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Executive Summary
This report will focus on the Target Market Persona and the Marketing Mix recommendations. Discussed within the report are various marketing mixes, plans, strategies, tools and responsibilities in which RMIT University face while dealing with their target market and their consumers.
There are several marketing mixes used to provide recommendations as to the various ways in which RMIT must market their brand, they involve of; the 7Ps marketing mix, SWOT analysis, PESTLE, external environment analysis, competitive analysis and pricing & positioning.
Within this report, there will be theories, arguments and suggestions which is supported to why marketing management is important for the consumer targets of RMIT University.
The recommendations provided are suggestions as to how RMIT can manage their marketing and target market. The marketing management team will need to everything within its power to achieve greatness for the organisation to ensure that its brand quality and services are not achieved within their products.
Introduction
This report is discussing the various marketing mixes, strategies, responsibilities, recommendations and tools in which RMIT can use to market themselves better within the education industry to obtain more consumers and promote their brand. RMIT University is a high university provider within Australia, RMIT has many students who are international and domestic.
Written within this report, there will be discussions to the various key elements which goes into the target market persona, target segmentation, marketing mixes, strategies and analysis which plays a crucial element in which RMIT University connects with their consumers, stakeholders and the public.
Provided within this report, it is supported with crucial information and analyse information which RMIT aims in providing the best of services to their consumers who use their products, and how they can improve their services. The mixes will describe and analyse the tools, plans and strategies in which RMIT can market themselves better to compete with their competitors and improve their brand within the educational industry.
Within this report, various analyses will support this report is SWOT analysis, and POSTAL analysis, external environment analysis, competitive analysis and the 7Ps marketing mix. Provided within this report are various marketing mixes and analysing strategies that will assist RMIT with their marketing growth, target market approach and target segmentation.
The recommendations are suggestions which are to assist RMIT University with their future marketing tools and strategies which RMIT can promote their brand, products and services to their prospective clients and stakeholders.
Background
RMIT University is an organisation who provides educational services to their current consumers and prospective consumers who are wanting to obtain a graduate degree or a territory degree. RMIT University was originally established in 1887, but then later officially established in 1992.
RMIT University is a globally diverse education institute, with an academic body with more than 50 per cent made up of international origin. Having this diversity within RMIT University aids the students with diverse knowledge, experience global awareness and the cultural sensitivity in which the academic bodies can bring to their teaching methods.
When RMIT was originally founded, the market considered RMIT to be a private college, but when RMIT was finally established, RMIT was then considered a public university. RMIT is classified as one of Australias largest dual-sector providers within the education industry.
RMIT innovates and sustains their curriculum to their students and provides their students with many learning opportunities to have state of the arch learning facilities and educational techniques. RMIT also provides emphasis and pride in their educational services to ensure their students obtain the best learning outcomes possible.
With over 130 years of being within the educational industry, RMIT continues to thrive within the educational market and continues to listen to their consumers to meet their needs and wants plays a crucial element to RMITs market strategy.
The demand for education in Australia is endeavour growing and is one of Australias biggest markets. Australias education attracts students from abroad to attend to the various institutes due to the teaching methods and standards of the economics within Australia.
Target Market Persona
The consumers who are targeted by RMIT are the school leavers, who are aged between 17-25 years old or international students coming from abroad who wish to study on campus, the general international students aged between 20-30 years old. These consumer groups must be made clear before all bodies of the marketing team, so then RMIT can and ensure they are meeting the marketing needs for their consumers.
Avery, (2010) had stated that marketing strategies are formulated so then the business can have a strong understanding of all the external and internal factors, and how the organisation can analyse and collect data.
When understanding the target, it is important to consider the targets achievement factors to reach the consumers’ educational outcomes and post-graduate lifecycle. The 4Ps of marketing is crucial to identifying the personas of the target market.
The 4Ps – product, price, place and promotion, is an important tool for RMIT to understand their targets persona, which is an important aspect of marketing foundation. If RMIT breaks it down to through each step, they will determine how in a daily life their products and services will benefit their consumers.
