Customer Value Strategic Marketing Planning

Question: Discuss about the Customer Value for Strategic Marketing Planning. Answer: Introduction: CQUniversity Australia was founded in 1967 as Queensland Institute of Technology. Currently, the University has 30,000 students with institutions at different locations in Australia. Since 2009, the University has shown remarkable progress due to research excellence, social innovation and community engagement. It offers variety of undergraduate and postgraduate courses in Business and Accounting Law, Humanities, Engineering and Science. It is also a pioneer in distance communication and is one of the most inclusive Universities of Australia. A large number of students come from rural and remote backgrounds. It has the highest ratio of students from socio-economic, mature age and aboriginal family backgrounds. Recently, it has established itself as research-focused University wherein it is conducting a large number of researches in collaboration with the Industry experts. Although, it is a young University, it is able to achieve numerous milestones and became one of the most popular U niversities in Australia (CQ University, 2017). The Australian Universities are the key driver to the countrys economic growth. It is one of the most attractive student destinations in the world. It is the third most popular educational destination for the international students. It offers research grants and scholarships to talented students. It could be critiqued that the University has a global market and attracts students from all across the globe (Study in Australia, 2017). In addition to it, the domestic students of the country also comprises significant market share. The current population of the country is 24,420, 932. The number of aboriginal and Torres Strait students in high schools is constantly increasing which can prove potential market for the University (Australian Bureau of Statistics, 2017). In QUT Queensland University of Technology the total number of students is 45, 580 out of which 75% comprises of the undergraduate students. There are about 54.5% female students in the University. The University ranks in 12t h in research excellence; therefore, attracts a large number of research students. The overall international ranking of the University is 276 (Australian Education Network, 2017). Market Segment QUT is a young University. Despite the fact, it was able to attain high popularity in the Australian education system. It is due to the fact that it is targeting different segments of students. The University has segmented its target market according to the geographical segmentation. The University students can be categorized into international and local students. The international students form significant student strength of the University. Along with it, the University also emphasizes diversity and inclusiveness and admits students from rural, socio-economic group and aboriginal backgrounds. It also has a large number of mature students (Nijssen Frambach, 2013). Current Marketing Mix Analysis The marketing mix of an organization identifies its current strategies which distinguishes it from the competitors. Product: CQ University offers over 300 educational and training programs which include short, graduate, postgraduate courses or research degrees. The numerous educational program caters to the need of every student. Price: The fees structure of the University is reasonable. The educational fees are low as compared to other Universities as well as it offer grants and scholarships to underprivileged students. Place: In Australia, the University campuses are located in Melbourne, Sydney, Brisbane and Adelaide. The University also offers distance education programs to the working students or who are located in remote areas. Promotion: The University uses a number of promotional techniques to attract maximum students. It presents itself as a research based University. University rankings, website, seminars and online mediums are used for online promotion. Physical Evidence: The physical evidence of the Universitys quality of service can be perceived by the talented staff, state-of-art infrastructure and laboratories. The University has world-leading model and dynamic community hub which is focused on imparting excellent education to the students. The University also provides high quality infrastructure, support functions and facilities to the researchers (QUT, 2017). People: In the marketing mix, people denote the individuals who deliver the services. The people are the most important element of the marketing mix as in the service marketing, the services are needed to be produced and consumers at the specific instant. The University has highly talented staff which comprises of the administrative staff, teaching staff and teaching assistant staff. The University conducts rigorous recruitment exercises to select the most appropriate staff members. Process: In the service marketing, the process refers to the activities adopted by the business organizations to assist in the effective delivery of services. The University emphasizes on the delivery of knowledge with latest equipment and technology. All the classrooms and laboratories are well-equipped. The students are also provided with educational tours and research facilities. PEST Analysis In this section, the macro-environment or the external factors which can impact the admission processes in University has been examined. The Australian government emphasizes research in the University. It also focuses on the collaboration with the Australian Industries for better research outcomes. Additionally, the Australian government has also made certain laws regarding the international students to increase work