The University of Melbourne, instituted in 1853 is in essence a public research institution of higher education positioned in Melbourne, Australia. Fundamentally, it can be considered as the second oldest academia in Australia and the oldest educational institute of Victoria (Unimelb.edu.au 2017). The University of Melbourne is inevitably ranked 33rd among all the universities of the world by particularly the Time Higher Education, also ranked 40th globally among world institutes by Academic Ranking of World Universities. As such, there operates around 12 colleges sited on the prime campus and offers educational, sporting in addition to cultural programs together with lodgings for both nationwide over and above worldwide students. Again, this university has 11 disconnected academic units and is associated to different institution plus research entity (Unimelb.edu.au 2017).
Market Summary
Evaluation of the sector for higher education in Australia helps in gaining revenue of approximately $31 billion and possesses an annualized growth rate of just about 4.5%. Nevertheless, the Australian education section also offers employment to about 127638 individuals residing in Australia. Yet again, the higher education market along with the University has undergone significant assessment together with reform over the last 5 years (Hazelkorn, 2015). In effect, revenue earned from this industry is expected to increase effectively at an annual rate of just about 4.5% in the last 5 years. Again, this segment along with other higher education sector is not very much capital intensive. In addition to this, for each and every dollar invested in capital, an estimated worth of around $11.65 is to be disbursed on mainly wages throughout the period of 2016-17.
In reality, universities operating in Australia propose to attract and at the same time retain well-trained employees. Consequently, this sequentially leads to considerable wages offered to academic personnel (Harmon, 2015). Mainly, institution also employs non-academic employees including general administrative associates, security workers, and librarians and custodians. Furthermore, partakers also incur depreciation costs as there is ownership of buildings as well as accommodations of the campus. Additionally, universities also expend money in particularly equipment that is to say PC, diverse course-specific tools along with projectors (Zajda, 2013).
Demand Analysis
Examination of the high education sector as well as the university fundamentally aids in comprehending the demand for higher education in the future period. Analysis of reports reflects that in the upcoming twenty years, definite demand for fundamentally higher education assists in gaining substantial growth perhaps owing to demographic alteration (Foxall, 2014). Based data on present growth trends, it can essentially be hereby mentioned that Australian market has the intention to achieve bachelor target that is also far ahead of specified deadline of 2025.
Nonetheless, current employment trends reflect that by and large tertiary demand is anticipated to increase enrolments by roughly 344000 students during 2020 and by approximately 563000 numbers of students by just about the year 2030 (Harmon, 2015). Yet again, 75% of anticipated growth in the phase of bachelor level is projected to be engaged by mostly the commonwealth, inevitably at a specified rate of approximately $10442 for each EFTSL and the charge can lead to a particular supplementary amount of $263 million by particularly the FY2020 and arrive at the amount of $996 million by the FY2030.
As such, it can be hereby mentioned that Australia has the need to consider the approach in which it can gratify the necessities of the supplementary students, manage the way it is feasible to match the necessities of the Australian workforce of training with the higher education sector. Besides this, evaluation of demand also reveals the fact that consideration need to be given for ensuring a pipeline of educational workforce and equip themselves to bridge the estimated gaps in the labor force ever since the current wave of higher academic begin to go off (Foxall, 2014).
Demography
Examination of the demography reveals the fact that students from foreign countries primarily accounts for high portion of the worldwide students. In essence, there subsists disproportion in gender. However, in the year 2014, purposely the ratio of sex for in essence the higher education section was just about 80 males for each and every 100 females. Despite the meek raise over last 10 years, people from the low economic stratum remain underrepresented among diverse better-quality student. Approximately, 16.0% of countrywide education students of higher level possess a permanent address in around 25% low socioeconomic stratum.
However, the entre Indigenous populace has also got greater than before from effectively 1.2% in 2005 and more rapidly than the percentage growth of the entire Indigenous populace in the applicable age bracket. As indicated by the data on 2011 census, approximately 31.2% of students talk in a language that is not English essentially at home. Reports reveal that there are only 50.7% Christians as compared to 66.9% for specifically Australia, whilst the percentage having no religion is around 34% as compared to 24% nationwide, 5% of Buddhist as compared to 2.7% nationally, 4.2% Muslims as compared to 2.4% nationally and around 2.5% Hindu compared to 1.4% (Zajda, 2013).
