Marketing For Implementing The Market Strategy

Strategic Aims of the University

Discuss about the Marketing for Implementing the Market Strategy.

Basically, the main purpose of conducting this research paper is to analyze concepts, role and importance of marketing. In addition, this research would also provide a detailed critical analysis of new product namely “Master of Management online” by the La Trobe University Australia.  Additionally, the market analysis would also be conducted of marketing programs for the latest consumer product. On the other hand, competitive analysis would also discuss along with the score aims of the university. Along with this, this research paper would also provide the discussion about the main competitors of the La Trobe University in the Australia. In the same way, with the help of competitive analysis, Master of Management online program’s competitive positioning would be analyzed. Moreover, this study would also concentrate on the various elements of the marketing plan. Along with this, it should also be noted down that, this paper would also develop a clear understanding in the minds of the readers and students about how to develop a marketing plan for the success in the education sector. Finally, the secondary sources of information would also used in the context of this research study in order to fulfill the aims and objectives of the research paper.

The key vision of the university is “advancement and execution of a system of exploration that has any kind of effect to the prosperity of a different scope of more seasoned individuals living in country groups. In addition to this, the following are the major aims/objectives of university, for example,

• Lead exploration and development identified with rustic matured consideration workforce and wellbeing conveyance activities
• Promote interdisciplinary and between institutional cooperation in creating, testing and executing proof based human services conveyance answers for more established individuals in country zones (La Trobe University, 2016).
• Establish a main country place for distinctions, and postgraduate exploration preparing in rustic matured consideration workforce and wellbeing conveyance activities
• Equip understudies with the instruments and aptitudes important to create thoughts, to lead and to oversee authoritative exercises crosswise over corporate, government and not-revenue driven divisions, and in little, medium and extensive scale ventures.
• Produce, from an enhanced admission, graduates very much grounded in science, innovation and designing, equipped for addressing the necessities of society
• To be a globally and broadly perceived community for quality educating, grant, and research (La Trobe University, 2016).
• To guarantee that the quality and scope of the Faculty’s exercises are perceived by planned understudies

The higher education sector is comprised of colleges and other advanced education establishments. The Australian Government underpins the division through arrangements, financing and projects. Then again, in the Australia, advanced education is by and large gave by colleges and by other advanced education establishments, for example, Technical and Further Education (TAFE) initiates and Registered Training Organizations (RTOs). Notwithstanding this, it is additionally found that, Australian colleges are presently altogether underfunded for the examination work they do in correlation. Australia’s colleges show understudies subsidized mutually by the citizen and the understudies, both of whom advantage. Also, Australia depends on its colleges to convey significantly a greater amount of its exploration than some other first world country. Advanced education framework is comprised of colleges and different organizations that assume a basic part in fuelling development, driving efficiency and giving understudies the abilities they requirement for future achievement (Australian education system . 2016).

Industry Background

The Australian Government underpins advanced education through approaches, subsidizing and programs. The Government is looking to actualize changes to advanced education to make a framework that is higher in quality, more open, more aggressive and more feasible. To accomplish these goals, the Government stays focused on conveying strategies that guarantee our advanced education area conveys the instructive open doors and exploration results Australia needs to succeed later on. The Government is counseling with understudies, their folks, establishments, managers, Senators and different partners to guarantee progressing, reasonable and maintainable backing for a versatile, world-class advanced education framework, with evenhanded access for understudies (Group of Eight Australia. 2014).

In this context, several strategic marketing tools would be used to analyze the internal and external situation analysis.

Internal Situation: The internal situation of La Trobe University is exceptionally solid and viable in light of the fact that number of enlisted understudies. It likewise gives advanced education at the lower cost as contrast with different Universities in the Australia (Capon, & Hulbert, 2007).

Customer Market Situation: The customer market situation of La Trobe University is more immersed than different colleges in the Australia since it gives advanced education at the minimal effort with preferred administrations over others to draw in understudy (Drummond, G., Ensor, & Ashfor, 2007).

Marketing Mix: The marketing mix of La Trobe University is based on product (Educational products/services), price, place and promotion. In product marketing mix situation, University provides higher educational degrees to the students in different forms to attract students for their programs. Moreover, it charges minimum fees for its various educational programs as compare to others. On the other hand, the university is placed on the large metro area that provides competitive advantages to the organization. It also use different marketing tools such as: online advertising, print media, and social media in order to promote its various educational programs (Evans, & Richardson, 2007).    

Resources and Capabilities Situation: The assets and abilities circumstance of La Trobe University is likewise exceptionally powerful because of solid money related conditions. For case, it gives verging on each instructive system to the understudies.  

