Marketing Plan for University Of Melbourne †Myassignmenthelp.Com

Question: Discuss About the Marketing Plan for the University Of Melbourne? Answer: Introducation University of Melbourne, founded during the year 1853 is essentially a public research university situated in Melbourne, Australia. Essentially, it is the second oldest university in Australia and the oldest one of Victoria. This university is necessarily ranked 33rd in the entire world by the Time Higher Education and ranked 40th in the world by Academic Ranking of World Universities (Unimelb.edu.au 2017). There are essentially 12 colleges situated on the primary campus and delivers academic, sporting as well as cultural programs alongside accommodation for both national as well as international students. This university consists of 11 separate academic entities and is related to many institutes as well as research unit (Unimelb.edu.au 2017). Market Summary Analysis of the university as well as other higher education market in Australia gains revenue of around $31 billion and has an annual rate of growth of approximately 4.5%. However, this education industry also provides employment to around 127638 people in Australia. Again, the University as well as other higher education industry has experienced important assessment along with reform over the past five years. During the year 2012, the Federal Government essentially presented a demand driven financing model for different universities, leading the way for an increase in the enrolment in the domestic students essentially over a specific period (Hazelkorn 2015). Nevertheless, as a consequence of clearing of Commonwealth supported places, public expends on specific universities has increased considerably, generating budgetary pressures for the Federal Government. Transformations to student visa necessities have also led to increase in transnational enrolments along with increase in the domestic enrolments over the last five years. Essentially, the industry revenue is anticipated to expand essentially at an annualised rate of approximately 4.5% over the past five years during the year 2016 to 2017. The industry as well as other higher education industry is not necessarily capital intensive. Again, for every dollar that is invested in capital, an approximated amount of $11.65 is anticipated to be spent on particularly wages during the year 2016 and 2017. Particularly, highly skilled and competent professors, tutors as well as lecturers are required to undertake face to face classes with all the students. In actual fact, universities in Australia intend to draw as well as retain well-qualified employees, and this in turn results in substantial wages presented for academic staff (Armstrong et al. 2014). Predominantly, institutions also engage non-academic staff counting general administrative members, librarians, security personnel as well as caretakers. In addition t o this, participants also incur costs of depreciation through the ownership of campus buildings and accommodations. Moreover, universities also spend money in equipment namely computers, projectors in addition to diverse course-specific tools (Hazelkorn 2015). In addition to this, the university as well as higher education sector in Australia comprises of accredited education providers who are primarily engaged in delivering undergraduate along with post graduate teaching as defines under the Higher Education Support Act of particularly the year 2003. The primary industry products include the bachelors degrees, different undergraduate programs, masters degree, research works, doctoral along with post-doctoral degrees. Furthermore, there are also different industry activities that necessarily are the postgraduate school operation, university operation, different research school operation together with undergraduate school operation. Demand Analysis Analysis of the higher education and the university sector essentially helps in understanding the future demand for higher education. Reports reveal that over the next twenty years, specific demand for essentially higher education helps in experiencing considerable growth may be due to demographic transformations (Cavusgil et al. 2014). Founded on data on current trends on growth, it can be hereby said that Australia intends to attain bachelor attainment target that is well ahead of the deadline of the year 2025. Nevertheless, present trends in employment shows that the overall tertiary demand is expected to increase by around 344000 students by the year 2020 and by 563000 student enrolments by around 2030. Again, 75% of the expected growth in the stage of the bachelor level is expected to be absorbed by particularly the commonwealth, necessarily at a rate of around $10442 for every EFTSL and the cost can also amount to a supplementary amount of $263 million by the financial year 202 0 and reach an amount of $996 million by the financial year 2030. In this connection it can be said that Australia needs to take into account the manner in which it can satisfy the requirements of the additional students, and address the manner in which it is possible to match the training for higher education to the requirements of the workforce of Australia. Apart from this, analysis of the demand also divulges he fact that attention need to be provided for making certain a pipeline of academic member of staff and equipped to meet up the expected gaps in the workforce since the present wave of senior academic start to retire (Connell 2013). Demography