Background
In the present competitive educational structure, all the educational institute focus on providing superior quality of services along with effective marketing strategies for positioning the brand in the global market uniquely. The prime focus of the marketing managers is to promote the entire business process for developing strong brand identity and image in the market. Proper utilization of marketing strategies allows people to gain in-depth knowledge regarding the quality of the provided services. This particular report has provided in-depth overview regarding the process University of Melbourne has initiated marketing strategies and procedure for achieving competitive advantage in the market. The report has also provided an in-depth overview regarding the way international and domestic student gain further information about the provided educational facilities.
In 2016, a market survey has highlighted the fact that around 83% of the total population between the age group 15 to 24 years are engaged in study in Australian market. On the contrary, the number reduces to 45% at the time of considering Australian people aged between 20 to 24 years (abs.gov.au, 2017). It emphasizes the fact that students in Australia are reluctant to complete higher education, which can actually create massive impact on the economical enhancement procedure. For that reason, University of Melbourne has initiated different marketing strategies so that it can encourage Australian students to complete their higher studies in an effective manner. Now, University of Melbourne is regarded among the top university in Australia with 11 separate academic units (unimelb.edu.au, 2017). It include subjects like education and humanities, business accounting and law, performing and visual art, engineering, medicine that encouraged students from all across the globe to avail the provided education services. Apart from the focus university, Australia also has some other renowned universities like University of Sydney, Deakin University, Monash University (Sheth & Sisodia, 2015). All these universities are promoting significance of higher education for the personal and economical growth of the country. For that reason, marketing executives of University of Melbourne has focused on implementing different innovative learning services for maximizing the impact on the learning process. For instance, University of Melbourne has promoted use of different advance technologies for enhancing the knowledge of the students.
From the effective utilization of the marketing strategies, University of Melbourne has used demographic, geographic and psychographic segmentation. Now, effective use of geographic segmentation technique has allowed marketing executive of University of Melbourne to understand the potential target market outside the domestic geographical boundaries. Therefore, it has allowed marketing team of Melbourne University to target students from different Asian countries like China, India, Malaysia and Indonesia. As a result, University of Melbourne is already having more than 30,000 students in total (Berthon et al., 2012). The business executives are looking to increase the number even further.
Market summary and demand assessment
On the contrary, University of Melbourne has also focused on using demographic segmentation technique for inducing students from different income group to avail provided educational services of the university. The marketing executives of Melbourne University have provided equal significance to both male and female students. The marketing strategies have primarily targeted students from 19 to 25 years of age (Chung, Lu Wang & Huang, 2012). In addition, marketing strategy of Melbourne University has also highlighted the flexibility of including old age people who are looking to complete their higher education. Moreover, marketing strategies also signifies that Melbourne University has consciously avoided of maintaining any specific religion or culture so that people from different race, case and religion can receive equal support from the professors and other staffs of the university.
As per the article by Shaw (2012), marketing mix is among the most popular ways to initiate different business strategies. The marketing team of University of Melbourne has focused on using 4Ps of marketing mix for creating desired impact on the potential market.
Melbourne University has always focused on providing different subject options like law and accounting, humanities and education, medicine, science, business and economics for encouraging students to complete their higher education. In addition, Melbourne University has also focused on including different advance subjects like visual arts, mass communication & journalism and foreign language for ensuring maximum impact on the target market.
The marketing strategies of Melbourne University aim to encourage as much students as possible for completing higher education. For that reason, University of Melbourne has consciously kept the price level low so that student coming from different income group family can avail the provided services in an effective manner. Moreover, it also has structured relatively low price for the foreign students to ensure large number of students comes to avail the provided educational service.
Main campus of University of Melbourne has established in such a way so that students can fulfil all the requirements in an effective manner (Lusch & Vargo, 2014). The main campus of the university is well connected through the transport facilities. Moreover, it has developed a high-class library and study room where students can read and enhance their existing knowledge. Melbourne University also has focused on providing proper residential location for the students so that they do not have to face any challenges in completing their higher education.
