Analysis of Marketing and Competitive Environment of CQUniversity

Question: Discuss about the Analysis of Marketing and Competitive Environment. Answer: Introduction The Central Queensland University or the CQUniversity was originally founded in 1967 as the Queensland Institute of Technology, Capricornia. In 1992, it was awarded the full university status and is presently having more than 30,000 students spread across 25 campuses as well as locations all over Australia. This has resulted in establishing CQUniversity as one of the largest universities that is having its base in regional Australia having campuses in Adelaide, Brisbane, Bundaberg, Cairns, Emerald, Gladstone, Mackay, Melbourne and other places. In 2014, there occurred the merging of the University with CQ TAFE that brought together more than 175 years of combined experience in delivering education as well as training and the establishment of the first dual sector comprehensive university at Queensland. Analysis of the marketing and competitive environment: Central Queensland University The University is delivering more than 300 educations as well as training offerings that range from short courses as well as certificates to undergraduate, postgraduate as well as research degrees. The areas of study take into consideration Apprenticeships, Trades and Training, Business, Accounting and Law, Creative, Performing and Visual Arts, Education and Humanities, Engineering and Built Environment, Health, Information Technology and Digital Media, Psychology, Social Work and Community Services, Science and Environment as well as Work and Study Preparation. Mission CQUniversity is dedicated to superiority in respect of teaching, research, scholarship as well as service. Through the creation of connections with the communities as well as imparting individual attention, the university is engaging the students as well as partners in an environment that is innovative as well as focused on learners, which is creating scopes to work in an international community. Vision The vision of CQUniversity is getting recognition nationally as well as globally by the communities for being an original, inclusive as well as engaged partner of choice regarding learning as well as research. Current marketing objectives The current marketing objectives of CQUniversity are increasing the sales, building the awareness regarding the brand, growth relating to the market share, targeting new students, entering new markets globally or domestically, improving the stakeholder relations, improving the internal communications as well as increasing the profit. Market Summary Demand Assessment The University as well as Other Higher Education Industry has gone through major reviews as well as reforms in the last five years. In 2012, the Federal Government did the introduction of a demand-driven funding model in respect of the universities, which paved the way in respect of the growth in the enrolments of the domestic students over the period. On the other hand, due to the uncapping of Commonwealth supported regions, there has been a significant rise in the public expense regarding universities, which does the creation of budgetary pressures in respect of the Federal Government (Wilden, 2013). The changing scenarios relating to the visa requirements of the students also gave rise to global enrolments for having a strong growth alongside local enrolments over the past 5 years. There is an expectation relating to industry revenue for expanding at an yearly 4.5% over the 5 years through 2016-17. The characterisation of the University as well as other higher education industry takes place with the help of a low-level market share concentration with the top institutions that accounts for less than 30% of revenue. Most of the universities are operating within a specific state or territory within Australia. Hence, it is quite challenging for CQUniversity for commanding a sizeable industry share, with students attending universities within their home states (Peteraf, 2014). Segmentation and Target Market Segmentation is explained as the division of the mass market into different groups or segments, each of them comprising of common traits as well as the witnessing of similar responses are made in respect of specific actions in the market. Target Market Based on demographic profile The University does the segmentation of the market in respect of either international students or domestic students. It needs to be noted here that domestic students prefer studying at a University that is having a top rank since they are studying out of their interest. On the other hand, in respect of global students different factors needs to be taken into consideration like the students English level since certain universities have the requirement of a very high score in IELTS Exam. For example, top-ranking universities will be giving admission to only those international students regarding the MBA course who are having three year of experience or 7 points each in IELTS whereas other Universities might be accepting the MBA students that are having a 6.5 score and no compulsory MBA experience. Age Group There is the requirement of specifying the age group that CQUniversity is specifically targeting and that is 18 years to 26 years since most of the courses that are offered in the institution are ranging from undergraduate courses to post graduate courses. The University is also segmenting concerning price that includes higher income families, lower income families as well as middle-income families. For instance, CQUniversity is having lowest fees per semester when compared to other universities such as Queensland University of Technology, La Trobe University as well as Deakin University stating that CQUniversity is targeting those students that will be paying relatively less (Babin, 2015). Based on psychographic profile There are different motivational aspects that are associated with CQUniversity that includes career growth, self-awareness as well as self-development. For instance, CQUniversity is offering job placements and one of the prime reasons for the students to come and study in this university is getting good job placements (Morden, 2016). Based on the behavioural profile In respect of the occasion of purchase, certain students might be studying in the summer break that is normally