External Situation: The external situation of University is extremely solid on account of the most elevated piece of the pie, number of understudies and instructive projects in the training area. Further, it can be likewise comprehend from the accompanying circumstance examination of the La Trobe University (Hill & Jones, 2012).

Situation Analysis

Competitive Situation/ Competitor Analysis/Competitive Environemnt: Externally, the situation of La Trobe University in the education sector is better than other universities because of the highest satisfied students. The total market share of the university against other universities is more than 70% at national level on the basis of number of online and offline programs, number of enrolled students. But the university is facing competition from other universities in the nation. For case, the close competitors of La Trobe University are University Of Wollongong, University of Newcastle, Queensland University of Technology, Curtin University, and Griffith University. Moreover, La Trobe University is facing a tight competition from these universities because they are offering similar educational services at the low cost (Kim, Song, & Kim, 2009).  

PESTLE Analysis: In this concern, the political environment of the La Trobe University is extremely solid as a result of the immense backing of the Australian government to extend the training business in other area of the country. In addition, the monetary circumstance is additionally extremely strong on account of the gigantic acquiring through instructive administrations. The social environment is additionally strong due to the understudies and learners that go to La Trobe University to take the benefits of minimal effort administrations. The mechanical environment is likewise great of the establishment since it utilizes PC offices and other data advances. Then again, legitimate environment help the college to create particular and element lawful principles and direction. Further, the ecological circumstance is additionally good in light of the fact that the waste administration framework and it tails every one of the guidelines and direction of law to stay away from any unfriendly circumstance (Kliatchko, 2005).

The new product will confront the five phases amid its life cycle these are item advancement, presentation, development, development and decay. In each situation, La Trobe University will dissect the objectives, item/administration, cost, and advancement for the new item dispatch in each phase of the item life cycle to discover that objectives, item, cost, and advancement is suitable in current circumstance else it need changes to build income. La Trobe University should change in the new items objectives, item, cost, and advancement as indicated by life cycle stages to build item income, so it would examine the objectives, item, cost, and advancement of new items while consider the present situation (Mason, 2007). Know client and target new market ought to be most fitting two promoting techniques and strategies that the understudy considered to upgrade item income after some time. Client desires and inclinations are changed quickly amid monetary and economic situations are flimsy. La Trobe University ought to be known its clients and discover matter to changes in their desires and inclinations and afterward changes its methodologies, for example, lower cost, present or changes in items and more adaptable administrations to expand item income or deals extra time (Munizzo & Musial, 2010).

Critical Issues In “New” Product Launch

The La Trobe University is looking to promote its new Master of Management online program, so the marketing team should adopt innovative marketing strategies to create a unique image in the minds of customers. The marketing team ought to offer new item in officially existing business sector to spare time, cash to make picture in the psyche of clients of new target market. On the off chance that the advertising group could offer in new target market they require high bears to make mindfulness between the clients and make brand picture in the business sector. The showcasing group ought to utilize the situating procedure for advertising of new item to the current target market. The advancement and publicizing is an essential instrument of the advertising system to make position and brand esteem in the business sector. The advancement can be useful to make mindful of the clients about the components and characteristics of the new administration programs (La Trobe University. 2016).  

For promotion of new management online program, computerized showcasing and web advertising is entirely huge to expand the brand picture in the business sector. This college ought to utilize the social networking and online locales, for example, LinkedIn, YouTube, Facebook, and so on to keep up legitimate correspondence with target clients and enhance its position in the business sector through considered the reaction or criticism. It ought to likewise utilize post office based mail system as it could be send letters to premium gatherings about new remarkably on to the business sector to mindful them about the new item. The college ought to likewise utilize online networking, post office based mail and deals advancement position technique to develop closer and more associations with the clients. In addition, La Trobe University ought to likewise makes its position in the business sector through take an interest and backer of occasions, bolster government natural insurance program.

Generally, the target strategy is identified with the choice of potential clients, who are favored by the organization to offer items and administrations. According to target technique, it is essential for the La Trobe University to choose suitable clients from the portioned markets to decide and convey the necessities and prerequisites of a specific section. Then again, it can likewise be said that, La Trobe University ought to concentrate on geographic division keeping in mind the end goal to focus on the clients for the item through utilization of online networking promoting exercises (Jianqi, 2013). In addition, La Trobe University ought to targets section through use distinctive showcasing or advancements techniques (as publicizing, deals advancement, presentation, open connection, post office based mail, web, online networking, and so on) while consider their accessibility or viability to make mindfulness and draw in the potential clients (Pride,Hughes, & Kapoor, 2014). In the meantime, La Trobe University ought to concentrate on utilizing different advertising procedures, for example, TV, radio, motion pictures, on line site, daily paper, magazines, sports trademarks, sport occasions, transport cover, unwaveringness plan, and so forth. What’s more, this focusing on methodology would help the La Trobe University in drawing in various sorts of clients all the more successfully. Furthermore, with the assistance of focusing on techniques, La Trobe University would have the capacity to advance goodwill and faithfulness and adapt to market changes. By and large, they would have the capacity to accomplish aggressive extension over the contenders adequately (Kampamba, 2015).   

