Title: Marketing Plan of Sydney University Australia for the Year 2018
In the competitive markets of the educational sector in Australia, it is essential for Sydney University of Australia to design an efficient marketing plan for the year 2018 with the help of suitable marketing strategies in order to remain itself sustainable in the competitive Australian Educational industry. The marketing plan will be prepared after keeping in mind the needs, expectations, interests, and preferences of the local Australian students and foreign students through offering them several educational (vocational and non-vocational) courses. The marketing plan will provide an effective competitive structure and analysis, customer analysis, market demand and growth opportunities for the University of Sydney. This assessment will provide the detail discussion on the topics, such as competitor analysis, SWOT analysis, Pestle Analysis, value chain and brand positioning analysis, market and demand analysis, and demography analysis, target market and segmentation analysis (Armstrong, 2013).
The University of Sydney (also known as USyd) is an Australian public research university that is known for high corporate global identity and good market value in the educational world. It is one of the most comprehensive research and teaching universities in the world that stands in the top one percent universities at the international level. USyd is one of the most famous and top most university brands in the world that was established in 1850. The University of Sydney was ranked at 26th position in the most reputable university in the world (2015). The university offers a range of bachelor degree, master degree, and doctorate courses through its highly appreciated educational facilities, experienced faculties or educational staffs (The University of Sydney, 2016)).Its bachelor students are additionally ranked the top most employable in Australia and 4th most employable in the world.
It is one of the most learning and educational institutions in the world as well as the third largest university in the Australian country with high brand value and good market presence. Its campus is ranked amongst top 10 world’ most reputed universities by The Huffington Post and British Daily Telegraph. The university is headed by the Chancellor (Belinda Hutchinson) and Vice-Chancellor (Michael Spence). It has 5350 administrative staffs (in 2015) as well as the average number of 33,505 undergraduates and 19,284 post graduates. More than 29% students of the University of Sydney are international students (Doherty, Steel, and Parrish, 2012). It has 16 faculties and schools for offering the undergraduate, postgraduates, and doctorate certification courses in various subjects including Engineering and Technology, Business and Economics, Art and Humanities, Health and Clinical courses, and Life Sciences, Physical Sciences, Social Sciences, and Computer Sciences.
Market Summary and Demand Assessment
Currently, the University of Sydney has more than 52,000 students with almost 37,000 domestic students and more than 15,000 international students. It is the third ranked Australian University after Melbourne University and the Australian National University. The international students are 29% of total university students with the ratio analysis of female to male 57:43. It represents its educational services to the international students from 134 countries with 280 overseas programs to take place in more than 30 countries. It has academic staffs of 3000 and 3, 00,000 alumni. It has the high brand reputation and international market presence with 26th ranked university in the world.
Sydney University has 16 faculties and schools to offer its bachelor, post bachelor, and doctorate certification courses in the subjects, like Business and Economics, Engineering and Technology, Health and Clinical courses, Art and Humanities, and Life Sciences, Social Sciences, Physical Sciences, and Computer Sciences (Powers, Accord, Van, Cadillac & Lexus, 2014). It has educated six former prime minister of Australia, 24 high court justices with 6 chief justices, and several Gate and Rhodes Scholars. The learning courses and faculties of Sydney University are affiliated with five Nobel and two Crafoord Laureates. The Sydney University is an associate member of Group of Eight, Academic Consortium 21, the Association of Pacific Rim Universities (ARPU), and the Association of the Southeast Asian Institutions of Higher Learning (ASAI), the Australia-Africa Universities Network (AAUN), and the Association of the worldwide university networks.
The University of Sydney is one of the leading academic research and educational universities in the world that is known for the worldwide presence to offer its educational courses to both domestic and international students. It uses the market segmentation to divide the marketplace into different customer groups on the basis of demographic variables of the customers (students). It divides the market into different customer groups on the basis of the demographic variations, such as age groups, learning preferences, interests, educational needs and buying behaviors, income levels, living standards, life styles, skills and intelligence level, and learning capabilities of the students.
The marketing strategy of Sydney University revolves around the customers’ needs. It is aimed at providing the high-tech and the best educational courses with its advanced faculties, experienced teaching staffs, and good administrative representative bodies. It also has attractive placement facility to give the effective employment for the suitable job posts to its certified students to be employed in its contracting business associations or organizations (The University of Sydney, 2015).
The University of Sydney targets both domestic and international students across the countries around the world. Its target markets are researchers, domestic students, international students, both regular and corresponding students, volunteers and donors, and students with specific activities (Students interested in extra-curriculum activities, students with sports and fitness, and students with artistic activities), disable and minority groups, and Aboriginal and Torres Strait Islander students.
