MARKETING AND COMPETITIVE ENVIRONMENT OF UNIVERSITY OF MELBOURNE 8
Running Head MARKETING AND COMPETITIVE ENVIRONMENT OF UNIVERSITY OF MELBOURNE
Marketing and Competitive Environment of University of Melbourne
Student Name
Institutional Affiliation
Contents
Summary ………………………………………………………………………………………………………………………..2
Background……………………………………………………………………………………………………………………..3
Market summary ……………………………………………………………………………………………………………..3
Demand Assessment…………………………………………………………………………………………………………4
Segmentation and target market………………………………………………………………………………………….4
Current marketing mix analysis………………………………………………………………………………………….4
PEST analysis………………………………………………………………………………………………………………….5
Competitor analyses………………………………………………………………………………………………………….5
SWOT analyses………………………………………………………………………………………………………………..6
Value and brand positioning analysis………………………………………………………………………………….6
Conclusion………………………………………………………………………………………………………………………7
References………………………………………………………………………………………………………………………8
Summary
The work is the study of a university in Australia and the detailed marketing and competitive environment related to it. I have taken the University of Melbourne to make a thorough study of the topic. I would use the demand assessment, segmentation & targeting, SWOT analysis, PESTEL analysis, competitor analysis and the value analysis to demonstrate the work in a systematic manner.
Background
The Australian higher education system consists of a very good combination of courses to make the career safe and secure. It consists of three types of higher studies namely Bachelor, Master, and Doctoral Degrees. The Australian universities are offering Dual Bachelor Degree courses. It has attracted the students from Australian as well as the foreign countries to avail the opportunity to facilitate themselves within a best academic environment. The basic fields of higher study are commerce, arts, science, law, management, and engineering. All the 43 universities including two international universities in Australia offer a wide range of courses in all aspects of literature. All the universities have their websites to facilitate the students a well-defined interaction about the details and structure of the universities. (Study Australia, n.d.) The purpose of Australian higher education is not only just to provide higher education, but also it contains several quality objectives:-
Guiding the future workforce with best higher education
Developing future leaders in business, commerce, engineering, government, management and other aspects of literature and service.
Providing employment opportunities to Australians in different universities.
Facilitating cultural and trade interaction with other countries by attracting foreign students to join Australian universities.
Playing a vital role in building the character, developing motivation and leadership qualities of the students.
(Dept. of Education, n.d.)
Market Summary
Among the universities, the University of Melbourne is the largest and famous university for its adequacy in academic course delivery. The university was established in the year 1853 and regarded as a best old university with the best learning atmosphere. Being a government university, The University of Melbourne is ranked among the top universities in the world. In ranking, it is the number one university in Australia and takes the 33rd place among the best universities worldwide. Its oldest network, international importance and academic & research activities, students from all over the world are making interest to become a part of its academic system. (About us, 2013)
Demand Assessment
Being among the top universities in Australia as well as in world significance, Melbourne University has created its image to let the student to get attracted towards its education system. Currently, there are almost 30% of international and 70% of domestic students are getting the academic facilities to shape their career confidently. All the courses provided by the University are regarded as the best methodology in academic and research. (Reputations and Rankings, 2012.)
Segmentation and Target market
Melbourne University offers several courses staring from bachelor to doctorate degrees in various aspects, subjects, and academic literature. As it is a Government University of Australia, the main focus is to facilitate the domestic students to secure their career. Being the top university, it always wishes to enroll maximum possible students into its all courses. Its target market also includes capturing more shares in the academic importance in Australian country. The university always tried to provide the students the best academic people with years of experience. (Explore the university. 2012)
Current marketing mix analysis
The marketing mix is a very common term used in marketing study and practice. The mix includes four P’s namely product, price, place, and promotion. Being a government university as well as having its importance the students is quite interested to be a part of The University of Melbourne. The price element is at its standard as per the government of Australia’s academic fee policy. So the students needn’t get worried about the price thing about the University of Melbourne. As the university has international importance and having approximately 20%, it could be more figures with in next some years. The public participations of the University of Melbourne is quite satisfactory to let the public aware about the achievements it is getting for its exceptional performance in the field of academic, sports, research and other curriculum activities. Moreover, the current marketing mix of the University of Melbourne is not disappointed but may need to add more features, facilities, and strategies to improve its internal and external environment efficiently. (Strategy and leadership, n.d.)
PEST analysis
PEST or PESTEL analysis is, in brief, the study of the external environment of an organizational. The PESTEL means to the political, economic, social, technological, environmental and legal factors of the external environment. The PESTEL factors of the University of Melbourne are quite supported by the political, economic and legal factors due to it is being a government university. The other influential factors are maintained by the university management in a systematic way to facilitate the working environment deliberately. In this modern technological arena, the university is using the best technological tools, software and platforms to make the learning process easy for the students as well as to make the working environment effective for its employees. A good maintenance has not only useful to direct the academic and research activities but also it is helpful in planning future growth. The University of Melbourne is trying to add more activities to enhance its academic operation in consideration to the growing demand of students to study in its environment. By utilizing the PESTEL analysis report, it would be easier to understand the environmental factors of the University of Melbourne. (Marketing teacher, n.d.)
