Legando Universidade
(Legacy University)

INVESTMENT IN EMERGING MARKETS Target Country - BRAZIL Country Industry - EDUCATION Proposal - DISTANCE EDUCATION COMPANY

Legando Universade

Country: Brazil

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Contents
Country: Brazil............................................................................................................................................... 2 Culture .......................................................................................................................................................... 2 Economy........................................................................................................................................................ 3 Brazil GDP.................................................................................................................................................. 4 Unemployment and Consumer Spending ................................................................................................. 6 Industry Analysis ........................................................................................................................................... 7 Secondary Education in Brazil ................................................................................................................... 7 Private Education ...................................................................................................................................... 8 Online Secondary Education Sector .......................................................................................................... 9 Product and Product Development ............................................................................................................ 10 Product .................................................................................................................................................... 10 Branding .................................................................................................................................................. 10 Advertising/Promotion ........................................................................................................................... 11 Pricing...................................................................................................................................................... 12 Competition ........................................................................................................................................ 12 SWOT Analysis............................................................................................................................................. 14 Legal Aspects of Education ......................................................................................................................... 15 Laws that pertain to the private education sector. ............................................................................ 15 Three Constitutional Amendments significant for the educational sector. ....................................... 16 Labor Laws .......................................................................................................................................... 16 Administrative Aspects of Education .......................................................................................................... 17 Ministries involved in education ............................................................................................................. 17 Ministry of Education and relevant secretariats..................................................................................... 18 Taxes ....................................................................................................................................................... 19 Financial Projections ............................................................................................................................... 19 References .................................................................................................................................................. 20

International Marketing MKTG 480/680-01 |Mr. Murray

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Country: Brazil

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Country: Brazil
Brazil is the world’s fifth largest county in the world by population, and also by geographical area. It is separated into five regions; the North, Northeast, Central-West, Southeast, and South. Brazil is an emerging powerhouse when it comes to population. It is a country of an on-going growth rate. Currently Brazil is populated with nearly 191 million people. That number is estimated to continue to grow to 213 million people by 2020. The majority of Brazilians live near the coastline. Sao Paulo and Rio de Janeiro are the largest cities in Brazil. They are most prominent influence on the county themselves. They are the most urban areas in the country. Compromising of different nationalities and cultures, Brazil is very diverse. Brazil’s racial composition is made up of Aboriginal Brazilians (Amerindians) , Black Brazilians, Asian Brazilians, Pardo Brazilians (Mixed-Race Brazilian), and White Brazilians. Although very diverse, Brazil still struggles with problems of segregation. The south of Brazil is the region with the largest percentage of Whites. Southeast of Brazil is by far the most ethnically diverse part of the country. The Northeast is heavily populated by the Pardo Brazilians, while the North and Central-West is more populated by the Aboriginal Brazilians. (Wikipedia)

Culture
Portuguese is the only official language of Brazil. Nearly the entire country speaks the native language. Brazil is the only nation within the Americas that speak Portuguese. This makes the language one of the most valued aspects of the Brazil’s identity. English is a part of the high school curriculum, however most Brazilians are not very fluent. Therefore it is not often spoke, especially in the rural areas. 2

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Religion is a strong part of the Brazilian culture. Most Brazilians are Catholic. Over 135 million people consider themselves Catholic. Surprisingly 12.5 million people consider themselves non-religious. Ranking third, Assemblies of God have about 8.4 million people. Baptist, Christians, and Spiritualists make up the rest of the population regarding religion. Architecture and urbanization have played a big part in becoming a part of Brazil’s culture. Brazil’s metropolitan areas owe much of its architecture to the Portuguese colonialism, narrow streets with building facades that converge on central plazas (online source). Vibrant colors of houses and buildings line the streets in many of Brazil’s most populated cities. The character and flare of these architectures makes Southern Brazil attractive to those living in the rural areas in the North. Closely linked, the performance arts and music of Brazil that are a crucial part to the overall culture. Both are world renown in many countries, and have great influence in the history of literature and music assembles.

