Cutting Edge Theories To Solve Challenges For RMIT College

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timer Asked: Mar 12th, 2019
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Question Description

This is the 2nd part of Assignment which you helped me in Assignment 1.
I have identified some theories to use for the paper, will need your help to define each theory and relate it to the situation.

2500 words needed.

Requirements for Assignment 2 attached.

Assignment 1 is attached for your reference if needed.

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Executive Summary The purpose of this essay is to diagnosis the challenges that the organization is facing, and also the causes for such challenges. A few strategy tools are used to identify the problems that our partnering organization – Royal Melbourne Institute of Technology (RMIT) faces presently and in the near future to year 2030. The first strategy tool to use is the SWOT analysis. The SWOT analysis starts with analysing the external factors that affects both industry of higher education and overall economy of Singapore. This will be done using the PESTEL analysis to identify factors in every aspect. This will help to identify the opportunities and threats that RMIT faces from the industry and overall economy. The second part of the SWOT analysis identify the strengths and weaknesses of RMIT through the study the internal analysis using Porter’s Fives Forces, Business Life Cycle Model and VRIO analysis. Table of Contents Executive Summary....................................................................................................................................... 1 Table of Contents .......................................................................................................................................... 2 Introduction .................................................................................................................................................. 3 SWOT Analysis............................................................................................................................................... 4 External Analysis ....................................................................................................................................... 5 Political .................................................................................................................................................. 5 Economic ............................................................................................................................................... 5 Social ..................................................................................................................................................... 6 Technology ............................................................................................................................................ 6 Legal ...................................................................................................................................................... 7 Environmental ....................................................................................................................................... 7 Internal Analysis ........................................................................................................................................ 8 Porter’s Five Forces ............................................................................................................................... 8 Resource-Based View .......................................................................................................................... 10 VRIO Analysis ...................................................................................................................................... 11 Business Life Cycle Model ................................................................................................................... 12 Conclusion ................................................................................................................................................... 13 References .................................................................................................................................................. 14 Introduction Royal Melbourne Institute of Technology (RMIT) started as a night school in Australia. It grew and merged with other school (Parliament of Victoria, 1992), and became a public university to provide education for both part-time and full-time students. It was rated a five star university by Quacquarelli Symonds (QS) and was ranked eleventh in the world for art and design subjects in the QS World University Rankings in year 2018, this make RMIT the top art and design university in Australia. (Top Universities, 2019) RMIT’s main campus is in Melbourne Australia. It has two branch campuses in Vietnam, Hanoi and Ho Chi Minh. RMIT has teaching partnerships in China, Hong Kong, Indonesia, Malaysia, Singapore and Sri Lanka. It also has a coordinating centre in the Spanish city of Barcelona. Our main focus is on RMIT’s higher education industry in Singapore economy. RMIT partnership with SIM Global Education (SIMGE) under Singapore Institute of Management (SIM). (En.wikipedia.org, 2019) It was reported in Straits Time that SIM’s graduate’s employment rate is 82.7 per cent. However, 18.8 per cent were freelancing or working part-time. This is higher than local universities such as NUS, NTU and SMU’s 80.2 per cent. (Davie, 2017) SIM University is located at the west of Singapore and has a total land area of 97000 square meters. It is already the largest private education campus in the whole of Singapore, and yet it plans to further expand an additional 56000 square meters to secure its position as the largest private institution in Singapore, both in campus size and intake rates. (SIM, 2019) This aids in attracting more intakes for RMIT. RMIT in partnering with SIMGE, seeks to expand its operations and customize its service offerings to meet the learning and training needs of students in the country and consequently being branded as the best university of choice by 2030. However, there are still several factors that affects the governing the running and administration of RMIT within the economy. The dynamics recorded in the Singaporean economy over time have shown the significant growth in the country over the last decades. This presents opportunities and offering threats for the operations of various institutions within the higher education industry. SWOT Analysis A SWOT analysis is a strategic analysis tool that assesses strengths. Weaknesses, opportunities, and threats faced by an organization in its operations. It helps to assess the external factors that affects the industry