Target Market, Segmentation & Demand Assessment
Company or any other organization offers and delivers the particular product to the particular group of customers in order to meet their requirements is known as target marketing. Under this term, company analyzes the requirements of the particular segment of public to deliver them satisfactory products and services. The same technique is adopted by the CQ University to attract the students who have completed their schooling and searching for better university for bachelor and master’s degrees. CQ University offers a wide range of courses and delivering knowledge including practical as well as theoretical is their motive (Altbach & Salmi, 2011).
CQ University mainly set its target for students who have gained the higher education qualification and the students who have completed their graduation degrees. They have also introduces some new practical and professional courses for those students whose command over the theoretical subjects are not adequate.
CQ University’s marketing team evaluated some other factors such as number of students is not able to get admission in Universities for advanced courses because of lack of financial resources. To resolve this issue, CQ University has introduced many scholarship programs to provide opportunities for the talented students who can take the university at next level through their performance and achievements. Along with these scholarship programs, they have also introduced distant learning facility through which students who are not able to reach to the university can gain the knowledge at their doorstep (Sallis, 2014).
This analysis is done to evaluate the factors present in the external environment to achieve the adequate objective through making appropriate measures to deal with those factors. This analysis includes Political, Social, Economic and Technical factors of the business environment. Under this analysis, methods to deal with these factors will be determined (Yüksel, 2012).
Political factors include amendments made in the existing educational policies through which university’s work got affected as per this scenario. Launching new policy regarding the rules and regulations for the betterment of the educational industry could also bring negative results.
For smooth running of the university, CQ University follows all the regulations, rules and policies developed by the Australian Government. Ignoring those policies could bring negative impacts over the organization’s working procedure hence to avoid these kinds of glitches, political factors should be considered.
Economic factors include the interest rates, growth rate, fees of the courses, etc. CQ University needs to evaluate these factors because increasing or decreasing in those factors would directly influence the fees of the courses offered by the University. Hence, this will create burden over the students and on their parents and to avoid this situation, CQ University should adopt certain methods and techniques to avoid this burden from students.
Social factors include the behavior, society’s issues, market trends, etc. Parents who invest a lot in their children’s education and they expect a good return against those investments. Along with the CQ University, other universities should also consider this factor and as per this, adequate knowledge and information should be provided to the students that help them to set up their best career.
This affects the performance and results of the organization because in modern world, education system is being based on the usage of trending and advanced technologies. In the scenario of CQ University, using outdated technologies could bring negative impact over the organization’s business and competitors will also get advantage over this.
Under this technique, strategies follows by the competitors of Central Queensland University will be determined to build more effective strategies for maintain the peak position in the educational industry. In this certain few factors will also be discussed like effect on the price of the services, courses offered to the students, etc.
Charles Strut University i.e. CSU is the biggest competitor for the Central Queensland University as they have the very huge number of students enrolled with them. The numbers of students are enrolled with CQ University, twice the numbers of students are enrolled with the CSU. The advantage with the CQ University is they have more number of students from CSU in distant learning program. Fee structure of the CSU is very high and it is not affordable for all categories of students and CQ University’s marketing team is enhancing their features in the new marketing plan so that more number of students could get enrolled with the CQ University (Kelley, et. al., 2015).
Ranking of the CSU is also lesser than the Central Queensland University and for maintaining the same position in the educational industry and to grow rapidly to gain the same number of students as CSU, they should make and implement the effective marketing plan with adequate marketing strategies (Munteanu, et. al., 2010).
As per this analysis, CQ University will gather the required information in relation to other competitors brands as Victoria University, Australian Catholic University, etc. As per this study, CQU could adopt more advanced techniques to beat them all and rest their experience faculties will perform in serving and delivering world class education to the students.
It is a method which is commonly used while building effective marketing plan for any organization. In this method, variety of factors will be discussed which affect the working procedure of the organization. SWOT analysis includes, Strengths, Weaknesses, Opportunities, and threats of the organization. Below is the brief discussion of SWOT analysis of the CQ University (Helms & Nixon, 2010).
