This report contains a detailed, marketing plan for the Central Queensland University. The report contains an in depth analysis of the strategies that the University should employ in order to achieve both its long term and short term goals and objectives. The first part of the report contains an in depth analysis of the Higher education market. The report discuses the strengths and weakness of rivals in this industry as well as the key success factors in the industry. The promotion techniques used by competitors such as social media advertising are analyzed. Additionally, the report contains an analysis of the brand and position of the University. The marketing objectives of the university for 2018 is to improve its ranking among Australian Universities and to increase the student enrollment by 8%.(Adel& Aimin,2017) The University will improve its product portfolio by offering more technologically related courses and to equip students for the job market. The competitive strategies that CQU will use to compete in the market are strategic innovation and differentiation. The final part of the report contains a detailed budget estimate of the marketing plan together with a brief conclusion of the report.
The Central Queensland University was started in the year1967 in Rockhampton, Australia. The University was given full university status in the year 1992 and it has experienced tremendous growth since then. The University has focused on research and development as well as social innovation and this has fueled the growth of the University over the years. The university began as the Queensland Institute of Technology (Capricornia)and later transformed to the Capricornia Institute of Advanced Education(CIAE). The university opened many more campuses across Australia and increased the courses offered and diversified to various fields of specialization. Currently, Central Queensland University is the largest regional university. It currently has more than 35,000 students from different cultures, countries and regions (Christiansen, Yildiz, & Yildiz, 2014).
The Higher education market in Australia is very competitive and there are many players in this industry. There are both private and public Universities and colleges that offer diplomas, degrees and post graduate education to the Australian public and also to international students. According to the IBIS growth report published in January 2017, the sector raised revenue amounting to $116 billion in the year 2016. The report shows the education and training marketing Australia is expected to grow by3.5% between 2012 and 2017(World Marketing Congress, Campbell & Academy of Marketing Science, 2017). The industry employs more than 100,153 teaching staff across the country. Between the years 2017-2022, the sector is expected to grow at a rate of 3.1%.
The segmentation of this market occurs based on demographic factors such as age, Income levels, gender, place of origin and lifestyle. The education sector is segmented demographically according to age based on the average age of students in an organization. Most of the students in most universities in Australia are aged between 18 and 24 years (Bowen& Ozuem,2015)(. Universities should therefore focus their marketing on this market segment. The gender of students in universities is almost balanced with 54% being male and 46% being female. Most students in universities earn an income of less than$10,000 annually.
The market is also segmented geographically. In this case, the universities segment the market depending on country of origin or continent of origin. The other important aspect of market segmentation for higher market in Australia is psychographic segmentation and on the business of emotion and attitude (Eid, 2013)
CQU will mainly target international students in this marketing plan. The export of education is the largest export for Australia service industry and there is still a huge potential for growth in this sector. The university will also target post graduate and undergraduate students from all parts of the world. Therefore this marketing plan mainly focuses on marketing CQU globally in order to help increase enrollment increase the value of the brand (Solomon, 2017).
The political factors affecting the operations of Central Queensland University include the calls for legislation barring the University from offering law courses. The political environment in Australia is peaceful and therefore it is suitable for the operations of the University
The economy of Australia has been growing at a slower pace in recent years and this is expected to have tremendous effect on the operations of the University. The rate of inflation in the country and other global economies where the University is expected to get international students from also affects the ability of international students to pay their tuition fee. Globalization and free movement of services across borders is an important factor in determining the ability and ease of students to study in Australia. The living standards of people in Australia and other countries where the students will be coming from influences the ability of the students to pay their tuition fee and to sustain their higher education needs.
These are issues to do with culture, traditions, beliefs and practices of the people. The culture and beliefs of the people in different parts of the world determines the education needs of the people in a community. This in turn influences the number of students that can apply for the University.
Technology is a very important factor in learning today. Some of the technological factors that affect CQU include use of technology in presentation of research findings and outcomes, concluding research and data analysis, use of technology in teaching and presentation of assignments (Gbadamosi, 2013). The use of technology in learning has made it possible for distance learning and virtual learning programs to be implemented successfully in the education sector.
