Describe about the Marketing Analysis for Exceptional Business Performance.
La Trobe University is one of the leading universities in Melbourne, Victoria. The University has become one of the leading educational institutions given the exceptional performance of the students. La Trobe University has developed a unique online management program that has helped the university to gain competitive edge in the market (Khan, 2014). The online Business Management program has helped a lot of students especially the students who study in the overseas conditions. The online master of management program developed by the university takes an opportunity to equip the students for the professional field of management (Beneke, 2011). It is extremely important for the students to be well aware of the key aspects of management to be able to perform the duties of the manager. The course mainly focuses on the development of the students from the core to develop the key skills of the management. The management program has helped the students to study as per their time which allows the students to get better ideas and gather effective knowledge for a credible management career (Durkin et al., 2012). The Launch and commercialisation of the online program has been done in an effective manner.
Situation Analysis of La Trobe University
La Trobe University is one of the leading universities in the area of Melbourne. The University mainly works in the education sector which is one of the bigger sectors in the country Australia. La Trobe University has developed a unique online master of management program which focuses on developing the students to understand the core concepts of management and will help the students to become successful in the long run. The product is nicely framed as it has proper offering in terms of timings and flexibility as well as subject offering (Newman & Jahdi, 2009). The students are able to do master of management with a broad focus or with a specialisation on innovation, or project management or Entrepreneurship. The best part about the course is it is extremely effective as it merges the professional and the academic context in the right proportion which would help the students to get the best out of the course. The course prepares the students in the best possible way to handle the managerial duties in the professional field effectively in the long run. This course has been highly preferred the students overseas students as they are able to get a proper knowledge regarding the core concepts of management at their preferred timing (Wilson et al., 2009).
La Trobe University in Melbourne has been performing well in the last few years but it faces significant competition in the market with the likes of RMIT University, University of Melbourne, and Monash University who have significant market share in the country. This has helped La Trobe to focus on developing a unique educational program that could help it to gain competitive advantage in the market. The Online Master of Management program has been able to meet the requirements of the students to a large extent which has automatically developed the market share of the university (Kotler et al., 2015). The University has fair result in terms of students’ performance. LA Trobe University has got the advantage in many different ways. In the recent past the University has had to compete with number of other educational institutions that has brought out the best ideas from the university. The Online Management Program is one such program that is likely to help the institute competitive advantage in the market. The past information of the institute shows significant rise in its enrollment. In the financial year of 2014 the net asset of the company increased by around 10% to AU$ 1, 153,059. On the other hand the operating revenue and research income both significantly increased to respectively AU$ 672,861 and AU$ 55,381. In the 2014 financial year the institute had around 37000 enrollments approximately that highlight the growth of the institute. La Trobe has developed a strong focus to meet the needs and requirements of the students and it clearly reflects on the gradual increase in the assets and also in the enrollment of the students (Rizvi, 2015).
The educational market in Victoria especially Melbourne is highly competitive with Institutions like RMIT, Monash University, University of Melbourne and La Trobe operating and competing against each other. It is extremely important to mention that most of these universities have similar educational structure especially RMIT and La Trobe have similar course structure as well as course fees and hence the market is pretty even. In this highly competitive market environment business models of the universities have come under scanner. In the recent past the Australian higher educational sector has become cutthroat (Malhotra, 2011). The University of Melbourne has become one of the leading universities with its infrastructure. This is positioned in the top of the graph. Similarly Swineburne University, RMIT University share similar market share which are competing against each other that clearly reflects on the level of competition that the market experiences. It is extremely important for the University to understand the impact of the different macro environmental factors on the product development in the organisation (Naidoo, 2009).
