Background
Along with providing quality products and services, business organizations aim to provide an effective market strategy to place the brand in global market. The primary responsibility of marketing managers is to promote the entire process of business in order to gain brand identity and image. People belonging to different locations would be able to get in-depth knowledge and idea about brand and products only when the business marketing managers would promote the brands through various media tools in market. This particular study has provided detailed overview on how CQUniversity (Central Queensland University) has made market strategies and policies for giving a major threat for its competitor. This particular study has provided in-depth overview on how CQUniversity tends to share effective market strategy for gaining familiarity to the students of other countries as well (cqu.edu.au, 2017).
As per the report of May 2016 it has been observed that around 83% in the age group from 15 to 24 years belonging to Australia is engaged in study. On the other hand, only 45% of people belonging to 20 to 24 group of age are engaged in study (abs.gov.au, 2017) As a result, students in Australia are showing their reluctance for higher education. In order to motivate the students towards higher education CQUniversity has made several business strategies and policies with the help of which CQUniversity can create a market demand amidst large number of competitors. Situated in Queensland this particular university is considered as one of the largest regional universities of Australia having 35,000 students in various subjects (Rawwas, Arjoon & Sidani, 2013). Business accounting and law, education and humanities, service industries, creative, performing and visual arts, science industries are the primary study areas of CQUniversity.
Apart from this specific university, Australia is possessed with some other renowned universities as well among which the name of University of Melbourne, University of Sydney, Monash University, Deakin University are most prominent. All these universities ted to promote higher education with using innovative service method (Theodosiou, Kehagias & Katsikea, 2012). Therefore, the marketing executives of CQUniversity have to make an effective plans and procedures with the help of which the University can become a major threat for its competitors. As per the current scenario of market CQUniversity has already created a market demand by rendering innovative services in their learning process. The professors intend to use advanced technology while taking classes.
As a result, the students do not have to get bore while attending the classes. This kind of innovative service process is not only effective for CQUniversity to earn business image and reputation (Crouch & Housden, 2012). The managers should conduct an effective promotional plan as per the target market so that the concerned people get aware of the products and service process of this particular university. Before, making the market strategy the organization has made external environmental analysis as well.
Market Summary and Demand Assessment
The target market of CQUniversity has been segregated as per geographic, demographic and psychographic segmentation. Geographic market segmentation enables that people should be targeted as per the geographical boundaries. The University of Queensland not only targets the customers of Australia (Lantos, 2015). At the same time, the business managers have decided to grab the attention of customers from Asian countries as well. A large number of students coming from India, China and Indonesia Malaysia tend to show their interest for maintaining their higher education from CQUniversity. As a result, CQUniversity is already possessed with large number of 35,000 students in several departments. Therefore, the business executives tend to enhance their number of business strategies and policies for increasing the range of target market.
As per the demographic market segmentation CQUniversity has targeted those customers who are having average level of income status. Both the male and female students have been provided equal priority. CQUniversity being a regional university of Australia has targeted the students from 20 to 28 group of age. Apart from that this specific university is flexible to give the scope to those students who tend to maintain their studies in old age (Berthon et al., 2012). The syllabus pattern and the teaching method of lecturers of CQUniversity do not signify any specific culture or religion. Therefore, students from different psychological backgrounds would be able to use the products and services of CQUniversity.
Marketing mix strategy is one of the most effective ways of promoting entire business process in different localities. The managers of CQUniversity have primarily focused to use 4Ps of marketing mix strategy for making the promotional activities in different geographical areas.
The primary aim of CQUniversity is to launch different subject areas within the university campus with the help of which people from various subjects can take admission in CQUniversity. The subject areas include accounting and law, education and humanities, service industries, creative, performing and visual arts, science industries. The facilitators associating with this university tend to use advanced technology to break the monotony of teaching learning process (Morgan, 2012).
At the same time, the campus of this specific university is established in Melbourne, Sydney, Cairns, Adelaide. This specific university is situated in those areas where students do not have to struggle to avail the place (Lusch & Vargo, 2014). On the other hand, the place where CQUniversity is situated is very much convenient for international students as well.
Segmentation and Target Market
The marketing managers have decided to use the popularity of both online as well as offline media for promoting their business in different geographical areas. Direct marketing is the primary ways of conducting offline promotion (Morgan, Katsikeas & Vorhies, 2012). With the help of direct marketing process both the service providers and the service users can take an immediate feedback. At the same time, digital media enables to conduct the market promotion by using social media, online advertisement and website promotion.
