Royal Melbourne Institute of Technology (RMIT) University is one of the renowned universities of Australia. It has been founded in 1887. It has started its journey as a private evening school for the working men of the society. Under the act of parliament of Victoria it has been converted into a public university in 1992. The university has played a major role in the industrial revolution of Australia. The university preserves rich cultural background. Being one of the leading and oldest universities of Australia, it possesses large number of students and experienced faculties. The primary objective of the university is to provide quality and efficient education to the students. The university is flourishing day by day. Some reports claim that RMIT has approximately 83,000 students from various parts of the world. Due its efficient service, RMIT has received many rewards. It has achieved 16th rank in QS World University Rankings. It provides specialized courses in accounting, IT and logistic, finance, business law, business education, architecture and design, health and biomedical and fashion and textile (rmit.edu.au, 2017).
The below mentioned article has concentrated on the marketing plan of RMIT University for 2018. It has enlightened various part of the marketing plan, such as- PEST analysis of the University, demand and market analysis, competitor analysis and so on. This plan aims at providing a vivid concept about an effective plan for the marketing purpose of the University.
Market summary is considered as a major part of a successful marketing plan. It covers almost all the crucial point of the market analysis to provide a vivid concept of the market situation. Market summary consists of demand analysis, target market analysis, market segmentation and demographic segmentation.
The university authority of RMIT University believes in unity and equality. According to the chancellor of the university, students are the major asset of their university. It possesses equal number of male and female students from the various parts of the world. It has a large number of international students along with many national students. According to the annual report of RMIT University, it has 46.3% foreign students. Annual revenue of the university is highly dependent on the foreign students. They contribute 50% of the total revenue of the university. The university is famous for its variety of courses. It offers many professional courses along with the general courses. It has many experienced faculty for each of their course. The university aims at establishing a bright future for their students. They always pay close attention to the each of their students and monitor their growth to ensure their well-established future. It is one of the major strength of the university that leads the university to put a remarkable footprint in the world.
Demand analysis signifies customer’s requirement and request for a particular goods or service. By demonstrating the demand of any product or service any organization can understand the market position of their organization and the impact of their product or service on the potential consumers. This demand analysis has illustrated the demand of RMIT University among the students from every corner of the world. In order to analyze the demand of the service of RMIT University a theory can be applied:
Potential no. of Buyers x average quantity purchased x times the price.
The average quantity refers to the tuition fees that have been paid by the students for each subject in each semester. The potential number of buyers signifies the total number of students of the university and the times the price refers to the total number of subjects per semester.
83,025 (Total students) x $3800 (average fees per subject) x 8 (four subjects for each semester) = 2.52 billion per year.
Market segmentation is one of the key elements of a successful marketing plan. It provides a transparent idea of the potential consumers and the buying behavior of the consumers to the business organizations. By demonstrating market segmentation, business organizations can identify a particular section of the market where they will be able to find maximum consumer for their goods or service. Market segmentation consists of four different sections, such as- behavioral, demographic, psychographic and geographic (Allen, Vella-Brodrick & Waters, 2017).
The university authority of RMIT provides various facilities to their students who choose science and arts as their specialization. The authority pays close attention to the benefit of their students and supports the intellectual and mental growth of their students. They maintain a peaceful and healthy environment in the university premises, so none of their student faces any kind of difficulty. The student’s union of the university plays an active role in the university and they always give warm welcome to the fresher students. The university authority often conducts various student surveys to identify the obstacles that students are facing in university which is highly beneficial to provide quality service to the students (Rani et al., 2014).
RMIT believes in gender equality. There are many male and female students of the university who come from the various parts of the world. RMIT University possesses almost equal male and female pupil. RMIT has become a pioneer that has shown a right path to other competitors to avoid gender discrimination (Zoolfakar et al., 2014).
RMIT University supports the holistic growth of their students. By providing professional courses they do not only encourage their students to pursue their favorite career. They also encourage their students to adopt a better standard of living. Australian society is known for its life style and professional attitude. RMIT University aims at bringing up their students in such a manner, so they can earn desired reputation in the society (Daeneke et al., 2015).
The location of the university is one of the major strength of the university. It leads its students to be involved in various kinds of extracurricular activities. It has become important for the universities in recent time to provide knowledge about the extracurricular activities. By considering the fact the authority of the RMIT University has established their university within 5km radius from the city in Bundoora which encourage their students to participate in the various kinds of physical activities (Areta et al., 2013).
Target market analysis is one of the key elements of the marketing plan. In this competitive era, it has become important for the every business organization to identify the target market and the potential consumers to defeat the rival organizations. It helps the business organizations to strengthen their quality so they can achieve their goal.
The target market of RMIT University is the undergraduate postgraduate students who want to pursue a career in engineering or in arts or science. Students who want to pursue their career in finance and other professional field are also considered as the target market of RMIT University. The University authority of RMIT has designed their courses to show the right direction to their target market (Vermeer et al., 2013).
National and international students both are target market of RMIT. The organization wants to put a significant footprint in the global market by drawing the attention of large number of foreign students. They provide many attractive courses that are capable of grabbing their attention (Kohli et al., 2016).
Australia is one of the renowned countries that possess political stable society (Chen, 2013). It political stability helps the business organizations to earn rapid growth. The stable political situation is responsible for the economic growth of the country. It has educated and multilingual workforce. It has given the country a stable economy and sophisticated environment for business. Political factors plays major role in the development of the business organization. It is not possible for any business organization to achieve success in a political unstable society. It will put a negative impact on the growth of the society. Australian stable political condition has stimulated the economic and holistic growth of the Australian business organization (Reinhardt & Porter, 2016).