Product- Sydney University is one of the leading academics and research universities in the world that offers a range of bachelor, master degree, doctorate, and diploma courses to both domestic and international students in various subjects, such as commerce and business, law, dentistry, engineering and IT, health and medical, agriculture and environment, architecture, social science, physical sciences, computer sciences.
Pricing- It uses the economic pricing strategy to offer its educational courses at cost-effective or Affordable prices lower than the costs of Melbourne University and Queensland University. The prices for its different courses vary for the domestic students from the international students. The average cost for its courses for the domestic students is 8,000 AUD per year and it charges $35,000 per yearfrom the international students (Yoo, Donthu& Lee, 2015).
Placement- the University of Sydney is an international university having the worldwide distribution to offer its graduate, postgraduates, and doctoratecourses to the domestic and international students who represent more than 130 countries. It has 16 faculties, educational staffs, researchers, and academic tutors to provide its educational services to the local Australian students and overseas students.
Promotion- The university of Sydney is in top five Australian universities that promotes its educational courses, academic research programs, and other diploma programs through the social media posts, sponsorship websites (usu.edu,au, hermannsbar.com, and manningbar.com), promotional events, brand ambassador, on campus advertisement, and publishing ads in newspaper and magazines (Gronroos, 2014).
The PEST analysis is an important strategic analytical tool that will be used to analyze the external environmental impact on the operations and functioning of the University of Sydney. The Pest analysis stands for political, legal, socio-cultural, and technological factors that will provide a better understanding of the external environment to assist the board of the university to take effective decisions and strategic changes as per the external environment. This will also be effective in identifying opportunities, revealing threats, and giving an appropriate direction of change. The Pest Analysis of the University of Australia is following as:-
(Source: Pest Analysis of Sydney University)
The political factors, such as political instability, country irregularities, terrorism attacks, change in federal budget announcement, growing competition from the international students, commonwealth migration and educational policies, government spending and intervention, regulation policies, political change, local and internal environment are such political risks that may affect the sustainability of the educational operations of the University of Sydney. The political pressures and instabilities pressurize the university to make strategic changes as per the external environment conditions for achieving the set goals and objectives (Glowik and Smyczek, 2011).
The government economic policies, such as fiscal and monetary policies affect the decision-making and strategic performance of the University of Sydney in the marketplace. The economic factors, such as taxation policies, change in interest rates, exchange rates, inflation rates, and currency value, international economic trends, GDP and economic growth trends, trade cycles, industry trends, growing and declining markets are such economic factors that significantly influence the business performance and strategies of the University of Sydney. The variations in the country economies, raising inflation in the country’s economy and industry economic trends put front the University of Sydney to make strategic changes and decision-making accordingly as per the economic environmental conditions(Kotler and Keller, 2009).
The demographic differences (age group, sex, gender, ethnicity,employment, and home ownership), change in life styles, change in values and abilities, differences in income distribution and professional status, and change in the students’ needs, wants, expectations, and preferences are such socio-cultural risks that affect the business operations and activities of the University of Sydney (Hunt, 2016). For example, the use of social media sites (FaceBook, Twitter, Pinterest, and Instagram) attracts the international students, but negative feedbacks could impact the university adversely.
The rapid technological advancements, innovation and R&D efforts, Automation, digitalization, telecommunication, technology incentives, and maturity of technology are such technological factors that may affect the sustainable operations of Sydney University. It is needed for Sydney University to update continuously the technological resources, for ex- the virtual linear accelerate machine in the Australian country.
Porter’s five forces model will be used to analyze the attractiveness and competition level of the Australian educational industry. This model comprises five forces that will include threat of new entrants, the threat of the substitute products, supplier power, bargaining power of the customers, and rivalry of the industry. Porter’s five forces model for the University of Sydney is following as:-
(Source: Porter’s five forces model for the University of Sydney)
The supplier power- This is high for the university because of its agreements with various professional bodies and educational institutions at local and international level to offer the sponsorship programs, educational courses, research and academic programs, and other certification courses to the domestic as well as international students (Rogers, 2011).
The bargaining power of Buyers- this is high for the University of Sydney because of its large number of students affiliated with the university with several certification educational courses including graduates, postgraduates, and doctorate programs. Currently, the University of Sydney has more than 43,000 students with almost 33,000 local Australians and 20,000 international students.
Threat of new entrants- The Australian Educational system is characterized as an education hub comprising a range of universities, colleges, schools, technical institutions, research academics, and study centers. This is high for Sydney University because of the entry of new universities, institutions, colleges, and educational points offering a wide range of vocational and non-vocational and graduates or postgraduates educational courses that will threaten the sustainable business operations of Sydney University (Borden, 2013).
The threat of substitutes- this is low or moderate for Sydney University because it is not easy to replace the established educational ventures of Sydney University entirely from the Australian educational system or marketplace. The substitutecourses offered by the Australian National University, Melbourne University, Brisbane University, and the University of Queensland threat the positioning and sustainable operations of Sydney University to the some extent, but not at larger extent.
