Marketing and Competitive Environment of the CQ University Sample

Question: Analyze the "Marketing and Competitive Environment" of a University brand. Answer: Background The Central Queensland University is an Australian dual sector university which offers a blend of higher educational services and vocational training services through merger with Central Queensland Institute of TAFE. Its main campus is located in Queensland but it also has campuses in other locations of Australia. Since there are over forty universities in Australia it is important to understand the environment in which they operate. The CQ University has numerous research centres, institutes and its aim is to be Australias most engaged university. It also encourages the engagement activity of its staff by conducting an award ceremony called Opal Awards. According to report published by Graduate Careers Australia (GCA) the employment rate of the university graduate full-time is as high as 81.1%. The universitys performance is well above world standards in the following areas applied mathematics, agriculture and land management, other medical and health sciences. The analysis of the prevailing market scenario is included which has an impact on the operations of CQ University. Market Summary Today marketing is involved in every sector including Education. There is fierce competition within the sector; the price of education has significantly expanded. Now universities are developing creative strategies in order to attract potential students. Universities have started to brand themselves in an attempt to stand out in the crowd. They are also using internet as a powerful tool to share compelling stories. As per Cassidy, et al, Students are considered to be consumers of universities and the investment that they do while selecting an institute of their choice is one of the biggest decisions that they make in life (Cassidy, et al., 2013). Currently marketing is more about communication than ever before, and since universities directly involve students in all their activities, it is important that educational universities share authentic stories with people so that the universities will have a unique perception in the minds of students. Market in the education set up involves communicating the value of product or service with the potential customers students. It involves managing ad satisfying needs of students, with the universitys ability so that they are preferred over their competitors. The environment surrounding CQ University includes Micro / internal environment which refers to internal factors within the university like its communication approach with students, service quality, student engagement, etc. Macro environment means external environment that has considerable impact on micro environment like political forces, technological aspects, services offered by competing universities, etc. Demand Assessments According to Cross, Belich Rudelius, Primary object of demand assessment is to understand needs and requirements of consumers so that a firm can accordingly place its offer in the market which will lead to its success or failure depending on whether it was able to satisfy the demands of end user. This activity helps firms to understand their target audience, monetary sacrifice they are willing to make to obtain service (Cross, Belich Rudelius, 2015). The CQ University is considered to be one of the greatest universities of Australia and it has an extensive geographical presence throughout the continent. The university has a strong brand name and it is recognised among worlds leading universities in terms of commitment to diversity and collaboration, by Times Higher Education World University Rankings and by QS World University Rankings. It has been able to create a unique image in minds of people due to its focus on demands of potential students. Social Innovation CQ University focuses on empowering its entire staff and students alike by bringing about betterment in society. The innovative skills and knowledge of students are encouraged at different levels. Inclusive Feature It is considered to be one of the most inclusive universities of Australia. There is engagement from students, faculty and communities. There is diversity in all respects. Student Success Based on the needs of students, the university offers various support services and programs which will beneficial the students and give them enriching experience during their educational journey. Due to its focus on the requirements of students it has been successful in establishing its brand name at a global level (Dosoglu-Guner Deniz, 2015). Segmentation and Target Markets The main aim of segmentation is to identify the part of market which will be most profitable for a firm. When it comes to educational universities there segmentation is quite defined and it uses demographic segmentation model based on age. It focuses on students who are interested to obtain certificates and degrees. Based on the educational needs of students, CQ University focuses at both national and international level on those are willing to opt for courses being offered by them (Griffith Hoppner, 2013). The target market of a university is very important since there is tremendous competition in the sector and the resources are constrained. The target of CQ University includes young population at multiple locations, who might opt for distance education mode or on-campus mode of training. The study level varies from short courses to research higher degree. Current Marketing Mix Product/Service It includes the wide range of courses, degrees and diplomas being offered at the CQUniversity covering