Monash University Marketing Plan and Strategies Visy †Free Samples

Question: Discuss about the Monash University Marketing Plan. Answer: Introduction Monash University is among the most highly regarded in the world and largest in Australia. In just 50 years, the university has built a good reputation for world-leading research and quality teaching. University has four campuses in Melbourne and joint graduate school in China and one in Malaysia, learning center in Italy and over 100 universities worldwide. Due to the diversity, the students leave with a greater sense of purpose, skills, confidence and a global outlook to make positive changes. One of the factors to measure the progress of the state is the kind and numbers of the educational institutes. There is the importance of the government to design the condition of the education. For example, educational institutes are the one who produces scientists, doctors, engineers, managers, and researchers. Monash gets some of the privileges that other institutes do not get such as the support from the Australia government. Monash University needs to prepare amarketing plan to achieve t he expected growth rate and an increase in the market share. Increasing the research scope and strengthening the education is essential. University needs to improve the ranking internationally by 20% and increase in the international research in 2020 by 40% (Aspin et al., 2012). Additionally, increasing the population of the student and multicultural cultivation it will enhance studying off the range of courses. By 2020, the university aims to increase the research revenue to 50 % from federal government competitive grant (Ball, 2012, P.18). The school also seeks to retain and attract the talented students irrespective of the background to encourage the socio-economic backgrounds. The plan will evaluate different factors to put into consideration in implementing the expected outcomes in 2018. Background Monash University was formed under an act of the Parliament of Victoria in 1958. The naming of the university was after the Sir John Monash who was prominent Australian general. The university was the first to acquire the name of a person, rather than region, state or region. The original campus was in the south-eastern Melbourne (currently known as City of Monash). Monash was granted 100 hectares of the land in the Clayton consisting of the former Talbot Epileptic Colony (Kaiser et al., 2014).. The university has well-defined its tactic to people, education, global and community initiative, and research desires. The Monash is well known for nurturing the students with the skills to fit in the real world of industries. The ranking of the university is significant both nationally and globally for more than 50 years. The Monash University pride itself for producing the best employees in the Australia and 32 worldwide (Warner, 2014). Monash is a member of the M8 Alliance which is a coll aboration of the academic health center. Member of the Australias group of eight is an alliance of the Australia leading university. The Monash embraces and enjoys an impressive credential and not uniformity. Additionally, the University has collaboration with the non-governmental organization, communities, industry, and government sector. Monash encourages participation and provides opportunities to the staff and students across all the background. Maintain global standards; the University collaborates with China, United Kingdom, and Italy. Monash currently has a population of the 70,000 worldwide, of which 20,000 are post graduate students. Monash presence is in four continents and more than 100 research centers (Ball, 2012, P.20). Market summary and demand assessment With the inclusion of the local students, the expectation for growth rate of Australia education sectors is 7.1% which indicates prospective for the Australia universities (Harmon, 2015). The collaboration with Deloitte Consulting and Australia government explores and forecast the opportunities in Australia in the international education sector. The report advocates that there will be a rise in the enrollment of the students at the compounding growth rate of 3.8% annually by 2025 (Boud Molloy, 2013). China, India, Thailand, Korea, Nepal, and Vietnam will be the top market for the Australia universities. Chinese students will have significant enrollments for the different courses and therefore crucial for the Australia universities market. Thus, there is a need for the Monash to increase the capacity so as to absorb the demand in the education sector. Due to the impressive credential, popularity, and credibility, the Monash University has the competitive advantage over other competit ors such as CQ University. Segmentation and Target market Monash University has a vast course portfolio to offer to the students. The university provides for the students who seek the higher education level irrespective of the wants of their courses; there are 65 undergraduate specialization and about 100 minors and undergraduate majors (Griggs, 2013, P.305). The university also offers postgraduate, research and doctorate courses. Similarly, Monash University target both the local and global students, the university has recognition of the global culture due to the higher intake of the global students. Monash participates in the educating students about the top education option in Australia through a conference. There is collaboration with Indian Institute of Technology, United Kingdom, Mumbai and the University of Warwick. PEST analysis To analyses the external factors of the organization, PEST analyses give the best outcomes. Hence, PEST is useful in the analysis of the industry situations. Political and legal factors One advantage of the Monash is that Australia government supports it fully. Monash political factors are favorable as there is an alignment of the university research with the Australia governments national research priorities and initiatives. For the Monash to boost the studies in the green chemistry areas worth 78 million dollars, the University is developing the Art facility which is in collaboration with the government. The university should make sure that it follows the rules and regulations set by the government (Griffin, 2013). And so, the legal factors have an impact on the school style of the operation. Economic factors The economic factors are important in the education sectors across all the universities (Wilkins Huisman, 2012, P. 627). Due to the globalization, there are opportunities in the Australia as a result of a good education to the students. Social factors There is positives aspect of the social factors in the school system of the Australia. In recent years, there is interest in the society with more people opting towards higher education (Boud Molloy, 2013).Due to the globalization in the Australia, there is the importance of the universities to better and upgrade the organization so as to cater for the demand of the student globally. Technological factors Technology is making universities in the Australia to break the obstacles and make them improve the process and market