Marketing Analysis Of RMIT University Australia †Free Samples

Question: Discuss about the Marketing Analysis Of RMIT University Australia. Answer: Background RMIT is global university of technologies, designing and enterprises. It is Australias one of the original territory institution. The educational institution is one of the top leading name in the sector. The business corporation also enjoys an international reputation for the provision of an excellence in professional and vocational education and applied research (Crouch Housden, 2012)). The institution also makes the engagement and involvement of the service users with the needs of industry and the society. RMIT has been also enjoying the position of a leader in the sector of Art and design, Architecture, development, Education, computer science, Engineering, business and management, information systems, communication and media studies. The university was established in 1887 by the name of Working Mens college which was having an aim of providing educational facilities to the working individuals of Melbourne. The university has three campuses and two sites in Australia two campuses in Vietnam and a research and an industry collaboration center in Spain (rmit.edu.au. 2017). The institute also offers a varied number of programs through their business branches and partners in mainland china, Hong Kong, Singapore, Indonesia, Sri-Lanka, Belgium. Austria, Germany and Netherland. Market and Demand assessment Australias law provides and support encouragement of quality education. The economy also provides varied options of educational services. On the basis of the research it has been observed that the economy offers approximately more than 22,000 programs to global and national students. Parliamentary requirements and standards for the quality has been provided and assured by the Education Services for Overseas Student Act 2000, or ECOS Act. Due to the implementation of this legislative framework Australian economy transformed to the most favorite destination for oversea students (Infoanalytica. 2017). In the prestigiousAcademic Ranking of World Universities2016, the university has been ranked among the top 500 institutions globally. RMIT ensures to develop and create differences in the lives and their standard of living of the students, staff members and the society through the education programs offered. The university is also committed in building and developing new teaching spaces wh ich will enhance and increase involvement of the service users in active learning and to also encouragement of the innovation in curriculum design so that students complete their graduation with relevant and appropriate skills. Pathways between vocational and higher education the university provides flexible entry opportunities or the option of qualifications which comprises the best of both. Segmentation and target marketing Marketingsegmentation is the concept which aids the targetmarketing in becoming more specific and which enhances the quality of the outcomes. Segmentation makes a clear division of market place into the smaller segments. The segments are based on the customers needs, wants and demand characteristics (Armstrong et al, 2014). The concept of target marketing always gets priority after marketing segmentation, which aids the business organization in choosing their target market or to which consumer they wish to sell their products and services. RMIT university provides educational services and varied prams to millions of t as well as domestic students (Managementstudyguide. 2017). The university offers programs of study in 17 schools across three academic colleges. The institution also has three campuses and two campuses in Vietnam and a research industry collaboration center in Spain. And on the basis of this research it has been observed that the university does not make use of psychogr aphic and behavioral segmentation for targeting their customers, as in these segmentations the university is required to consider attitudes, beliefs, and behavioral patterns and benefits of the targeted customers. And as a result diversity is found on the large scale. There are students from different cultural background and regions which are having different attitudes, perceptions and beliefs, lifestyle and behavioral patterns are also different (Hanlon. 2017). But then also RMIT has been making the use of geographic segmentation as this is location based variable. Moreover the institution has also been making use of the demographic segmentation for considering the age variable and targeting the customers as the university is interested in young adults. PEST analysis The external factors are the components of the PEST analysis and are every much significant for each and every business organization. This factor comprises of political, economic, social and technological which are describes for RMIT university: The political factors comprises of the norms and the regulations which are imposed by the governing bodies of the Australia in relation to the students who are coming from other countries for admission in Australian Universities. Only institutes registered under ECOS Act and registered on Commonwealth Register of Institutions and Courses for Oversea Students (CRICOS) are allowed or authorized for providing enrollment to the oversea students (Babin Zikmund, 2015). The universities in Australia also provide assurance of quality education and also provide additional benefits such as insurance facility for the protection of international students. There are various elements in the economical factor which comprises of economic growth, exchange rates, interest rates and inflation rates within an economy. A continuous boom has been observed in the international education sector. An estimate has been made that in the year of 2016, this sector contributed $19.7 billion to the gr and development of the Australian economy. A decline in the value of the Australian dollar will also be aiding in the growth of this sector. For the improvement of infrastructure, equipment and education standards, the federal Government provides funds to public