadmap letting us know if the company is going down the right path in product offerings and how we are going about to make these offers available to the public. With the proper control measures put in place, we can see a complete picture of how the company is doing at any particular time. We will be able to identify problem areas quickly and create contingency plans when needed adequately to address  any needs or areas of concern. Its falls on management to steer the company in the right direction. Creating a culture of success is vital. Frontline employees must be on board with the direction the company is moving. If it is determined that there are issue in that area by way in bad performance results, for example, it is up to management to find the right path to correct those performance issues. All parts of the business must work well together in order to serve our consumer base actually. Contingency Planning â€Å"Marketers must be ready to update and adapt marketing plans at any time† (Kotler & Keller, 2011, p. 55). There are many variables that can affect daily, monthly, and quarterly numbers in terms of production and revenue. We must be ready to address any and all areas of concerns promptly. The introduction of a new mattress company can affect the way we market and advertize to our consumer base. Competition in a marketplace can have several adverse effects. One thing we must be prepared to adapt to is the effect competition can have on pricing and promotions. Too much competition can drive prices down which mean Luxury-Pedic must change to be successful. We may need to invest in more cost friendly products that can deliver the same quality and comfort to cut cost, but will allow us to still deliver on our promise to our customer base with more affordable pricing. Major geological events can have an immediate impact on demand of our products. Floods, tornados, and hurricanes can create mass devastation that can leave our consumer base in need to rebuild. Adjustments in our offerings and promotion to assist in helping rebuild our community will increase our overall customer satisfaction. Community service events and product donations would be a way for us to stand out above the rest of our competition to show that we care about our customers and our community. During such a period, the company could see a short term dip in revenue. With the establishment of community service projects in the time of need, we can predict that we will reap positive long term success from that. Luxury-Pedic must be flexible in our approach and delivery of our products to our customer in order to achieve high success. In conclusion, a successful firm starts with a marketing plan within its first fiscal year. A marketing plan is a highly detailed and written document that summarizes how  a firm plans to reach its marketing objectives. Luxury-Pedic has outlined its marketing plans and detailed tasks to reach these elements, executive summary, situational analysis, marketing strategy, financial projections, and implementation controls will be discussed among other elements. This paper has defined the following objectives that Luxury-Pedic will implement to achieve this successful marketing plan. References BedTimes. (2012). Research Finds 5 Key Mattress Consumer Segments. Retrieved from http://bedtimesmagazine.com/2009/01/research-finds-5-key-mattress-consumer-segments/ Kotler, P., & Keller, K. L. (2011). Marketing Management (14th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. Perry, D. (2010). Mattress industry should sell dreams. Furniture Today, 34(37), 33. Retrieved from http://search.proquest.com.contentproxy.phoenix.edu/docview/346182942?pq-origsite=summon&http://search.proquest.com?accountid=35812 Wise, W. L. (2012). Going to the mattress. The Post and Courier Retrieved from http://search.proquest.com.contentproxy.phoenix.edu/docview/1115405056?pq-origsite=summon&accountid=35812