Example of this is by breaking down the 4Ps, is by the following:
- Product Educational services through undergraduate and postgraduate, with support of academic services and student services.
- Price – The price is based upon two aspects, competitors prices and the economy.
- Place – On-campus facilities, Online facilities, Student Agents.
- Promotion Advertisement, Social Media, Word-of-mouth.
RMIT must be aware of how they can target to the school leavers and the international students, they will need to be aware of how they should market themselves and provide the right services for their consumers.
Lombart (2018) argues that topic modelling approach shows results for significant factors, which impacts the helpfulness of the consumer’s reviews.
The way they can ensure they target their consumers by various segments for both consumers, which can be involved:
School leavers
- Careers expo
- VCE expo
- Domestic prospectus
- Social marketing
International students
- OSHC
- Student agent partnership
- International prospectus
- Social marketing
Adams (2019) had suggested that using ERM can be a marketing tool for the concept of research findings for the marketing leveraging resources, which can be situated outside the organisations boundaries.
Consumer Markets
The consumer markets are segmented by one or more of the following dimensions:
- Geographic segmentation Geographic segmentation is divided by the market into different geographical points, such as states, regions, cities or neighbours.
- Demographic segmentation This market is divided by the market groups based on demographic variables such as age, life cycle, gender, income and generation.
- Psychographic segmentation Psychographic segmentation is aimed at dividing the target markets into various groups, based on lifestyle, personality or values.
- Behavioural segmentation – Behavioural segmentation aims at the markets based on knowledge, benefits, attitude, use, and the response of a product.
Varadarjan (2019) suggested that several environmental challenges will challenge the way the organisations status within the market.
The target markets behaviour is based on how RMIT will provide segmentation for to their target. The target persona is compiled on how RMIT will provide their services and products to meet their consumers needs, wants and demands.
The target persona is also based upon the demographic, behavioural and geographic of the consumers, and how it can be used to understand the student lifestyle and needs of the students.
Conlon (2016) researched that the organisation is to understand the targets personas is by understanding the B2B strategy to revenue targets and to exceed lead.
Some major crucial risks which RMIT can consider for their Target Markets are:
- Compliance Risks
- Financial Risks
- Operational Risks
- Strategic Risks
Melancon (2017) had believed the best way for an organisation to achieve their marketing strategy is to seek resolution to their failures, was by word-of-mouth and by the targets voice behaviours.
The target consumers can find PODs can be desirable, which means that the organisation must be able to deliver the PODs. These are the attributes that should guide RMIT during the positioning process the ultimate goal in creating a long-lasting competitive advantage and differentiation within the market clutter.
Dolnicar (2017) had suggested that target segmentation is represented by the marketing team to identify any solutions that will individually affect the consumers. Dolnicar also believed that traditional criteria can be used for segmentation solutions.
Marketing Mix Recommendations
Marketing communication represents the tone of how the RMIT will inform, persuade and remind their consumers about their products and services which is offered.
Marketing communication mix is not just about advertising, but also consists of eight modes of communication, which is; advertising, sales promotion, public relations, personal selling, direct marketing, events and experiences, interactive (online) marketing, and of course word-of-mouth. Each marketer should be aware of how to use this mix effectively to communicate the value and existence of their products to their target customers.
Du (2016) had argued that going beyond the marketing mix can make an impact on the market, and how the consumers can benefit from the CSR, the consumers will get a strong trust bond with the firm.
This marketing mix is integrated to deliver a consistent message and strategic position within how RMIT is to operate. This is a starting point for the integration for any potential interactions with the target customers for the products which are offered. Marketers will also need to understand the fundamentals of effective communication to ensure their consumers are happy with their experience.
To achieve strong brand equality within the marketplace, RMIT should utilise all of their marketing communications mixes. Whether it be through advertising, public relations or even through word-of-mouth.
Pantatno (2019) believed that social media can be of great use of marketing, as social media can explore the social networks within the traditional marketing mix models.
