Marketing Plan Of Central Queensland University †Free Samples

Question: Discuss about the Marketing Plan Of Central Queensland University. Answer: Introduction: Themarketing plan pertaining to Central Queensland University (CQU) entails numerous sets of internal and external analysis reflecting upon different aspects of the university. The report begins with a background study pertaining to CQU followed by summarizing and analysis the market of educational institutions in Australia. The demand analysis delves towards evaluating the prospects of CQU. Moreover, the segmentation and target market analysis focuses on reviewing and evaluating the different sets of market segment in the education sector in Australia. PEST analysis and competitors analysis facilitate external environmental analysis for the university. Moreover, through value and brand positioning analysis, the value creating abilities of CQU in terms of facilitating educational services are reviewed. Themarketing strategy and competitive strategy pertaining to CQU have been enumerated in the current study along with the creation of marketing budget. Background of the study: Central Queensland University has its main campus based in North Rockhampton along with a vast presence in all of Australia with over 20 campuses all over the nation including campuses in the metropolitan cities in Australia. Prior to becoming a university in 1992, CQU, it has been known as the Queensland Institute of Technology (About Us - CQU. 2017). The university is more popularly known as CQUniversity. The University first offered Bachelor of Science program back in the year 1979 with a total student strength of the university being 825 in that academic year. But the student strength of CQU increased considerably after initiation of distance education learning. The University currently has a student strength to the tune of over 35,000 and is ranked amongst the top100 young universities in the world occupying 90th rank along with being amongst the top 400 universities worldwide (Timeshighereducation.com, 2017). The university offers over 300 educational and training courses varyi ng from short-term courses and certificates to undergraduate, graduate and research studies (About Us - CQU. 2017). The university facilitated excellent education in several subject streams varying from law and management degrees to humanities to technology driven courses. Moreover, specialized programs based upon health sciences and service industry are also facilitated in the university. Market summary: Australia is one of the most preferred educational destination after US and UK for international students seeking higher education. The revenue generated by the Australian education sector from incoming international students in the last academic period stands close to AU$ 20 billion dollars (Education.gov.au 2017). The majority of the top universities in Australia have a higher proportion of international students to the tune of over 20% of overall student strength with CQU itself having over 5000 international students amongst its 24 campuses across Australia along with online course enrollments by overseas students. Australian education sector caters to over 750,000 domestic students annually in addition to catering towards international students through offering over 22,000 courses across 1,100 educational institutions in terms of graduate, undergraduate, research and vocational training degrees. The quality of the courses and curriculums provided by the Australian educational in stitutions are regulated by the Tertiary Education Quality Standards Agency (TEQSA). The education sector has facilitated towards job creation to the tune of 130,000 in the Australian economy with the education sector being valued at $21 billion (Ministers.education.gov.au 2017). Demand analysis: The demand for the courses in the Australia educational sector can be gauged by the revenue generation to the tune of AU$ 20 billion from the influx of international students seeking higher education degrees from Australian educational institutions. Earlier, the education sector in Australia was estimated to contribute around AU$ 19.5 billion to the economy, whereas the actual figure turned out to be nearer to AU$ 21 billion, which is AU$ 1 billion more than previously estimated (Ministers.education.gov.au 2017). The demand for higher education is primarily catered by the 43 universities in Australia. The most popular courses in the Australian universities and other educational institutions comprises of courses on Business Management, Health Sciences, and Humanities followed by Engineering and Information Technology Courses (Studyinaustralia.gov.au 2017). Being amongst the top universities in Australia along with a presence in over 24 locations has facilitated towards increasing the demand for CQU courses both in terms of undergraduate and graduate studies as well as training courses. Courses pertaining to business, accounting and law are the most popular CQU courses amongst the prospective domestic and international students followed by engineering courses (Gladstoneobserver.com.au 2017). Moreover, in terms of employment opportunities graduates of oral health, business courses and electrical engineering courses at CQU are showcasing the highest employability resulting towards the enhancement of demand for these courses. Moreover, there tends to be a high degree of demand for online distance education courses both from students based in overseas as well as students engaged in other full-time employments. Segmentation and Target market analysis: Baker (2014) mentioned that market segmentation is prerequisite towards the determination of marketing strategy. This is because the effectiveness of such strategy is dependent upon the identification of prospective consumers of the products or services that are offered by the marketer. The Australian education sector can be segmented based upon demographic attributes. In terms of figures, it is showcased that over 1 million of the domestic population in Australia have enrolled towards tertiary education with the majority of them opting for undergraduate courses while a sizeable proportion of such population being engaged towards vocational training (Profile.id.com.au, 2017). CQU does not differentiate between male and female students seeking enrollment and the selection of students pertaining to the different sets of courses are primarily based upon the merit of the students. CQU, as like other educational institutions, segregate the prospective students based upon the subject of in terest. For instance, the students are segregated into the category of art students, humanities students, business and accounting students, health sciences undergrads and engineering students and cater towards each segment through different sets of marketing strategies. Moreover, the population of the prospective students is also segmented into international students and domestic student. In addition, further segmentation pertaining to students to