The main competitors of the CQU include, University of Queensland, University of New South Wales and the University of Sydney. The competitors have strong resource base locally and they offer training to both local and international students. The aims of UNSW are to equip learners with knowledge and skills that will help in advancement of humanity. The objectives of the competitors is to build an internationally recognized brand that offers high quality training that is geared towards fulfilling the needs of the job market. The competitors also aim at training the students in research and development to help solve the various problems that exist in human life. The University of New South Wales uses various strategies to market itself including use of internet advertising, social media advertising and use of print and broadcast media. The UNSW markets itself as a global academic institution and the best institution of higher learning that offers international students the best learning environment while at the same time charging favorable tuition fees to foreign students.
Huge resource base hence its easy for the University to market itself as a global institution that offers highly competitive learning programs that equips students with knowledge and skills required in the international job market.
CQL has huge presence in Australia with many campuses In different areas and therefore it will be easy for the university to accommodate many foreign students.
The university has highly qualified and experienced teaching staff and professors.
Central Queensland University has established research centers that offer students an opportunity to do research and solve problems in various sectors.
Stringent admission restriction for foreign students in coming to Australia aid a bug restriction to the admission of new students
The cost of providing higher education are soaring every high hence making it difficult for many students to access institutions such as CQU.
Absence of proper marketing department for the university hence making it difficult for the University to market itself globally
There is great opportunity for the university to focus on international students since the demand is expected to grow rapidly in the coming years (Malhotra, 2016).
The university can differentiate its product and offer many more causes which are not currently on offer at the university but still are high in demand.
Threat from other competitors such as University of New South Wales and the Queensland University
There is also a threat from foreign internationally recognized universities such as Oxford University and Havard University since they operate in the same global market.
CQU has positioned itself as the regional university of choice. The university has many branches across many parts of the country. CQU has positioned itself as the best research and training institution in Australia and seeks to enhance it image both in Australia and globally to help it in achieving the objective of enhancing research and development and solving problems on a global basis. The university brand is worth an estimated $765,000. The University was ranked as the best regional university in the year 2016 (Enerson, Mason & Corbishley, 2016).
CQU aims at achieving higher enrollment rate for foreign students. The university aims at increasing the intake for foreign students by 9% for the year 2018.
The university also aims at increasing its brand value by 4% from the current$ 750,000.
CQU aims at increasing the number of local students who join the university each year to 32,000 students from the current 28,900 students.
Open two new campuses in Western Australia and Sydney by the end of 2018.
Product
CQU offers more than 150 courses for both undergraduate and post graduate students. The university offers sources in IT, Accounting and business, Engineering, design and fashion, project management and research. The university has a wide product portfolio and it develops courses depending on the market needs as well as the needs of the consumers (Dubas & Cerra, 2016). The university will aim at designing products that focuses on the specific needs of international students so as to capture this market easily.
Price
The prices for products are set depending on various factors. One of the major consideration for the university when setting price is the cost of training for the specific course.(El-Gohary& Eid, 2013) The university sets prices that will be able to help the university raise enough money to facilitate proper learning and conduct all other activities of the university smoothly while at the same time making profits.
Place
CQU offers its products and services at the various campuses across the country. The distribution system used by the university is direct where the customer contacts the service provider to get the services they require.
Promotion
CQU will promote its products and services mainly through internet advertising and social media advertising. The university will also pay for advertisements in print and broadcasting media so as to reach as many prospective customers as possible.
The university will differentiate products in order to compete effectively in the market. Differentiation of products will ensure that the university offers consumers special and unique product so that they will prefer rather than products offered by other competitors in the market(Quester, Plewa, & Conduit, 2016).The university will introduce new courses and learning methods that favor learning for both foreign and local students.
Use of technology in every aspect of learning will ensure that the university is ahead of competitors and it will be able to attract students from all over the world. The university will use videos for students who are not able to attend classes in person.
CQU will diversify to offer science and engineering courses. Courses such as nuclear engineering, aviation and aeronautical engineering as well as biological science engineering will equip the students with necessary skills to help drive innovations and new technological developments.
To compete effectively in this industry, QCU will position itself as the leading university in research and development as well as teaching. This will help the university to set itself apart from competitors who are very aggressive in their marketing and advertising.