them properly. There are positive aspects of the technology in the education sector in Australia. Currently, an organization uses enterprise resource planning (ERP) systems to manage their operation globally (MAHAT, 2016). Similarly, the Institute today runs like corporations. Competitor analysis Competition among the universities in the Australia is massive. Central Queensland University is the closer competitor for the Monash, before its establishment, two decades down the line from the date of formation of Monash. Nevertheless, the CQ University is usesmarketing strategies aggressively so as to attract many students both nationally and globally. Therefore, the CQU courses are gaining the popularity as the time progresses. Due to the support from the government research and development facilities, Monash has competitive advantages over CQU. Conversely, technical courses such as engineering, CQU is far better than Monash, and therefore, the university should work on improving the engineering programs. SWOT analysis Strengths Extensive Alumni network help in the student placement University collaboration with government and industry Marketing capabilities and huge infrastructures Weaknesses Huge portfolio of courses makes hard for University to focus on a particular course Like engineering. There are only one Malaysia and four campuses in Australia Threats Competition from the other universities Faculty attrition rate Opportunities Commencing in distant learning courses Expansion of the small campus due to forecasting of people enrolling for education in Australia Value and brand positioning analysis The quality and credibility of the education Monash University offer to the students, and perception is the best. Due to the outreaching of the student globally and on the management initiatives to the project, the Monash has become the best brand all over the world (Baker, 2014). Additionally, the university also collaborates with private institutes and other universities outside the Australia. Marketing aim and promotional objectives Delivering an annual core operating margin of 5% (De Waal, 2013) Sustaining the current rating of the credit of Monash University Lowering of the impact on the environment through infrastructure development and sustainable building University will maintain an effective, engaged and talented leadership and workforce. Investing in the infrastructure like equipment, information system and facilitate over the planning period Staff: the Monash University will continue to attract, develop and retain the excellent professional and academic staff to enable them to achieve excellence. University will help the team to develop to ensure recognition and reward for the research and education (Harmon, 2015). University will build a contemporary professional workforce that will be able to respond to the priorities and needs and offers attractive career paths. University will develop leadership effectiveness in identifying and recruiting talents and creation of the environment in which it will prosper. Sustainability: University will ensure presence offshore, and campuses are sustainable financially. The university will efficiently and more invest in the future by attaining the core operating surplus. The Monash University will focus on the areas that articulate the goals in the market plan (Nestel et al., 2013). The area includes the coursework and research and growing the number of the graduate's students. The university has small campuses that will increase by the growing demand from the international students. Marketing mix strategies The marketing mix is essential tools to assist in the understanding what service or product can offer and how to plan for product offering successfully (Kotler et al., 2015). Therefore, marketing mix is an effective way to help in making sure that putting the right product or service at the right place. 4PS include price, promotion, product, and place executes marketing mix strategies. Product Product is a tangible or intangible service that helps to meet the customers needs and wants. All the products follow the product life cycle, and it is essential for the marketers to plan and understand various stages and their challenges. Product life cycle hybrid framework (Kotler et al., 2015) Price Price comprises the actual amount the customers pay for the services or the product. How the service or product is perceived dictates how it sells in the market. Price can depend on the distribution plans, pricing of the competitors and the value chain cost. Promotion Advertising, public relations, sales promotions and special offers comprise the advertising. Promotion is communication aspects of the marketing functions. As a result, marketing techniques and communication are all under promotion. Place Distribution is a major factor in the placement of the service or product. The place is how the service or product reaches the target customer. Hence, the placement strategy will assist in the assessing what channel is suitable for a particular product or services. Competitive strategies Competitive advantage is the long term action plan that helps the company has a competitive edge over the competitor. Competitive strategies are vital in the organization competing for the market share which has alternatives user's surrounding (Rawwas et al., 2013, P.526). Monash marketing mix Marketing mix elements Analysis Product Monash products are business professional courses. The students are Among recognized globally. Because of employability, global chief Executive offices rate Monash university No.1 Price Attractive pricing strategies is one of the factor student like studying in Monash university. Additionally, university offers scholarships and subsidies to attract potential students Place Monash has 5 physical presence places. One in Malaysia and four in Australia. it has collaboration with different universities such as Indian institute of technology in India and university of Warwick hence the global Presence Promotion Monash university uses conference, campaigns and participate in education fairs globally to educate and create awareness about the institute and courses it offers To get traction and visibility, the university utilizes social media platforms and event sponsoring Model and theories of marketing mix Porters generic competitive strategies Competitive advantage Lower cost Differentiation Competitive scope Broad target Cost leadership Differentiation Narrow target 3(i)cost focus 3(ii)differentiation focus The firms profitability in the above or below the industry average depends on the relative position of the business in the sector in which it operates. Cost leadership An organization can set out to become the low-cost producer in the industry under operation. The structure of the industry shows the sources of the cost advantages of the firm. Provided the firm command prices near or at the average, it will achieve and sustain cost leadership Differentiation A company selects the attribute that buyers in the industry perceive are important and then concentrate and position to satisfy the needs. In differentiation strategy, an