Marketing Strategies - La Trobe University in Australia - Case Study Example

MARKETING PLAN Student’s Name Course Professor’s Name University City (State) Date ​Marketing Plan Situational Analysis La Trobe University, established in 1967 has been offering undergraduate, graduate and PhD programs to both domestic and international students. Australia is a favorite education international destination due to the quality programs that its universities offer. Todd (2016) explains that export revenue for international students generated $20 billion for the country in 2015. With the need to reach more students, La Trobe University introduced Master of Management online, which allows learners to study during their convenient time at home or after office hours. The primary objective of the course is to impart learners with tools and skills necessary to develop ideas, to lead, and to manage both private and public organizations effectively. Notably, online management courses related courses are very popular worldwide, especially with Masters Students due to many reasons associated with off-campus learning. Firstly, they are flexible as they allow learners to work at their pace as well as gain professional experience alongside their work. Secondly, it allows them to apply their new learning to other entrepreneurial and business ventures. The need to become better in workplaces is the reason most people advance their studies. Due to demand the high demand of Masters in Management courses, several universities have introduced similar courses with the best attracting more learners. A ranking of the 10 top business schools in Asia/Pacific region 2014/2015 placed La Trobe Business School at number 4 behind Melbourne Business School, University of New South and Australian National University in that order (Dhoul 2015). The rankings, which were, based on the scores of more than 5,000 MBA employees and quality of education offered is a boost to La Trobe reputation for being considered among the best in the Asia/Pacific region. Several external factors affect online learning key among them been technological innovations, which are rapidly changing the way students learn, and instructors teach. Most times, universities are forced to align themselves with the latest trend in technology adoption and maximizing the impact of the teaching that they offer to students. As technology continues to evolve, it ushers in new opportunities and challenges for educators and students. Some of the latest trends taking learning to a new level are video (streaming and live), learning management systems, collaboration platforms, and data visualizations (King, 2016, p. 17). Through video streaming, universities can offer open online courses which are accessible to hundreds of students from remote areas while learning management system allows higher institutions of learning to plan, access, implement, and monitor students’ learning process. Education institutions also have to ensure that the privacy of their students is upheld by investing in secure systems that are less likely to be susceptible to hackers’ activity. Socio-cultural forces and legal forces may also affect the operations of the University’s online programs. Legal forces particularly play a crucial role in regulating online activities including education. For example, the privacy act 1988 requires that organizations safeguard personal information from unauthorized access, interference, or disclosure. The act also details steps that organizations have an obligation to follow to destroy personal information that they once possessed and is no longer needed. Certainly, rigid laws may stand in the way of innovative institutions that seek to offer quality online educate (Portela and Cruz-Cunha, 2016, p 358). On the other hand, the society in which an organization operates such as demographics, age, level of education and lifestyle may affect its operations. Fortunately for La Trobe University, Australia, boasts of the highest rate of technology adoption in the world with 9 out of 10 adults actively using the internet (Department of Industry, Innovation, and Science 2016). Internal Environment Internal environment consists of issues that affect an institution performance, which is within it such as its strategy, culture, and employees relations. La Trobe’s core objective of offering Master of Management online is to provide learners with tools and skills essential to generate ideas, to lead and to supervise activities in both private and public organizations (La Trobe University 2016). The program is expected live to students’ expectations as it is tailored to meet their needs and allows for flexibility. For example, the course is offered fully online and allows learners to delay their education when pursuing other important work related ventures. The core objective makes the organization maintain focus. The University’s overall vision is to make it recognized for excellence and innovations that solve present issues affecting the globe. It aims at making the institution one of the top 3 higher learning institutions in Victoria, one of the top dozen countrywide and among the top 500 globally (La Trobe University 2016). It also encourages a culture of teamwork, accountability, and care. The institution’s reviews show that students appreciate its lecturers and tutors. Many students describe their teachers as approachable and committed to ensuring that they get the best from their studies. La Trobe University targets both domestic and international students whose combined population stand at 36, 278. Target Market Segments The course targets individuals who want to further their knowledge in the field of management. The entry requirements for the course include completion of an Australian Bachelor degree or an international equivalent and prior learning obtained through related work experience or professional accreditation that is considered to be equal to that obtained through an undergraduate degree (La Trobe University 2016). Besides, all international applicants are required to meet a minimum IELTS of 6.5. The required documentation includes a personal statement that outlines the applicant's educational background and reasons of applying, resume as well as competence in the English language if the applicant’s studies were made in a language other than English. Management courses are popular with most people due to many reasons. Firstly, many people go for Masters in management courses to get better career opportunities as individuals with that level of qualification have higher chances of holding a high-level management position. A higher level of position comes with better salaries