La Trobe University - Market Segmentation - Case Study Example

Market Segmentation Name Date Course Market Segmentation Introduction Marketing strategies that are used to explore new markets determine the success of the organization. In the education sector, more and more people are increasingly joining the universities. This has led to the creation of a new segment. The new segment is mainly comprised of the mature age market. Currently its is no longer the students fresh from high school that are joining the university but also the mature aged who left the high school years ago (Schütze & Slowey, 2013). La Trobe University has identified this segment which it has classified as 21 plus and it has traditional been known as the mature age market. This new market segment can add more students to the university and this will lead to the generation of more revenue. The best approach to reach this new segment is required in order to ensure that the new market is fully exploited. An understanding of this new marketing channel is required in order to ensure that the new market is fully exploited. A better understanding of the market will ensure that an effective strategy is put in place. In the current marketing environment various channels including the traditional as well as the modern marketing channels are usually used. However the channel is dependent on the information available as well as the nature of the market segment. The paper is thus a research proposal for the market segmentation in relation to the mature age market. Background Every year the universities are experiencing an increase in the number of mature aged students. This group is mainly comprised of the students who are already working and had completed their high school education years ago (Given, 2013). This has formed a new segment in the market for the universities and it’s currently referred to as the 21 plus segment. This market has a huge potential that the universities have to tap in through the use of appropriate marketing strategies. La Trobe has identified a segment of the potential student market that needs to be explored in more depth to ensure we are accessing this segment effectively. This segment is categorized as 21 plus and traditionally called “the mature age market”. This market is made up of a variety of sub segments some of which are parents, part time workers, those seeking a career change, and professionals already skilled to a particular level. The 21 plus segment is spread across a multitude of marketing channels and we need to better understand this market and determine the best channels to effectively market to this segment. Research objectives To investigate the 21 plus market and the characteristics that make up the sub segments within the overall market To determine the marketing channels by sub segment that the 21 plus market currently access and could potentially access. This should not be limited to traditional marketing channels such as TV, radio. To develop a report on how La Trobe could maximise its marketing reach to influence the 21 plus market to consider University study and choose La Trobe. To develop an effective method for attracting the 21 plus market to the University. Hypothesis Hypothesis 1 The numbers of people who are in the 21 plus market segment are increasingly seeking to change their career which has led to an increase in those returning to the university. Hypothesis 2 The 21 plus market segment is comprised of parents and professionals and the best way to attract them is through the use of traditional marketing channels such as radio and television and also the internet. Hypothesis 3 A better understanding of the needs of the 21 plus market segment is required for the purposes of developing effecting marketing strategy. Research Questions What is makes up the market segment for the 21 plus market? What are the specific needs of the 21 plus market segment? What are the marketing strategies that can be used to attract the 21plus market segment? What are some of the channels that can be used in the marketing process to attract the 21 plus market segment? Literature review The number of mature people who are returning to the university is on the increase. This has led to the development of a new 21 plus market segment. This market segment is comprised of parents, part time workers and professionals. Most of them already have a working experience and have been to the university before. A high number of mature students are returning to the university due to different reasons. A proper understanding of why the mature people are returning to the university is important. This information can be used by the universities to attract a high number of mature people. Some of the mature people after working for a long period of time have realized that whatever they are doing is not what they really wanted to do. Self discovery for most people comes after years of experience. As a result of gaining more experience, others have realized that they are in the wrong profession (Kahu, et al, 2013). The changes are therefore for the purposes of ensuring that they are in the right profession. This group may have already undergone some frustrations and hence the need for the universities to clearly understand their needs. Other mature people are returning to the university for the purposes of acquiring more knowledge. This group may be intending to engage in higher learning in order to advance their careers. This group also has diverse needs that the universities need to understand in order to attract them to their universities. The number of part time students who are in the 21 plus market segment is also on the increase. This group is comprised of people who are already working and have time for studies at particular times. This could be during the weekends or after work in the evenings. The needs of the part time studies may be quite diverse since they do not have much time and in most cases they operate under tight schedule. Most of the part time learners are usually interested in advancing their careers. Some of the part time students who are mature may not have undertaken university courses before. Some may however be undertaking their second degrees. The