organization seeks to be unique, and therefore it gets reward for uniqueness with a premium price Focus The focuser selects a group of segments in the industry and tailors its strategy to suits them while excluding another segment. There are two variants in the focus; Cost focuses; where a company seeks the differentiation in the market target segment. Monash University collaborates with the other campus and government. For instance, the researchers on the green chemistry in the university which will make that institute have higher profitability. Monash University is ranked the best in the employability; there is a significant percentage of the alumni network that helps in the students placement. Similarly, the Institute has marketing capabilities and large infrastructure that other institutes do not have. BCG matrix Relative market share high Low Market growth rate High Star Question mark Low Cash cow Dog The model contains two dimensions; the first mention shows the general product level of the market growth, while the seconds measure the market share of the product considering the largest industrys competitor. Therefore, the forms can assess the useful insight into the problems and opportunities of the particular product. Classification of a product falls under four categories: stars, cash cows, question mark, and dog. Stars (high growth and high market share) stars have dominant market growth and share. Therefore, the product will need a lot of the investment to support the growth and retain its position (Hollensen, 2015). The generation of the profit is high on the shares because of the product strength in the market. However, the star product can become cash cow due to the decline in the market growth. Cash cows (lower growth and high share) as a result of less competitive force with lower market growth, cash cows do not need the same level of support as before. Cash cows enjoy large economies of the scale due to the dominant position of the product (Hollensen, 2015). The cost of maintaining the cash cows is minimal even though the product still generates the revenue. Dogs (low growth and low share) the product makes a lot of the loss or running at a low profit (Hollensen, 2015). Here, managers choose to make the decision wisely; because the product uses a lot of time and resources which can be of use in the product development. Question marks (high growth and low share): if the product is not new to the market, the firms should ask a question such as what is competitor doing right? What is the wrong with business operation? The completion of the matrix can help the Monash assess the strengths of the organization and its product portfolio.one of the force of the extensive marketing capabilities and infrastructure. The model can analyze the weakness of the Monash such as that they are only I Malaysia and 4 Australia campuses. Additionally, the large product portfolio makes the university to focus less on a particular course Product life cycle Sequences of the stages the products include the introduction, growth, maturity and decline. It depends on the market condition changes, thus impacting marketing mix and marketing strategy. Introduction stage; the organization aims to build the awareness of the product and market development for the product. Marketers can uses lower penetration pricing to build market share or price skimming to recover development cost. Growth stage, the firm increase the market share and build the brand preference. For instance, in the distribution channel, consumers accept the products as demand increases. Maturity stage; there is competition for the sales of the product diminishes. Therefore, the organization should defend the market share as it maximizes the revenue. Firms can emphasize on the product differentiation or lower price due to the competition. Decline stage; as the sales reduce, the business can maintain its products while adding a new feature or discontinue offering the product or services. In the decline stage, marketing mix will depend on the strategy on selection. Media and budget allocation for 2018 Through the climate bond, Monash University raised $218 million in the United States private market placement, so as to further extend sustainable development projects in all campus worldwide. Back in 2014, Monash University was first to raise debt capital to raise development funds (Kaiser, 2014). Therefore, the funds made easier for construction award-winning student residential buildings. Over the next one year (2018), Monash University will allot raised capital through the climate bond to a portfolio of a project that realizes certification by standards of the global climate bond initiative. Professor Gardner suggests that Monash has a sustainability plan that will comprise a target date for net zero emissions to be announced next year. The following are the Monash project to benefit from the climate bond next year; $43.4 million Caulfield campus library development (Liu, 2015). There will be a new learning and teaching building targeting 5-star certification worth $ 180 million at the Clayton campus. The institute will extend the external LED lighting project and solar panel installation worth $3.5 million and $ 6.6 million respectively (Liu, 2015). Expected outcomes Implementing of the various factors previous discussed will strengthen the existence of the Monash University. Monash will be able to undertake education and research at highest quality while addressing the significant challenges of the age. The institute will be able to build a partnership with other organization and industry, strengthen the government relationship will improve the ability for creativity and innovation. The university will attract talented staff and students that are widely engaged due to the wider diversity (Hawthorne, 2012, P.20). The marketing plan will assist the Monash in building contemporary workforce; supports the initiatives to nurture a skilled workforce that will respond to the priorities and need for the university. Additionally, leadership skills when identifying and recruiting talents enable Monash to acquire the appropriate labor force. Market plan outcome shapes the profile of workforce to supports activities to achieve diversity and equity in the st aff. Conclusion Monash University attracts globally students and has established its education sectors in the Australia. According to the reports, it shows management of higher institute of learning is like corporations (Bergen and Peteraf, 2002). Monash performance in the provision of the best education is the best according to the marketing mix position used in the reports on the assets of the Monash University ranking. In future, there is an expectation that educational institutes will use information systems and computer software in the day-to-day operations. Currently, an organization uses the power of information such as CRM and ERP system. The major program in each campus must be financially and socially stable. The university will be able to focus on the areas that support the goals of the marketing plan. 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