flexibility and encourage them to take admission in Australian Universities. Economic Factors: Australia has stable and developed economy; therefore, large number of domestic students takes admission in University. There are also a large number of developing countries such as China and India which are showing promising economic growth. These countries contribute significantly to the influx of the international students (Gong and Huybers, 2015). Social Factors: There is ongoing trend for the international students to arrive at foreign universities for better exposure ((Gong and Huybers, 2015). The management students are also keen to take admission in foreign Universities to experience new culture and learn about the work culture differences in other countries (Top Universities, 2014). Technological Factors: Australia is a developed country. It has state-of-art infrastructure. All the major Universities of Australia are well-equipped with latest technological tools and teaching methods. Competitor Analysis Australia is home to large number of internally-recognized Universities. Therefore, the competition in the education sector is very high. The major Universities of the world are University of Wollongong, University of New Castle and Queensland University of Technology (QUT) (Richards, 2007). QUT is ahead of its competitors regardless of being a young University. It ranks 24th in the world and is considered among the top Universities in Australia (QUT, 2017). Dual Sector University situated in the various location in Australia. It has the highest ratio of the students from socio-economic, remote and rural backgrounds. A large number of international students enroll in the University for full-time and distance learning programs. QUT has made place for itself in the top universities of Australia (Wirtz, 2012). QUT has 200+ ranking in the international context. It is important for the University to uplift its standards internationally to compete with universities in Europe and the USA. It can introduce more employment-based education programs to attract large number of students. It can also target the talented students from diversified social and economic groups to increase diversity in the University. As the University demands limited fees from the international students, it can result in budget constraints. It will eventually impact on the development of the University. Value Brand Proposition The University is well-known internally and locally for the excellent learning and research facility. The University brand is promoted as research-focused University which gives equal opportunities to different individuals. It offers variety of short-term and long-term courses which suits to the need of every individual. The University is providing 300 different courses in different disciplines. The students can select the course according to their needs. It has various short-term, vocational courses as well as distance education courses. It targets the international students by offering research grants and scholarships (Bickhoff, Hollensen Opresnik, 2014). Conclusion The QUT University is committed to diversity and incisiveness by attracting students from diversified educational and socio-cultural backgrounds. The University encourages the students to participate in various research-based projects and global study tours. It has also made collaborations with the foreign Universities for exchange programs. It can be critiqued that the organization is offering the marketing mix of research and development and exposure to diversity. Moreover, it can be scrutinized that there is immense competition among the Australian Universities for attracting domestic and international students. The Universities must employ strategic marketing plan to attract a large number of students. It is recommended that QUT University should establish a review committee which identifies the marketing needs and infrastructure changes which can be employed to attract more students. The University should also research on the teaching strategies of the leading international Univ ersities and employ them in the organization to attract more students from international arena. References Australian Bureau of Statistics. (2017). Statistics. Retrieved on 9 April 2017 from https://www.abs.gov.au/ Australian Education Network. (2017). Queensland University of Technology (qut) QLD. Retrieved on 9 April 2017 from https://www.australianuniversities.com.au/compare-universities.php?uni%5B%5D=qutsubmit=SUBMIT Bickhoff, N., Hollensen, S, Opresnik, O. (2014). The Quintessence of Marketing: What You Really Need to Know to Manage Your Marketing Activities. Springer. Gong, X., Huybers, T. (2015). What attracts Chinese students to Aussie universities? The Conversation. Retrieved on 9 April 2017 from https://theconversation.com/what-attracts-chinese-students-to-aussie-universities-46748 Nijssen, E.J., Frambach, R.T. (2013). Creating Customer Value Through Strategic Marketing Planning: A Management Approach. Springer Science Business Media. QUT. (2017). International students. Retrieved on 9 April 2017 from https://www.qut.edu.au/international QUT. (2017). World-class infrastructure and spaces. Retrieved on 9 April 2017 from https://www.qut.edu.au/research/why-research-at-qut/world-class-infrastructure-and-spaces Richards, P.B. (2007). Global Issues in Higher Education. Nova Publishers. Study in Australia. (2017). Why study in Australia? Retrieved on 9 April 2017 from https://www.studyinaustralia.gov.au/global/why-australia Top Universities. (2014). Studying Abroad: The Benefits. Retrieved on 9 April 2017 from https://www.topuniversities.com/student-info/studying-abroad/studying-abroad-benefits Wirtz, J. (2012). Essentials of Services Marketing. FT Press.