Discuss about the Building Corporate Brands and Strategic Alliances.
The marketing management plays an important role in the success of a company and in improving the revenue generation of an organization (Kotler et al., 2015). It is important for capturing the market in a limited span of time and monitors the demands of the customers (Kotler et al., 2015). The managers are responsible for identifying the current trends and convert them into suitable opportunities. The aim of this report is to critically analyze the competitive and marketing environment of the CQ University based in Australia. It would discuss the marketing environment of the university and evaluate different kinds of external opportunities of the University.
CQ University Australia emphasis on engagement excellence and the equity, which has led to its phenomenal growth in terms of new campus, number of students, infrastructure, reputation and impact of the research (Cqu.edu.au, 2017). It is considered as one of the greatest universities of Australia and it was found in the year 1967. It was accredited full “university” status in the year 1992. The University has several campuses in and around Australia such as Brisbane, Cairns, Mackay, Sydney, Emerald and others (Cqu.edu.au, 2017). In the year 2014, the CQ University merged with CQ TAFE, which has brought more than 175 years of experience in the education and training delivery (Cqu.edu.au, 2017). The University has highest ratio of the students belonging to low socio-economic, Aboriginal and mature age backgrounds. The Marketing Directorate aims to generate more interest in the University and responsible for the recruitment of the students. It also aims to make the University a better brand (Cqu.edu.au, 2017). The University provides support as well as advices to all the faculties as well as various divisions.
There are over 15.7 million people in Australia, who belong to the age group of 15 to 64 years (Abs.gov.au, 2017). Approximately 1 in every 5 people was enrolled in some form of formal study. A majority of the teenagers between 15 to 19 years old were enrolled in some form of study. In the year May, 2016, around 25% of the people (15-74 years of age) shared that their highest level of their educational attainment is Year 11 or below (Abs.gov.au, 2017). Only 41% of the people reported having a Bachelor degree or above qualification (Abs.gov.au, 2017). This is a low figure, which implies that there is a need to increase the number of educational institutions imparting higher education courses (Abs.gov.au, 2017). The people with higher levels of education are more likely to be employed while the persons with basic qualifications would find it hard to find an employment option (Hollensen, 2015). Australia has been through profound structural shift in the past few years. The Australian economy would strive to evolve more in the coming years as part of demographic and economic developments.
The University engages in a combination of both mass marketing and target marketing. In mass marketing, the University primarily follows differentiated marketing tactics. They offer specialized courses such as Business, Accounting, Education, Engineering. Health, Science and Environment, Transport and others (Cqu.edu.au, 2017). The primary target market for the University is the teenagers between the age group of 15-24 years and comprises of domestic, international students (Cqu.edu.au, 2017). The admission process of the University is based on their educational background as well; as their level of education (Cqu.edu.au, 2017). The secondary target market of the University includes the single mothers, middle aged persons, apprenticeships and trainees (Ehrenberg & Smith, 2016). The University follows segmentation based on the differential marketing techniques. In this kind of target marketing, the University concentrates on two or more different market segments and tries to promote their brand within these segments (Cqu.edu.au, 2017).
The University offers wide variety of subjects for the students based on their level of experience and their educational background (Cqu.edu.au, 2017). There are different courses provided to the students such as Creative, Performing, Visual Arts, Engineering, Information Technology, Science and Environment, Service Industries, Transport Services, Psychology, Health and others (Cqu.edu.au, 2017).
The price of the educational courses is affected by a number of factors such as placement, competition, service quality, institution’s reputation, facilities provided, education mode, institution brand name and others (McMillan, Kinnear & Babovic, 2015). The University provides loan facilities to aid the students.
The University offers both full time courses and distance courses for the convenience of the students. CQ University is known as the best providers of flexible training and education content, which provides hundreds of educational courses (Cqu.edu.au, 2017). It also provides on-campus courses which involve “face to face” classes which are carried out in weekly basis (Cqu.edu.au, 2017).
The University aims to achieve brand management, creative production and engage in the creation of advertising booking as well as recruitment campaigns (Cqu.edu.au, 2017). The University also engages in the digital marketing strategies, which involves integration in the digital media platforms (Cqu.edu.au, 2017).
Australian Government aims to contribute to the creation of international sustainable education sector. The Commonwealth has recommended an increase in the budget for schools in and around in Australia (Khanna, Jacob & Yadav, 2014). However, the NSW government has announced a cut in the budget for public schools as well as non-government school sector (Khanna, Jacob & Yadav, 2014). The TAFE sector is facing funding cuts which has fostered increased competition in the private education provider.
