The most important part of the marketing environment deals the factors behind the Macquarie University control. A University should adapt all its strategies to look over the important of environment changes. In the marketing job, the competitors will always look to threaten you to remove your university away. The other name of the competitive environment is the market structure which competes for your business in a dynamic system and also it makes the business structure flexible.
Marketing Summary and Demand Assessment
In some parts of the book, we have heard that business says that marketing is fluff and hype. A most undisputed, talent and savviest businessman take his business far away from this thought. According to business philosophy, first, we should know the requirements and demands of the students which are the firm first focus. The strategy made by the businessman will be first thing focused on the students which will be supported by the marketing philosophy. The plan will give the way, maintenance, structure and business building strategies which will increase the growth and makes the relationship strong ("Executive summary of "Recommendations as personalized marketing: insights from customer experiences"", 2014). Sometimes universities sees itself to marketing activities that dedicate resources that flyers are shown trade and the money are not placed in right time to a right audience. If we use our money for a right person at a right time which will give massive growth to the market with the return of huge investment and that lead to increasing revenue. Mainly students are very valuable to the firm. A firm need to set some of the strategies to communicate and also to motivate the students about the product and service of the Macquarie University.
Segmentation and target market
Segmentation and target market mentions to a segmented collection of clients who reach exact features and performances that is essential to separate planned approaches of the presentation or marketing mix to successfully appeal its marketplace (NOVAK, 1996). The base of segmentation, the Juice of boost that mark the organization marketplace that includes behavioral, psychographic, demographic and geographic variables. Boost Juice combined all four segmentation bases of behavioral, psychographic, demographic and geographic to classify their objective market place, allowing them to deliver worth to consumers and make money-spinning revenues for the business (Geesey, 2014). The person who approve fit and busy routines would also texture it is appropriate to eat the products.
Segmentation is one of the ways of effective marketing. The dividing process of the full market into various students’ agents is known as market segmentation. Target marketing decides, which good students the Macquarie University will look for or need to be focused. Targeting always comes after marketing segmentation, which deals a Macquarie University to look for a necessary selection on their marketing products (Oppenheim, 2000). Marketing products as well as target both is very essential for the growth of business and good revenue of the firm. Now a days, Segmentation and Targeting is same as Modern Marketing. Modern marketing is applied in marketing practicing for good upcoming symptoms (Lynn, 2011).
Current market mix analysis
The Macquarie University uses the marketing mix to promote its brand of a product by the set of strategy and action. The Price, Product, Promotion and Place are the 4Ps that make the typical marketing mix (Luminita Pistol, & Rocsana Bucea-Manea-Tonis, 2017). At present other Ps like Packaging, Positioning, People and Politics are essential elements which lead to increasingly several others marketing mixes.
- Price: it states the value of the product. Price depends on the sales target, production cost and in which it can be sold to the market and also depend on other direct and indirect factors. The price strategies can be of several types which are marks up with a business plan. The position of the product needs to be justified by differentiating and production.
- Product: the item which is actually being sold in the market. The good work of marketing mix of other elements will not work if the product will not sell in average performance level (Goi, 2009).
- Place: it always varies to the position of the sale. The place is a vital thing for the product to sale on through which the students can easily look for it and can buy the product. The overall place has a main aim for product good distribution to the students.
- Promotion: It refers to know the students and trade about the specification of the products. To make promotion word of mouth, press reports and advertising is needed and also can be done by schemes, contest, prizes and direct marketing to the students(Pour, Nazari, & Emami, 2013).
By this 4Ps we can maintain a good position in the marketing and can earn good revenue through the sales of the products.
The full forms of PEST are Political, Economic, Social and Technological. Before starting the marketing process, PEST analysis is very much essential for the business environment. So to continue planning, PEST analysis is very much requirement to the business (Koumparoulis, 2013).
The production of trade and the rules and regulation of the business is operated by the political environment that leads to operating the overseas and the business market. To do business, the policy of tax is needed to be paid in public sector. Payment of tax is less if the government will be a Republican government (Moro Visconti).
On the business, there is the huge effect of politics on business rules and regulation which delay the business to the students. It must consider some issues like:
- The present situation of the political government.
- Government policy that leads business rules and regulations.
- Government’s position on marketing ethics.
- The Economic policy of Government.
- Cultural and regional view by the government.
University deals directly to the economic environment. We have studied in marketing that elements of economics deal great factors that you will be no suspense to its principle. We have learned that in marketing there is two types of environment- macro environment and microenvironment (Cadle, Paul, & Turner, 2017). In the economic factors, business deals with current cycle and trading in a recession.
So, the Economics planning is:
- Rates of interest.
- The graph of business per capita.
The social and cultural environment plays an important role in the business. In a normal sense, the demand of western students leads to study the demographics of the population. The business varies from one part of the world to another by the social and cultural activities (Hassan, 1996). The considered factors are very essential.
- Know about dominant religion.
- Influence of language on products.
- Influence of people in the environment.
The process in which we can communicate with one another or we can get things instantly is known as technology. The business process is surrounded by technology. To manufacture or to produce goods and products technology is very much essential (Michael, 2004). For the globalization, technology leads to play a vital role. They are:
- To know the quality of the materials.
- Helps the students to buys products through the internet.
- It also helps to communicate with the students through the online process (Atighechian, Maleki, Aryankhesal, & Jahangiri, 2016).
We need to do lots of things to run a business safely. With the relationship of the competitors, we can justify the marketing competitor analysis. While doing business we need to know the strength and the weakness of the competitors. We must try to find a good opportunities for the students that it may seem to be the threat for the rivals. We need to have our own strategy in competitor analysis (Fahey, 2002). You can run a business by doing your own business analysis which is a reactive approach. In the marketing job, the competitors will always look to threaten you to remove your business away. The other name of the competitive environment is a market structure which competes for your business in a dynamic system and also it makes the business structure flexible (Czepiel, & Kerin, 2017).
Organization environment is audited by the process of SWOT analysis. Its stands for strength, weakness which is internal factors and opportunities and threat which is an external factor ("Composites industry gets SWOT analysis", 2001). Strength and weakness are opposite to each other in the process of the internal factor as well as an opportunity and weakness is opposite to each other in the process of external factors.
- Marketing specialist
- Launching of new products
- Business position
- Insufficient of marketing goods.
- Same products as to your competitors.
- Low quality.
- Business reputation.
- Internet making market
- Offers for students on new markets to earn profits.
- Making of new foreign markets.
- No business competitors
- The arrival of the new competitor.
- Fluctuation of prices on products.
- Rival new products service.
- Competitors channels power("Strategic Planning", 2017)
Value and Brand Position Analysis
Value and Brand Position refers to brand using students from others. There has a common air by all brand activity firm that the students can get focused on the products that are liable to buy it. Its states the identification and similarity of the products with the rival (Millán, & Díaz, 2014). A business can be grown up by the value of brand products which will satisfy the students at the time of using.
The brand position must make sure that:
- Different from Competitors.
- Appropriate to the business as well as to the students.
- Help organization to earn good revenue.
- Boost up the business in nature (Hauser, 1988).
At present, in competitive environment business, a business stands by the strategy of the business management and also by giving the perfect communication between products and students. A good marketing strategy makes new changes to the business as well to the environment which leads to earning a good revenue through the satisfaction of the students.
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