Economy
Brazil is a major prouder of agricultural products such as sugarcane, soybeans, oranges, coffee, cocoa, rice, wheat, and cotton (Online source). Other major industries in Brazil are automobiles, textiles, shoes, durable consumer goods, steel, and pharmaceuticals. Brazil being one of the world’s largest growing countries in the world has a major issue with social classification. Over 33 million people, particularly in the Northeast are poor or living in poverty. The average middle class Brazilian makes 26 times more money than the poor. One of the most significant distinctions in Brazilian society is the division amongst those who do manual labor, and those who don’t (online source). Typically, the middle class is defined as colarinho e gravata (collar and tie). This is a major change for the typical representation of what Americans think of the 3

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middle class. The urban population accounts for 81 percent of the country’s total population. This is accredited to the higher standard of living versus the rural areas. However, there is still a large amount of people still living in rural areas. The country has continued to be divided not only because of the urban and rural environments, but because of the wealthy South to the poor North. A lot of the people in the North are of African descent, and because of this factor Brazil has become familiar with referring to the Black Brazilians or the “darker-skinned” Brazilians as poor. Skin color has played a major role in social distinction amongst people in Brazil.

Brazil GDP
As the US economy growth has lost its momentum in the early 2000’s and the European

economy started to raise serious concerns investors after have 2007, once the again

turnded to emerging markets for opportunities. One of the countries that has been on the rise in the past decade is Brazil. Brazil has been on the rise for the past 50 years, it grew an average of 7.1% per year in 1950’s, 6.1% in 1960’s and 8.9% in 1979’s. Brazil is rich with natural resources, has a growing population and a growing middle class. Over the past five years the Brazillian GDP has experienced a average growth at 4.5% rate reaching $2.48 trillion in 2011. Brazil has become an umatched economic leader of Latin America, followed by Mexico 4

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(GDP $1.15 tril.), Argentina (GDP $445.99 bil.), Columbia (GDP $331.65 bil) and Venezuella (GDP $316.48). Despite the strong growth of the past decade, Brazil GDP growth slowed down in 2011, falling from 7.5% in 2010 to 1.4%.i Brazillian economy slow down is believed to be cyclical rather than structural. The third quarter of 2012 points to a turnaround point in the economy. The implemented stimulus in second half of 2012 and the interest rate drop from 12.5% to a historically low 7.25% is believed to give enough boost to result in GDP growth in 2013 and the expected growth in 2013-2017 is at 4%.ii Some sectors of the economy have continued to thrive. Mineral ectraction and finance experienced annualized growth of 7.3% and 5.9% respectively. With accelerating growth comes the demand for experts in the respective fields. Some companies have been already trying to address the issue through creating educational systems attached to their organizations (Odebrecht, Vale, etc.) or paying for half of the tuition for some students in hopes to hire them straight out of college. At one of the national meetings of senior executives in Brazil in 2012, finding qualified personnel for the jobs created was the biggest concern. This problem superseeded cocerns about the currency strength and high interest rates for the first time.iii It is projected that seven million qualified people will be required in a variety of industires by 2015.The desparate need for qualified personnel has created a market neiche not fully exploited by governemnet or private sector. The need for qualified personnel in Brazil is not reflected in all industries. Legacy University will attempt to meet the demand in Finance and Mineral Extraction industries which have

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experienced exceptional growth in the past two years. Legacy University will also try to address growth in the emerging industry – IT. BA’s will be offered in IT, engineering and management. Due to the poor infrastructure of the country, the university will concentrate on distance education. The rising demand for education and the drastically improving telecommunication infrastructure of Brazil will allow more students to access Legacy University services.

Unemployment and Consumer Spending
The desperate need for qualified personnel
8000

in Brazil is a good indicator of nearly full employment in the country. iv Despite the recent loss of 2 million jobs in the industrial and agriculture sectors, strong growth in services continues. The process known as de-industrialization is taking place in Brazil. The unemployment has dropped to 5.4% in 2 quarter of 2012 as

7000 6000 5000 4000 3000 2000 1000 0

Figure 1. Consumer Spending per Capita in Brazil

the wages increased 8% for the period of 2009-2011v, reassuring steady growth in consumer spending. The increased purchasing power fuels growth in the education sector as well. Due to the lack of workers with secondary education (11% of the population has a degree)vi the reward for investing in education is greater than in any of the BRIC countries. A worker with secondary education in Brazil earns 5 times as much as those without one.vii Cost has been a concern for potential students seeking higher education in private institutions. This is becoming less and less of a concern for the private education companies as the middle 6

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class of Brazil is steadily growing. Over half of Brazilians earn $600-$1500 a monthviii. The increase in the purchasing power has resulted in an increase in consumer spending in such sectors as cars, consumer durables, food and services. Increased wages did cause the industrial production to be outsourced for the most part, however; as the interest rate has dropped, companies have more capital to invest for expansion.