different subjects like business and accounting, engineering trades, health, service industry, etc. It offers a set of pre-university pathway courses, over 45 undergraduate courses and 40 postgraduate courses. Place CQ University has over 10 campuses on Australian east coast from where the students can choose to study. Some of the locations are Melbourne, the Gold Coast, etc. which popular urban destinations (Hofacker Belanche, 2016). Promotion TheCQUniversity is highly ranked by different university ranking agencies and it is already considered to be among recognised universities of the world. It mainly focuses on imparting quality education to students and uses internet as tool to share inspiring stories and connect with present and prospective students. Price It refers to the value of the offering being made by the university, CQ University considers the below elements while determining the student fee citizenship of candidate, scholarships and university policies. It hasscholarships and financial assistance programs which support students both financially and nonfinancial. PEST Analysis It refers to the framework of macro environmental determinants which have an impact on the performance of an organisation. Political It includes government policies, environmental laws. Since government has a high impact on education sector, universities have to abide by policies set by it. According to CommonwealthHigher Education Support Act 2003 there should be 3 types of educational provider in Australia universities, higher education institutions accredited by state territory and other self-accrediting higher education institutions (Hunt, 2015). Economic It includes economic development, inflation rate, etc. Since education is one of the basic needs for man the improvement in economic situations improves education quality they prefer. The small campuses of CQ University ensure that students who choose it are treated with fairness and as individuals irrespective of their background (Ormond, 2015). Social It includes cultural factors, population growth, career attitude, etc. The CQ University is one of the richly diverse universities. People from all across the world prefer it since it has its brand name and goodwill. Technological It includes technical aspects like RD, innovation, etc. With changing technological environment it is important for educational universities to be adaptive. CQ University is equipped with latest models interns of technology and it has international reputation for research excellence. Competitor Analysis CQ University maintains a competitive edge in the education sector as it offers support to wide variety of scholarships in order to support students in the academic areas at undergraduate, post graduate and vocational level of study. The University of Sydney, University of Melbourne, and University of Queensland are among the top competitors of CQ University. Establishing a competitive position in the education sector requires consistent and unconventional courses with highly experienced facilities and enhanced technology. However, the university has not been able to acquire the reputation and demand like its competitors in the market. The competitive scenario needs more catering towards establishing stronger grounds in the level of education in order to give tough competition to the competitors. CQ University is positioned in the top 501-600 group of universities. This has made the university to be placed in the top 3% of the universities in the world. CQ University has wide spread geographic reach, modest entry standards of courses along with rolling admissions. The university focuses on internships and practical learning and in the strength of research. SWOT Analysis Strengths Economies of scale Competitive prices High success rate High employment rates Weakness Security concerns Surveillance and timing Bad acquisitions Opportunity New products or courses Observance of the unconventional module Development in the current structure Focusing on new programmes and larger population segment Threats Competitors offering similar courses Similar technological facilities in competitor Universities Obsolete facilities Poor employment rate Bad reputation Value Brand Positioning Analysis CQUniversity has positioned itself as one of the most engaging and responsive universities in Australia offering, multiple programmes to its students. It has a diverse culture since it accepts students from around the globe. Due to its successful branding there has been remarkable growth in student count, courses being offered, campuses, etc. It has successfully established itself as largest university based in Australia (Loveland, et al., 2015). It offers over 300 educational courses short courses, certificates. It continues to be leader in imparting distance education and its results have been impressive. It has positioned itself as a top quality educational university which caters to needs of vibrant international student population. Over time it has earned the reputation of accepting diversity in all aspects. The success of CQ University shows that any undertaking can sustain in market and competitive environment if it keeps consumers (here students) at its focal point. Conclusion: The analysis of the marketing and competitive environment of the CQ University is illustrated in the report. The demand assessment of the university along with the segmentation and targeting regarding the education sector was done. The current marketing mix along with the internal and external analysis of the environment of the CQ University has been discussed in brief. 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