Rivalry of the Industry- This is moderate or high for the University of Sydney because of facing competition from the competitors (universities, affiliated institutions, research academics, and independent colleges or educational institutions). The University of Sydney faces competition from Melbourne University, the Australian National University, Queensland University, Monash University, and Brisbane University. Sydney University is the third largest in Australia (ranked 3rd position in 2017) after Melbourne University (1st rank) and the Australian National University (2n rank) in the Australian educational system (Ranchhod and Marandi, 2012).The Australian educational industry rivalry put pressures on Sydney University lowering the costs or fee structure for the entrance or admission of its educational courses.
SWOT analysis is an important strategy planning tool that will be performed to conduct the internal analysis of the University of Sydney. This is a strategic analytical tool that will analyze the internal strengths and external opportunities for the university. This strategic framework will access the strengths, weaknesses, opportunities, and threats for the University of Sydney. By using this strategic tool, it will be useful for the firm to exploit the business opportunities by reducing the threats or risks for the university (Drummond, Ensor, and Ashford, 2013). The SWOT analysis for the University of Sydney is identified from the following table:-
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Strengths · High brand Presence and Global Corporate Identity · One of the world’s most comprehensive research and teaching universities in the world · It is ranked 10th position in the world’s most reputable university · A range of bachelor degree, master degree, and doctorate courses · Wide administrative staffs, experienced faculties or educational staffs · The bachelors of USyd are 4th most employable in the world and top in Australia · More than 45000 students including more than 15000 international students (2015) · Its campus is in top 10 world’ most reputed universities by |
Weaknesses Ø Lack of commitment and interest of the educational staffs Ø Limited range of courses as compared to Melbourne University and the Australian National University Ø High and unusual workload faculty and staffs Ø Slugging responsiveness to the international students and community needs Ø Highly competitive market for diverse faculty and staff members |
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Opportunities ü Partnerships with the local universities in other countries ü Franchised opportunities for the domestic and international educational institutions or groups ü New technological and professional learning courses (Falconer, 2012). ü Investment in the technological advances, educational infrastructure, and cultural programs ü Increasing number of the international students |
Threats § Emergence of non-profitable educational programs § Development of other universities in Australia § High level of competition from public and private educational universities § Changing educational trends and students’ preferences § Varied market demand § Entry of new entrants and substitutes |
The University of Sydney is one of the world’s most reputable and beautiful universities that is known for its high university brand value and global corporate identity. The university is listed in the top research and academic universities in the world. In 2016, the University of Sydney was ranked at 26th position in the smartest universities of the world. The university has top world class faculties, highly experienced and well educated teaching staffs, good administration and managerial staffs, and technological enhancements for offering a range of undergraduate, postgraduates, and doctorate degree programs to both local Australian students and the international students (Shankar, Carpenter, Farley, and Hamilton, 2012). Its campus is ranked at 10th position to provide the world-class placement to both domestic and international students for getting employment in the reputed service industries and top business organizations within and outside of the Australian country. Its bachelor students are 4th most employable in the world and the first employable in Australia.
The University positions itself in the mindsets of the customers as a brand ambassador for its research, academics, and high-tech studies. It uses the positioning statement, such as, ‘Leadership for Good Starts Here’ for encouraging the idea of the leadership of the present as well as future. The brand value and positioning of the University of Sydney could be identified from the point that it has been operating its established educational ventures from the last 166 years since 1850. The University of Sydney has educated six Australian former prime ministers, twenty-four judges/justices of the high court, Australia including four chief Justices, twenty-four Rhodes Scholars and other Gate Scholars. The Sydney University is a member of Group of Eight, Academic Consortium 21, the Association of the Southeast Asian Institutions of Higher Learning (ASAI), the Association of Pacific Rim Universities (ARPU), the Australia-Africa Universities Network (AAUN), and Association of the worldwide university networks (The University of Sydney, 2016).
The University of Sydney uses the positioning strategy to position itself in the most famous university brands in the world. This academic university is the first university in Australia to allow entry or admit the students exclusively based on the academic merit and provides equal academic opportunities to both male and female students. Along with this, the university has formed partnership with the organizations including Qantas, Rio Tinto, GE Healthcare, Defense Science and Technology, Allegra Orthopedics and Elastagen, and Sirtex Medical Ltd. and other business partners to promote the further research and development programs for its partners and providing employment opportunities to its students. The university also promotes the sports activities, community welfare programs, sponsorship events, and entertainment programs along with the education and academic research (Tesar and Kuada, 2016).