Industry Analysis

Secondary Education in Brazil
The government of Brazil has greatly contributed to educating its citizens. The problem is that the contributions
4000 6000

Private Institutions Enrollments

Public Institutions Enrollments

5000

are not enough. The amount of students enrolling greatly surpasses the 3000 supply provided by the government, creating a large gap that private
1000 2000

institutions are competing for. As the result in 2010 there were 2400 universities and colleges available for
Figure 2. Secondary Education Enrollments in Brazil

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

students to attend and only 240 of them were public. The expanding educational sector has managed to not only keep the young population in school but has also attracted older working population to enroll (10% of graduates are 25 or olderix). As the environment is changing and education is becoming more available, the

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younger population enrollment is 28% higher than the older group. In 2007 as many as 73% of working adults of the ages 25-64 had not completed an upper secondary education, while in 2010, just three years later, the number had fallen to 59%. The contrast in the enrollments is due to the harsh financial consequences of not completing higher education. In Brazil, individuals not completing secondary education are expected to earn less than half of those who do.

Private Education
Education in Brazil has been gaining momentum in past years. Bloomberg reports that the number of student loans granted in 2012 tripled since 2010. Several factors drive the private education industry and the online sector growth: strong demand for skilled labor, increasing wages, growing middle class, lower interest rates on student loans, and poor infrastructure (for distance education). As the wages increase in Brazil and particularly for educated personnel, many young professionals seek to improve their skills and credentials. The public education is free and has a well established reputation; however, it has failed to satisfy the increasing demand. The demand for secondary education has forced public universities to lower their acceptance rates to an unreasonable level. University of Saint Paulo is ranked 169th on US and World Reports list of 400 best universities, yet its acceptance rate is lower than Princeton (7.4% vs. 7.9%). x To resolve the lack availability of free secondary education for its citizens, the Brazilian government has pledged to dedicate 18% of its budget to education by 2016, but in order to address the need in the sector it needs to dedicate close to 80%. xi Private sector has managed to capitalize on this shortage. As stated before, only 10% of secondary education institutions are public, but the industry growth continues as the levels of foreign and domestic investment remain high. Some of the top investors have indicated that Brazil education sector is one of their priority investments.
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Industry Analysis

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Oakbrook Terrace, III. – Based DeVry has invested over $40 million in 2009 in a for-profit university. London’s Pearson PLC has invested over $500 million in SEB (provider of basic and college education in Brazil) in July of 2011. The success of the private education industry and the confidence of investors can be seen in the three publically traded for-profit education companies in Brazil as their stock prices have soared in the past year: Anhanguera Educacional Participacoes AEDU3:BZ (1-yr-Rtn: +63.12%), Estacio Participacoes S.A. ESTC3:BZ(1-yr-Rtn: +116.60%) and Kroton Educational SA KROT11:BZ (1-yr-Rtn: +141.61%). One of the problems that Legacy University would have to face in the sector is the rapidly growing competition. There were more than two thousand for-profit secondary education providers in Brazil in 2011. A lot of those schools are getting bought out by major corporations that are interested in dominating the industry. The merger of for-profit universities will allow the competitors lower the prices and allocate larger funds for marketing to expand the market share.

Online Secondary Education Sector
Online education sector is on the rise in Brazil, one of the National Institute of Studies and Education Surveys indicates

1000 800 600 400 200

that 15% of all students enrolled in higher education choose to study online or through distance education. Students in Brazil

0 2003 2004 2005 2006 2007 2008 2009 2010
Figure 3. Distance Education Enrollments (in thousands)

have the choice of any degree through distance education in 2012 compared to only 10 majors offered in 2000.xii The rising quantity of students choosing online education has created a niche in the market that has not been fully satisfied. The contributing factors of the interest in the 9

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online education are the growing middle class and infrastructural problems in Brazil. The growing middle class of Brazil has contributed greatly to the sector growth. 43% of the students that are taking online courses have a monthly income of one to three minimal wages (approx. $1038).

