MANAGEMT 7104 Marketing Management : Price-Sensitive Demand and Market

Answer:

Background

Central Queensland University is an Australian dual sector university. Its main campus is in North Rockhampton, Queensland. Being on the list of best college for education it extended its campuses in many different regions and sectors of Queensland Australia -Rockhampton City, Bundaberg, Emerald, Gladstone City, Gladstone Marina, Mackay Ooralea, Mackay City and Noosa, Townsville Cairns, charters towers, Cannonvale , Yeppoon, Biloela, Geraldton, Karratha and Perth and many other. CQ University established in the early 1960s as the Queensland Institute of Technology (Capricornia) in 1967, and after two years under the name of the University College of Central Queensland, during the period of 1992 it was known as university of central Queensland then later during 2008 it again changed its name to central Queensland university as an official name of the university. CQ university being working excellently for continuous 5 decades from giving students all over the world a platform where they can educate, learn, enjoy, explore the world and become professionals in their chosen field (Dual-sector university cohesion, 2011).

Market summary and demand assessment

Assessing the demands of the market in terms of what does the students like to go for their further studies is very necessary to understand and evaluate that how can their demands and taste be examined and fulfilled. Being a marketing manager one should do surveys and see what are the spheres where students like to study. What educational profession is hugely famous and liked by students. Sometimes the market summary of parents is also important because they play a prominent role in shaping their life so if parents understand the profession which is best for their child then they can easily convince and explain their child to go for this profession(Gu, Rasch and Wenzel, 2015).

Technological advancement has come with a boom and people majorly see themselves as engineers, doctors, media, managers etc and these educational profession has huge demand so being a marketing manager one should really do seminars, events, programs which includes these professional grounds so that the students understand each profession very clearly. College tours need to be done 2 times annually in summer and winter so that students can come to the university and explore the environment (Tian, 2004).

Segmentation and target market

Segmenting the students according to their demands and taste and then targeting effective measures to make the students join CQ University. The marketing manager should first do research work to understand the psychology of the students that how have other students joined the university so similarly what better options can be chosen to understand how can new students join the university. Targeting students according to their demands, lifestyle, and interest is what this university has focused on and laid emphasis on maintaining it by giving better workplace and experience to their students for their better development. The students also receive scholarships for their good grade and marks which also motivates the students to study by heart. CQ university has numerous divisions of the educational profession like engineering, law, media, art/humanities, fashion, science, business environment etc each profession is different and students psychology is different they are segmented and targeted according to their lifestyle, background, age, gender, country, zeal. Targeting a student to their strong and weak points of them makes them understand that what are the areas they need to work similarly their weak areas needs to be stronger if they join the particular course according to their strong points. Segmenting students in such a big university needs a lot of hard work as constant examine needs to be done targeting the demand of the students. The marketing of CQ University is very strong as they educated nearly 35,000 students which are a big deal as a proper understanding of needs and fashion is essential to continuously communicate with the students about their wants or desire (Schmidt and Hollensen, 2010).

Current marketing mix analysis

Now with more than over 40000 students all over the world CQ University, Australia has educated and is itself a record to have a large number of alumni who now speak how happy they are and just because of the platform which central Queensland University gave to them. The pass out students working in big sectors and industries speak how CQ explored the whole world for them and inspired the aspiring students. Current marketing strategy is very smart as these 35,000 students are the wall of understanding how famous and good university it is that so many students chose to make their carry through this university. Print ads and audiovisuals are made to target and advertise the university all over Australia, on the other hand, digital/social media marketing plays a vital role in advertising and marketing the university overseas all over the world. All the 4ps of marketing mix of CQ university is carefully taken care of as place, promotion, price, product are the model of marketing so CQ has a product which is the courses, place is Australia and many other regions where it has a branch and students come across the globe, price of the course fee and good students are also given scholarships which attract them largely and also good promotion and marketing is done which has made the backbone of the university very strong (Malhotra, 2009).

PEST analysis

Political, economic, social and technological analysis of central Queensland university is standardized with the fact that the market research and demands were really kept in mind while targeting the students (Baines, 2011). Pest analysis of the university is majorly a strong point in the success as has identified the threats and problems of the university which after proper study and market research the solutions are extracted. Pest analysis also tells which steps to be taken and what not which may fail in later future. So CQ university's PEST analysis showed the strong points which could make the university well structured be it the library, classrooms, environment, faculties etc (Eicher, & Garci?a-Pen?alosa, 2006).