· CQ University has a number of 35,000 students from all over the world.
· They have highly qualified and experienced faculty team for delivering world class knowledge that helps the students to build their career stronger.
· Offering education through internet mediums such as distant learning programs are also being the effective strength of the CQU.
· Affordable and adequate course fees in comparison with its competitor brands.
· Rank of the CQU is much higher than its main and big competitor i.e. from CSU.
· Student’s graduates from the CQU are more potential and successful in outside the world in comparison to other Australian University (Friesner, 2011).
· Less number of students in comparison to its competitors.
· Numbers of courses offered by the competitor universities are more than the CQU.
· Lack of administrative control over the activities performed within the university is big cause for CQ University as students are not obeying the rules and regulations of the university.
· Separate policies should be build up by the marketing team to control the unethical practices follows by certain students to avoid the pause in other student’s education.
· CQ University has the opportunity to gain more number of students by providing them better environment.
· Offering extracurricular activities also attracts the students.
· Student’s feedbacks and reviews should be considered while taking any decision in the favor for the university to make them realize that university takes care of their students.
· This will increase the confidence level of the students and they could get more success in their life (Wu, et. al., 2013).
· The most and biggest threat for the CQ University is being outdated from the expectations of the students.
· Outdated techniques could not be able to attract other students infect the number of students are enrolled with the university would also switch other university (Schroeder, et. al., 2010).
Every organization has some weak parts and some strong points that organization will survive for long run that learns to get overcome from its weaknesses. The chances for converting weaknesses into opportunities and make them strengths for the organization should be effectively used. Marketing plan for 2018 should introduce some effective techniques through which weaknesses of the organization could be converted into strong points for the CQ University for achieving better results.
Value & Brand Positioning Analysis
This is technique is used by the CQ University to promote its new launched courses along with the services offered to the students under the name of the University. Central Queensland University has effective reputation across the Australia and other parts of the world too. Using goodwill of the organization for promoting new features is known as value positioning. This procedure shows the actual value of the organization amongst the education industry. In this method, ways to provide knowledge will also be determined along with this method, ability to achieve aim for the organization will also be extracted through performing this technique(Wenger, et. al., 2011).
Logo of the CQ University which also comes under the brand positioning technique shows three different colors i.e. sky blue for being natural, solid green for being lively, and blue for making fertile surrounding within the university premises. Main aim of the organization is to overcome from its weaknesses and effective utilization of strengths could helpful in desired objectives for the organization (Keller, et. al., 2011).
CQ University is known for following all the rules and regulations of the educational industry and through these moralities; they have developed effective position amongst the Australian government, within the society, and most importantly within the students so that they can rely upon the educating pattern of the CQ University (Stromquist & Monkman, 2014).
Marketing aim and promotional objectives for 2018
Marketing aim of the Central Queensland University is to beat its competitors through getting desired objectives. CQ University is being struggled with strategies adopted by the CSU to reduce the new enrollment of students in CQ University. Marketing plan also includes this point and for maintaining its adequate position in the educational industry, management of the organization has asked its marketing team to build an effective marketing plan (Greer & Ferguson, 2011).
Promotional objectives of the organization include achievement of the desired goals, adequate position in the education industry, success of the marketing plan, etc. For making all these true, marketing team promoted their new courses launched within the institute as well as by distant learning programs through different advertisement and promotional mediums. Promotional objective also includes spreading awareness in those areas regarding the university and for different educational courses. It could be done through electronic as well as through print medium of advertisement. Print medium of advertisement and promotion includes newspaper advertising, pamphlets, magazine advertising, etc. And electronic medium includes promotion through internet, social media platforms, television, etc.
Promotional objective of the University could also be achieved through sponsoring any important or certain event as this method is in trend these days. Implementation of these techniques will help the CQ University to achieve adequate and effective objectives (Kapferer, 2012).