Segmentation and analysis of target market
Fundamental sections that the university might target comprises of students, members of the faculty, members of the staff, parents, benefactor, state legislature as well as news media. Nevertheless, the central target space that is the essentially the students can be alienated into potential and present students for different programs that includes both undergraduate as well as graduate programs (van den Driest & Weed, 2014).
Assuming a suitable segmentation framework can be regarded to be the potential future of diverse universities. Again, the higher educational institutions can essentially work together with varied students individually or get connected to students by means of the internet, precise tele-services, and individual services over and above print media. Particularly, universities can pull towards them and simultaneously hang on to students by means of distinctive value proposition that are offered to all students. As such, the segmentation strategies that can be utilized need to take in University students based on principal benefits that they are looking for (Kaufman & Horton, 2014).
Therefore, this process of segmentation can be grounded on basically “premium quality buyer”, the “economy buyer” plus “value buyer”. For the present case, a specific student can be regarded to be a superior quality buyer in case if that student is eager to expend huge money for specific services that are of high quality (Piercy, 2014). In addition to this, a value buyer can be considered to be those students who anticipate getting the particular service that closely matches the accurate price level. Over and above this, economy buyers are those who are mostly interested in reduction of expenses, keen to accept marginal quality for the accurate price (Allen, 2016).
PEST Analysis
As rightly indicated by Strauss (2016), Pestle analysis can be regarded to be a generic study for taking into account the macro form together with other factors in the definite industry. In this case, the PESTLE evaluation of the university and of higher education section is as presented below:
Political: The political state of affairs of in essence Australia can be regarded to be very difficult as the country has many bureaucracy levels. Specifically, the government of Australia is fundamentally open for permitting the way in of diverse universities; nevertheless the fact is that the Australian government does not want to negotiate with the education quality presented by different educational institutions (Turnbull & Valla, 2013). As a result, the institutes need to resolve all the certified procedure that are there with the administration and simultaneously reflect diverse benefits to the Australian market due to diverse advanced educational institutions.
Economic: principally, the economic situation of the country Australia can be regarded to be very favorable and the whole nation is also observed to be developing at a very promising rate. Apart from this, diverse macroeconomic issues as well as micro economic features that is to say supply-demand in addition to employment is also increasing, consequently, disposable income of the citizens of Australia is also growing (Tiago & Veríssimo, 2014). As a result, the flourishing economy also draws students from diverse corners of the globe that plan to attain a fine job in the country Australia.
Social: As rightly indicated by Hattula et al., (2015), the social factor can be regarded to be a significant factor that can be witnessed by diverse entities during the time of entering into overseas market. In fact, the social together with the cultural features in essence outline the whole product development approach and aid in the procedure of design of worldwide marketing strategy (Babin & Zikmund, 2015). Essentially, demographics together with the psychographics of particularly Australia have the inclination to learn and for that reason have the propensity to stimulate development of new learning units in Australia.
Technological: Students fundamentally in Australia have a tendency towards use of technology. As a result, students are much drawn towards technologically exhaustive descriptions as well as types of learning schemes. Consequently, the more the technology is utilized in education segment; the better is the amount of enrollment of students (Rawwas & Isakson, 2015). Hence, it is obligatory for diverse businesses that are invested in diverse higher education to obtain advanced technology. Essentially, this can assist in getting to the lead of the conventional along with recognized universities together with other rivals.
Legal: Armstrong et al., (2014) opines that legal factors must be correctly monitored by diverse businesses that are setting up to prepare plans for accessing into overseas market. However, there are numerous issues namely listing of diverse universities, supervising compliance to diverse agreed syllabus for various courses among many others that need to be monitored by diverse foreign universities. Thus, educational programs together with the study resources need to be calculated consistent with the set principles of the country Australia or else grave litigation might possibly be charged.
