Development of the Marketing Plan of Monash University - Samples

Question: Discuss about the Development of the Marketing Plan of Monash University. Answer: Introduction Monash University has a desire of making a difference informs everything the university do. The institution is a Melbourne based Australian public research university and which was incorporated in the year of 1958. The entity has an aim of going beyond good intentions and wants to have an impact on the local as well as the international users and the students. The firm is a global university brand name and has market in the four continents (Australian Education Network. 2017). The university has been considered as the second oldest university in the state of victoria. Monash has been enjoying an advantageous reputation in the national and international regions for research and teaching excellence in a short 50 years. The university has also been ranked in the top one per cent of world universities. And, the institution also has been moving forward towards improvement due to its vision and strategy for the future. Monash is also a reputed member of a group of the eight leading researc h universities, and this group is known as Group of Eight. The university has an enrollment of an approx. 46,264 undergraduate students, 17,613 postgrad students, and overall more than 64,479 students. With an estimation of 79th rank in the top 100 world universities, this ranking has been given by the Academic Ranking of World Universities 2016, One of the biggest competitor Monash University is the New South Wales. The competing university was founded in 1949 and is also a member of the Group of Eight. Market and Demand assessment Australian economy has been providing support and encouragement to quality education. The economy also provides varied options of educational services. It has been concluded from the research that the Australian economy has been offering educational services and programs of an approx. number of about 22,000 and that to number of global and national students (Infoanalytica. 2017). Number of laws, norms has been prescribed by the parliamentary and other government authorities and this has been done for the quality of education. These all the needs and demands of the students has been has been provided and assured by the Education Services for Overseas Student Act 2000, or ECOS Act. And these structural changes in the legislative framework have made the Australian economy the most favorite destination for international students and the service users (Monash University. 2017). The institution has been graded and ranked on the 5th position in the research excellence and this is the reason why the university has become one of the attractive places for international and domestic students who are interested in research and related courses and programs. University has also been making some contribution for society by providing quality of educational services. Segmentation and target marketing Segmentation is the concept which is concerned with the division of the consumers into smaller sections (Hanlon. 2017). And due to this the process ofmarketing segmentation has been becoming more specific and particular. In this process basically the consumers are divided into smaller groups and this is to be done on the basis of their needs, wants and requirements, demand and characteristics. The concept of targeting is making the firm more specific and choosier in the terms of consumers and their segments and whom they are selling andmarketing their products and /services (Managementstudyguide. 2017). An approx. number of 170 countries is the count which has been served by the Monash University, and also the university has also been successful in raising the number in the current year. There are 5 campuses in Melbourne, Australia and one campus in Malaysia. The universityalso have presence in some of the regions such as India, China, South Africa, and Italy. And as it has been obse rved that diversity has been found in the university and the factors such as psychographic and behavioral segmentation for targeting the segmentations of the students on the characters, attitudes, beliefs, and behavioral patterns and benefits sought are considered. And as these factors are considered the university has been found with a varied and diverse range of students in terms of regions, language, different cultural backgrounds, lifestyle and behavioral patterns (Crouch Housden, 2012). Further there are some the factors which have been ignored by the institution as the university has a number of campuses in various geographical regions and hence the factors which are based on location ad regions etc. PEST analysis The most significant factors of the business environment are the external and the internal factors and these both the factors are very much liable in influencing the business corporations in many ways. These both the factors have a number of components and PEST analysis is from the external environment. This analysis comprises of political, economic, social and technological factors which are described as follows: The norms, laws and the regulations, which are being imposed and implemented by the governing bodies of Australia and these, are the basic components of the political factors (Armstrong et al, 2014). These factors are every much liable and have various impacts on the operational activities and functionalities of the business organization. In case of the Monash University if the government changes or makes any implementation of the new laws then it will have effect on the students which are coming from abroad? It has been prescribed by the governing authorities of the economy that only institutes which have been registered under ECOS Act and registered on Commonwealth Register of Institutions and Courses for Oversea Students (CRICOS) can enroll oversea students (Koumparoulis, 2013). Moreover the Australian government is very much concerned regarding the safety and security aspects of the international students so it has been providing insurance and some of the related schemes so as th e students should feel safe. This will make an increase in the number of enrollment of international students. Monash University CRICOS provider number is 00008C. Also a quality of educational services has been assured by this factor for the service users. The economic growth, rate of inflation, exchange rates and the interest rates are the basic components which are to be considered as very much relevant for this factor. A continuous and rapid