professionals are also part of the mature students who are under the 21 plus market segments. The professionals could be engineers, doctors and even lecturers. Their main goal is to advance their careers through undertaking higher education. The needs of the professionals are quite different from the other mature students. While some of the mature aged students intend to improve their skills and gain promotions or better opportunities at their workplace, the professionals only intend at improving their knowledge and skills (Tett, et al, 2012). The universities are therefore required to understand the needs of the 21 plus segments in order to put in place measures to attract them. The need to learn new skills is also an influential factor that has contributed to most of the mature aged students to return to the university. This is considering that some of the areas such as information technology are undergoing rapid changes. The 21 plus market segment can be targeted through the use of various means. This market segment is comprised of the mature aged people who are mainly dependant on the traditional forms of communication. The use of televisions as well as the radio can play an important role in ensuring that the targeted group is reached. Running advertisements through the television and radio can be useful in reaching the 21 plus market segment. However, it is also important to note that some forms of marketing may not be successful in reaching the targeted segment. The targeted segment is comprised of professionals who are conversant with the modern technology. The traditional methods may therefore be unsuccessful when dealing with the professionals. The universities can therefore use the internet for the purposes of running the advertisements. The use of digital marketing is beneficial in terms of coverage. A high number of people in the targeted group can be reached through the use of the internet. Social media is also becoming an important marketing tool and it can be used by the universities. Facebook and Twitter are the popular social media that is used by the mature aged students and professionals (Gifford, 2015). It is however important for the universities to use the traditional methods as well as the digital methods for the purposes of marketing in order to reach the 21 plus market segment. It is also important to note that the use of digital marketing is cost effective. Effective marketing strategies need to be developed by the universities in order to reach the 21 plus market segment. An integrated marketing strategy may be effective in ensuring that the universities are able to maximize on their marketing reach. An integrated marketing strategy involves the use of diverse marketing strategies. The universities that have been able to maximize on this market segment have developed effective marketing departments and qualified personnel. Qualified marketing personnel have been employed in most of the universities for the purposes of monitoring the 21 plus market segment. In order to obtain adequate information about the market segment, surveys have to be conducted. Most of the universities are engaged in the online survey in order to determine the needs of the 21 plus market segments (Swain, & Hammond, 2011). This provides useful information that is used for maximizing on the market. The market is also undergoing changes from time to time and hence the need for information. The universities have to create a positive image that showing it is willing to meet the needs of the 21 plus market segment. This is because the mature age students have to be assured that the environment can support their needs. The needs of the mature aged students may be diverse from the other students which is an important consideration for the market segment. A high level of accuracy with regards to the market information is required by the universities so as to come up with the correct marketing strategies. Methodology Justifications for the study The primary method of data collection will be used in the research. Primary research method usually involves the collection of the data directly from the source (Creswell, 2013). The collection of the data directly from the source involves the use of questionnaires, surveys and interviews. The research will mainly utilize the questionnaires in order to obtain information from the respondents. The questionnaires will be effective in terms of obtaining information with regards to the 21 plus market segment. The use of the questionnaires will also ensure that the interactions are made with the respondents. This method is cost effective for the research and it has a high level of accuracy. The data will also be collected within a short period of time as it will only take a few minutes for the respondents to complete the questionnaire. The data collected through the use of primary research will impact positively on the decision making as it will ensure that the appropriate marketing strategies are developed. Research design A descriptive form of research will be used for the purposes of carrying out the research. The research design will also involve the use of quantitative methods for the purposes of data collection and analysis. Since the research will only be carried out within a short period of times, a cross sectional approach will be taken. A cross sectional approach involves the collection of data from a population of people at one period of time (Ragin, 2014). This will be appropriate to the research due to the time limit. The approach will also be useful in ensuring that only up to date data is collected. The approach will also be effective considering the constraints in terms of resources. The research will also be in a form of a survey in order to obtain information from a diverse group of respondents. When using a survey, the respondents who have the information about the topic and those who do not have any information about the topic are usually involved in the research. The involvement of diverse groups of respondents will be important in ensuring that opinions and views of different people are featured in the research. The issues of gender will not be considered during the research. However, the research will target the