taking place from November to February in different universities in Australia, therefore students who wish travelling at this time, might try to find CQUniversity offering the additional study semester in this period (Czinkota, 2013). Based on the geographic profile This aspect of market segmentation relating to CQUniversity is depending on variables that are in relation with geographical aspects. In this context, the effective geographical variables will be including the aspect of climate, local population, density of the market, as well as regional topography (Kotler, 2015). The target market that is most suitable in this regard is the demographic profile in respect of the students for CQUniversity. Market segmentation is depending upon the demographic variables that are essential as well as social traits of populations like age, education as well as income. The University does the segmentation of the market in respect of either international students or domestic students. It needs to be noted here that domestic students prefer studying at a University that is having a top rank since they are studying out of their interest (Armstrong, 2014). On the other hand, in respect of global students different factors needs to be taken into consideration like the students English level since certain universities have the requirement of a very high score in IELTS Exam. CQUniversity is having lowest fees per semester when compared to other universities such as Queensland University of Technology, La Trobe University as well as Deakin University stating that CQUnivers ity is targeting those students that will be paying relatively less (Baker, 2014). Marketing Mix Analysis Product The core benefit for the students to join the CQUniversity is the excellent study materials, teaching facilities as well as excellent opportunities relating to placements that the college is providing. Price The pricing strategy that CQUniversity takes into consideration is competitive pricing. This approach will be setting the prices in comparison to the other competitors. Moreover, for analyzing the competition there is the requirement for researching the perceptions of the approaching students and their families are having in regard to the value of education. CQUniversity is having lowest fees per semester when compared to other universities such as Queensland University of Technology, La Trobe University as well as Deakin University stating that CQUniversity is targeting those students that will be paying relatively less. Place CQUniversity is providing the campus studies as well as providing the online studies in respect of distant students. In this context, the University is having campuses in different places within Australia such as Adelaide, Brisbane, Bundaberg, Cairns, Emerald, Gladstone, Mackay, Melbourne and other places. Promotion CQUniversity is providing promotional facilities that are including the aspects of advertising, public relations as well as promotional strategic aspects (West, 2015). PEST Analysis Political In respect of educational institutions such as CQUniversity, changes in the political system will be affecting different policy changes as well as changes in the pattern of work in respect of the institution. Variable as well as fixed factors regarding the political system will be creating changing scenarios in the educational institutions such as immigration, curriculum as well as financial policies. Economical CQUniversity needs to take into consideration the aspects of Australias economic conditions that include inflation rate, exchange rate as well as interest rate and also require taking into consideration the strict, calculative as well as conservative assessments. Social There are different social factors that will be impacting the CQUniversity that includes the cultural scenarios, health and welfare, population demographics as well as public policies. CQUniversity is required possessing abilities that are needed for adopting changing aspects without making a change in the core principles. Technological CQUniversity did the adoption of different stages for the induction of newest technological aspects regarding the institutes application as well as knowledge database through the change as well as upgradation of the course structures based on the recent requirements. The institution is effectively using computer-based systems of management for executing their activities (Grant, 2016). SWOT Analysis Strengths Weaknesses The teachers are highly-skilled Diverse student body Positive reputation in the external community Proactive student support Fiscal Uncertainty Adjusting to growth related pressures Limited resources associated with the development of faculties as well as employees Inability for hiring as well as retaining the faculties (Boone, 2013) Opportunities Threats Potential for growth Societal trends Increased interest in international initiatives Advancements regarding the technological aspects The development of another university in the location Negative perception of the public Increasing in reporting anticipated by the government as well as society Absence of knowledge relating to higher education (Proctor, 2014) Conclusion The University as well as Other Higher Education Industry has gone through major reviews as well as reforms in the last five years. In 2012, the Federal Government did the introduction of a demand-driven funding model in respect of the universities, which paved the way in respect of the growth in the enrolments of the domestic students over the period. On the other hand, due to the uncapping of Commonwealth supported regions, there has been a significant rise in the public expense regarding universities, which does the creation of budgetary pressures in respect of the Federal Government. References Armstrong, G., Adam, S., Denize, S., Kotler, P. (2014).Principles of marketing. Pearson Australia. Babin, B. J., Zikmund, W. G. (2015).Exploring marketing research. Cengage Learning. Baker, M. J. (2014).Marketing strategy and management. Palgrave Macmillan. Boone, L. E., Kurtz, D. L. (2013).Contemporary marketing. Cengage learning. Czinkota, M. R., Ronkainen, I. A. (2013).International marketing. Cengage Learning. Grant, R. M. (2016).Contemporary strategy analysis: Text and cases edition. John Wiley Sons. 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