boom has been observed in the international education sector and also has a contribution of $19.7 billion in the growth and development of the Australian economy (Babin Zikmund, 2015). There are some examples which can impact on this sector such as decrease in the value of the Australian dollar can also aid in the growth of this sector. Moreover, Federal Government has been providing financial help to the universities which will bring developments and improvements in the infrastructure, equipment and education standards of the university which will in-turn will be proven beneficial as the university will be able to encourage more international students. The social factors comprises of the thoughts, beliefs, and cultures which are being practiced in the society and in the surrounding (Hollensen, 2015). This has been considered as the most significant concept or factor from the analysis as it has the most influence on the business environment of the business corporation. As the consumers or the service users are belongs to some or the other society and they are considered as the kings of the markets hence this factor possess some additional significance. The technologies, mechanisms, tools and the equipments which are being used by the business organizations comprise of the technological factors.. This factor is very much vital for the business organization for keeping the operational activities and functionalities up-to-date. This will also help the business corporation in bringing an increase in the productivity and that too with a quality. Moreover the university should make use of the modern methods and mechanisms and contemporary means of teachings. The infrastructure of the university and its various campuses, how well they are equipped, do they use latest technology and are their teachers and staff who are well verse in using such devices. Competitors Analysis The below presented is the analysis which has been executed on the rival of Monash University which is University of New South Wales. The university is able in giving close competition to Monash University. World Rankings Monash UNSW QS Ranking 65 49 THE Ranking 74 78 ARWU Ranking 79 101+ US News Ranking 79 80 Research Excellence 5 4 Both the universities are facing an intense level of competition from each other in the field of research and development. UNSW is much older university and is being operating the business in the sector as compared to that of the Monash University. But then also Monash University has been proven successful in attracting more number of students as compared to USNW and this is also some in case of the oversea students. The university also has a high ration in the enrollment of the international students as compared to UNSW (UNSW. 2017). Overseas students constitute 34.3% of total students in Monash University, but overseas students constitute 25.1% of total students in UNSW. 5,856 is the total of the international students in the case of Monash University whereas in the case of UNSW only 1,996 online students is the number. This research proves that Monash University is promoting online education more and is also more successful in same as compared to UNSW. SWOT Analysis Strength: The library of the university has been considered as the biggest strength of the corporation as it has a collection of the largest variety of books in the economy of Australia. It has 2.1 million books, 85,000 print and electronic journals, 420,000 electronic books (Morrison. 2010). Moreover the increasing number of international and domestic students can also be considered in the list of the advantage and strength for the university which will be proven beneficial for the university. Weakness: As the university has number of campuses and which are also very much far away from the reach of the local students. For instance the university has total six campuses, five of which are in Victoria, Australia, one in Malaysia, so it is very much difficult for the local students from the nearby regions such as Queensland and Tasmania. So this can come-up as one of the weakness for the university. Opportunity: There are number of governing policies and laws which are found in favor of the educational systems which have been adopted by the university. So this can be one of the opportunities for the university. Also, government is providing sufficient funds to the University (uis.edu. 2017). And this is the time for the university to excel and grow in the field of research and innovation. Threat: The biggest threat is the intensification in the competitive environment and UNSW is one of the biggest competitor and also the threat for the university (uis.edu. 2017). There can be fraudulent cases also with respect to the privileges that are being offered by the university to students in need. Value and Brand Positioning Analysis The term value proposition is concerned with the whole cluster of benefits which has been expected to be delivered by the company, the concept is more than the establishment of the brand image and core positioning of the products and the services. Also an assurance should be given by the business organization regarding the total experience customers can expect (Keller, Parameswaran Jacob, 2011). The aim of Monash University is Ancora Imparo (Italian), which means I am still learning.. The prime focus of the aim of the institution has been given on the continuous upgrading of the education system and which has to be done by the most updated technology and contemporary mechanisms (Aaker Joachimsthaler, 2012). Moreover the university is also well known for providing a quality of educational services and programs. There are varied ranges of advantages for the career of the students who study in Monash. The University provides assurance for building various skills and increase in the po tential by enhancing the skills of communication, analytical skills. Whereas, the motto of UNSW is Scientia Manu et Mente (Latin), which means knowledge by hand and mind., this describes that this is a well-blended mixture of the theoretical knowledge and practical experiences which will be gained by the students after enrolling in any of the programs of the Monash University (Kapferer, 2012). The motto of UNSW says that rise to the top and which means that it has strong industrial links. It also depicts that the teachings provided in the university are getting strength from their research activities. Marketing mix analysis The concept of marketing mix can be considered as the analysis or a set of actions and elements which can be used by the business corporation for promoting the products and the services of the company (Mindtools. 