Data Analysis in Business Skills

Question: Discuss about the Data Analysis in Business Skills. Answer: Introduction This report is based on the competitive and marketing analysis of the Monash University. The marketing analysis of the Monash University helps to identify its strategic position, opportunities, and threats in the Australian market. Moreover, in this report, it analyses the various models like PEST analysis, Competitor analyses, SWOT analyses, Value position analyses, segmentation and target market analysis to evaluate the strategic capabilities in the market. These models help the university to measure the degree of its competitiveness. It also helps to take strategic decisions in the long term which benefits to generate sufficient revenue. Monash University is an Australian University located in Melbourne, Australia. It was founded in the year 1958.It is second oldest university in the state of Victoria. It is listed under top 10 Universities of Australia. The University is largest in students body size around 40,300 includes national and international students and it has seven local and international campuses (ABS, 2017). It provides a lot of undergraduate and postgraduate courses to the students and mainly focuses on the research field. Moreover, Monash also partnership with government, NGOs and companies to get relevant and updated information on current issues and trends that could be updated their syllabus and students can gain the updated knowledge which is useful for current and global context. Moreover, University provides the practical learning environment to the students so that they can apply their learnings in their career advancement (Australianuniversities, 2017). It provides the happening campus life, scholarship programs and flexible tuition fees for students. The University management makes strategic decisions to remain competitive in an Australia. Market Summary and Demand Assessment of Monash University Monash University marketing plan is to develop the effective strategy to remain competitive in the market. The University updates their syllabus according to the current trends of the market. also it focuses on the research part of their curriculum. Monash University aware students and regular update their courses according to the changing trends of the market. The marketing summary of the university is to give practical learning to their students so that they can enhance their capabilities in corporate culture (Monash University, 2017).Demand assessment refers that the overall demand of the University in the Market. The University has enrolled the highest number of local and international students in the Australia in past recent years. The practical learning approach and focus on research-based study makes their demand high in the market. The well qualified staff, good campus life, flexible fees structure and full time resident program make the students different in the competitive world. Target market and Segmentation of Monash University The target markets of the Monash University are local and international students for their different courses. Moreover, the university targets the students organizations and high qualified faculty that helps its to accomplish its objectives. In future, the university will target the working professionals for their executive programs. The main aim of the university is to provide the quality education to their students. The segmentation of the Monash university is focus on the below areas (Intead, 2017). In the above given figure it depicts that the Universitys segment market is aspiring students, working professionals, beginners and industry professionals. In every segment Monash provides the quality, innovative and practical approach in their curriculum. Current Marketing Mix Analysis Monash University implements the four Ps of marketing mix strategy i.e. Product/Service, Price, Distribution, and Promotion. The Below given table indicates the short description of marketing strategy. Product It includes the Universities updated programs or courses for the students for various streams. The courses offered by the university in the field of Engineering, IT, Business and Pharmacy for all students (Lilien and Grewal, 2012). Distribution The university offers the full-time residential programs and distance learning certifications for international and local students. Along with this it also offers the courses for Working professionals who wants to get early promotions in their company. This strategy helps University to get higher enrollments. Price Monash University adapts the flexible pricing strategy for the students according to their aptitude exams scores. The university gives the scholarship to the students on the basis of their scores in ILETS and TOEFL (Gajic, 2012). Promotion The university used the print and electronic media (Newspapers, TV, Ads, Social media and Hoardings) for promotions. Along with that, the university participates in education fair every session to get a maximum number of admissions for their offered courses. PEST Analysis Political Factors The Australian government has taken many initiatives in the field of education programs. Australia literacy rate is good i.e. 96% both in male and females at the age of 15-24 years in 2013.The stable Australian political environment supports University to provide an excellent education to their students (ABS, 2017). Economic Factors It is one of the largest capitalist economies in the world. The service sector contributes maximum in their economy. The current employment rate is 61% that is higher as compared to last year (Austrade, 2017). These factors help the university to encourage maximum students to pursue their studies. Social Factors The mixed culture, high literacy rate and modern living standards of the people encourage students towards good