and overall economic. It also identify the opportunities and threats that RMIT face. Similarly, SWOT analysis also help to access internal factors which affects the organization. This could be done using other models such as Porter’s Five Forces, Business Life Cycle and VRIO to assess RMIT’s strengths and weaknesses. In overall, SWOT analysis helps to limit the effects of such factors on the overall performance of the RMIT and support it to move towards market leadership in the higher education industry in Singapore. External Analysis The strategic analysis toll describes the factors in the external environment influencing the operations of RMIT in Singapore. The PESTEL analysis comprise the Political, Economic, Social, Technological, Legal and Environmental factors that affect the operations of the institution in the industry and overall economy. Political Singapore is a country well known for its stability. It’s ranked third with same points of 1.59 for political index with Second in place, New Zealand. The first in place is Monaco with political index of 1.65 (TheGlobalEconomy.com, 2019). This indicates that there is very low political risks to worry about. It’s a very good choice to invest in and thus could also attract foreign students to Study in Singapore. Political factor contributes as an opportunity for RMIT as many overseas students would like to come and study in Singapore, and being the largest private institution, RMIT is the first choice of these foreign students. However, being political stable may also become a threat for RMIT. There could be more institutions wanting to enter and grab a share in the market. To make it worse, the government may also establish new policies governing the provision of quality education which may eventually affect the operations of the universities. (Dyson 2004). Economic Singapore has a free market economic due to its remarkably open and corruption-free business environment. Singapore has a high score of economic freedom of 89.4 in year 2019. It’s the second in the world with Hong Kong having a score of 90.2 (Heritage.org, 2019). Singapore’s openness to global investment encourages commercial activities in the market. The government promotes economic growth by attracting foreign investors and economic diversification. Currently, Singapore is focusing on education, healthcare, research and technology areas that are highly value added to the people in Singapore. This shows that Singapore has enter a knowledge economy. Singapore government has invested in great initiatives to establish an education system that if future-ready (Marginson 2011). Initiatives such as the Smart Nation Singapore, SkillsFuture grants to Singaporeans to upgrade their skillset to make more contribution to the organization. Adequate funding and governmental support for universities in Singapore may boost the intakes for both the national and international students. This could be an opportunity for RMIT to expand itself with the government’s support. However this could be an opportunity for its competitors as well. Social The decreasing in birth rate and increasing in aging population has been a problem for the world. There are lesser couple getting married every year and lesser babies born in the country. “Having a child in Singapore is not cheap” This is the main constrain for low birth rate in Singapore. (Singapore birth rate, 2019). The cost for raising a child in Singapore is too high. (Ira, 2019) Despite the fact that Singapore Government pushed almost eight hundred and sixty million dollars towards baby budgets, maternity benefits and child-care support (Make Babies, Not Bags, 2019), the birth rate still decline persistently. The decreasing in birth rate greatly affects education systems in Singapore, this include higher education as well, which in turn had an impact in RMIT. As there is a decline in birth rate, there are lesser students in the market, leading to an oversupply of education institutions in the economy. This greatly threaten the whole industry in Singapore. With the ease of travelling, more Singapore youngsters would like to study overseas to have an eye opener, there are more degree options and able to obtain invaluable experiences and soft skills which they could not get in their hometown. (Seah, 2019) This could be a threat to RMIT as it loss many local students. On the opposite side of view, RMIT could also be a good choice for foreign students who want to study aboard in Singapore. Technology The advancement in technology changed our quality of life. Technology eased communications and increased connectivity. However, technology in time would change traditional education methods. (Bernard, 2019). There are numerous information in the internet, students will no longer rely on teachers to provide knowledge, everything could be found online with a click of the mouse. Students are able to access to class through online videoing – teachers to pre-video the lecture contents and students are able to watch as many times as wanted and at any time of the day. This becomes an opportunity for RMIT as World Universities are ranked according to the scientific papers that a university produce in a year. With lesser repeated work done, lecturers and professor could focus their time and energy with better quality papers for the University. However, cyber security becomes crucial when technology advances. Preventing fraud in examinations could be a challenge. Legal Singapore is one of the world’s least corrupt countries and has numerous safeguards and audit controls in place. When corruption is discovered, it is dealt with swiftly, firmly, and publicly. (Heritage.org, 2019). The laws and regulations established governing the operations of the universities and institutions of higher learning in Singapore exposes RMIT to various risks and may hinder their actions in the country. It’s an opportunity for RMIT as Students can be rest assured that they would get fairness in this Institution. Environmental The increasing need for sustainability in the operations of business and organizations inform the need for RMIT to establish its course with regards to sustainability. It is critical that the programs of the university take into account the economic, environmental, and social sustainability standards through its commitment to the employees, students, government and any other key stakeholders in their operations (Winter, Wiseman, & Muirhead 2006). Changing the environment as well as education needs: The changes in the general climate generally influences the operations of learning institutions. This threatens RMIT and it is critical that the management of RMIT adequately monitor these changes to ensure the provision of services that meet the changing educational needs and therefore remain relevant in the