Executive summary The purpose of this report was to take a critical view of the current market plan of Martin College and then develop the most current market for the institution. Martin College is an Australian based institution that is accredited to offering various diplomas and certificates in various courses. First and foremost, there are different ways that can be used segment the market and they include identifiable, accessibility, uniqueness and durability. Various sources of information market segmentation do exist and can be categorized into two broad categories namely primary and secondary.
This report has also discussed various approaches to identifying and describing different market segments, market segmenting descriptors and various marketing strategic options that are available. This report has also tackled the element of customer profiling by looking at consumer profiles, consumer characteristics and Demographic and psychographic descriptions. Positioning strategy has also been discussed and various options which include price, value and convenience as well as attractiveness have been identified. Finally, it is recommended that the for the marketing plan to be effective, understanding the customer position first in terms of service needs is very important in determining the market position for the institution.
1.0 Introduction Martin College is an Australian learning institution that provides both vocational education and education (VET). The institution has campuses in various parts of the country including Brisbane and Gold coast as well as central Sydney. The institution was founded in 1976 by the then the Receptionist and Deportment Academy Lorraine Martin. Initially the college was known as Lorraine Martin College until 1995 when it was sold to Education and Training Australia Pty Limited and its name changed to Martin College.
The institution is accredited and nationally recognized to providing various diplomas and certificates in various courses like business and management, travel and tourism, information technology, graphic design, marketing and event management. Martin College currently is a member of the Study Groups which is globally recognized provider of education that invests in the future of its students and enhancing their prospects by focusing on the kind of education they receive and the qualifications attained. The Study Group is also recognized as a leader in education especially in matters related to career building and by providing access to world-class universities to its students.
Over 50,000 students from 120 countries in the world enroll in the programs provided by the group each year. The group is also a network of specialist education counselors and 200 partner universities from the United States, Australia, the United Kingdom, Canada and New Zealand (Martin College 2012). 1.1 Purpose of the report The purpose of this report is to take a detailed analysis of the market that is available for Martin College and also identify various market segmentation criteria that can be used by the institution and its target markets.
In general the report will seek to address the proposal that can be used for segmenting the market, target market identification, profiling of the target audience and the market positioning strategy that can be used by the institution. The ultimate objective of the report is to provide a new way for marketing the institution.