and benefits. Secondly, the popularity of postgraduate management courses is fuelled by the need to acquire new skills and knowledge. By studying a Master in Management, individuals hope that they would be better in dealing with latest issues by applying the newest and advanced management techniques that they have recently acquired. Furthermore, advanced education enables them to have a holistic perspective on the business world that makes them better leaders and managers. Arguably, it is was tough for most people to study and work at the same time before the introduction of online learning. More so, most people who wanted to advance their education had to take a work break. However, with online degree programs, individuals can study from their homes without the need of attending physical classes. Moreover, the La Trobe’s Master of Management targets people who are busy and don’t have time to attend physical classes but want to advance their education. This group of people comprises of working employees who want to earn degrees without time and location constraints that come with traditional on-campus classes. Besides, they course targets individuals who want to access quality education at a pace and location that is right for them. Most people who study at La Trobe University happen to be former students who did their undergraduate studies there while the rest come from other universities that do not offer a similar choice. Nonetheless, the institution can reach their targeted market through marketing the program on both traditional and online channels of advertisement. For example, both social media platforms and its website play a significant role in linking the institution with potential applicants. Through searching universities that offer management courses online, an individual may access La Trobe website and subsequently apply for the course. Besides, the University enjoys a good reputation for providing quality education, which makes it an attractive choice for most applicants. Notably, most candidates tend to choose universities that have a good academic reputation. The university has the necessary infrastructure and qualified human resource that ensures the program runs as expected. Competitiveness All the courses offered at La Trobe University meet the required standards. Also, the University is committed to providing a high-quality learning and teaching environment for the maximum benefit of its students. To maintain the quality of their education, the University conducts two types of course reviews which that ensures students get the best. One of them is the Annual Strategic and Load Planning review, which is carried out by the University’s Course Portfolio and Scholarships Committee (CPSC). CPSC is a subcommittee of the Planning and Resources Committee whose primary function is to determine the strategic value and financial viability of a program. The other is the Academic Course Reviews, which focus on academic merit and standard, thus ensuring that all of the University courses are meeting the standards set by the Tertiary Education Quality Standards Agency. All courses are reviewed on a 5-year cycle or in response to data trends. Based on favorable rankings and reviews from relevant bodies, students and employees, most applicants are confident with the courses offered at the University. As earlier mentioned, the university was placed at number 4 on a 2014/2015 ranking that sought to identify top 10 Business Schools in Asia Pacific region (Top Universities 2015). Nonetheless, it still faces competition from both Australian and overseas universities that offer Masters in Management course both online and on campus. Some of these Universities include Australian National University, The University of Melbourne, and University of New South Wales (Australia Education Network 2016). Nonetheless, management of a learning institution plays a significant role in ensuring that it remains competitive in the market through coming up with both long-term and short-term strategies and implementing them Marketing Objectives The company hopes to recruit enough students that will make the program sustainable. Notably, La Trobe University has a good reputation worldwide for offering quality education and hopes to ride on that to get enough students to apply for the programs. Moreover, a good marketing strategy will ensure that the organization gets more students compared to other universities. Target Markets The program is meant for both domestic and international students that meet the application criteria. Those targeted include former students and individuals who want to advance their studies for their personal reasons. Both traditional marketing channels and new media will be used to raise enough awareness about the program. The Product Master of Management online is a course that aims to impact learners with the necessary skills needed to manage organizations. The course targets managers, employees and any other person out there who feels that they need to advance their studies at the comfort of their homes or their convenient places. Same to other courses at the University, it meets all the requirement including the threshold standards set by the Tertiary Education Quality Standards Agency. The Masters Management Online program allows applicants to study with a broad focus or to specialize in project management, entrepreneurship, and innovation or human resource management options. Students are also required to undertake four electives as part of the course. To enroll in the program, the applicants have to meet set entry requirements that are a completion of Australian or international Bachelor degree and prior learning obtained through related work experience. Besides, international applicants have to pass an English competency test. The required documentation for the application includes a persona statement that outlines the applicants’ educational background and reasons for applying and resume. The Brand La Trobe, established in 1967 is one of Australia’s pioneering universities. It has several campuses with the original campus located in Melbourne and the others in Bendigo, Albury-Wondonga, Mildura, and Shepparton. Since its inception, over 170,000 students have passed through the University. The main campus currently has 36,000 students, with 7,000 international students from more than 100 countries. La Trobe’s commitment to excellence has seen it made it become a leading university both in Australia and in the world. Price Students from Australia and New Zealand that enroll for the Master of Management online would be required to pay A$ 4,730 per credit points which makes the total