QCU will use internet advertising to reach out to prospective customers across the global. The university will advertise in various websites with high traffic in order to make the university popular. The university will also use its social media accounts to market and advertise its new programs designed specifically for foreign students (Treadaway& Smith, 2012). In order to reach more prospective customers, QCU will also depend on advertising in magazines, academic journals and also in newspaper in order to increase its visibility (Fisk, Grove & John, 2014). Broadcast media will also be used by QCU especially in areas where the use of internet is limited or not popular.
The following is the budget that CQU will use to implement the marketing plan;
|
Item |
Estimated budget($) |
|
Hiring of social media administrator |
7,300 |
|
Advertising costs |
32,600 |
|
Website maintenance costs |
8,270 |
|
Online market re-targeting |
3,458 |
|
Cloud hosting and content distribution |
44,320 |
|
Reservation conversion and boasting conversations |
13,678 |
|
Print media advertising |
28,960 |
|
Total |
$138,586 |
The implementation of the marketing plan will help to achieve improvement of enrollment by more than 9% by the end of 2018.
The number of local students in CQU is also expected to reach 32,000 up from the current approximation of 29,000 students.
The status of the university as a global research institution will be enhanced and the brand value of CQU will improve.
The number of programs offered at CQU will increase by at least 3 courses by the end of 2018.
The number of university is expected to increase use of technological in learning and development in all departments in the university.
Conclusion
QCU will be able to achieve its objectives and goals stated in the marketing plan after the implementation of this plan. The plan analyzes the internal and external environment of the university to determine important factors that influence performance in this sector (Rogers& Dempsey, 2015). The plan also analyzes the competitors to identify their strengths weaknesses as well as the core competences which give them a competitive advantage in the market. The competitive strategies used by CQU include products differentiation. The university will advertise through the internet, social media and the print and broadcast media. After the report has been implemented, by the end of 2018, the university will achieve its target of increasing international student numbers by 9% and starting by programs and courses to cater for the market demand.
References
Adel Saleh M, A., & Aimin, W. (2015). Building Marketing Capabilities as a Way to Form a Better Global Marketing Strategy. Journal Of International Business Research And Marketing, 1(4), 22-26. https://dx.doi.org/10.18775/jibrm.1849-8558.2015.14.3003
Academy of Marketing Science., In Rogers, J. C., & In Dempsey, W. A. (2015). Proceedings of the 1983 Academy of Marketing Science (AMS) Annual Conference.
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Bowen, G., & In Ozuem, W. (2015). Computer-mediated marketing strategies: Social media and online brand communities.
Christiansen, B., Yildiz, S., & Yildiz, E. (2014). Transcultural marketing for incremental and radical innovation.
Dubas, K., & Cerra, M. (2016). Improving a graduate Marketing Management course: a case study with input from students. Innovative Marketing, 12(3), 6-18. https://dx.doi.org/10.21511/im.12(3).2016.01
Enerson, M., Mason, R., & Corbishley, K. (2016). Factors that influence the marketing of professional services. Investment Management And Financial Innovations, 13(3), 118-130. https://dx.doi.org/10.21511/imfi.13(3).2016.11
El-Gohary, H., & Eid, R. (2013). E-marketing in developed and developing countries: Emerging practices. Hershey, PA: Business Science Reference.
Eid, R. (2013). Managing customer trust, satisfaction, and loyalty through information communication technologies.
Fisk, R. P., Grove, S. J., & John, J. (2014). Services marketing: An interactive approach. Mason, Ohio: South-Western.
Gbadamosi, A. (2013). Principles of Marketing. Palgrave Macmillan.
In Malhotra, N. K. (2016). Marketing in and for a sustainable society.
In Kaufmann, H. R., & In Panni, M. F. A. K. (2014). Handbook of research on consumerism in business and marketing: Concepts and practices.
World Marketing Congress, In Campbell, C., & Academy of Marketing Science. (2017). The customer is NOT always right?: Marketing orientations in a dynamic business world : proceedings of the 2011 World Marketing Congress, Melbourne, Australia, July 20-23, 2011.
Quester, P. G., In Plewa, C., & In Conduit, J. (2016). Making a difference through marketing: A quest for diverse perspectives.
SOLOMON, M. I. C. H. A. E. L. R. (2017). Marketing + Mymarketinglab With Pearson Etext Access Card: Real People, Real Choices, Student… Value Edition. s.l.: Prentice Hall.
Treadaway, C., & Smith, M. (2012). Facebook marketing: An hour a day. Hoboken, N.J: Wiley.
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