Marketing mix is used by the marketing team to build effective marketing plan as this has the number factors involved in it. Alternatively this technique is also known as four P’s which are product, price, place for distribution and promotion. Important features of product and services are discussed under this method through determining important features in relation to the four P’s of the University (Peter & Donnelly, 2011).
Central Queensland University offers a wide range of professional and graduation courses which acts as the products for the CQ University. These products offered by this university is also offered by its competitors and for being separate amongst its competitors, marketing team has made unique plans. Providing knowledge through scholarship programs and through distant learning programs also included in the product of the University (Mindtools, 2017).
In the educational industry, price does not affect much because generally parents and students do not make compromise while selecting university, school, and college for attaining certain objectives. But still there are students that are much more talented to get admission for higher studies but due to lack of financial resources they are not able to take admissions, hence to remove this gap, CQ University has set up adequate prices for their professional courses and scholarships programs are launched (Aaker & Joachimsthaler, 2012).
CQ University has developed many centers across the Australia for delivering the expertise knowledge amongst the students who are enrolled. Place of distribution describes the medium through which the product will reach to the consumers. CQ University has also launched distant learning programs for the distribution of various learning courses (Marketingteacher, 2017).
CQ University has its own platform for advertising and promoting the different courses through official website, internet media such as social media platforms, etc. Promotional campaigns are also used by CQ University to introduce innovative courses across the globe and promotion through print and electronic mediums are the basic elements for promotion of the any product or business launched in the business industry.
Competitive Strategies help the organization to determine its adequate position in the market. This position could be evaluated through various techniques such as cost leadership, differentiation, low cost focus, etc. These are the basic methods which are used under the term competitive strategies (Tavitiyaman, et. al., 2011). CQ University uses this strategy to evaluate its position in the education industry and ranking position amongst its competitors. Below is the description of different aspects of competitive strategies:
Under this technique, organization performs its activities being cost effective. CQ University utilizes its own resources to avoid adaptation of external resources for making courses more effective. For matching up the level of the education industry, adaptation of the latest techniques in relation to the teaching aids, laboratory equipment’s, etc. This strategy will bring results in the favor of the University and this will reduce the burden of loans and advances from the University.
This approach is based on building unique and effective position of the University in the market. These help the university to approach to students from various segments and for those who cannot afford to pay fees are also provided with adequate scholarship programs. Adaptation of advanced technologies, offering unique services, providing better and ethical environment for getting education are also acts as the features of this approach (Huselid & Becker, 2011).
Low cost Focus
This strategy is quite similar to the Cost Leadership strategy of competitive strategy. They both act on the same platform of reducing cost in adequate manner. The main difference between these two approaches is, low cost focus approach could be implemented on particular segment of the market whereas cost leadership could be implemented on the market as a whole (Snaith, 2013).
Media and Budget allocation for 2018
Financial team and marketing team of the CQ University need to evaluate all the available resources. This activity is performed to evaluate the requirements of the funds by the departments of the university. Media allocation includes the determination of the aspects of the university to be introduced in the market through promotional techniques. Adapting latest methods for promotion will cost a bit high and this could be performed with the allocation of funds by the financial department of the organization.
Budget of the university should be set as per the requirements of the students enrolled with the university. After fulfillment of the students’ requirements, extra funds could be extracted from the university in the form of profit. Most of the funds should be used by the financial team to introduce new technologies in the premises of the organization (Paulden & Claxton, 2012).
Above report concludes various marketing strategies for building an effective and suitable marketing plan for the CQ University. It has been ranked highest amongst its competitors in terms of delivery qualitative education to their students. For achieving better results and for achieving a desired number of students in coarsen to the CSU, effective marketing plan builds up on the demand of the management and directors of the university. CQ University is very effective in delivering knowledge for various courses through distant learning approach. This approach is being effective and for the betterment of the university, this was introduced. As per the distant learning programs, highest number of students is enrolled with CQ University. For matching up the level of education through advanced techniques, marketing team has evaluated and adapted those too in the basic performance of the university.