The University of Sydney is aimed at becoming one of the leading universities in the world through creating the high brand awareness and loyalty in the mindsets of the customers/students. The marketing aims of the marketing plan 2018 of the University of Sydney are following discussed:-
For achieving these marketing aims as per specified in the marketing plan 2018 of the University of Sydney, the following promotional objectives will be implemented:-
Marketing strategies are executed on the basis of the future planning of the organization to grow and capture the market and build the positive image in the eyes of concerned group. Basically, marketing strategies are the techniques that lead to the development of the organization through meeting the needs and demand of the customer and students and parents in context of the university (Edu, 2017). University of Sydney is also committed to deliver the qualitative education to the domestic and international students in order to enhance the brand building and market image through effective mix strategies.
University of Sydney is also adopting the best market practices in the market of Sydney as the other universities are also employing to attract the more and more students. Marketing mix is the set of various strategies that are employed by the universities in order to reach the target market easily. Marketing mix strategies can be adopted by the University of Sydney in relation to become a standard university in Australia. These strategies are pricing, product, place and promotional strategy to grab the students from the market by owing these mix strategies effectively. In order to pricing, course offered by the University of Sydney are very expansive and it can affect the market of the education so it can adopt the better pricing strategy to provide the courses at affordable price by the medium income level people. At the same time, product strategy can also lured the new comer students through offering the additional courses that can enhance the behavioral and practical knowledge of the students so it would helps the University to increase the number of students and experience (Sydney, 2017). Furthermore, place is an important mix strategy that is immensely taken by the visitors about the location of the University and is it easy to reach by the time. Actually, the University is located near the city but it can also provide the bus service to arrive the University. Apart from this, promotion is one of the complex strategy to care because it requires lot of efforts to indulge. In terms of the promotional strategy it can adopt the promotional campaign and events to aware and enhance the market known among the competitors (Lighthouse8, 2016). It should focus on effective communication strategy that would enable to persuade and share the right information to the potential students and would be a proved tactics.
Competitive strategies are another aspects that explore marketing development and tactics to be employed to create competitive advantages over its market competitors. The main idea behind competitive strategy is to accomplish the goals and objectives of the organization efficiently and effectively (Ploetner, 2011). Competitive strategy like product differentiation, cost leadership, focus differentiation and leadership differentiation are the major strategy that is adopted by the University of Sydney. Leadership is considered the keynote for the university to deliver quality and satisfactory education to enhance the living of society. It is also committed to develop the persuasive leadership qualities in the students so that they can survive in the society and market. In order to develop the marketing practice in better manner University of Sydney can employed the cost leadership and differentiation competitive strategy to gain the market value against the existing rivalries. In concern to the differentiation strategy it can offers the unique and professional courses in the industry that are new in the market and gain the competition strength over the rivals. In this strategy low cost should also be in consideration to attract the new students for long time (Lussier, 2011). At the same time, cost leadership strategy can also be implemented by the university at the time of offering the vocational and professional courses. Further, the University can adopt the additional courses through focusing on the cost leadership so that it can gain the advantage in the perspective industry (Martin, 2014).
This media budget includes the allocation of the financial expenditure in relation to implement the promotion strategy of the University of Sydney. In this budget the expected expenses for the media is propose and allocated to the different types of marketing information tool. Basically, in market there are various forms of marketing techniques but major tools are used to spread awareness of university in the market (Patel, 2017). Media and budget is allocated as follow for the University of Sydney
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Media and Budget Allocation for the University of Sydney for 2018 |
|
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Particulars |
Proposed Amount ($) |
|
Television Advertisement |
2100 |
|
Magazine Advertisement |
6800 |
|
Social Media Tools (Facebook, Twitter and Linkedin) |
4300 |
|
Outdoor Agencies |
2700 |
|
Social Events |
5900 |
|
Sponsorship Advertisement |
10800 |
|
Others |
5600 |
|
Total |
$38200 |
On the basis of evaluation of the proposed budget, $38200 is proposed financial data for conducting various activities in the University of Sydney. This budget is allocated on the different media strategy to evolve the marketing campaign effectively. The media and budget for the University would assist in capturing the market and lure the students to be the part of the University of Sydney.
Conclusion
From the above studies, it can be concluded that Sydney University is amongst top five universities in Australia which has been operating its established educational operations since 1850. The Pestle analysis provided the detail analysis of the external environmental factors (porter, legal, technological, socio-cultural, economic, and environmental) on Sydney University. Porter’s five forces analysis provided the competitive analysis of the industry by accessing the attractiveness and competitiveness of the industry. The SWOT analysis analyzed the strengths, weaknesses, opportunities, and threats to Sydney University. Along with this, the value chain and brand positioning analysis for Sydney University was executed. The target market, positioning, demand analysis, and demographic analysis for the University of Sydney were performed to analyze the target markets and customer segments for the university.
References
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