education. The good social values support University to maximum registrations in different courses. Technological Factors The government spends majorly in technology and infrastructure. These investments help University to provide updated courses for students. Though, huge investments of government it is beneficial for students to become a good entrepreneur. Competitor Analysis The Literacy rate increases in Australia in the past recent years. Moreover, Australia is the most excited college destination choice for the local and international students. According to the latest survey of education consultants, it depicts that 88% of students are satisfied with Australian education. Moreover, 65% of the international students pursue their studies from Australian universities (UNESCO, 2017). These studies and factors make the environment competitive in the education field. Moreover, there are many competitors exists in the market which offers the same courses at attractive prices and benefits. Monash adopts the flexible fees structure, practical learning approach and industry oriented courses to remain competitive in the market. Moreover, Monash recruits the experienced faculties and continuously innovations in their syllabus according to the changing market trends. The Below given table depicts the list of competitors and their strengths and weaknesses. Name of Competitors Strength and Weakness 1) Australian National University Variety of courses and good reputation in market Fees structure is high as compared to other universities 2) University of Melbourne Industry oriented learning approach Limited presence 3) University of Sydney Facilities and amenities are good Focus more on theoretical approach. SWOT Analysis SWOT analysis helps the University of assess its main factors to become competitive in the market. Strengths Oldest University and highest students enrollments every year. High Interaction with students and faculty Practical learning approach Industry oriented courses at flexible prices Good environment and infrastructure (van Wijngaarden, 2012). Weaknesses Lack of funding and financial support for faculty scholarship Teaching approach is tough that makes it difficult for students to understand the concepts Focus more on research studies only Resources are not adequate for recruitment, selection, retention, and marketing Opportunities Online education opens more opportunities for University to capture high market share Education reforms in many countries that benefit the University to target more students Australian government flexible policies in the areas of education enrichment International and Off-campus (distance learnings programs) Migration of International students for higher studies is increasing in recent years. Threats High competition in the education field Retention of qualified faculty is difficult for the university if higher salaries are offer from competitors (UIS, 2017). Value and Brand Positioning Analyses Monash University is developing its reputation and value due to its advanced and updated teaching methods. Moreover, it is also the oldest university in the Victoria State. The industry-oriented learning approach and flexible fees structure with good amenities positioned distinct in the Australian education sector. Besides this, the University supports the students through their online and executives programs which help to cater the current needs of the corporate environment. Simultaneously university conducts the training and career progression programs for the students to enhance their capabilities and learning skills (MU, 2017). The Universities also tie up with the different communities to enhance their brand value in the market. Conclusion As per the above report analysis, it is concluded that Monash University has performed well in the education industry. It is the leading university with the highest number of national and domestic students. Moreover, it is also found that the various marketing and communication models effectively generate the positive results for the university that will benefit to remain competitive in the industry. Internal and external analysis like PESTLE, SWOT, and Competitive and value analysis reveals the opportunities and issues present in the industry. References Australianuniversities (2017). Australian Universities [Online] Retrieved from https://www.australianuniversities.com.au/profiles/monash-university-monash.html Monash University (2017). Courses [Online] Retrieved from https://www.study.monash/courses Intead (2017). You have your student segmentation, now what? [Online] Retrieved from https://services.intead.com/blog/you-have-your-student-segmentation-now-what Gajic, J., (2012). IMPORTANCE OF MARKETING MIX IN HIGHER EDUCATION INSTITUTIONS, Singidunum journal 2012, 9 (1): 29-41. Peter, J. P., and Donnelly, J. H. (2011).Marketing management: knowledge and skills: text, analysis, cases, plans. Plano: Business pub., INC. Lilien, G. L., and Grewal, R. (2012).Handbook on business to business marketing.USA: Edward Elgar Publishing. Austrade (2017). Australia Unlimited [Online] Retrieved from https://www.austrade.gov.au/ UNESCO (2017). Education : Literacy rate [Online] Retrieved from https://data.uis.unesco.org/Index.aspx?queryid=166 van Wijngaarden, J. D., Scholten, G. R., and van Wijk, K. P. (2012). Strategic analysis for health care organizations: the suitability of the SWOT?analysis.The International journal of health planning and management,27(1), 34-49. UIS (2017) Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis [Online] Retrieved from https://www.uis.edu/strategicplan/plan/sectiontwo/strengths/ Monash University (2017) MBA5707 - Data analysis in business.[Online]. Retrieved from https://www.monash.edu.au/pubs/handbooks/units/MBA5707.html Landzine (2017). 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