Globally business embraces the changes happening around their operation due to changing customers need and wants. Therefore, an organization providing products or services should be able to understand various market targets and provide them with their preference services. Thus, assessing the demand of customer is vital so as to increase market share and improve return on investment. Employing appropriate market mix is of the essence; enables better product differentiation and market segmentation (Kotler & Armstrong, 2012). Several models have come up to assist the marketer of the organization in understanding the ever-changing business operation. Incorporating together this design; pestle analysis and SWOT analysis enables a proper understanding of internal and external factor surrounding the firm.
Demand assessment
Before the introduction of the product or service to the market, it is important to analyze the market regarding type and number of customers. It is important during the analysis to do market segmentation so that you know the kind of customer you have. A market survey is crucial which can take in the form of questionnaires or interview (Kotler & Armstrong, 2012). The organization should divide segment according to the geographical location, age, and income and education level. After the marketing survey and research, intensive marketing through either niche, mass, online and direct marketing follows. Marketing survey and analysis should show the future and current prospect of the business.
Segmentation and Target market
Target market refers to the place where companies sell their products and services. Income, lifestyle and geographical location determine the preferences consumers have towards the service and product. Market segmentation, enable marketer through their advertiser to get information on how to provide services and segment the market to cater for the needs. (Kotler & Armstrong, 2012). Demographic segment the customers according to the gender, education, occupation, and race. Geographical segmentation deals with location, climate, and region with different kinds of person. Psychographic segmentation entails lifestyle attitudes, values, and religions (Marshall & Johnston, 2011). Finally, the behavioral segmentation deals with customer’s loyalty towards products and services. Therefore the market target determines the frequency of satisfying customers want.
Current marketing mix analysis
To pursue marketing objectives, certain tools of marketing comprising marketing mix must in place. Product, price, product and place include the first 4P’s of marketing mix. In service sectors such as education we can add 3P’s consisting of peoples, process, and physical environment.
Price
Price is the amount customer pays to acquire services or product which can be effort or time in nature. Therefore prices should be in consideration of customer value for the services. And so price being the variable having an implication, proper pricing setting and pricing strategy crucial.
Products
The product refers to anything that satisfies consumers which can be intangible in the case of provision of services, experiences, and ideas in the CQ University. Therefore branding, product assortment and guarantees, and warranties are of the essence.
Promotion
Promotion refers the way producers communicate with the target consumers. Promotion can either through direct sales, promotion, sales promotion and advertisement.
Place (distribution)
To achieve place marketing mix, intensive, exclusive and selective distribution should be done. Customers should assess the services and product where they need them. The place can be in term of geographical distribution or retail outlet. Thus, distribution is where business carries it operation.
Peoples
When peoples are the product, then perception and reputation tell a lot regarding the organization .For that reason the organization such as campus should treat their employees well and more importantly their student.
Process
Process Refers to the set of activities to deliver services to the consumers. Process are the sequences of the tasks to complete a particular work.
Physical evidences
It refers to the facilities, furniture, and machine comprising of non-human factors. The services student gets are part of the nontangible goods such as education and experience
PEST analysis
Pest analysis includes social, economic and technology comprising macro-environmental factors that help in the environment scanning (Kotler & Armstrong, 2012). Pest analysis is necessary for strategy management to understand market growth, the position of the business and its potential business operation.
Political factors
These include the labor laws, tax policy, political stability, trade restrictions, and environmental laws (Jackson & Shaw, 2010). Usually political can either be positive or negative. Positive political factors include having an impact on the infrastructure, education and health sectors.
Economic factors
These factors affect how the business operates its operations. Examples of the economic factors include interest rates, exchanges rate, and inflation rates (Mooradian, Matzler, & Ring, 2012). Therefore economic factors determine how the company work, growth, and expansion.
Social factors
Social factors include the population growth rate, age distribution, attitudes, personality, and health. High social status affects demand for the company’s provision of services. Therefore companies should change management styles to correspond to the social trends.
Technological factors
Embracing technology can assist in the provision of the service to the education sector. Technology advancement: research and development, automation, and the rate at which technology changes. Hence technology will lead to the creativity and innovation.
Legal factors
Health and safety, employment, consumer law and discrimination laws comprise the legal factors; this affects how the company provides its products, its cost and area of operation.
Environmental factors
These include climate change and weather that impact how the how the company provides its products. Combining analysis of PEST analysis and external microenvironmental are the opportunities and threats in the SWOT analysis strengths, weakness, opportunities, and threats
Analysis of competitor and competing brand
Porter’s fivers forces define precisely the evaluation of the environment, direct or indirect competitor and the substitutes.
