Marketing and Competitive Environment

Question: Discuss about the Marketing and Competitive Environment. Answer: Background Central Queensland University or CQUniversity was founded in 1967 in Rockhampton and was known as Queensland Institute of Technology (Cqu.edu.au, 2017). The main campus is in North Rockhampton, but the University also has campuses in Gladstone City, Bundaberg, Gladstone Marina and others. The campuses have both domestic and international students (Cqu.edu.au, 2017). Market Summary and Demand Assessment The Australian education industry has grown at an unprecedented rate in the years between 2010 and 2015 (Timeshighereducation.com, 2017). The higher education sector in Australia accounts for over one-third of the total revenue in the Australia education sector. The introduction of demand driven system for undergraduate universities has increased as the public universities in Australia are funded by the federal government (Timeshighereducation.com, 2017) t. There are over 35,000 students in 24 campuses in Australia-wide locations. CQUniversity is ranked under the top 500 universities in the world providing students with best experience (Timeshighereducation.com, 2017). Currently, 5,000 international students are present in CQUniversity (Timeshighereducation.com, 2017). Segmentation and Target Market The market can be segmented based on several profiles: Demographic segmentation can be done on the basis of gender, age, income level and education. Both men and women can avail services at CQUniversity. The students who have completed their high school education and belong to the age above 18 can enrol at the University. University aims to make courses available for everyone and the people of all income levels can apply. Geographically, the University serves in over 24 locations across Australia capturing maximum students. Based on psychograph, the students seeking engagement with the University and aim to develop leadership skills can apply at the University. Out of the above segments, the target group are the men and women across Australia who have a notion of receiving the best education at affordable prices are targeted. The University targets the Aboriginal and Torres Strait Islander people as they are disadvantaged class in receiving education. Current Marketing Mix Analysis The marketing mix can be defined as the combination of factors to influence consumers to buy products: Product CQUniversity offers a wide range of courses for both distance education and on-campus study mode. The courses range to business, law, health, transport, English, humanities and others. The offerings are available for gaining certificates, undergraduate, postgraduate, diploma and higher research (Favaloro, 2015). Price Competitive pricing is followed by the University where the people can afford the services. Apart from the course fees, the students must be able to afford accommodation and textbook cost. Place The services are offered at the campus in different geographical locations across Australia. The details of courses are interaction can also be made online or through emails. Promotion The two main strategies for promotion are scholarship and sponsorship. The University offers a grant or payment provided to the student for further education. Further, CQUniverity provide sponsorship on projects for mutually benefitting the community and University. PEST Analysis The external analysis can be made using PEST framework: Political Factors- Australian Curriculum, Assessment and Reporting Authority (ACARA) supports all Australian government to deliver Australian curriculum. The government implements changes to higher education to create more sustainable, more accessible and competitive options. Economic factors- Education sector employs about 8% of the Australian workers. Australia is not a cheap destination for international students. According to the Australian Bureau of Statistics (ABS), international education earned over $19.5 billion in 2015 making the educational sector full of opportunities (Theconversation.com, 2015). Social Factors- The trends in Australian education sector is changing. The learning programs and teaching need to be integrated with the education industry. Therefore, the universities need to create new models to compete with the trends (Marginson, 2015). Technological Factors- The technological trends can set the education structure in Universities in Australia. Mobile learning and digital classrooms have shifted the structure of education making the market competitive. Competitor Analysis of Deakin University Deakin University is one of the major competitors of Central Queensland University in Australia. Deakin ranks 355 in the World Rank 2016 (Australianuniversities.com.au, 2017). It is between 251 and 300 according to the TIMES University ranking (Australianuniversities.com.au, 2017). It ranks 17 in The Excellence in Research for Australia (Australianuniversities.com.au, 2017). Deakin was awarded a 5-star rating by the prestigious university ranking organisation Quacquarelli Symonds (QS) (Deakin.edu.au, 2017). A wide number of courses are offered by the University. A total of 53,314 enrolled at the university in 2015 (Deakin.edu.au, 2017). There are multiple campuses in Burwood, Geelong, Warrnambool and Werribee. Both on-campus and off-campus modes of education are provided at the University (Deakin.edu.au, 2017). SWOT analysis Strengths CQU is ranked at number 101-150 on the Times Higher Education Offers more than 300 training courses for undergraduate, postgraduate, research and others. Weaknesses Other Universities such as The Melbourne University, Griffith University and others offer competitive courses and price. Existing workforce problems to manage the students Opportunities Technological opportunities for collaborating classroom Scope to expand the operations in other countries Threats Increasing competitive rivalry among the Universities Restrictions on visa regulations may affect international students Table 1: SWOT Analysis Value and Brand Positioning Analysis A value positioning is a statement that summarizes why a customer must use products and services. Central Queensland University offers courses for everyone that makes it a provider of quality education. Brand positioning is defined as the target consumers that help buying the brand instead of others. The products and services are available for everyone including Aboriginal and Torres Strait Islander. Therefore, with inclusive education environment, the students prefer studying at CQUniversity (Singh, Kalafatis, Ledden, 2014). References Australianuniversities.com.au,. (2017).Rankings of Australian Universities 2017-2018 | AustralianUniversities.com.au.Australianuniversities.com.au. Retrieved 2 April 2017, from https://www.australianuniversities.com.au/rankings/ Cqu.edu.au,. (2017).International Students - CQU.Cqu.edu.au. Retrieved 2 April 2017, from https://www.cqu.edu.au/international-students Deakin.edu.au,. (2017).Locations | Deakin.Deakin.edu.au. Retrieved 2 April 2017, from https://www.deakin.edu.au/locations Favaloro, C. (2015). Marketing in the Australian higher education sector.Journal Of Higher Education Policy And Management,37(5), 490-506. https://dx.doi.org/10.1080/1360080x.2015.1079396 Marginson, S. (2015). Is Australia Overdependent on International Students?.International Higher Education, (54). https://dx.doi.org/10.6017/ihe.2009.54.8413 Singh, J., P. Kalafatis, S., Ledden, L. (2014). Consumer perceptions of cobrands: the role of brand positioning strategies.Marketing Intelligence Planning,32(2), 145-159. https://dx.doi.org/10.1108/mip-03-2013-0055 Theconversation.com,. (2015).Australia's 'five pillar economy': education.The Conversation. Retrieved 2 April 2017, from https://theconversation.com/australias-five-pillar-economy-education-40831 Timeshighereducation.com,. (2017).Central Queensland University.Times Higher Education (THE). Retrieved 2 April 2017, from https://www.timeshighereducation.com/world-university-rankings/central-queensland-university#ranking-dataset/167425