be enrolled at CQU are based upon whether such students shall be undertaking regular courses at the university or shall be opting towards online-based distance education courses. The medium for promotional activities is different based upon the nature of the targeted segments. The enrollment facilities are merit based and the differentiation in terms of course fees are dependent upon the nature of the course, whether the students is domestic or international or whether the student is a member of the Aboriginal community or a resident of To rres Strait Island. PEST analysis: Political Solomon (2014) mentioned that political factors tend to have deep underpinnings upon the various sectors and industries based upon in an economy. In terms of Australia, having a stable political environment in the country facilitates towards enhancement in its educational sector. This is owing to the fact that the government has considerable number of committees and department supervising and regulating the educational and academic environment in universities and other educational institutions in Australia. The Tertiary Education Quality Standards Agency (TEQSA) is the primary regulatory authority that evaluates the quality of education provided at the tertiary level in Australian and looks after the teaching practices and curriculums throughout the institutions offering tertiary education. Moreover, the Australian Education Regulation 2013 also impacts the educational infrastructure of the country coupled with the Vocational Education and Training (VET) regulators that regulate the curriculum and vocational services provided by the countrys educational institutions. Economic Lusch Vargo (2014) mentioned that the economic repercussions pertaining to the development of a sector or industry have. The education sector in Australia is the most major contributor towards exporting services after the tourism sector and solely through incoming international students generates revenues close to $20 billion annually (Monitor.icef.com, 2017). In terms of employment generation, the higher education sector in Australia facilitates employment of over 130,000 in the university and educational institutions comprising of teaching staff and non-teaching employees. Moreover, the influx of international students for the pursuit of higher education in Australia facilitates towards improvement in diplomatic relationships with other nations which result towards enhancement in trading relations fostering towards economic development. The economic growth arising from the influx of international students is primarily driven by the Chinese market owing to the reason that over 27% of the Australian education export earnings are derived from Chinese students annually (Monitor.icef.com 2017). Social Leonidou et al. (2013) mentioned that the social and cultural composition pertaining to a nation has a significant impact upon various sections of the society and has a relevant degree of indirect influences upon the different sectors in the nation. The presence of a robust and inclusive education system in Australia facilitates minority communities such as Aborigines towards improving their literacy rates resulting towards increasing degree of employment opportunities and economic betterment. Moreover, the social life is highly inclusive and tolerant towards the visitors belonging to other cultures and ethnicities. Thereby, in terms of international students visiting Australian in pursuance of higher studies the cultural and social atmosphere prevalent in Australia is student friendly and facilitates towards educational growth. Moreover, the coexistence of many communities in Australia in harmony and prevalence of religious tolerance facilitates towards a student environment conduci ve towards educational and academic growth. Technology Australia has one of the best higher education infrastructures around the world resulting towards a high degree of the influx of international students. Sheth Sisodia (2015) mentioned in the context of technological infrastructure that a robust technology-based infrastructure facilitates towards economic development as well as influencing various sectors of the economy in a highly productive manner. Technological development has a profound impact on the education sector in general and especially towards higher education. The use of cutting-edge technology in terms of impartment of education as well as relying upon the technological medium in order to promote educational courses towards domestic and international students by the educational institutions are primarily facilitated through advancement in technology. In terms of enrollment or towards furthering of research activities in universities as well as the smooth functioning of online based distance education courses are all faci litated through utilization of technological advancement. Competitor analysis: Griffith University is a major competitor of CQU and caters to over 50,000 students in both regular courses as well as distance education courses that are facilitated online. The university has five campuses in Australia in Gold Coast, Logan, Brisbane, Queensland, Mt Gravatt and South Bank. The university was established in the year 1971 and is headed by Chancellor Henry Smerdon and vice-chancellor Ian O'Connor. The academic departments in the university are segregated into four major sections comprising of Arts, Law Education, Griffith Business School, Griffith Health and Griffith Sciences (Griffith.edu.au 2017). The aim of the university is towards engaging in outstanding scholarship that has a high degree of impact towards the society along with emphasis on facilitating groundbreaking researches in its campuses. The primary objective of the university is towards becoming the most influential educational institution in Australia with a considerable recognition as an educational in stitution in Asia Pacific region as well as recognizing and valuing culture and educational diversity in its campuses (Griffith.edu.au 2017). The university positions itself as an innovation driven educational institution with strong academic prowess in terms of various subject streams. The university has an Office of Marketing and Communications that maintains the online website platforms and social networking sites facilitating online promotional activities. Moreover, the office also initiates events and on-campus promotions across schools in Australia for facilitating the enrollment of domestic students in the university. Moreover, the marketing and communications office at the University undertakes various online awareness programs regarding the degrees and certified programs offered by the universities towards its prospective domestic and international students. SWOT analysis: Strength Considerable presence in the Australian education sector with 24 campuses around Australia Catering towards educational services of over 35,000 students Offering over 300 courses in graduate, undergraduate, research studies and vocational training