Threats of new entrants
Government policy and capital requirement can affect the rate of participants. Economies of scale and product differentiation can also influence the rate of new entry to the market (Michaux, Cadiat, & Probert, 2015).Customer’s loyalty, brand equity, access to distribution and retaliation from the chief providers of service can affect the new entry.
Threats of the substitutes
It happens when two organizations offer the same kind of services and product. For example, the engineering course of CQU and Melbourne University is two services provided by the same institute. Therefore the consumers will have to make a decision which institute offers the best engineering. Additionally, users can base their selection process through cost-effectiveness and how effective do they provide services.
Bargaining power of customer
Bargaining factors rely on the availability of information, dependency on the channel of distribution, availability of the substitute services, price sensitivity and concentration of the buyer to some firms offering the services.
Potential factors are the presence of alternatives, the channel of distribution, the presence of labor unions, supplier concentration compared to the entity and impact of cost and differentiation.
Industry rivalry
Two or more industries having the same capacity and occupying large market segment are likely to show both fair and unfair competition (Baker, 2014). The way one keeps going is either through extensive market research and advertising, innovation of new product, online and offline strategy and robust competitive strategy.
SWOT analysis
Strengths are the business characteristics that give an advantage over the other competitors. Weakness shows the activities that competitors are doing that you are not (Hitt, Ireland, & Hoskisson, 2017). Opportunities refer to the section that business can venture in and come as result of competitor unable to satisfy the location. Finally is the threats; these are factors that can protect the operation of business, for example, the government regulations. SWOT analysis is used in the education sector to assist in the decision making process (Kotler & Armstrong, 2012). Therefore both pestle and SWOT analysis can be used to analyze business objectives regarding the trade and environmental factors.
As earlier mentioned, strengths comprise the internal factors such human and physical resources, financial, activities and business reputation.
Opportunities and threats are external factors constituting a future trend in the culture, the source of funds, demographics, physical environment, the economy, and legislation. Hence, SWOT analysis can explore new solutions to problems.
CQC have a demand driven system as a result of using online courses to reach to the customers. CQU have formed a partnership with technical institute so as to increase their market share. Additionally, they have best and highly trained professor. “Professor Kerry who introduced high imaginative technique (KRS simulation) which medical field uses up to date (Buckley, Burton, & Mirza, 2016). Extension of market share both locally, nationally and internally has led to campus increase its student intake
The weakness of the CQC is that they can look another source of income rather than rely on the government funds. Due to stiff competition, a university such as Melbourne has better accommodation facilities comparing with CQU.
Opportunities available for the CQU are that can it can fund the courses with lower turnout and also sponsor a student from the marginalized place.
Threats of CQC are that new environment policy put in place can affect the operation of the campus (Buckley, Burton, & Mirza, 2016). CQU University is also experiencing competition both locally and internationally.
Brand positioning refers the reason consumers prefers your products over the others. Brand positioning should be unique and distinctive to that of the customers. Brand should be uniform in all geographical location and consistently available in case customer requires it. Achievement of an individual or niche market is delivering by the client’s opinions and views. Creating brand image entails identifying and determining similarities and differences of service or good available (Buckley, Burton, & Mirza, 2016). The Strong positioning of the brand explains to the marketer the uniqueness and competitiveness nature of the brand.
Conclusion
Apparently, the business operation will lead to fails if no proper clear marketing plan is. It is important to provide the service or product that customers expect to get. CQU has done a lot regarding target market. Brand and value are of value; so as to satisfy the client hence retain existing and capture a new customer. Market share is what command the business operation. Expanding the market segment like the case of CQC when it opens new campus abroad thus will enable expanding their market share locally, nationally and internationally.
References
Baker, M. (2014). Marketing strategy and management. Palgrave Macmillan.
Buckley, P., Burton, F., & Mirza, H. (2016). The strategy and organization of international business. Springer.
Hitt, M., Ireland, R., & Hoskisson, R. (2017). Strategic management: Competitiveness & globalization. Boston: Cengage Learning.
Jackson, T., & Shaw, D. (2010). Mastering fashion marketing. Basingstoke: Palgrave Macmillan.
Kotler, P., & Armstrong, G. (2012). Principles of marketing. Boston: Pearson Prentice Hall.
Marshall, G., & Johnston, M. (2011). Essentials of marketing management. New York, NY: McGraw-Hill/Irwin.
McMillan, G., Kinnear, S., & Babovic, N. (2015). Comprehensive universities and the role of the national TAFE system. About the research, 16.
Michaux, S., Cadiat, A., & Probert, C. (2015). Porter’s Five Forces. Namur: 50Minutes: 50Minutes: 50Minutes.com.
Mooradian, T., Matzler, K., & Ring, L. (2012). Strategic marketing. Boston: Pearson Prentice Hall.
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