Analysis of the demography reflects the fact that overseas students mainly accounts for higher fraction of the global students. There exists imbalance in gender where female students essentially outnumber the total male counterparts since the period 1987 and nowadays the figures outweigh by a significant margin. During the year 2014, specifically the sex ratio for essentially the higher education segment was approximately 80 males for every 100 females. Particularly, this compares to the necessarily 269 males for every 100 females during the period 1970. In actual fact, the numerical imbalance that exists between students that are both male and female broadened during the period 2004 and 2012, however, this has closed slightly over the past two years. Analysis of the family background necessarily is an important determinant of who comes to study in the Australian University. In spite of the modest increase over the past ten years, individuals from necessarily the lower economic strat a remain underrepresented among different superior education students (Stromquist and Monkman 2014). Necessarily, 16.1% of national higher education students have a permanent address in essentially the 25% lowest socioeconomic strata. The augmentation in the overall percentage of students belonging to the socio-economic strata has increased gradually over the course of stage wise implementation of demand driven financing ever since the period of 2010. The overall Indigenous population has also increased substantially from essentially 1.2% during the year 2005 and more swiftly than the growth of percentage of the total Indigenous population in the pertinent age bracket. As per the 2011 census data, approximately 31.2% of students talk in a language that is not English essentially at home. Around 31.2% of the student population speak Mandarin, 3.1% speak Cantonese, 2% speak Arabic and approximately 1.8% speak Vietnamese. In addition to this, the pattern of religious adherence of stude nts in Australia is also very much diverse. Reports reveal that there are only 50.7% Christians as compared to 66.9% for specifically Australia, whilst the percentage having no religion is around 34% as compared to 24% nationwide, 5% of Buddhist as compared to 2.7% nationally, 4.2% Muslims as compared to 2.4% nationally and around 2.5% Hindu compared to 1.4%. However, the percentage of population having no religion is very high and it is seen to be higher particularly among students than the people belonging to the same age and who are non-students (Blanger et al. 2014). In addition to this, it can be observed that the total percentage of students who work while studying decreased from around 65% during the period 2006-2011. Essentially, the occupations that are mostly taken up by students are that of sales assistants, waiters, check out operators, cashiers, bar attendants as well as baristas. Segmentation and target market analysis Basic segments that the university might target include students, faculty members, staff, parents, donors, news media as well as the state legislature. However, the main target area that is the students can be divided into prospective and current students for various programs (undergraduate and graduate) (Harmon 2015). Undertaking an appropriate segmentation structure can be considered to be the future of different universities. The higher educational institutes can necessarily interact with diverse students separately or connect to students through the internet, specific tele-services, personal services as well as print media. In particular, universities can attract and at the same time retain students by using unique value proposition that are presented to the students. The segmentation tactics that can be used include University students grounded on the primary advantages that they are searching for (Hancock and Nuttman 2014). Thus, the segmentation can be based on essentially quality buyer, value buyer and the economy buyer. In this case, a particular student can be considered to be a high or else superior quality buyer iff the student is keen to disburse lot of funds for particular services that are also of superior quality. Again, a value buyer is regarded to be the one who expects to get the service that exactly matches the exact level of price. In addition to this, an economy buyer is the one who is primarily attracted in lessening expenses, eager to receive marginal quality for the correct price and if and only if the students get hold of it opportunely (Sultan and Yin Wong 2013). PEST Analysis Pestle evaluation can be considered to be the most generic analysis for considering the macro condition along with other parameters in the specific industry. The PESTLE analysis of university and that of the higher education segment is as mentioned below: Political factors: The overall political scenario of essentially Australia can be considered to be very challenging as the nation has numerous levels of bureaucracy. In particular, the Australian government is essentially open for allowing the entry of different universities; however the fact is that the government do not want to compromise with the overall quality of education offered by the educational institutes (Kaiser et al. 2014). Therefore, the corporations need to settle all the formalities that are present with the government and at the same time showcase different advantages to the Australian market owing to different new higher educational institutes. Economic Factors: Particularly, the economic condition