universities which in turn encourage more international students to enroll for studying in Australia. The social factors comprises of the changing culture, the religions, the social beliefs of the service users within the region or the economy an when it comes to education (Hollensen, 2015). This factor will enable the students who desire to study abroad in international universities which will give them an international exposure. This will also aid the students in learning different countrys culture and people. Social factor also helps to grow international education sector. The technological up-gradations, the techniques, mechanisms and teaching methods, the tools and the equipments used within the universities all together comprises of the technological factors (Koumparoulis, 2013). This can also include how well the university is developed, the infrastructure of the and its various campuses, how well they are equipped, do they use latest technology and are their teachers and staff who are well verse in using such devices. Competitors Analysis One of the biggest and a close competitor of RMIT University is the University of New South Wales. Research and development is the field in which the RMIT University and UNSW are facing close competition from each other. UNSW is older university than RMIT University; however, RMIT University is more successful in attracting more number of students as the university has adopted contemporary promotional tools as compared to USNW. The University is also attracting more number of oversea students as compared to UNSW. And due to which it has been observed that RMIT University is promoting online education more as compared to UNSW. The one and only reason behind the success of university in attracting more oversea students as compared to UNSW is the adoption of the concept of broad target marketing. SWOT Analysis Strength: The increasing number of the international and domestic students can be considered as one of the biggest advantage and strength for the university been proven beneficial. Moreover the institute has a very big library collection and there are many other such as beneficial for the organization (Morrison. 2010). Also the diverse range of programs with minimum fee structure as compared to the rivals can also be considered as the strength for the university. Weakness: The University has a number of campuses, three campuses and two sites in Australia two campuses in Vietnam and a research and an industry collaboration center in Spain. As these campuses are very much far for the students who belong to other provinces. So this can come-up as one of the weakness for the university. Opportunity: The governing authorities of the economy have imposed a number of norms and laws which are in the favor of education and which has become an opportunity for the university (. Moreover the government is also providing proper funds and financial resources to the University for enhancing the quality of services and productivity. It is the great time for the RMIT University to excel and grow in the field of research and innovation. Threat: The biggest threat is the intensification in the competitive environment and UNSW is one of the biggest competitor and also the threat for the university (uis.edu. 2017). There can be fraudulent cases also with respect to the privileges that are being offered by the university to students in need. Value and Brand Positioning Analysis The term value proposition is concerned with the whole cluster of benefits which has been expected to be delivered by the company, the concept is more than the establishment of the brand image and core positioning of the products and the services. An assurance is required to be given by the company regarding the total experience that the service users can expect. The main objective of the University s of teaching, learning and research programs which are continually updated so as make the students, staff and graduates well versed and equipped to meet the challenges of the 21st century (Keller, Parameswaran Jacob, 2011). The University has been continuously upgrading its education system, has implemented number of modern and updated means and mechanisms of teaching and giving services to the students and is also updated with latest innovation and technology. RMIT is also well known for its quality of teaching and world class facilities (Kapferer, 2012). Moreover there are number of p rograms and courses offered by the university which promises to build communication, analytical skills and a professional sense of managing work in the students (Aaker Joachimsthaler, 2012). Marketing aim and promotional objectives The concept is concerned with the aims and the goals which are set by the business corporation while making the promotions and advertising of the products or services to the potential consumers that should be achieved within a given time frame. Simply the term marketing objectives are also known as the marketing strategies which are set for the attainment of the organizational objectives. For instance the company's marketing objectives may comprises of the creation and enhancement of the product awareness among targeted consumers, providing appropriate and relevant information about the products features and reducing consumer resistance to buying the product. There below mentioned are some of the marketing aims and promotional objectives of RMIT University: RMIT has adopted some unique and distinct approaches for meeting the challenge and issues which are connected for being ready for life and work, the university offers many educational services which are deeply grounded in ideas and cross-disciplinary understanding. The university is involved in the development of the transformative students experience. This experience comprises of graduating the students for life and work, valuing and growth in diversity and also a digitally enabled experience. As the university has been providing educational services to the oversea students and wish to establish many more branches in other regions for facilitating the international service users. So another marketing objective is developing brand awareness among the new markets. Enhancement of the relationship with the customers is also of very much significance as this ithe factor which aids in the development of te brand image and goodwill of the organization. Marketing mix analysis Marketing mix has been considered as the set of actions and elements and these factors are utilized by the business organizations for the promotion of its brand or the products and the services. This concept is also referred as a strategic tool which will aid the business entity in getting a clear differentiating from that of its competitors (Marketingteacher. 