Economic factor of the country plays vital role in the organizational development of any business organization (Teoh, Pourshafie & Balakrishnan, 2014). The tariff rates, price of raw materials, market price of any particular gods are some key factors that every business organizations needs to consider while expanding their affiliation into that particular country. Australia is known for its strong and stable economic infrastructure. The GDP of Australia has increased since past five years (Downes, Hanslow & Tulip, 2014). In fact it is higher than many other big countries, such as- United Kingdom, Germany and so on. The employment rate is remarkably high in Australia and the number of unemployed people is very low. The manufacturing industry is one of the major strength of Australian economy. The education level is also very high in Australia. Eventually that has increased the annual income of the country. At the same time it has influenced the growth of the business organization. Investors from the various corners of the world show their interest to invest in the Australian firms (Framework, 2013). Although, the financial structure of Australia is stronger than many other countries, the property price of Australia is higher than the economic rate of the country. However, due to high income capacity, natives do not face many obstacles due to high property price. This stable economic condition will work as a weapon for the growth of the RMIT University. The management will be able to provide huge variety of courses in reasonable course fee (Plumb, Kent & Bishop, 2013).
Australia is known for its high and sophisticated standard of living (Redmond et al., 2014). Due to have a high literacy rate, the society is free from many customs and barriers. Social factors play a major role in the organizational growth. It is often evident that many business organizations face various obstacles due to society. As literacy rate of Australian society is high, it has given a wide opportunity to the RMIT University to promote their brand in the society. The social structure is considered as an indicator of the demand of any product or service. In this scenario the demand of education and professional course is high in Australian Society. The Australian society is mainly divided into three segments, such as- working class, middle class and upper class. The demand of the professional courses among the working and middle class is remarkably high as they want to pursue their dreams by gaining professional knowledge (Clark & Maas, 2013).
The advancement of the technology has changed the social and economical and educational infrastructure of the Australia. In this modern era, it has become mandatory for the organizations to adopt new and innovative techniques to provide quality and efficient service to the potential customers. The emergence of technology has put a significant impact on the educational sector of Australia (Hunter, 2013). Various universities and schools of Australia are embracing new techniques such as- virtual learning, e- library, e-classroom to provide high quality education to their students. This has increased the interest of the students towards the educational system and schools and universities. This has provided a great scope to the RMIT University to adopt new technique to grab the attention of the students towards their courses (Ingram et al., 2016).
There are many other large universities in Australia that are giving tough competition to the RMIT University. The rise of these universities has led the management of RMIT University to face many difficulties. The major rival of RMIT University is – Swinburne University of Australia. The growth of this university has become one of the major threats for RMIT University (Wahl et al., 2016).
These competitors of RMIT University are also providing quality and efficient courses to the students and adopting new and innovative techniques to beat the population of RMIT University. The goal of this university is to increase the number of the total student and provide professional courses to them (Arkoudis et al., 2014).
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Strengths v Experienced and highly educated faculty. v Attractive Professional Courses. v Gender Equality. v Affordable course fees. v Healthy and peaceful University premise. v Active and Supportive Student Union. v Extracurricular Activities. |
Weaknesses v Arrival of many competitors. v Lack of flexibility in the organizational structure. v Weak marketing method. |
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Opportunities v Requirement of professional courses has increased. v Placement facilities. v Combination of conventional and modern educational process. v International scholarship |
Threats v Development of other technical universities. v Emergence of various other business schools. |
Value and brand positioning is important for every business organization to promote their products among the potential consumers. Being one of the renowned and leading universities of Australia, RMIT University offers various facilities to its students. It is considered as one of the progressive university which looks after the holistic development of the students. They provide various scholarships to the national and international students so they can avail their professional courses (Chrimes et al., 2013).
Marketing has become one of the great weapons for every organization to attract potential consumers. The organizational management uses marketing as a tool to promote their brand name among the potential consumers. Otherwise in this competitive era, it has become very difficult for any business organization to survive in the race of becoming the leading brand. The objective of the marketing of RMIT University is to draw the attention of national and international students to their course structure and organizational culture to increase the number of the student as well as enhance the profit margin (Horst & Miller, 2013).
The product of RMIT University is its variety of professional courses, such as- finance, engineering, health and nursing care and so on.
In this scenario the price of the product refers to the course fees. The course fee must be reasonable enough so students from every background can easily avail it. The organizational management must set a standard fee for each subject.
The university authority can use new media as well as traditional media for their marketing purpose. The can create various kinds of lucrative advertisements to grab the attention so the students from the various parts of the world (Goldingay et al., 2013).
The university management can conduct various promotional events in the high schools. This place will be appropriate to draw the attention of students who wants to chase their dreams.
The organizational management must strengthen their communication skill with the students and the parents. They can use social networking sites to connect with their target market. Although, it is not possible to interact with each of the consumers face t face, they can use blog and social media to resolve all the queries to their students. This will give benefit to the RMIT University to beat the rivals (Pousti et al., 2013).
It is important to make a proper budget for the promotion in the media. It will give a transparent idea to the organization to establish a proper marketing plan. RMIT University must provide 45% of their total marketing budget for social media marketing. 10% for the email and 30% for the content and rest of the amount for search engine optimization.
By constructing an effective marketing plan after analyzing market situation and market demand it can be expected that the University will be able to reach to the maximum number of consumers and it will be able to remain the leading technical university of Australia.
At the same time, by increasing the student number of the University, RMIT University will be able to influence the profit margin.
Conclusion:
As per the previous discussion, it can be concluded that the RMIT University is capable of accomplishing the requirement of their potential consumers. However, the authority of the university must strengthen their communication skill to interact with the students and their parents to reach to the organizational goal and meet the expectation level of the consumers.
Reference:
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