Within RMITs marketing approaches, they will face many challenges and issues. RMIT must ensure they do as much marketing, analysing and research to ensure they are providing the right services and accurate products for their consumers.
Within RMITS market, it is be segmented by a single attribute or criterion. Within RMITs products, it is marketed by the demographic segmentations, and Multi-attribute segmentation (geo-clustering), due to the consumers’ lifestyle and by their target market.
RMIT can analyse their segmentation by what has worked previously for their target market personas and analysing externally what other competitors are doing to ensure they can stay ahead within the marketing approaches.
The best marketing mix for RMIT to use is the 7P’s marketing mix. This marketing mix will be able to assist RMIT with the seven core areas in which they are providing their products and services to. The 7Ps marketing mix consists of Product, Promotion, Price, Place, People, Process, Physical Evidence.
To support the 7Ps marketing mix, is the SWOT analysis, PESTLE analysis, external environment analysis and competitors analysis.
Providing these various analyses, they provide aid to the marketing mix and the target market personas, as they look in at the; needs, wants, demands, government changes, legislation changes, and changes within the market.
A key source of how RMIT can analyse the market and stay updated within the requirements is by analysing the external market and how they are approaching their consumers.
Lee (2019) has suggested that for any successful business to grow and to succeed, the MNCS (Multinational Corporations) will play a crucial role with how efficiently the customers will meet with the geographic boundaries.
There are four core analysing tools which RMIT can use within their analysing techniques are; SWOT analysis, PESTLE, Competitive analysis and external environment analysis. I believe these three analysis tools can provide RMIT with all the tools they need to stay on top of their marketing needs and also how to improve their products.
Fulgoni (2018) believed that marketing-mix models are designed to find statistical analyse data and to eliminate the impact of marketing tactics.
7Ps Marketing Mix
- Product Delivery, Product Quality Assurance, Academic Standards.
- Price The price is based upon two aspects, the competitors prices and the economy.
- Place On-campus facilities, Online facilities, Student Agents.
- Promotion Advertisement, Word-of-mouth.
- ople Determine the consumers needs, wants and demands.
- · Physical Environment – Facilities, OHSC, academic services and student service
SWOT Analyse
PEST Analysis
External Environment Analysis
External environment analysis is an analysis which focused on micro-environmental forces, industry and competitor analysis which preview the organisation growth of RMIT University.
There six key factors which are consistent with the external environment analysis, including:
- Economic
- Socio-cultural
- Demographic
- Political/Legal
- Technological
- Global
Using the external environment analysis provides an understanding of the macro-environmental forces that RMIT faces and to understand their competitors threats within the market.
Competitive Analysis
The competitive analysis discuses crucial factors about the competitors, such as product pricing, target markets, consumers and strategic partnerships. Illustrating these factors of the competitors will set the standards of the competitive edge of the successful market of the services and products provided by RMIT.
Summary
- Monash University
- University of New South Wales
- Monash University is a much older university compared to RMIT, but RMIT is more highly ranked.
- Monash University has major facilities, such as Monash Law School, Australian Stem Cell Centre, and Monash Science Technology.
- Monash offers courses in both undergraduate and postgraduate.
- University of New South Wales is another university that is older than RMIT, but UNSW is less successful.
- UNSW offers class-based lectures and online learning, but for selected courses.
- UNSW offers undergraduate courses and postgraduate courses.
Target Consumer
- International students, School leavers and Domestic students wishing to study a degree.
- Worldwide presence
- International students, School leavers and Domestic students wishing to study a degree.