2017). Marketing mix analysis can also be considered as the strategic tool which will aid the business entity sustaining a competitive advantage over the competitors. The below presented is the marketing mix analysis of Monash university: The products and the offering are the courses and the programs which are being enrolled and are being offered by the Monash University. On the basis of the carried out analysis it has been noted that university has been providing a number of programs to the international and domestic students. The students select the courses on the basis of their interests and needs of the students. The university offers a varied and diverse range of programs (Marketingteacher. 2017) Art and design, Architecture, development, Design, Art, and Architecture; Economics and Business; Engineering; Education; Information Technology; Nursing and Health Services; Medicine; Law; Science; Pharmacy and Pharmaceutical Sciences. are some of the other courses which can be enrolled by the students. The programs and the courses offered by the university are very much affordable in terms of prices which do not divest the students from attaining the educational services (Altbach Salmi, 2011). This makes the university to have an increasing number of enrollments of the students. Also the university has made some programs related to students welfare such as scholarships and allowances to the students who are in need. The below presented is the data or the prices of the fees of the students of various branches. Business $111900 Education $99900 Arts $80600 Science $118500 Distribution process of the university has been segmented in two basic parts that is offline and online. In simpler terms it can be said that the university offers offline and online courses and the mediums chosen for making the services available are the campuses and the online programs which are through web-sites or online portals. For instance, for offering the services through offline mode the university has established its branches and institutions on various locations for providing the services on a higher range. The university can make use of contemporary methods and this has to be done for the attainment of more and more students (Sallis, 2014). Online means and channels can also be proven beneficial, such as making use of the university web-based portals. Marketing aim and promotional objectives The aims and the pre-determined targets are the marketing aims which are required to be determined and decided by the business organizations while making the promotional events for the offerings (Porter, 2011). And this has to be done by the company so as to attain and attract the potential consumers. These aims or the goals are required to be achieved within a given time frame. The term marketing objectives are known as the plans, tactics or the strategies which are set for the attainment of the organizational objectives. For instance the company's marketing objectives can consists of enhancement and development of the product awareness among targeted consumers and also in the society, providing appropriate and relevant information about the products features and reducing consumer resistance to buying the product (Kelley, Sheehan Jugenheimer, 2015). There below mentioned are some of the marketing aims and promotional objectives of Monash University: Monash University has adopted some unique and distinct theories and model for meeting the challenge and issues of the students and also the employees or the staff which are working with the university. Increasing and developing strong bonds with the consumers so as to increase the market share, brand equity and the goodwill of the firm. Competitive strategies There are mainly two types of competitive advantage and which are associated with the scope of operations for which a business corporation will be trying for achievement of the same and which lead to three generic strategies which are for achieving above average performance in an industry, cost leadership, differentiation and focus (ifm. 2016). The Monash university can make use of the differentiation strategy for sustainment of the competitive advantage: Differentiation In this concept the business organization tries to manage and establish a distinct image in the sector. There are some more features which are considered as very much relevant by the consumers and these are the dimensions which are considered as very much significant by the business entity in this process (Arbuckle. 2017). In this approach the components which are chosen relevant by the business corporations are are proven very much beneficial in the attainment of the goals or are uniquely positions itself to meet those needs. Media and budget allocation for 2018 Advertising and promotion has been considered as the helping hand in the process of marketing as this is the process by which the marketer makes the products available in-front of the consumers (Ramsey. 2015). And also this concept is very much significant or vital for business corporations sales and growth. This is the main reason for the development of the media plan and set a budget for the same. A marketing team or the team of media planners will be involved in the development of the budget-conscious program and which is done by developing by the selection between the objectives of the campaign and the properties of the media which are required to be utilized. The below mentioned is the budget plan for 2018 for Monash University: Media and Budget planning for 2018 for Monash University Resource Amount ($) Stock and Supplies 10,000.00 Machinery 500,000.00 Equipments 15,000.00 Labor (20 Staff*$1,000) 20,000.00 Office Staff (10 officials*$2500) 25,000.00 Total 570,000.00 Conclusion In the limelight of the above carried out analysis it can be inferred that Monash University is an educational institution with an aim of providing the best educational services to the students for making them live a better life. The University has a high set of vision and values which enables them in development of a constant drive for the attainment of the idea of diversity and comprehensiveness. The biggest strength of the university is its increasing number of international and domestic students and the institute has a very big library collection and there are many other beneficial factors for the organization References Australian Education Network. (2017). 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