market. Internal Analysis The internal analysis is conducted through the use of a few strategy tools such as Porter’s Five Forces, Business Life Cycle and VIRO model. Porter’s Five Forces Porter’s Five Forces mainly focus on the analysis of the whole higher education industry in Singapore. It adequately describe the performance of the firm concerning the performance of the sector. Porters five forces analysis describes an industry concerning the degree of industry rivalry, the purchasing power of buyers and suppliers, the threat of new entrants and the threat of substitute products. The Threat of New Entrants Local universities are large institutions with extensive administrative operations, facilities, and grounds, invaluable brands and an alumni base that can serve as a legacy to an institution over an extended period. The numerous requirements, as well as the capital endowments required for the establishment of such facilities and the need for economies of scale in operations, represent great barriers for any new entrants in the market. Additionally, regulations have been established by the government guiding the policy needs and budget constraints regarding the registration and establishment of new facilities. The high fixed cost structures, government regulations and the related economies of scale as well as restrictive curriculum and accrediting processes present high barriers for entry into the higher education industry in Singapore and protects the operations of the facilities already in operation (Ho Mok 2008). The Degree of Industry Rivalry The higher education industry in Singapore is made up of multiple numbers of private and government institutions. Government institutions such as NUS, NTU, SMU and SIT have different target audience as RMIT. There is minimum conflict of interest and minor competitions. The private universities in Singapore are not many. Kaplan, PSB, MDIS and James Cook are all rivalries of RMIT. However, all these institutions have differentiated courses provided from RMIT. James Cook provides different courses. MDIS is an institution that focus more on language. Kaplan and PSB academy has similar course as RMIT but has very differentiated resources. RMIT is located in the west of Singapore which is renowned for cluster of universities in Singapore. However, Kaplan and PSB are located in the town area of Singapore, although they are easier to assess to, both have much lesser resources as compared to RMIT. Being partnering with SIMGE, the largest private university in Singapore, RMIT is not threatened by its rivalries. The Threat of Product or Service Substitution Although a variety of institutions of higher learning exist in Singapore, they provide a range of courses at different prices serving the diverse learning needs of students. As such, the institutions offer almost differentiated services regarding learning and development as well as training in various disciplines. It would be a good idea for RMIT to provide short term courses and even home learning to cater to the needs of different students. There is a need for RMIT to adequately establish itself in the market and thus obtain leadership in the industry. The Purchasing Power of Buyers The consumers of higher education are widely fragmented based on the training needs of each of these individuals. The students, therefore, have a reduced power to influence the operations of RMIT in the market. The diverse needs of students, as well as market segmentation available in the Singaporean market, gives limited powers to the potential consumers of the institution’s potential buyers. The Purchasing Power of Suppliers Colleges and universities in Singapore offer large stable contracts to vendors hence limiting the purchasing power of suppliers in the industry. RMIT does not have much limitations such as entry requirements. There are students with A Level certificate, O Level Certificate or local Polytechnic certificate or with no education background in Singapore. Resource-Based View The value proposition for the university is associated with the cluster of benefits expected to flow to the users of the institution’s clients. The analysis assesses the internal capacity of the institution to provide services to its potential clients through the use of unique resources and competencies of the firm as compared to others in the industry (Hollensen 2010). RMIT has gained recognition for established reputation for offering excellent educational programs to meet the market demand for knowledge and skills as required by employers. RMIT is well-equipped for the provision of unparalleled services to its clients through teaching, learning and research programs that are continuously updated to meet the skills and knowledge needs of the organization adequately. RMIT is committed to the provision of excellent training and development of students to prepare them for the job market (Mok 2000). The firm’s competencies arise from the availability of well-qualified staff with a vision to offer their services to ensure the achievement of the objectives established by the institution. The employment rate of SIM is 82.7 percent in year 2016 (Davie, S. 2017). This even surpass local universities such as NUS and NTU. RMIT shares the library with SIM, it has a great collection and all students are welcome to access. RMIT has its own online database which is open for all students of RMIT to access. The RMIT Research Repository is open access database of peer-reviewed published articles, conference papers, books and chapters and open to all postgraduate students. (Researchbank.rmit.edu.au, 2019) Availability of instructors and Facilitators: RMIT boasts of its ability to attract and retain talents regarding its instructors and lecturers. As such, the university has been recognized for the commitment of its staff to advance knowledge, research, and innovation in various aspects of its training programs. Partnerships and collaborations: RMIT is well known for its quest to form partnerships and alliances with other learning institutions globally. The move is critical as it allows for the combination of efforts between the partners in the unions to ensure that the best-quality education is delivered allowing learners to acquire the necessary knowledge and skills for competitiveness in the labour markets (Valentin 2001). VRIO Analysis RMIT and SIMGE has 32 years of partnership. It has programs run in 7 different countries, this makes it very hard for other institutions to imitate and entry the market. However, RMIT still has a lot of shortcomings. It did not exploit new ways of teaching. Until now, RMIT is still using the traditional way of teaching. Business Life Cycle Model Currently RMIT has passed its maturity s ...
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Tutor Answer