Environmental: As rightly put forward by Chan (2013), environmental factors are primarily not the key concern in the higher educational section as per the government standards. Nevertheless, it is preferred by diverse universities along with colleges to possess green technology established in campuses. By itself, this generates enormous reputation for the unit (Lantos, 2015). In essence, positive representation of the particular university brand can assist in acquiring liking of all students and consequently can draw highest number of students.
Analysis of Competitor
The main rival of the University of Melbourne is essentially the University Of Canberra (UC). Essentially, this university is particularly a public university that is located in Bruce, Canberra, which is a Capital Territory in Australia. In addition to this, this university also present undergraduate along with post graduate programs in six diverse learning zones that take in Government and legal studies, Applied Science, Art as well as design, Information Sciences in addition to Engineering and Health. Similar to the University of Melbourne, this university also offers educational services to national in addition to international students (Wilkins & Stephens Balakrishnan, 2013).
Aim: The primary objective of the rival university that is the University of Canberra (UC) is to offer superior quality instructive services, fitness centre, on-campus medical capability, gyms, library, laboratories, cafeteria, cafes, bank, as well as book shops. Besides this, this university has the intent to offer multi-faith unit along with an extensive range of other support services for student in addition to facilities including 24*7 accesses to computer laboratories and wireless admittance among many others. Additionally, UC also aims to present campus lodging for all the novel as well as worldwide students.
Objective of UC: The key purpose of University of Canberra (UC) is to offer advanced quality educational support at a reasonable price to nationwide along with international students.
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Strength -The utilization of advanced technologies in the scheme of education -High rate of growth in the country Australia and accessibility of diverse resources – education system at an Affordable price – Comprehensibility, higher quality, over and above high rate of growth of mostly online education (Cross et al., 2015). |
Opportunity – students enrolling for colleges are slowly rising – the total number of nationwide in addition to worldwide students are rising -Brand reputation of Australian education system is strong – online worldwide opportunities |
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Weakness – There exists enormous barriers to access in this specific market for new participants in this education industry -lower level of financing in diverse sections as well as programs (Morgan & McGoldrick, 2015). – stress on diverse cultural, ethnic assortment -Staffing below the level -Inadequacy of infrastructure |
Threat -Decreased public funding of specifically higher education -Risk of losing top faculty over and above members of the staff for superior opportunities at diverse other universities -Augmented competition from different public universities in addition to private universities |
Competitive Strategy
It can be said that competitive strategies of corporations can be effectively utilized in different higher education institutes, chiefly in universities. Primarily, any of the three internally reliable generic policies (porters generic strategies) that can be used individually or else together construct a strong arrangement in the long term period. The management of the university can obtain the Cost leadership strategy that essentially have need of development of efficient-scale conveniences in addition to a dynamic pursuit of reductions in cost in different areas namely research and development in addition to service and marketing.
This strategy can necessarily offer considerable entry barriers from the perspective of cost advantages or else scale economies. This strategy of cost leadership can help the institution in attainment of the general aim of a higher education institute to endorse learning of students’ within a specific curriculum, that is apposite to the environment, viable to the association and up to standard to all the stakeholders. Essentially, a particular educational institute needs to meet all the ends very efficiently as well as effectively. As rightly indicated by (), Efficiency can be referred to in an learning perspective as property, that can make proper use of all the existing resources to attain the best doable educational result for all the students and provides value for money.
Value and Brand Positioning Analysis
Evaluation of value as well as brand positioning assists in illustrating competitive schemes of reference that is necessarily the target market and feature of competition in this market. Over and above this, brand positioning also aids in comprehending particular points of parity of different groups in addition to the points of difference from the viewpoint of power, desirable as well as unique brand associations.
Projected Marketing Aim as well as Promotional Objective
The projected promotional aims are:
-Informing regarding market to specifically target audience- current suitable information as regards the product for ensuring that all the customers develop a desire for the particular product
-augment the demand- Augmentation of demand can be regarded as the scheme that can be used during mostly product life cycle (PLC) for augmenting sales of the University of Melbourne
-Appropriately distinguish product of the University of Melbourne – Distinguishing the product can help in gaining competitive advantage in the market that has several competitors in the same market.