Competitor analysis

This analysis provides offensive and defensive aspects of competitors as it evaluates the opportunities and threats of the marketing strategy of the university. This analysis helps central Queensland university to understand and study about the market competitors/competition and their services and strategies, therefore, central Queensland study their competitors very closely and keep an eye so that they do not miss any chance to attract students better than any competitor. CQ university assesses market competition in terms of their weaknesses and potentials they vision towards building stronger and better environment so that their competitor cannot stand when competition flourishes. CQ university strengthens themselves in which their competitors lack support so that students know how CQ university is better than any other universities (Ryals, & Kendrick, 1994).

SWOT analysis

For any company or university, SWOT analysis is the key to their success. Being a marketing manager of Central Queensland University one should minutely do research and study past and future aspect of the university to evaluate their competition, demands, strengths (Noh, 2006). The manager must firstly popularize its strong points digitally on a wider aspect so that people should who what's the use of the university and why is it famous. Then opportunities must be converted as their strengths as they receive better opportunities than their competitors. Lastly, weaknesses and threats must be solved or strengthen with better solutions/options. Central Queensland university's management function is the strongest point as it effectively and efficiently manages all the students and courses offered but weaknesses or threats being their competitors who also offers the same course and facilities which have a high neck to neck competition so this can be solved if CQ university will offer other free courses and facilities like books or earn while you learn or scholarships to students so central Queensland university will have more footfall than any other in Australia (Pahl, & Richter, 2007).

Value and brand positioning

Positioning the brand of the university in people's mind is an important aspect of any university to survive. Unless the value and image of the university are not known to people/student it's useless to have high goodwill, therefore, the image and brand of the CQ University help to fetch good placement opportunities for their students as big brands and universities bring bigger goodwill and image. The value and brand positioning of Central Queensland University is very attractive and appealing the logo and university's image catches an eye and informs a lot about the university (Marconi, 2000).

Conclusion:

Central Queensland is an innovative university which has all legal aspects. It has also won 2 national awards for best education it has also won Good Universities Guide most 5-star ratings of any regional university in Australia in 2003. Being excellence in professional education it has marked a huge impact in the education system by offering all courses and gives the wider platform for students to explore the world. Central Queensland university is spread all over the regions of Australia and has more than 40000 students overall.

References:

Baines, P. (2011). Political marketing (1st ed.). London: SAGE.

Books, L. (2010). Buildings and Structures in Rockhampton, Queensland: Schools in Rockhampton, Queensland, Central Queensland University, Rockhampton Airport (1st ed.). US: Baker & Taylor.

Dual-sector university cohesion. (2011) (1st ed.). Ballarat.

Eicher, T., & Garci?a-Pen?alosa, C. (2006). Institutions, development, and economic growth (1st ed.). Cambridge, Mass.: MIT Press.

Gu, Y., Rasch, A., & Wenzel, T. (2015). Price-sensitive demand and market entry. Papers In Regional Science, 95(4), 865-875. https://dx.doi.org/10.1111/pirs.12165

Malhotra, N. (2009). Review of marketing research (1st ed.). Armonk, N.Y.: M.E. Sharpe.

Marconi, J. (2000). The brand marketing book (1st ed.). Lincolnwood, IL: NTC Business Books.

Noh, D. (2006). A Study on the Libraries' Competitiveness Reinforcement Measures through SWOT Analysis : Based on the Case Study of University A's Library. Journal Of The Korean Society For Library And Information Science, 40(1), 335-351. https://dx.doi.org/10.4275/kslis.2006.40.1.335

Pahl, N., & Richter, A. (2007). SWOT analysis (1st ed.). [Munchen]: GRIN Verlag.

Ryals, L., & Kendrick, T. (1994). Competitor analysis (1st ed.). London: Routledge.

Schmidt, M., & Hollensen, S. (2010). Product development and target market segmentation (1st ed.). Harlow: Pearson / Custom Pub.

Tian, R. (2004). Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know20041Philip Kotler. Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know. Hoboken, New Jersey: John Wiley & Sons, Inc. 2003. 206 pp. (Hardcover). Journal Of Consumer Marketing, 21(4), 285-286. https://dx.doi.org/10.1108/07363760410542200