Both online and offline platforms has been used by the marketing team of Melbourne University for providing required information to the domestic and international students. It has also looked to initiate direct marketing approach and feedback collection for the domestic market to make required changes in the business process.
Segmentation and target market
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PEST Analysis |
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Political |
Historically, Australia has faced different political conflicts regarding the inclusion of international students. Many incidents have been identified where foreign students is victimized through several violent activities. For that reason, Australian government has initiated different rules and regulations for maintaining proper environment |
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Economic |
Australia is economically strong country that has achieved consistent growth over the past few decades. Therefore, it is expected that students will not face too much challenges in paying the fees of the university. |
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Social |
Australia is a multi-cultural economy, as people from all across the globe enter into the country for developing effective personal and professional life (Papadopoulos & Heslop, 2014). For that reason, maintaining unbiased attitude towards all the potential students is important for achieving success in the market. |
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Technological |
Australia also represents a technologically developed country, which will allow university to include different advance technology for creating maximum impact on the learning perspective. |
Table 1: PEST Analysis
(Source: Morgan, 2012)
As illustrated by Rawwas, Arjoon and Sidani (2013) proper evaluation of the initiated strategies of the competitors is critical for fulfilling all the business objectives. For that reason, University of Melbourne also has focused on including a market survey for understanding the potential market of the competitors. It has also focused on assessing the kind of advance technology used by the CQUniversity, Monash university, University of Sydney for understanding popular technologies among the student. University of Melbourne has also focused on assessing the provided infrastructure by the other universities, as it can have massive impact on the learning aspect of the student. For that reason, University of Melbourne has initiated low cost strategy for including maximum number of students from all across the globe. It has also initiated financial support to the needy bright students to ensure all the students can complete higher education effectively.
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SWOT Analysis |
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Strengths |
· University of Melbourne is the second oldest university in Australia · It provides equal opportunity to both domestic and foreign students regardless of their caste, religion and gender · Superior infrastructure · Low fess policy |
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Weaknesses |
· The present internal resources is comparatively weak from other prime competitors · As a regional university, it has very few campuses outside of Melbourne area |
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Opportunities |
· By utilizing advance technology, it can target students present outside the country as well · It can also introduce different advance subjects like films and cinema, music and other courses |
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Threats |
· Intense competition among other top universities present in Australian market · It has relatively minor presence outside the Asia market |
Table 2: SWOT Analysis
(Source: Theodosiou, Kehagias & Katsikea, 2012)
University of Melbourne has intended to use different media vehicles for position the brand uniquely in the market (Kumar & Rajan, 2012). The marketing strategies of Melbourne University has focused on developing strong global brand, as it is looking to target both domestic and international students. It has also tried to position itself strongly in the social media and digital platforms for increasing the brand value in the global market. Moreover, it has also initiated different social activities for positioning itself uniquely in the market.
Conclusion:
The report has provided an in-depth overview of the initiated strategies by the University of Melbourne. The report has identified that University of Melbourne is looking to increase its reach not only in the domestic market but in also different parts of Asian market as well. The report has assessed that in order to promote the brand in the global market, Melbourne University has initiated market segmentation, brand positioning and market mix analysis. It has helped to create desired level of impact on the potential market.
References:
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.
Chung, H. F., Lu Wang, C., & Huang, P. H. (2012). A contingency approach to international marketing strategy and decision-making structure among exporting firms. International Marketing Review, 29(1), 54-87.
Kumar, V., & Rajan, B. (2012). Social coupons as a marketing strategy: a multifaceted perspective. Journal of the Academy of Marketing Science, 40(1), 120-136.
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.
Papadopoulos, N., & Heslop, L. A. (2014). Product-country images: Impact and role in international marketing. Routledge.
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.
Shaw, E. H. (2012). Marketing strategy: From the origin of the concept to the development of a conceptual framework. Journal of Historical Research in Marketing, 4(1), 30-55.
Sheth, J. N., & Sisodia, R. S. (2015). Does marketing need reform?: Fresh perspectives on the future. Routledge.
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.
unimelb.edu.au. (2017). Unimelb.edu.au. Retrieved 13 April 2017, from https://unimelb.edu.au
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