Competitor analyses
The competitor analysis includes several aspects to make a thorough analysis of competitive forces. They are very much associated with calculating the competitors’ strength to stabilize the tactics of The University of Melbourne. Having a good number of universities in Australia, The University of Melbourne is still facing the competitors to a great extent. The alternative universities are providing sufficient facilities to make the market more competitive for The University of Melbourne. In understanding the tactics of the competitor universities, Melbourne University needs to analyze the tactics of the competitor universities. For this several points are needed to concentrate, they are as below:-
Who are the competitors?
What are the varieties of courses they offer?
What is the market share of each of the competitors’?
What are their past strategies?
What type of promotional tools are they using in promoting their universities?
What are their future business expansion strategies?
What are the potential opportunities we got from their weakness point?
(Bhasin, 2016)
This analysis can be done efficiently by making a thorough market study and research. The more Information University of Melbourne would get, the easier it will be in implementing its strategies.
SWOT analyses
SWOT stands for Strength, weakness, opportunity and threats. The University of Melbourne has its SWOT elements to define the growth strategy. (Gupta, 2013) Every aspect has its strength and weaknesses. The University of Melbourne is a government university, which enables it to provide affordable study courses to all income segment groups. The other fact is its multi-presence at different locations around Australia. For its quality education delivery, it has been the top university in Australia as well as in the international figure. Still having some strengths, the university also has its weakness points. Many academic and non-academic departments need to be invested wisely to improve the education delivery. It also has a lack of infrastructural facilities to treat the all academic stakeholders in a proper way. There are several opportunities factors available for the university that can boost its academic system far ahead. These opportunities can be an extension of departments and seats, promoting free education for lower income groups and introducing online teaching platforms. The threats also make the university worry sometimes. The threat factors can be the risk of losing students, the risk of faulty rumors against its operational activities, huge competition from the competitors and changing demand of students’. (The University of Melbourne, 2017)
Value and brand positioning analysis
From the above thorough discussion, it is quite clear that The University of Melbourne has its importance around the country as well as in the international academic arena. The value it is delivering to its students through quality education has rewarded it with leading position among the international academic leaders. Having access to providing higher education in almost all courses, the university is showing a clear view of its success. Still, it needs to develop its operational strategies to grow its academic activities. It also needs to keep its system update to provide the best value education to the students. By publishing journals, articles, magazines and study materials on behalf of the university, it can improve the university image at the public more effectively. (Explore the university. 2012b) The opportunities discussed can be utilized to name it as the number one university in the world. Having a wide area of strengths and positive consequences, The University of Melbourne can prove itself the best academic organization leader without any doubt.
Conclusion
The marketing environment of the University of Melbourne is analyzed by using several marketing tools. This work is a true witness for the university’s growing trends, popular university image at public, several weaknesses as well as strengths. The available universities in Australia are always a way ahead for their advanced teaching methodology. Being a top leader among them, University of Melbourne can keep its leading status safe by updating its marketing strategies in a regular interval. Making this report will be very much useful in understanding the importance of the university among a list of other ones.
References
Bhasin, H. (2016, December 2). 7 Steps of competitor analysis. Retrieved from http://www.marketing91.com/7-steps-competitor-analysis/.
Department of Education and Training Australia website. (n.d.). Higher education. Retrieved from https://www.education.gov.au/higher-education-0.
Gupta, A. (2013). Environmental and Pest analysis: An approach to the external business environment. Merit Research Journal of Art, Social Science, and Research, Vol. 1, Issue. 2, pp 13-7.
Marketing teacher .com website. (n.d.). PEST analysis. Retrieved from http://www.marketingteacher.com/pest-analysis/.
Study Australia website. (n.d.). Universities and higher education. Retrieved from https://www.studyinaustralia.gov.au/global/australian-education/universities-and-higher-education.
The University of Melbourne website. (2013, February 18). About us. Retrieved from http://about.unimelb.edu.au/.
The University of Melbourne website. (2012, July 11). Reputations and rankings. Retrieved from https://futurestudents.unimelb.edu.au/explore/why-choose-melbourne/reputation-rankings.
The University of Melbourne website. (2012, July 11). Explore the university. Retrieved from https://futurestudents.unimelb.edu.au/explore/why-choose-melbourne.
The University of Melbourne website. (2013, March 15). Strategy and leadership. Retrieved from http://about.unimelb.edu.au/strategy-and-leadership.
The University of Melbourne website, (2017, April 13). Company, Industry and Country information: SWOT analysis. Retrieved from http://unimelb.libguides.com/c.php?g=402862&p=2744043.