programs Weakness Limited international exposure with absence of offshore campuses Limited and inadequate degree of presence in metropolitan areas in Australia with small sized campuses with low student capacity in metropolitan areas Opportunity Increase in the number of internet users throughout the globe, as well as betterment of connectivity across borders, facilitates opportunity towards attracting international students Technological improvement facilitating offering of online based distance education courses by the university resulting in increasing number of enrollments Threats Severe degree of competition from other universities based in Australia Comparatively less efficient research facilities at the university as compared to top Australian universities Aggressive marketing tactics by other universities towards attracting international students Value and brand positioning analysis: Zeriti et al. (2014) stated that value positioning by an organization results towards evaluation of an organization's products and services by its prospective customers. The value positioning pertaining to CQU arises out of the differentiated services that are provided to the prospective students at its campuses. The educational services at CQU are disseminated between the establishment of campus, study center, study hub and delivery site. Services are differentiated between the four forms of CQU establishment where campus and delivery sites facilitate full component of their program. Whereas study center is a smaller version of campus and the study hub is primarily a facility for the students to utilize internet and computing facilities. In terms of brand positioning, the university positions itself as an educational instruction that is driven by innovation. Moreover, the company capitalizes upon its presence in 24 different locations across Australia along with course offerings of over 300 courses in order to position itself as a university facilitating courses in locations with the varied cost of livings and cultural environments. Proposed marketing aim and promotional objective for 2018: The proposed marketing aim pertaining to CQU should be towards reaching out to more number of international students both through its official website and social networking sites as well as through conducting and participating in overseas education fairs. Moreover, using school campus promotional campaigns in order to attract more number of enrolments by domestic students in the university. In addition, CQU should emphasize upon its presence in over 24 locations around Australia along with offering over 300 courses towards attracting students that are more international. Since international students bring in larger revenues as opposed to domestic students and students enrolled in online courses thereby the primary target of the marketing campaign shall have to be international students. Marketing mix strategies: Products CQU provides educational services pertaining to various streams and subjects ranging from business management courses to accountancy courses to humanities to technology-based engineering courses. The university offers over 300 courses and certificate programs that are aimed towards facilitating undergraduate, graduate and research based degrees along with offering various vocational training and courses. Price There is a prevalence of differentiated pricing in terms of charging enrollment fees and tuition fees from domestic and international students with international students paying more for enrollment in courses. Moreover, the course fees also differ based on the subjects covered in the courses. For instance, business management and engineering courses have a higher enrollment and tuition fees as compared to courses on humanities. Promotion The promotional activities of CQU are undertaken through different marketing channels. The most effective promotional activities comprise of online marketing campaigns through using the university's official website and social networking sites to reach out to both domestic and international students. Moreover, campus promotions in schools across Australia along with participation in an education fair in Australia and abroad facilitate promotional activities. Place CQU has a presence in over 24 locations across Australia with large and small campuses in various locations including metropolitan cities. The considerable presence in Australia enables the university towards catering to over 35,000 students annually. Competitive strategies: The university focuses towards intensive marketing of its online courses because the costs of facilitating courses online by CQU are lower than regular courses. Since the enrollments and course fees are more for the international students as compared to the domestic students thereby it is justified that the university primarily targets international students as compared to domestic students. Through its presence in Australia through 24 different campuses, CQU reiterates towards its mission of providing quality education anywhere across Australia from the metropolitan cities to the nations interiors. Media and budget allocation for 2018: Marketing Budget for 2018 Particulars Amount ($) Market research 100,000 Website Marketing 400,000 Marketing in Social Networking Sites 700,000 School campus marketing 500,000 Print marketing 300,000 Participation in domestic education fairs 250,000 Participation in international education fairs 700,000 Total 2,950,000 Market research is highly required in terms of strategizing the marketing campaign owing to stiff competitions from other universities in terms of attracting students. The emphasis upon online marketing is considerable owing to the fact that reaching out to both domestic and international students is efficiently facilitated through online marketing channels. Moreover, school campus marketing and participations in international education fairs are highly effective towards attracting domestic and international students respectively. Expected outcome: The expected outcome from the marketing activities pertaining to CQU shall be towards increasing the degree of enrollments of international students since the emphasis of the marketing campaigns is towards the prospective students from abroad. Moreover, through various school campuses promotion, the awareness regarding the courses and training provided by CQU are communicated to the domestic students. Conclusion: The current study entailed a thorough evaluation pertaining to internal and external analysis of CQU. The various forms of analysis undertaken through in the current study facilitated towards providing an overview pertaining to the education sector in Australia along with an enumeration of different factors that are affecting the enrollment prospects of CQU. References: About Us - CQU. (2017).Cqu.edu.au. Retrieved 30 May 2017, from (https://www.cqu.edu.au/about-us). Baker, M. J. (2014).Marketing strategy and management. Palgrave Macmillan. 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