course fee approximately A$ 49,460. On the other hand, international students are required to pay A$ 28,460 per 120 credit points or a full course fee of A$ 56,920. However, these charges are subject to change as the university has the right to vary fees on an annual basis. The cost of education in Australia is higher than in any other country. Nonetheless, it remains an attractive destination for international students who account for 20% of the country’s higher education enrolments due to its leading universities and multicultural environment. According to available statistics, the average cost for a Master’s degree lies between A$ 20,000 and $37,000 which makes La Trobe’s fair. The country has many international scholarship and fellowships such as the Australian Award where international students can secure full funding for their Master's programs. An increase in fees by a huge margin may have adverse effects on the applications as some individuals may be unable to afford. Similarly, students are known to be very critical when it comes to fees increase, thus the management is always advised to consult them to before raising fees. Communication The communication objectives of marketing La Trobe’s Masters of Management online are diverse. Firstly, it aims at providing learners and potential learners with information about the program that would make people apply. Secondly, it seeks to create brand awareness of the program and reinforce it in the minds potential applicants through consistent messaging. Thirdly, it aims to change attitudes about online courses by demonstrating to potential customers the benefits that come with it such as convenience and flexibility. Moreover, the core communication objective will be to motivate people with the requisite qualifications to apply for the program by highlighting its benefits to their career. No legal restrictions that bar universities from marketing their courses exist, however, the cost can serve as a limitation. The institutional will use traditional channels, direct mail marketing, email marketing, website marketing, and social media marketing to reach its targeted segments. Notably, each type of marketing comes with its distinct advantages. Traditional marketing, for example, will provide maximum exposure for the program as it allows for face-to-face contact with the targeted segment, has sensible offers, and allows for product testing (Davis, 2010 p. 228). Website marketing also comes with its distinctive advantages. Through website marketing, the institution can reach both domestic and international market. Infact, most international students seek for extra information about a course that they want to pursue from universities websites. Again, website marketing is cheaper compared to traditional marketing, as all an organization is required to pay for is initial website construction and maintenance costs. Furthermore, through websites, the University can maintain a relationship with students by addressing their concerns and receiving reviews about the course. Through email marketing, La Trobe University will be able to target its former students that may be interested in pursuing the Masters of Management online course. Besides, most higher learning institutions have email addresses of their former students who have subscribed to its alumni association. The marketing team will ensure that they send emails to subscribers that meet certain criteria. Email marketing is also popular as they are easy to create, easy to share, and easy to track. The popularity of social media makes it an excellent recruitment platform of students for most higher learning institutions. It is the most cost-efficient digital marketing methods that a company can use to increase its visibility. The marketing team will come up with a social media strategy that will help raise awareness about the program. Through social media marketing, the marketing team hopes to create more inbound traffic for the organization's website by sharing content on its Facebook, Instagram and Twitter pages. With increased visibility, the institution will be exposed to more opportunities for conversion. To sum up the above conclusion, La Trobe University Master of Management online seeks to impart students with the necessary skills that will enable them to become better managers in their organization. Globally, business and management courses are very popular among the working class, but most of them fail to enroll because of time constraints. However, online degree programs have made it possible for people to work and study at the same time. Some of the external factors that may affect the program include technology forces, legal forces, and sociocultural factors. La Trobe University may also face stiff competition from both local and foreign universities that offer the same course. As part of the marketing strategy, the University will use both traditional and new media forms of advertising to create enough awareness of the program. References List Australia Education Network. (2016). La Trobe University LATROBE | AustralianUniversities.com.au. [online] Australianuniversities.com.au. Available at: http://www.australianuniversities.com.au/profiles/la-trobe-university-latrobe.html [Accessed 11 Oct. 2016]. Davis, J. (2010). Competitive Success, How Branding Adds Value. Hobeken, New Jersey: John Wiley & Sons. Dodd, T. (2016). Education is Australia's $20b export. [online] Financial Review. Available at: http://www.afr.com/news/policy/education/education-revenue-soars-to-become-australias-20-billion-export-20160203-gmke3k [Accessed 9 Oct. 2016]. Dhoul, T. (2015). The 10 Top Business Schools in Australia 2014/15. [online] TopMBA.com. Available at: http://www.topmba.com/mba-programs/10-top-business-schools-australia-201415 [Accessed 9 Oct. 2016]. Department of Industry, Innovation and Science. (2016). Adoption of digital technologies by Australians. 1st ed. [ebook] Department of Industry, Innovation and Science. Available at: http://www.industry.gov.au/innovation/DigitalEconomy/australians/index.html [Accessed 11 Oct. 2016]. La Trobe University. (2016). Home. [online] Latrobe.edu.au. Available at: http://www.latrobe.edu.au [Accessed 11 Oct. 2016]. King, E. (2016). Best practices in online program development. London: Routledge. Portela, I. and Cruz-Cunha, M. (2010). Information communication technology law, protection and access rights. Hershey, PA: Information Science Reference. Top Universities. (2015). How Much Does it Cost to Study in Australia?. [online] Available at: http://www.topuniversities.com/student-info/student-finance/how-much-does-it-cost-study-australia [Accessed 11 Oct. 2016]. Read More