Political: The political framework of the country is in flux. Constant turmoil between the two different political segments has created real turmoil. It is the joint responsibility of the Federal Government and the provincial government to work on the welfare of the place. Similarly for the development of the education system it is important for the governments to contribute to the development of the educational infrastructure of the La Trobe University. The Online Master of Management program that is developed by the university is in line with the Cyber Guidelines of the Federal government of Australia. La Trobe University has been effectively supported by the local and the central government. The government of the country has provided the infrastructure to La Trobe to effectively develop and attract consumers to instill knowledge among them (Arambewela & Hall, 2009).
Economic: There has been a drastic change in the economic scenario of the country that has somehow helped the university to attract the foreign students in its total enrollment. The university experiences around 5% of foreign students in its total admission and hence it becomes a significant contribution to the overall revenue generation of the university. The present online management program in question is clearly a cost effective as compared to the normal course fee of business management Program is around 26500 AU$ per 120 credit points whereas the online management program is worth 56000 AUD for international candidates and for students from New Zealand is much lesser which clearly enthuse students to take up the online program. Introduction of this program has increased the number of overseas students learning in distance and have contributed significantly to the growth and development of the company’s economic status. It is distance learning so the University doesn’t have to invest highly on the organisation that also provides economic benefit of the company and sets the platform for its promotion (Kotler et al, 2015).
Social: The requirement of the efficient and skilled staffs have increased in the last few years as well as the placement opportunities in overseas companies which has developed the scope of getting more overseas clients. The framing of the online master of management course is done with the help of broad focus to instill the right kind of knowledge to the students. Consumption pattern within the country has changed that has highly boosted the framing of course where innovation has been included as one of the subjects of specialisation. Higher education in Australia is considered as one of the effective aspects that would lead to favorable employment opportunities. La Trobe University has used this aspect of placement to good effect and has promised to prepare the students to get placements (Koller, 2012).
Technological: The best part about the Online master of management course is it is cloud based and any student from across the world could get access to the course materials and can also interact with the tutors and get efficient feedback about their progress in the course. It is important to mention that the course is focused on preparing students breaking the barrier of distance. The integration of the technological factor in the course has helped the university to get good response from the students especially international students. Several factors have augmented the development of the science and technology in the country. The allocation of funds has been effective in the last few years that have developed the technological aspect of the course as well as the infrastructure of the university (Armstrong, 2012).
Environmental: The University strives to contribute for the welfare of the environment and the integration of technological aspect has helped the organisation to get that aspect of pollution out of the question. The environmental control is an extremely important aspect and the use of paper is one of the main concerns for the University. It is important to mention that the introduction of the online management program has been effective in dealing with pollution especially by eliminating the use of paper through online learning program (Kotler & Armstrong, 2010).
Legal: La Trobe University tries to focus on abiding by the Australian Education Act 2013 that helps the University to provide funding and arrangement to the students. The Directorate of the Distance Learning Australia supports the University in all the legal ways so that the students’ especially overseas students are able to get best possible learning opportunities.
For the new product development the social and political factors are extremely effective for the university. It gets ample support from the government to develop the online program that reduces the pollution. The social factors like employment opportunities are key to developing the online program.
The Marketing plan of the Online Management Program is launched for commercialisation that is effectively supported by the internal stakeholders. The company’s mission and vision statements are in line with the focus of developing the online program (Belz & Peattie, 2009).
Current Mission Statement of La Trobe University
The Mission Statement of La Trobe University is to provide quality higher education to serve the community of Victoria and the international communities from the economic, social and environmental context. The mission statement of the company is well in line with the way the organisation is promoting the online education program to prepare the overseas students to become successful professional managers and distribute the light of education (Rizvi, 2015).
La Trobe University was founded in the year 1964 with the focus of distributing higher education all across the Australia as well as to the international students and provides affordable education for the gradual growth and development of the organisation and the company has been keeping on the path with the distribution of higher education.