mature aged students as the research mainly involves them. Most of the respondents in the research will be from the university and areas near the university. Data collection The collection of data will be carried out in a form of a survey and the questionnaires will be handed to the respondents manually or through the use of emails. The respondents will be required to complete the questionnaires at their own convenience without any influence. This will be important in ensuring that the information obtained is accurate. The respondents will be provided with about one week to answer the questionnaires. High levels of ethics will be maintained during the data collection process. None of the respondents will be influenced to answer the questionnaires in a particular manner. High levels of accuracy will also be maintained during the data collection process. Accuracy and ethics during the data collection process is important in ensuring credibility is achieved (Bernard & Bernard, 2012). The data collection process will mainly target those around the university as well as the students at the university. Data sample and sampling process The survey will mainly target the mature aged students and those who have completed their studies. This is will be useful in ensuring that the research questions are answered. Gender will not be a restriction during the study. The sample size will not be large as it may be difficult to find a high number of respondents who fall in the 21 plus market segment. Both the undergraduate as well as the post graduate students will be involved in the survey. Those who have already completed their studies will be taken into account. The professionals, part time students as well as the parents who are students will be involved in the survey. The information obtained from this group will noted in order to understand why each group is undertaking the different university courses. The questionnaires will be distributed to about 200 respondents. However, it is expected that some of the respondents may fail to submit their questionnaires due to various reasons. Data analysis Since the quantitative method will be used in the research, statistical analysis of the data will be carried out. The mean technique will be used during the process of carrying out the data analysis. In statistics, mean is considered as the average of a give set of data (Jensen, 2013). The mean will be used in the research for the purposes of determining the general answer from the sample. The average characteristic of the sample can also be obtained through calculating the mean. The mode is also an important statistical technique that will be used during the analysis of the data. The mode is the number with the highest frequency within the data. During the data analysis, the mode is important in highlighting the most popular answers among the respondents. The analysis of the data will also involve the use of graphs in order to obtain a graphical representation of the information collected during the research. The graphical representations are important during the process of interpreting the data. Research plan Activity Description Timeline Research preparation Developing a research plan. Obtaining the necessary approvals. Developing the research questions and questionnaires. Identifying the potential respondents. About 2 weeks Data collection Gathering information from the literature review. Administering the questionnaires to the respondents. Receiving the completed questionnaires. About 2 weeks Data analysis Manipulation of the data collected. Carrying out statistical analysis through the development of tables and graphs. About 2 weeks Finalizing the research Compiling the final report. Handing over the report About 1 week References Schütze, H, G, & Slowey, M, 2013, Global perspectives on higher education and lifelong learners, Routledge, London. Given, L, M, 2013, The Promise of ‘Lifelong Learning'and the Canadian Census: The Marginalization of Mature Students' Information Behaviours, In Proceedings of the Annual Conference of CAIS/Actes du congrès annuel de l'ACSI. Kahu, E, et al, 2013, The engagement of mature distance students, Higher Education Research & Development, 32(5), 791-804. Tett, L, et al, 2012, Learning from feedback? Mature students’ experiences of assessment in higher education, Research in Post-Compulsory Education, 17(2), 247-260. Gifford, D, 2015, International Service Learning Successfully Engaging Adult Students, Metropolitan Universities, 16(2), 53-62. Swain, J, & Hammond, C, 2011, The motivations and outcomes of studying for part-time mature students in higher education, International Journal of Lifelong Education, 30(5), 591-612. Creswell, J, W, 2013, Research design: Qualitative, quantitative, and mixed methods approaches, Sage publications. Ragin, C, C, 2014, The comparative method: Moving beyond qualitative and quantitative strategies, Univ of California Press. Bernard, H, R, & Bernard, H, R, 2012, Social research methods: Qualitative and quantitative approaches, Sage. Jensen, K, B, 2013, A handbook of media and communication research: qualitative and quantitative methodologies, Routledge. Appendix 1. Do you consider yourself a mature aged student? If yes, please indicate the reason.(Tick where applicable) Yes No 2. Which study mode are you engaged in? Please indicate why you prefer the study mode. (Tick where applicable) Part Time Full Time 3. On a scale of 1 to 4, 1 being strongly disagree and 4 being strongly agree. Do you think the universities are meeting the needs of the mature aged students? Strongly Agree Agree Disagree Strongly Disagree 4. Are you a professional in a certain sector? If yes state if you have been at the university before. Yes No 5. What type of course are you currently undertaking? Please choose one. Postgraduate Undergraduate 6. Which is your age bracket 25-35 36-45 46-55 56- Above 7. Please indicate what you think are the requirements of the mature aged students at the university. 8. What are some of the challenges that the mature aged students are facing and are likely to face and what should be done? 9. Do you think the mature aged students are comfortable at the university under the current conditions? Yes No Read More