Basically, competitive positioning strategy should be utilized by La Trobe University as an imaginative promoting methodology since it would control about what it ought to do in the business sector with their item or administrations to its client so as to make an interesting picture of its brands in the psyches of prospects clients. According to this procedure, a special picture of items or administrations would be made and created by the University in the front of target group by utilizing a few devices, for example, advancement, value, spot and item (Punj & Moon, 2002). For case, with a specific end goal to make a one of a kind picture of brand or items, University would embrace focused valuing situating system that would help the it in expanding the brand notoriety and expansions the benefit level. As per this procedure, University would lessen the costs and ready to pull in more clients viably. This system would likewise help the University to expand the piece of the overall industry successfully. For instance, according to this, entire needs of the present and potential clients legitimately situated by the University, This special procedure is additionally assume a noteworthy part in spurring the conduct of the buyer for the brand (Moons, & De Pelsmacker, 2014).

It is recommended that, the La Trobe University ought to receive item situating methodology as it is the “best technique” utilized for both new and existing items. As indicated by this, the college ought to figure out which portion of the business sector to put another item. It ought to likewise utilize two essential item variables in an item situating lattice, for example, “cost” and “time.” On the other hand, with the powerful utilization of this, the college would have the capacity to enhance its present position in the business sector and adequately advance its new administration programs (Tsai, Hu, & Lu, 2015).

References

Australian education system (2016) Study in Australia. Available At:https://www.studyinaustralia.gov.au/global/australian-education/education-system{Accessed On: 20 Aug 2016}.

Capon, N. & Hulbert, J. M. (2007) Managing Marketing in the 21st Century: Developing and Implementing the Market Strategy. Wessex Publishing.

Drummond, G., Ensor, J. & Ashfor, R. (2007) Strategic Marketing. UK: Routledge.

Evans, C. & Richardson, M. (2007) Strategy in Action Assessing the Environment. British Journal of Administrative Management, 60, pp 1-3.

Group of Eight Australia (2014) Micro-economic reform of the Australian higher education industry: Implications of the Abbott Government’s Budget of 13 May 2014. Available At: https://go8.edu.au/sites/default/files/docs/article/edutech_presentation__4_june_2014pdf_version.pdf {Accessed On: 20 Aug 2016}.

Hill, C. & Jones, G. (2012) Strategic Management: An Integrated Approach. USA: Cengage Learning.

Jianqi, Z. H. A. N. G. (2013) The Application of STP Marketing Strategy into VMS Products of Company D. Business Economy, 9, p. 022.

Kampamba, J. (2015) An Analysis of the Potential Target Market through the Application of the STP Principle/Model. Mediterranean Journal of Social Sciences, 6(4), p. 324.

Kim, Y.A., Song, H.S. & Kim, S.H. (2009) A new marketing strategy map for direct marketing. Knowledge-Based Systems, 22 (5), pp. 327-335.

Kliatchko, J. (2005) Towards a new definition of Integrated Marketing Communications (IMC). International Journal of Advertising, 24(1), pp. 7-34.  

La Trobe University (2016). Master of Management online. Available at:

https://www.latrobe.edu.au/online/master-management {Accessed On: 19 Aug 2016}.

La Trobe University (2016). About Us. Available at: https://www.latrobe.edu.au/ {Accessed On: 19 Aug 2016}.

Mason, R. B. (2007) The external environment’s effect on management and strategy: A complexity theory approach. Management Decision, 45(1), pp. 10-28.

Moons, I., & De Pelsmacker, P. (2014) Developing different types of anticipated experience positioning for electric cars. Journal of Brand Management, 21(3), pp. 216-235.

Munizzo, M.A. & Musial, L.V. (2010) General Market Analysis and Highest and Best Use. USA: Cengage Learning,

Pride, W., Hughes, R. & Kapoor, J. (2014) Foundations of Business (4^th ed.). USA: Cengage Learning.

Punj, G. & Moon, J. (2002) Positioning options for achieving brand association: a psychological categorization framework. Journal of Business Research, 55(4), pp. 275-283.

Tsai, C. F., Hu, Y. H., & Lu, Y. H. (2015) Customer segmentation issues and strategies for an automobile dealership with two clustering techniques. Expert Systems, 32(1), pp. 65-76.