Assignment 2: VU and Next Generation Marketing
BHO2407 - Marketing on the Internet
Tutor: Malay Joshi
Tutorial Time: Online
Word Count: 2,497
Table of Contents
The Market Segments
The New Era of Social Media Marketing
The Innovations of Next Generation Marketing
There are many new and revolutionary ways of marketing a product or service to consumers. The advent of the internet and web 2.0 has allowed for millions of consumers to be reached easier than ever before. The social aspect of the internet is now attracting people who wouldn't otherwise have used the internet on a regular basis for any other purpose. This growing social element to the internet, web 2.0, is also widely recognised as a commercial ground for marketing on a large scale to the now accessible millions of people around the world. Seeing as both social media and universities are very community-based, it's only fitting that Victoria University should seek to attract people towards their thriving university community by using innovative next generation marketing campaigns which take complete advantage of the internet facilities available. In order to achieve further expansion the university needs to focus on marketing their unique selling propositions within social media to prospective students across several market segments. The process of attracting students to a campus is not an easy one, but if these new-age tools are used to their fullest potential by setting marketing objectives and detailing strategies, the extended reach of the web can make the whole of Australia aware of the many offerings of VU when comparing the university to its competitors. The Market Segments
The target market from a broad perspective are of course undergraduate and post-graduate students who are seeking to further their educations with a bachelors or masters degree. Specifically, VU targets prospective students of low socioeconomic status. This is evident from their efforts in providing many work-integrated-learning programs which assist the hundreds of students who are struggling to make a living while studying simultaneously. The undergraduate students are mostly made up of fresh high school graduates who have only recently received their Victorian Certificate of Education (VCE) or equivalent. Meanwhile, a study performed on 2008 post-graduate students concluded that around 30% of bachelor degree graduates proceed to further study immediately, while the rest come back to study a post-graduate degree later on in life (Graduate Careers 2012). It's safe to assume based on these figures that many post-graduate students return at a later stage in their lives to participate in post-graduate study. The market segment of post-graduates students aren't only comprised of existing bachelor degree students or alumni, they also consist of graduate students from competing universities. VU appears to maintain a firm focus on their website, www.vu.edu.au, on servicing all areas of the student body. The website has sections pertaining to future students, international students, current students and alumni. While the homepage and the offered online services and testimonials reaffirm the university's integrity, there aren't many elements of the website or its hyperlinks which show that VU is implementing social media and new-age marketing into their promotional efforts. To develop a marketing strategy it is necessary to break down the target market into various segments so that it's easier to know which segments to market particular product offerings to. The market segment of the undergraduate student is one with a high school certificate who is looking to make an advancement in their education as the next stepping stone in building their career. As many undergraduates are young adults who've only recently finished high school, we...
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