- Worldwide presence
Product or Service
- Educational services/products
- Academic services
- Careers Advice
- Student Services
- Educational services/products
- Academic services
- Careers Advice
- Student Services
General Marketing Strategy
- Offshore partnerships
- Agent partnerships
- Online marketing
- Ad marketing
- Career expos
- Offshore partnerships
- Agent partnerships
- Online marketing
- Career expos
Strengths
- Diverse Academic board
- Well-known university
- Facilities
- Advertisement
- Testimony
- Extensive history in the education industry
- Diverse Academic board
- User-friendly website Facilities
- Testimony
- Extensive history in the education industry
Weaknesses
- Online marketing
- Facilities
- Online learning
- Facilities
- Partnerships
- Online marketing
- Online learning
Competitive Advantage
- Well established university
- Courses offered
- Well established university
- Courses offered
Efanny (2018) believed that the elements of marketing can play a significant impact on how the organisation is viewed by the public. These marketing elements can consist of distribution strategy, supplier image, and push and pull promotions.
Pricing & Positioning
Pricing and positioning are an important part of how RMIT will attract more consumers and will understand their target market.
Pricing reflects on the sum of various values and benefits in which will provide the consumer such as purchase experience, value, communication and influence of the market.
When increasing or decreasing the price of a product, the functional-use value will have to change to balance the perception of the value of money. When the price is lowered, it is to bear the competition, but this will also provide giveaways to the organisation to avoid damaging their perception of quality and value of services.
When RMIT decides to initiate a price change, the university must consider their customers, market, and competitors’ reactions. The customer’s reactions will be influenced by the way they are affected by the price change. The competitor’s reaction will flow from a set of reactions, they will look at their polluting and find a fresh appraisal for the situation and how they can be competitive.
Positioning is composed into three simple steps, which is involved in:
- Identify the frame concerning the target markets and the competition.
- Determine the points-of-parity and points-of- difference.
- Communicate the organisations market position and the essence of the brand to their target market. RMIT’s product-position enables the organisation to plan their competitive marketing strategies.
Target Market
The target market is aimed at School leavers aged between 17-25 years of age and international students. Many students who are school leavers and international wish to study on-campus so than they receive the best academic services via academic staff through lecturers and tutorials.
Some students who are of mature age or mums who are working part time, are looking for education providers who offer online services. Some competitors have not identified their marketing as online learning university. A possible reason for this is because of the diverse academic services being offered on-campus by the two universities, making it difficult for the two to develop a consensus target audience.
The target segmentation is aimed at the consumer market is recommended to the consumers who have the educated background, who are wishing to peruse further studies to obtain a better knowledge within their professional work and to also better themselves academically.
Consumers
The consumers who are involved, are members of the student community who wish to improve their knowledge and to obtain a graduate degree, whether its school leavers, international students or mature age students. The consumers are wishing to study within the Australian Academic framework to gain a tertiary qualification to obtain a better work profession, for the consumers to this can expand the target market, by expanding the demands, and the economy.
The consumers have chosen the products of the university based on the course description, course outcomes, university background, university rank and academic services provided.
Students who study abroad gain extra knowledge of diversity, career opportunities, enhance different language skills, make lifelong friends, personal development, and life experience.
Strategic Partnerships
Partnerships with the university is a great way to bring the products to the consumers when they are looking for a university to study within the Australian Academic framework, this can also expand the target market to those that may not have considered university.
The partners that have been chosen for products within their business practice are student agents and academic bodies, who are bringing students abroad to gain extra knowledge and who would like to study abroad at an educational provider.
Overall, customer personas will be developed by the distinguish partnerships which are needing to be established and maintained. This will allow the RMIT to strategically focus on targeting the audience more effectively.
Conclusion
In conclusion, RMIT is an inferred within both the business and education industry which aims themselves with proving the best education services and products to their students to obtain a great academic life. RMIT University has one of the highest visions and values within the educational sector, which enables the university to develop the right development drive of diversity, academic studies and comprehensiveness.
Grewal (2018) findings had suggested that there are two metatheorys which consist of MNC factors, which is Economic elements and Social elements.
The biggest strength that RMIT University has to offer, is the increasing number of students from school leavers, international students and domestic students who would like to attend the university, and RMIT also has several beneficial factors for the organisation. The way RMIT university enforces their teaching methods and inspires their students, both RMIT and the students can achieve greatness.
References
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