The international education sector has major contribution in the Australian economy through the process of migration of skilled labor (Daley, McGannon & Hunter, 2014). There are several students who prefer to reside at Australia for the purpose of completion of their studies. The higher education sector in Australia comprises of the 37 public as well 2 private institutions and 150 “non-self-accrediting” higher education institutions in the country (Daley, McGannon & Hunter, 2014). There is an average 4.7 percent increase in student enrollment every year (Abs.gov.au, 2017).
The social factors include the different demographic changes such as number of admissions, inability to attract suitable manpower, changes in educational qualifications and demand of specific courses (Demediuk & Armstrong, 2014).
These include the changes in the equipments or standards required in the University such as computer systems, IT lab, projectors, multimedia and others that help in the dissemination of learning. The technological advancements and the level of technology adoption determine the level of competitiveness of the University.
CQ University faces tough competition from its rivals who are operating in the same market and caters to the same target market (Nelson, 2015). Some of the close competitors include University of Sydney, University of Melbourne, Charles Darwin University, University of Queensland, Charles Sturt University, Southern Cross University and others (Nelson, 2015).
The strengths of CQ University includes that it has full time faculty who use to take most of the classes at both the graduate as well as undergraduate levels (Cqu.edu.au, 2017). It has world class curriculum which is at par with the industry standards (Nelson, 2015). It has accessible location and provides loan services to the students for aiding them in the payment of the fees.
The University has less funding in some of the departments and they lack financial support for the support of the faculty scholarships (Cqu.edu.au, 2017). They have degrees of understaffing in some of the departments.
There are innumerable opportunities in the intellectual enrichment of the students coming from diverse backgrounds (Cqu.edu.au, 2017). The University can engage in more partnerships with the local employers so that the students can be placed at their final year.
There is reduced government funding, risk of losing qualified faculty and the increasing competition from the different educational institutions of Australia (Nisar, 2015). There is a similar university which offers similar educational courses, which may affect the revenue generation of CQ University.
CQ University engages in connecting with the stakeholders or the communities by maintaining strong partnership relationships that are productive. The brand positioning is done with the help of spreading reputation and trustworthiness of the brand- CQ University is responsible and professional institution (He & Balmer, 2017). The brand places itself well among their target audience and has strong brand associations.
Conclusion
The marketing environment of CQ University is determined along with the comprehensive marketing plan. The market summary as well as demand assessment of the University is being done. The segmentation as well as target market of the University is being done. The current marketing mix analysis is done along with the analysis of the external environment. The PEST analysis and the SWOT analysis of the University are done followed by the brand positioning analysis. This report would broaden the understanding of the marketing tactics of CQ University.
References
Australian Bureau of Statistics, Australian Government. (2017). Abs.gov.au. Retrieved 28 March 2017, from https://www.abs.gov.au
Daley, J., McGannon, C., & Hunter, A. (2014). Budget pressures on Australian governments 2014. Grattan Institute, viewed, 21.
Demediuk, T., & Armstrong, A. (2014, March). Context of Higher Education and Its Implications for Quality Teaching: An Australian Perspective. In Journal of the World Universities Forum (Vol. 6, No. 3).
Ehrenberg, R. G., & Smith, R. S. (2016). Modern labor economics: Theory and public policy. Routledge.
He, H. W., & Balmer, J. M. (2017). Alliance Brands: Building Corporate Brands through Strategic Alliances?. In Advances in Corporate Branding (pp. 72-90). Palgrave Macmillan UK.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Home – CQU. (2017). Cqu.edu.au. Retrieved 28 March 2017, from https://www.cqu.edu.au
Khanna, M., Jacob, I., & Yadav, N. (2014). Identifying and analyzing touchpoints for building a higher education brand. Journal of Marketing for Higher Education, 24(1), 122-143.
Kotler, P., Keller, K. L., Manceau, D., & Hémonnet-Goujot, A. (2015). Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice Hall.
McMillan, G., Kinnear, S., & Babovic, N. (2015). Comprehensive universities and the role of the national TAFE system: the CQUniversity context. About the research, 16.
Nelson, R. R. (2015). The rate and direction of inventive activity: economic and social factors. Princeton University Press.
Nisar, M. A. (2015). Higher education governance and performance based funding as an ecology of games. Higher Education, 69(2), 289-302.
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