The company values its internal and external stakeholders and focus on having an effective relationship between them. The employees, upper management, customers and government are given priority which helps the organisation to understand the needs and wants of the stakeholders. The students are the major consumers and are considered as one of the significant partners for the growth and development of the institution (Kotler et al., 2015). On the other hand Employees are considered as advisors and a key stakeholder for smooth framing of the corporate governance. The strategic focus area of the University is in line with the main mission of the organisation that helps the organisation to develop a strong marketing plan for the launch of the online master of management program. The University is extremely focused on managing its resources ethically and takes responsibility to contribute towards the development of the environment. The organisation uses less paper and tends to do less work on paper and uses technology to communicate with students. With this focus the company has launched the online programs which has helped in using less physical resources and have helped to do the required job through technology. The organisation La Trobe University has always strived to add value with its products and recently launched product online master of management program has taken the responsibility of preparing students for the pragmatic challenge with the utmost care (Malhotra, 2011).
The Organisation mainly relies on its human resource which has become its key strength in the business. The University has trained staffs and teachers that have helped the university to focus on its objective of distributing higher education. The staffs are highly efficient and the financial strength of the company also supports its plan. The overall operating revenue of the organisation as calculated in the financial year of 2014 was AUD 673000 (Kotler et al., 2015).
Target Market Segments
The organisation La Trobe University has focused on targeting the youth segments especially the overseas students from different countries. The target segment of the product of La Trobe University is mainly divided by Psychographics. The Psychographic segmentation mainly helps the university to understand the culture, traits, and values of the consumers and accordingly frames the target market. It has helped the university to engage the students in designing and framing the course involving subjects like Innovation, project management and entrepreneurship. The product designed is an online master of management program which has helped the University to understand the nerves of student (Charlesworth, 2009). The students are interested in the product as the market trend has shown increased need of efficient employees. It is extremely important to mention that most of the students are interested to buy this product in this case the Master of Management course. The Main benefit of this course is it prepares the students with practical knowledge that helps the students to face the practical challenges as managers in a firm. The university target students all across the world which provides them with ample opportunity to develop its marketing communication (Goi, 2009). The Course of La Trobe University has become an effective course for the students since similar courses from different universities are quite expensive and as compared to the master of management course framed by La Trobe University. The Market Segment is Accessible as the organisation is able to communicate with the given market base (Lovelock, 2011).
The Product of the La Trobe University is different from the other competitors especially as compared to Monash University, RMIT University, and university of Melbourne. The Master of Management program from the La Trobe University is different since the University provides the right flexibility to the students especially the online management program. This program is competitive enough since the product is able to meet the needs of clients not only from a broader perspective but also with specialisation with subjects like Entrepreneurship, innovation and project management. On the other hand the course fee is also less as compared to the courses of University of Melbourne, RMIT and Swineburne University of Technology (Ng & Frobes, 2009).
Marketing Mix of La Trobe University
The product of the University that is online Master of Management program is effective and suitable for students aspiring to be management professionals in their career and its perceived quality lies in its offering. The course has effective offering in terms of subjects, durations and flexibility which is suitable for the overseas students and this stands to be one of the major advantages of this course.
The University has fixed the pricing in the premium level in order to prove its point as the program has a value equivalent to executive MBA and hence is effective for each and every aspiring manager. The premium pricing helps in getting the right kind of response from the students as well as the satisfaction for the consumers (Rizvi, 2015).
The course is ubiquitous since it is cloud based and hence extremely effective for students. It is important to mention that the overseas students are able to complete this course at ease which helps to gain competitive advantage in the market.
Promotion is done mainly with the help of internet. Web marketing and social media marketing is what the company is taking into account for the development of effective awareness for the course which has already created significant buzz in the virtual market.
The marketing communication is mainly done based on the internet and there are no legal restrictions as the University abides by the Education Law in the country that supports communication effectively (Kotler et al., 2015).
The present study has taken an opportunity to critically analyse the marketing program taken up for the educational program introduced by the La Trobe University. It has discussed the key aspects of marketing and has been able to cover up the objectives successfully.
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