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Political |
Australia is away from typical political conflicts. International students do not have to face challenges in appearing Australia for their further studies |
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Economic |
Australia is having economic strength. The people belonging to Australia are competent enough to pay the University fees. |
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Social |
People belonging to multi-cultural backgrounds have turned in Australia due to its job opportunity. Therefore, the university of CQUniversity would have to show unbiased attitude towards the students. |
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Technological |
The inhabitants of Australia are advanced in technology. Therefore, service providers can use advanced technology while promoting their business |
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Environmental |
Australian climate and humidity do not hinder the students to maintain their learning process in CQUniversity. |
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Legal |
CQUniversity tends to maintain important regulations while running the educational center. The regulations include health and safety act, right to information act, anti-discrimination act and so many. |
Table 1: PESTEL Analysis
(Source: Morgan, 2012)
Before collecting data regarding competitors’ market strategy and policy, CQUniversity has decided to make an effective market survey in order to know competitors’ market demand. The competitors such as University of Melbourne, University of Sydney, Monash University are very much advanced in technology (Morgan, 2012). At the same time they are very much popular in their way of learning method, their use of technology and infrastructure as well. However, in order to give a threat to the competitors CQUniversity have decided to implement low cost strategy. The entry fee of Queensland University is very much affordable for those students who are having average level of income. As a result, the competitors have to face major difficulties to grab the attention of international customers.
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Strength |
Ø CQUniversity is regional university which is able to draw the attention of both internal students as well as international students. The range of target customers of this specific university is automatically high. |
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Weakness |
Ø The internal resource and infrastructure of CQUniversity is little bit weak than of its competitors. |
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Opportunity |
Ø By using advanced technology CQUniversity is having major opportunity to enhance the range of target market and to expand the business in global market as well. |
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Threat |
Ø Competitors’ brand value strategy has become a major threat for the university like CQUniversity. |
Table 2: SWOT analysis
(Source: Lusch & Vargo, 2014)
CQUniversity in order to position their brand has intended to use media vehicle as one of the most suitable tools. As already stated, this particular organization has not only targeted the students of Australia. The university has spread their wings for international students as well. Therefore, social media is the most suitable tools with the help of which students from different geographical boundaries can be attracted (Lantos, 2015). Among the recognizable social media tools the name of facebook, twitter, instagram, youtube are most prominent based on which the products and service process of CQUniversity has been placed.
Conclusion:
The entire study has provided an in-depth overview about the significance of marketing strategy for rendering the success of business. The primary aim of CQUniversity is not only to target the regional students of Australia. At the same time the organization has focused to target the students beyond going regional market. However, CQUniversity in order to promote their business has made effective market plan. Brand positioning, market segmentation, market mix analysis are the most effective ways by using which CQUniversity has drawn the attention of students from different geographical markets. Business promotion helps the university like CQUniversity to analyze the competitors’ market strategy as well.
Reference List:
abs.gov.au, (2017). Retrieved 8 April 2017, from https://abs.gov.au, 2017
Berthon, P. R., Pitt, L. F., Plangger, K., & Shapiro, D. (2012). Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy. Business horizons, 55(3), 261-271.
Cqu.edu.au (2017). Home – CQU. (2017). Cqu.edu.au. Retrieved 8 April 2017, from https://www.cqu.edu.au/
Crouch, S., & Housden, M. (2012). Marketing research for managers. Routledge.
Lantos, G. P. (2015). Consumer behavior in action: Real-life applications for marketing managers. Routledge.
Lusch, R. F., & Vargo, S. L. (2014). The service-dominant logic of marketing: Dialog, debate, and directions. Routledge.
Morgan, N. A. (2012). Marketing and business performance. Journal of the Academy of Marketing Science, 40(1), 102-119.
Rawwas, M. Y., Arjoon, S., & Sidani, Y. (2013). An introduction of epistemology to business ethics: A study of marketing middle-managers. Journal of Business Ethics, 117(3), 525-539.
Theodosiou, M., Kehagias, J., & Katsikea, E. (2012). Strategic orientations, marketing capabilities and firm performance: An empirical investigation in the context of frontline managers in service organizations. Industrial Marketing Management, 41(7), 1058-1070.
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