Product and Product Development
Product
Online education has been very successful in developing countries as infrastructure development has had problems with keeping up with the overall economic growth. Legacy University will offer online secondary education in engineering, management and finance. As industrial sector has been on the decline in Brazil, other sectors like finance and mineral extraction have been on the rise. Geographically the North East of Brazil has been underdeveloped when it comes to infrastructure. The lack of infrastructure in the area limits the students to get to physical locations of schools; however the companies provide living quarters for the residents with television and internet access. Internet will become more accessible as the government of Brazil continues its development in the remote areas. By 2014, 88% of the country should have broadband coverage.xiii Another contributing factor to the increase in internet access is the use of 3G networks or mobile devices. In 2011 the use of mobile internet has increased 257% and added 14.6 million users, compared to 11.9 added in 2010.xiv

Branding
One of the cultural aspects of Brazilians is that they are extremely patriotic.xv Brazilian flag or at least its colors tend to bring the patriotic feelings in the consumers. Legacy University will try to

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stress the patriotism of Brazilian citizens and relate it to education. The message the university will carry is “help your country by getting education”. The logo of Legacy University is a mix of the outline of Brazil as a country and the colors of the Brazilian flag. It is aimed to bring out the patriotic feelings in the consumer. The message that Legacy University is carrying to the customer is “Brazil needs you to get education, help Brazil while improving your own wellbeing”.

Advertising/Promotion
Legacy University will have to structure its fees and tuition so enough students register in 2015 (planned opening). In order to attract enough customers Legacy University is going to contact companies that are willing to pay partial tuition. The University will also attempt to attract the younger population through social media. Use of sites such as Facebook, YouTube, Twitter, etc. will be implemented as a part of marketing strategy. The tuition in Brazil for private secondary education can be higher than $10,000 a year. It is also common for students to get charged monthly fees that fluctuate year to year. In the segment that Legacy University is positioning itself it will be very important to stress no hidden or monthly fees, as one of the top reasons for students dropping out is the increased monthly fees year over year, fluctuating as much as 62% in some cases. The mobile market in Brazil has been growing rapidly and is predicted to add another 19% by the end of 2012.xvi Legacy University will capitalize on that by creating a mobile app that will keep track of scores and rankings of teams in the coming up world cup (2014). Advertisement will be placed as the loading page of the app, offering the user to “Like” Legacy University on

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Facebook. The app will also offer a free T-shirt for the World Cup for those who enroll. The Tshirt will have the Legacy University logo on it and the website.

Pricing
The two major factors that have been a concern for the consumers is the quality of education that they will get through online universities and the cost. Legacy University will attempt to place itself in an affordable sector. Courses in Brazil in the private education sector cost anywhere from $150 to $500 a month. xvii Legacy University will charge students $200 per month putting it in the lower price range and making it competitive in its sector.
Competition

The online education sector has been growing drastically in Brazil, reaching 15% of all students in 2012.xviii The dominating sectors in the industry are technological, licentiate (teaching degree), and baccalaureate. The growth is substantial since distance education is relatively new to the country (16 years). 12 years ago there were only 10 undergraduate majors offered online. However, the major universities such as Universidade Federal do Rio do Janeiro, Universidade de São Paulo, Getúlio Vargas Foundation or Pontifical Catholic Universities have not been reaping the benefits of this trend. Instead there are three major universities on the online market: Universidade do Norte do Paraná (730,960 students), Universidade Anhanguera Uniderp (62,775 students), and Centro Universitário Leonardo Da Vinci (59,599 students).

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Supplier Power
Moderate - Many suppliers in the education industry, however the online sector is not developed yet

Threat of New Entrants
High - the entry into the market is only limited by approval of the government.