of the nation Australia can be considered to be very conducive and the entire economy is also witnessed to be growing at a very descent rate. Other than this, different macro economic factors and micro economic factors namely supply-demand as well as employment is also escalating, therefore, the disposable income of all the people of Australia is also increasing (Arends 2014). Therefore, the booming economy also attracts students from different corners of the world who intends to acquire a good job in the nation Australia. Social factors: The social factor can be considered to be an important factor that can be observed by different corporation at the time of entering into foreign market. In actual fact, the social along with the cultural factors essentially shape the entire product development strategy and assists in the process of formulation of international marketing plans (Coates and McCormick 2014). In essence, the demographics along with the psychographics of specifically Australia have the preference to be educated and therefore have the tendency to motivate development of new education learning centres in Australia. Technology: The students essentially in Australia have an inclination towards technology. Therefore, the students are very much attracted towards technologically intensive versions and forms of learning systems. Therefore, the more the technology is used in the education sector, the greater is the number of registration of the overall number of students. Therefore, it is compulsory for different corporations that are investing in different higher education to acquire latest technology (Wilkins and Stephens Balakrishnan 2013). In essence, this can aid in getting ahead of the established as well as well known universities along with other competitors. Legal Factors: As rightly put forward by Hazelkorn (2015) legal issues need to be properly supervised by different corporations that are planning to formulate plans for entering into the foreign market. There are several issues such as registration of different universities, maintaining adherence to different prescribed syllabus for varied courses and many others that need to be supervised by different foreign universities as in case of higher education, same courses cannot be used all over the globe (Olsen 2015). Therefore, the educational courses along with the study materials need to be designed according to the stipulated standards of the nation Australia otherwise serious litigation might perhaps be charged against the specific universities Environmental factors: As correctly mentioned by Olsen (2015), environmental concerns are also not the main concern necessarily in the higher educational segment according to the government standards. However, it is desired by different universities as well as colleges to have green technology instituted in their campuses. As such, this creates huge reputation for the corporation. Essentially, positive image of the brand of the university can help in gaining affection of different students and therefore can attract maximum number of new students. Therefore, based on the PESTLE evaluation it can be hereby inferred that the Australian education industry is necessarily worth investing. In addition to this, the present analysis also reflects different inspiring figures and therefore higher educational industrys capacity need to be properly captured by diverse foreign investors (Johnson et al. 2014). Competitor Analysis The primary competitor of the University of Melbourne is the University of Canberra (UC). This university is essentially a public university that is situated in Bruce, Canberra that is the Australian Capital Territory. This university also delivers undergraduate as well as post graduate courses in six different learning areas that includes Applied Science, Government and Law, Art and design, Education and Information Sciences as well as Engineering along with Health. Like the University of Melbourne, the UC also delivers educational services to both domestic as well as international students. Aim: The aim of the University of Canberra (UC) is to provide quality educational services, on-campus medical facility, fitness centre, gyms, food outlets, cafes, bank, library and book shops. In addition to this, the university also intends to provide multi-faith centre in addition to a wide range of other student support services as well as facilities counting 24*7 computer laboratories, wireless access and many others. Furthermore, UC also intends to offer campus accommodations for all the new as well as international students. Objective: The main objective of University of Canberra (UC) is to provide superior quality educational services at an affordable price to both national as well as international students. SWOT Analysis Strength -The use of hi-tech technologies in the system of education -High growth in the nation Australia and availability of different resources -Affordable education system (Zajda 2013) - Understandability, superior quality, as well as high growth of particularly online education Opportunity -The total number of students enrolling for the colleges are day by day increasing - the number of both national as well as international students are increasing -Brand image of the Australian education system is also strong (Zajda 2013) - online global opportunities (Unimelb.edu.au 2017) Weakness - There is huge barriers to entry in this market for new entrants in this industry - Under financing in different departments as well