2017). The below presented is the marketing mix analysis of RMIT university: The programs and the courses are the products/services that are being offered by the RMIT University. These are the courses which are being selected and then pursued by the students. This selection is based on the interests and needs of the students. The university offers a varied and diverse range of programs Art and design, Architecture, development, Education, computer science ( 2017), Engineering, business and management, information systems, communication and media studies. The prices of the university are of the programs and the courses are very much affordable which does not divest the students from attaining the educational services. Also the university has made some programs related to students welfare such as scholarships and allowances to the students who are in need. Making the services available for the consumers as per the needs and requirements is known as the concept of distribution. The university has established its branches and institutions on various locations for providing the services on a higher range. Further, the three Ps are people, process, and physical evidence are the main factors which aids the service industry in the distribution process of the services of the university (Sallis, 2014). In this concept people are referred as one of the medium for delivering the services, processes are the methods and mechanisms which aids in delivering the products, for instance, these are the ways which teaches the students use the equipment of the labs and classes. And the infrastructure of the university is the physical evidence. The promotions and the advertising done by making use of contemporary methods and this is done for the students to get attracted. The university uses web-based portals which are an online medium, business magazines, newspapers for making the promotions of the brand name and the services offered. Competitive strategies The determination of the firms low or high profitability is based on its position within its industry (Porter, 2011). And the concept of competitive advantage is on the fundamentals of the above average profitability. The two basic types of competitive advantage are associated with the scope of operations for which a business corporations tries for the attainment for the same and which lead to three generic strategies which are for achieving above average performance in an industry, cost leadership, differentiation and focus. Cost leadership The concept is concerned with making a business organization low cost producer in its industry. There are various sources of cost advantage which are dependent on the organizational structure within an industry. And these sources may comprise of the sources such as pursuit of economies of scale, preferential access to raw materials, proprietary technology and various other factors (Kelley, Sheehan Jugenheimer, 2015). If a firm can achieve and sustain overall cost leadership, then the business corporation is required who is a low cost producer must search and exploit all sources of cost advantage and this will make them in an above average performer in its sector, provided it can command prices at or near the industry average. Differentiation According to this concept the business corporation will try to develop a distinct image in its sector along with some of the dimensions which are considered as very much valuable for the consumers. And also this to this strategy number of components are selected by the business corporations which are considered as relevant and significant by the consumers and uniquely positions itself to meet those needs. Low cost focus The concept of low-cost focus strategy has been considered similar to the cost leadership strategy. But there is only one different component in this concept which is that it focuses on a niche market. This means that the marketing of the product is done specifically for a particular segment of consumers instead of marketing for the entire population. And the prime aim of this strategy is to become the cheapest provider in the specific segment. For example, RMIT University will focus on the service users of the specific region in which the campus of the university is established. Media and budget allocation for 2018 As advertising is a very much significant concept for the business corporations sales and growth and so development of the same is of very much essential and for that the company is required to plan and set a budget. There is a team of media planners who are concerned with the development of a media mix by considering a budget-conscious program which is developed by selecting between the objectives of the campaign and the properties of the media which are required to be utilized. The budget will develop an understanding each and every component which provides a cost-effective contribution in the attainment of the objectives. After this selection of an appropriate mix of media that will aid in best attain all of the objectives and that too. all within budget. Conclusion In the limelight of the above carried out analysis it can be inferred that RMIT University is an educational institution with an aim of providing the best educational services to the students for making them live a better life. The University has a high set of vision and values which enables them in development of a constant drive for the attainment of the idea of diversity and comprehensiveness. 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