Competition in the Market
Moderate - larger colloeges are buying out online education suppliers

Threat of Substitutes
Low - due to the online nature of the business

Buyer Power
Moderate - the income is growing and the interest rates are record low

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SWOT Analysis

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SWOT Analysis

• Continous growth in the education indtustry • Continous growth in the onlne educatio sector • Growth of the middle class • Strong economic growth • Newly implemented stimulus • Vast country with a young population • Not a new product

• Lack of reputation in the marketplace • Saturated market • Major education companies are buying out the competition • Administrative procedures take a long time in Brazil • Labor laws and labor costs

Strengths

Weaknesses

Opportunities

Threats

• Online sector of the education industry is not yet developed • More students prefer distance education • Distance education is growing at a double digit rate • Growing middle class and lowered interest rate allows more student loans

• Major private institutions are aggressively entering the market • Governmnet regulations of the industry is increasing due to lack of quality • Mergers and buying out continues on a major scale • World economic slow growth can effect Brazil gowrth

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Legal Aspects of Education

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Legal Aspects of Education
Education in Brazil, as in most emerging markets, is strongly controlled by the federal government. Subjects such as Portuguese and Brazilian literature, social studies, sciences, mathematics, a foreign language, health programmers, physical education and arts are enforced by the government to be a part of the curricula for secondary education.xix Brazil, however has been working hard towards easing the entry and operations of private education companies while ensuring the quality of education.
Laws that pertain to the private education sector.

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National Education and Framework Law No. 9394 approved on December 20, 1996 – decentralized the educational system. It created mechanisms for improving the quality of teaching. The law requires the curricula in primary and secondary schools to have nationwide common basis. Essentially the law allowed individual progression for students.

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Law No. 10.861 approved on 14 April, 2004 addresses the National System of Higher Education Evaluation (SINAES). The law addresses the need to improve the quality of higher education and implements a minimal standard for higher education courses taught in secondary schools. The law puts the responsibility of students meeting the educational standards on the institutions.

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Law No. 10.845 approved on March 5, 2004 addresses the specialized education for people with disabilities.

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Law No. 9. 394 states that the school year must be 200 days long at all educational levels, 800 instructional hours per year and 4 per day.

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Decree No. 2.208 (April 17, 1997) separated vocational training in three categories and allowed more freedom for private institutions to specialize the training. 15

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Decree No. 5.622 (December 20, 2005) addresses distance education.

Three Constitutional Amendments significant for the educational sector.

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Constitutional Amendment No. 14 (September 13, 1996) addresses the funding and development of basic education and emphasizes the value of teaching and addresses the creation of FUNDEF (National fund for primary education development)

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Constitutional Amendment No. 53 (February 19, 2006) Replaced FUNDEF by the Fund for Maintenance and Development of Basic Education and for Enhancing the Value of the Teaching Profession (FUNDEB).

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Constitutional Amendment No. 59 (November 11, 2009) attempts to guarantee education for all citizens up to 17 years of age. It forces all states to implement the program by 2016 and dedicates minimal 18% of national revenue contribution to education in Brazil.

Labor Laws One of the concerns for Legacy University is the labor laws in Brazil. It is hard to fire an employee in Brazil. A company can pay a hefty fine for terminating an employee without a “just cause” – 4% of the total amount the employee has ever earned. The chances of a business winning in court over the employee are really low, about 1 in 10xx. In 2009 as many as 2.1 million employees initiated cases against their employers. The court system in Brazil is not an efficient one either. It can take decades to resolve a lawsuit. Due to the legal problems in the labor market, it costs a business double the salary to hire an employee. It is significantly cheaper to hire a contractor (25%). Legacy University will have to find contractors for the jobs that it will create and limit the personnel that will be hired.

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Administrative Aspects of Education

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Administrative Aspects of Education

Figure 4. Government ministries involved in education sector
President

Ministry of Health

Ministry of Communications

Military Ministries

National Council for Educaiotn

Ministry of Labor

Ministry of Education

There are a few aspects of opening up a college in Brazil that have to be considered from the administrative standpoint. As the sector is still heavily regulated by the government there are a few ministries besides the ministry of education that are involved in the education sector.

Ministries involved in education
Ministry of Health is responsible for ensuring the awareness regarding the hygiene and disease prevention in public and private schools. Private sector educational institutions are responsible for the living conditions of the students in dorms and are fined if the hygiene requirements are not satisfied. Ministry of Communications is responsible for educational activities that are transmitted over television, radio or internet. Ministry of Communications strives to bring public education to the remotest areas of the country. Military Ministries are open to general public and offer secondary education for students that consider a military career.

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Ministry of Labor works together with the Ministry of Education to define the educational programs that would qualify students for graduation. Ministry of Labor works only on vocational training policy and is not involved in other secondary education programs as of right now.

