concepts of Marketing for Managers

Question: Discuss about the concepts of Marketing for Managers. Answer: Background Marketing for Managers refers as the administrative discipline which centers on the practical application of advertising orientation, approaches, and method inside organizations and the overall management of a firms promotion resources and activities. The University of Sydney is one of the best and leading university in public research in Australia. Bond and Deakin are relatively above average in terms of productivity perspective. The Universities uses the marketing strategy as a source of income generating unit and revenue since any activity associated with gaining income refers to marketing achievement (Marketing, 2011). Marketing Summary and demand assessment The Universities have applied differentiated tools from economic and competitive approaches to analyze the institutions context in which to have efficient and productive marketing. These include among them PEST analysis, competitor analysis, SWOT analysis, and value and brand positioning analysis (Francis, 2013). Similarly, the universities conducts demand assessment that determines the current position of the universitys services compared to its competitors and the evaluation of its effectiveness. In other words, the Universities conducts demand assessment due to the primary goal of uncovering markets resource strengths, deficiencies, best market gaps, outside threats, maximization of profits, and its competitive position in comparison to existing competitors. Another major reason for demand assessment includes the establishing the strategic elements needed to improve service stance and competitive abilities within education and learning industry. The institution uses demand assessment to evaluate whether the schools share of the market is increasing, declining and or how much it is in comparison to the turnover margin of other established institutions (competitors). Sydney Bond Deakin Market resource 78% 65% 67 Deficiencies 12 34 23 Market gaps 71 56 43 Outside threats 9 24 32 Profit 89 68 73 competition 65 23 26 Segmentation and Target market: The three schools have realized many implications over selecting target segments which have enabled them to allocate more resources to acquire and retain clients in the target segments than it will for others not using the external segment customers. For example, the institution denies the admission of any student who has not attained the cut points entry of either diploma, degree or postgraduate studies because they have agreed on strategic decision to target the high qualified student segment of the university (Bro?g, 2010). In diploma the University of Sydney has rate of 4.5 meaning it receive highest number of diploma student compared to Bond and Deakin universities. In degree program the Bond university target to receive a higher rate number of students than the two universities. Deakin on the other hand, target to get more postgraduates students at the rate of 3.0 than in diplomas and degree programs merely because it is known for offering quality postgraduate programs Current marketing mix analysis: Current marketing mix refers to a tool used in marketing and by marketing professional. The University of Sydney, therefore, uses marketing mix as a set of marketing tools that the firm applies to pursue its marketing goals in the target market. The institution uses the four pillars of a marketing decision, namely: distribution, promotion, price, and services. Price: price is the only has resulted in revenue. It also includes considerations of clients who are students perceived value. At our case price involve both monetary since the customers need to pay for the services and equally, psychological costs that include time and effort expended in the acquisition. Distribution: Generally, it cognizes providing the client's access, and similarly considers giving convenience for customers. It may involve physical location where the institution carried out to reach the market. The three universities differently uses the retail outlet, which increasingly known as a mail order catalog, phone call or website. Promotion: For our case, the University of Sydney, Bond, and Deakin spends a lot on advertising their institutions which enables them to receive both local and international students. They also apply public relations as a technique of winning responsible students to study in their institution. (Keith, 2014). The mix analysis can be summarized as below: Mix analysis, 2017 University Price Distribution Promotion Postgraduate Bond University $500 1000 $307 Deakin University $548 2100 $399 Sydney University $697 4312 $577 Undergraduate Bond University $240 2765 $134 Deakin University $430 5387 $210 Sydney University $530 8531 $228 Total 2945 24095 1855 Source: Australian Bureau Statistic, PEST Analysis For our case, political factors which include government policies, foreign trade policy, tax policy, labor law, and environment law. The universities responds to the contemporary and projected future legislation, and regulate their marketing system accordingly. Economic factors include economic development of the university, disposable income of clients, interest rates and universitys businesses. Social factors that the Sydney, Bond and Deakin consider include the population growth of the students, age distribution, health, and career attitudes. These factors are usually necessary as they have a direct outcome on how marketers understand clients and what drives them. Technological factors include factors that influence marketing and the institutions management. The universities develops ways of communication with target markets and producing services (Furrer, 2010). SWOT Analysis Sydney, Bond and Deakin Universities have developed SWOT analysis which has enabled the institution to determine factors which need immediate consideration when planning marketing and corporate strategy. Strength factors of the universities include competent employees, reliable and re-known brand name- (for example Bond or Deakin University), good reputation, and expertise and skill experience. Weaknesses factors slow down the effectiveness and growth of the universities. They include low market stake, incompetence employees, and ineffective organization processes. Opportunity factors look the outside circle of the institution which enables it to help grow. The universities have thrived in marketing, it has received upsurge numbers of students from across the globe, and legal changes allow worldwide marketing easier. The University of Sydney, Bond and Deakin perceives Threat factors as external environmental factors. They include competitors, government policy, and taxation policies which in total lowers the institutions income (Francis, 2013). Competitors Analysis: Competitor analysis initially starts with identifying current alongside potential competitors. The Bond, Deakin and Sydney Universities analysis provides information regarding likely sources of competition. In additional, the institutions has gained the main objective of performing competitor analysis; it enables to the institutions to study the market and market trend and pattern, learning the strengths and weaknesses of the competitor, and insight into unforeseen competitor approaches that may help in predicting future threats and opportunity (Adler, 2012). Value and Brand Positioning Analysis: The Universities have adequately analyzed value and brand positioning via examining how the brand the learning service is positioning itself, determining the direct competitors, comparing among the competitors, and develop a different and value-based positioning idea (Anderson, 2011). Potential Students (all students) Potential market /unit cost Total market potential Sydney 12843 102744 308232 Bond 3765 30120 93360 Deakin 7487 59896 179688 Conclusion It is evident that the above discussion has enabled the institution to gain an economic, social and environment mileage. In short, the institution has an incredible market summary in comparison to other competitors. Hence, this enables them to get more clients (students) which translate significant profit References Adler, L. (2012). A new orientation for plotting marketing strategy. Analytical viewpoints in marketing management, 12-26. Anderson, T. L. (2011). Marketing and environment management for tourism . Journal of policy analysis and management., 4-11. Bro?g, W. (2010). Individualized marketing : implications for transportation demand management. Transportation research record, 11-35. Francis, T. (2013). Marketing strategies for Europe (dossier). Journal of European Business, 34-37. Furrer, O. (2010). A guide for management marketing technology. Finance [et] Management technologie, 114-118. Keith, R. J. (2014). The marketing revolution. Analytical viewpoints in marketing management, 43-49. Marketing, A. o. (2011). Academy of Marketing Conference 2011 : marketing fields forever. 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