Aaker, D. A., & Joachimsthaler, E. (2012). Brand leadership. Simon and Schuster.
Altbach, P. G., & Salmi, J. (Eds.). (2011). The road to academic excellence: The making of world-class research universities. World Bank Publications.
Cooney, R., & Long, M. (2010). Vocational Education and Training in Australia. The evolution of a segmented training system. International Journal of Training and Development, vol. 1 (1), pp. 34-48.
Friesner, T. (2011). History of SWOT analysis. Marketing Teacher. com.
Greer, C. F., & Ferguson, D. A. (2011). Using Twitter for promotion and branding: A content analysis of local television Twitter sites. Journal of Broadcasting & Electronic Media, vol. 55 (2), pp. 198-214.
Helms, M. M., & Nixon, J. (2010). Exploring SWOT analysis–where are we now? A review of academic research from the last decade. Journal of strategy and management, vol. 3 (3), pp. 215-251.
Huselid, M. A., & Becker, B. E. (2011). Bridging micro and macro domains: Workforce differentiation and strategic human resource management.
Kapferer, J. N. (2012). The new strategic brand management: Advanced insights and strategic thinking. Kogan page publishers.
Keller, K. L., Parameswaran, M. G., & Jacob, I. (2011). Strategic brand management: Building, measuring, and managing brand equity. Pearson Education India.
Kelley, L., Sheehan, K., & Jugenheimer, D. W. (2015). Advertising media planning: a brand management approach. Routledge.
Marketingteacher, (2017), Marketing Mix, Assessed on 28th May 2017, https://www.marketingteacher.com/marketing-mix/.
Mindtools, (2017), The Marketing mix and the 4ps of marketing, Assessed on 28th May 2017, https://www.m4p’indtools.com/pages/article/newSTR_94.htm.
Munteanu, C., Ceobanu, C., Bobâlc?, C., & Anton, O. (2010). An analysis of customer satisfaction in a higher education context. International Journal of Public Sector Management, vol. 23 (2), pp. 124-140.
Paulden, M., & Claxton, K. (2012). Budget allocation and the revealed social rate of time preference for health. Health economics, vol. 21 (5), pp. 612-618.
Peter, J. P., & Donnelly, J. H. (2011). Marketing management: knowledge and skills: text, analysis, cases, plans. Plano: Business pub., INC.
Porter, M. E. (2011). Competitive advantage of nations: creating and sustaining superior performance. Simon and Schuster.
Sallis, E. (2014). Total quality management in education. Routledge.
Schroeder, A., Minocha, S., & Schneider, C. (2010). The strengths, weaknesses, opportunities and threats of using social software in higher and further education teaching and learning. Journal of Computer Assisted Learning, vol. 26 (3), pp. 159-174.
Snaith, H. J. (2013). Perovskites: the emergence of a new era for low-cost, high-efficiency solar cells. The Journal of Physical Chemistry Letters, vol. 4 (21), pp. 3623-3630.
Stromquist, N. P., & Monkman, K. (Eds.). (2014). Globalization and education: Integration and contestation across cultures. R&L Education.
Tavitiyaman, P., Qu, H., & Zhang, H. Q. (2011). The impact of industry force factors on resource competitive strategies and hotel performance. International Journal of Hospitality Management, vol. 30 (3), pp. 648-657.
Wenger, E., Trayner, B., & De Laat, M. (2011). Promoting and assessing value creation in communities and networks: A conceptual framework. The Netherlands: Ruud de Moor Centrum.
Wu, H. K., Lee, S. W. Y., Chang, H. Y., & Liang, J. C. (2013). Current status, opportunities and challenges of augmented reality in education. Computers & Education, vol. 62, pp. 41-49.
Yüksel, I. (2012). Developing a multi-criteria decision making model for PESTEL analysis. International Journal of Business and Management, vol. 7 (24), pp. 52-66.