Ministry of Education and relevant secretariats
Ministry of Education in Brazil is heavily involved in the educational sector, specifically in the secondary education in
Ministry of Education Secritariat of Distance Educaiton

Brazil. In 2010 there were twenty seven state educational systems and approximately 5600 municipal systemsxxi. More municipal education secretariats and councils are being created at this time as Brazil attempts to address its inefficient higher education system and the growing
National Council for Education

Sectritariat of Technical and Vocational Training

Secritariat of Higher Education

Secretariat of Basic Education (Primary Educaiton) Secretariat of Continuing Education, Literacy and Diversity

Figure 5. Government Education Sector

demand. The government of Brazil has shut down some colleges for inefficient quality of education. A factor that Legacy University will have to consider as it develops the curriculum. The Ministry of Education has implemented laws that have limited the educational programs by affecting the courses of private and public schools alike. These regulations that have improved the quality of teachers allowed the sector to grow while improving the quality of secondary education.

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Taxes
Running a business in almost any country involves paying taxes. However, by far not every country has a tax code that is as complicated as Brazil. It takes on average 2,600 hours or 13 times the aggravation of filing in developed countries to file taxes.xxii This is compared to an average of 385 hours in Latin America. The tax rate in Brazil is high, the highest among all the countries in the emerging market. A business running in Brazil loses on average 41% of its profit in payroll taxes.

Financial Projections
The following is the estimated expenses and revenues for Legacy University based on research. (Amounts in USD and BRL)
Income Statement Expenses Instruction, academic support & student services Books & materials Advertising Operation & maintenance Other operating expenses Total Expenses (USD) 492,000 300,000 300,000 246,000 200,000 1,538,000 (BRL) 1,025,772 625,410 625,410 512,836 416,956 3,206,392

Revenues Student tuition & fees Private contributions Total Revenues

(USD) 1,350,000 700,000 2,050,000

(BRL) 2,803,945 1,454,455 4,257,843

Based on the total expenses and with the help of industry provided private contributions, Legacy University should be able to keep its tuition rates at around 1800 USD per student per full academic year if we can achieve our goal of 1500 students the first year. This price should be affordable to our target market.
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References

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References i Latin America economy: EIU’s latest assumptions (EIU ViewsWire Oct 17, 2012) Latin America economy: EIU’s latest assumptions (EIU ViewsWire Oct 17, 2012) iii Brazil: Social advances bring new industry challenges, Oxford Analytica Daily Brief Service . (Oct 26, 2012). iv Brazil: Social advances bring new industry challenges, Oxford Analytica Daily Brief Service . (Oct 26, 2012). v Brazil: Social advances bring new industry challenges, Oxford Analytica Daily Brief Service . (Oct 26, 2012). vi The mortarboard boom; Higher education in Brazil, Anonymous, The Economist, Sep 15, 2012 vii The mortarboard boom; Higher education in Brazil, Anonymous, The Economist, Sep 15, 2012 viii Brazil: Social advances bring new industry challenges, Oxford Analytica Daily Brief Service . (Oct 26, 2012). ix Education at a Glance 2011, OECD Indicators, Country note – Brazil, Andreas Schleicher, 2011 x For-Profit Colleges Beat Peers on Loan Breaks: Corporate Brazil, Denyse Godoy and Fabiola Moura - Sep 28, 2012 xi Managing &Careers: Brazil Welcomes For-Profit Schools As Aspiring Professionals Seek Skills, Trevisani, Paulo June, 2011 xii Leonardo Gottems, 2012“Online education rising in Brazil” xiii “Brazil: Broadband coverage to reach 88% nationwide”, Patricia Knebel, 11-02-2011 xiv “3G coverage overtakes fixed broadband in Brazil”, Tangu Danlu, 14-01-2011 xv “Brazilians – Culture & Identity”, Howard Johnson, xvi “Brazil - Mobile Market - Overview, Statistics and Forecasts”, Lucia Bibolini, 18 October 2012 xvii Public demand boosts Brazil's private colleges, Jason Mitchell, 13 July 2007 xviii Leonardo Gottems, 2012“Online education rising in Brazil” xix World data on education, 2010/2011 xx “Investing in Emerging Markets – The Rules of the Game”, William Gamble, 2011 xxi World data on education, 2010/2011 xxii “Investing in Emerging Markets – The Rules of the Game”, William Gamble, 2011 ii 20