as programs - light on different cultural, tribal, ethnic assortment -Understaffing at diverse levels -Lack of infrastructure (Framework 2013) Threat -Reduced public financing of higher education -Risk of losing top faculty as well as staff for better opportunities at different other universities -Increased competition from public universities as well as private universities Value and Brand Positioning Analysis Analysis of the value and brand positioning helps in defining competitive frames of reference that is the target market and the nature of competition in the market. In addition to this, brand positioning helps in understanding the points of parity of both category and the competitive along with the points of difference (strength, desirable and exclusive brand relations) (Zajda 2013). Proposed Marketing Aim and Promotional Objectives for 2018 The proposed promotional objectives are: -Inform about the market to the target audience- Present appropriate information regarding the product in a bid to ensure that different clientele desire the product -Increase the overall demand- These can be considered as theschemes thatcan be utilized during particularlyproductlife cycle (PLC) in a bid to augment sales figure of University of Melbourne (Unimelb.edu.au 2017). -Properly differentiate the product of the University of Melbourne - This is in particular significant if there are numerouscompetitorsin the identicalmarket (Coates and McCormick 2014). Marketing Mix Strategies Product: Administration of the educational institute University of Melbourne can provide superior quality educational services and stop compromising on the quality of education. The management of the educational institutes need to provide qualified, trained and innovative teaching services and thereby deliver quality education with devotion as well as dedication (Unimelb.edu.au 2017). Price: the management of the educational institute intends to provide educational services at affordable prices (Arends 2014) Place: The management is necessarily the site where a specific educational institute is instituted. The administration plans to establish institutions at multiple locations in a bid to get more number of students (Coates and McCormick 2014) Promotion: the administration of the university can select media advertisement using newspapers, magazines, television and many others. Media and Budget Allocation for 2018 University of Melbourne Budgeted Statement of Financial Position Amount $000 Financial Assets Cash 250000 Accounts Receivables 125000 Investments 1250000 Investments accounted for equity method 11000 Other financial assets 1200 Total Financial Assets 1637200 Non-Financial Assets Land, Building and Infrastructure 1700000 Plant and Equipment 160000 Investment Property Intangibles 3000 Inventories 2000 Other non-financial assets 30000 Total Non-Financial Assets 1895000 Total assets 3532200 Liabilities Payables Supplies 30000 Other Payables 100000 Total Payables 130000 Financial Liabilities Interest Bearing Liabilities 400000 Other financial liabilities 1000 Total Financial Liabilities 401000 Provisions Employee Benefits 800000 Total Provisions 800000 Total Liabilities 1331000 Equity Total Equity 2100000 University of Melbourne Budgeted Income Statement Income from continuing operations Revenue Australian Government Financial Assistance 650000 Australian Government Grants HELP Government Payments 80000 Student Payments 12000 State and Territory Government Financial Assistance 3500 Fees and charges 220000 Investment Revenue 75000 Consultancy and contracts 60000 Other Revenue 40000 Total Revenue 1140500 Other Income Investment Income 90000 Gains on revaluation 3000 Total Other Income 93000 Income from continuing operations 1233500 Expenses from continuing operations Employees 550000 Services 400000 Depreciation 95000 Write Down and impairment of assets 14000 Borrowing Cost 13000 Losses on disposal of assets 1500 Total Expenses from continuing operations 1073500 Net Results Before Income Tax 160000 Income Tax Expense 0 Net result from continuing operations 160000 Net Result from Discontinued Operations 0 Net Results 160000 University of Melbourne Budgeted Statement of Cash Flow Operating Activities Cash received Australian Government financial assistance 650000 State Government financial assistance 4000 HECS-HELP - student payments 13000 Fees and charges 220000 Consultancy and contract 65000 Interest and other investment earnings 23000 Dividends received 50000 Other receipts 65000 Total cash received 1090000 Cash used Payments to employees and pensioners 546000 Direct investment expenses 0 Borrowing expenses 11000 Payments for services 390000 Total cash used 947000 NET CASH FROM OPERATING ACTIVITIES 143000 INVESTING ACTIVITIES Cash received Proceeds from sales of property, plant and equipment 7000 Repayments of loans receivable 600 Transfer from furniture, fitting equipment reserve 0 Proceeds from sale and maturity of investments 850000 Total cash received 857600 Cash used Loans provided 50000 Purchase of property, plant and equipment 140000 Transfer to furniture, fitting equipment reserve 0 Purchase of investments 2000000 Total cash used 2190000 NET CASH FROM INVESTING ACTIVITIES -1332400 FINANCING ACTIVITIES Cash received Medium term note Issue 210000 Total cash received 210000 Cash used Repayment of Hedge 12000 Repayments of borrowings 1200 NET CASH FROM FINANCING ACTIVITIES 196800 References Arends, R., 2014.Learning to teach. 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