Marketing Mix:
Product: management of the educational Institution University of Melbourne can offer higher quality services in educational and bring to an end negotiation on education quality. The administration of the educational institution needs to offer competent, educated as well as innovative instruction services and in that way distribute quality education with devotion on top of keenness.
Price: The administration of the educational institution plan to offer educational services at reasonable prices
Place: Administration is essentially the location where a particular educational institution is founded. The management plans to introduce institutions at several locations for getting higher number of students
Promotion: Management of the university can carefully select media advertisement utilizing television, print media and electronic media among many others.
Expected Outcome and Conclusion
Appropriate business plan can help the educational institutes to develop Competitive advantages over a particular period of time and produce quality graduates. In case if the universities boost and continue in the turf in which they can acquire a competitive advantage, then they can carry on recruiting top students as well as maintaining financial support at satisfactory levels. Again, new information technologies can help in reaching to expand well ahead of the ivory tower. However, considerable demand for particularly higher education already exists and can grow with the creative implementation of advanced technologies as the course of teaching as well as learning matures.
References
Allen, J. M. (2016). Marketing matters: A quantitative study regarding whether online universities’ marketing messages can affect hiring managers’ perceptions of online degrees (Doctoral dissertation, Capella University).
Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing. Pearson Australia.
Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.
Chan, E. S. (2013). Managing green marketing: Hong Kong hotel managers’ perspective. International Journal of Hospitality Management, 34, 442-461.
Cross, J. C., Belich, T. J., & Rudelius, W. (2015). How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer International Publishing.
Foxall, G. (2014). Strategic Marketing Management (RLE Marketing) (Vol. 3). Routledge.
Harmon, G., (2015). Australia as an higher education exporter. International Higher Education, (42).
Hattula, J. D., Schmitz, C., Schmidt, M., & Reinecke, S. (2015). Is more always better? An investigation into the relationship between marketing influence and managers’ market intelligence dissemination. International Journal of Research in Marketing, 32(2), 179-186.
Hazelkorn, E., 2015. Rankings and the reshaping of higher education: The battle for world-class excellence. Springer.
Kaufman, I., & Horton, C. (2014). Digital Marketing: Integrating Strategy and Tactics with Values, A Guidebook for Executives, Managers, and Students. Routledge.
Lantos, G. P. (2015). Consumer behavior in action: Real-life applications for marketing managers. Routledge.
Morgan, Z., & McGoldrick, P. (2015). Marketing Managers’ Motivations Toward Moderation of Consumption. In The Sustainable Global Marketplace (pp. 264-264). Springer International Publishing.
Piercy, N. (2014). Marketing Organisation (RLE Marketing) (Vol. 20). Routledge.
Rawwas, M. Y., & Isakson, H. R. (2015). Ethics of Future Business Managers: The Influence of Beliefs and Values on Ethical Attitudes. In Proceedings of the 1998 Multicultural Marketing Conference (pp. 264-264). Springer International Publishing.
Strauss, J. (2016). E-marketing. Routledge.
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother?. Business Horizons, 57(6), 703-708.
Turnbull, P. W., & Valla, J. P. (Eds.). (2013). Strategies for international industrial marketing. Routledge.
Unimelb.edu.au. (2017). The University of Melbourne, Australia – Australia’s best university and one of the world’s finest.. [online] Available at: https://www.unimelb.edu.au/ [Accessed 29 May 2017].
van den Driest, F., & Weed, K. (2014). The ultimate marketing machine. Harvard Business Review, 92, 54-63.
Wilkins, S. & Stephens Balakrishnan, M., (2013). Assessing student satisfaction in transnational higher education. International Journal of Educational Management, 27(2), pp.143-156.
Zajda, J., (2013). Globalisation and neo-liberalism as educational policy in Australia. Neo-liberal Educational Reforms: A Critical Analysis, 107, p.164.
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