henryprofessor
School: Purdue University

Attached.

Cutting Edge Theories to Solve Challenges for RMIT College- Outline
Thesis: The entry of RMIT into Singapore is critical for customization of education services to
meet the needs of learners in the market. There is a need for RMIT to become the cutting edge
institution in the provision of education and training in the Singaporean market.
The paper analyzes the case as follows:
I.

Introduction

II.

Business Level Strategy

III.

Corporate Level Strategy

IV.

Boston Consulting Group (BCG) Matrix

V.

Culture Web

VI.

Leadership Styles

VII.

Strategic Change

Attached.

Running head: CUTTING EDGE THEORIES TO SOLVE CHALLENGES FOR RMIT
COLLEGE

Cutting Edge Theories to Solve Challenges for RMIT College
Name
Institution

1

CUTTING EDGE THEORIES TO SOLVE CHALLENGES FOR RMIT COLLEGE
Cutting Edge Theories to Solve Challenges for RMIT College
Introduction
The entry of RMIT into Singapore is critical for customization of education services to
meet the needs of learners in the market. There is a need for RMIT to become the cutting edge
institution in the provision of education and training in the Singaporean market. The institution
will adopt various cutting edge management theories to be the institution of choice in the
Singaporean market by 2030. The institution has faced numerous challenges in its operation in
the Singapore economy hence the adoption of various management theories will be critical in
overcoming the challenges and moving the institution forward to meet the changing education
and training needs of learners in the economy.
Business Level Strategy
The core competencies of an organization should be focused on the satisfaction of
customer needs to achieve returns that are above average. Business levels strategies support the
firm’s focus on the fulfillment of consumer needs. The approach gives the details of actions to be
taken to ensure the provision of value for customers and consequently gain competitive
advantage through the exploitation of core competencies with regards to individual products and
services in the market (Ghemawat et al., 2010). The business level strategies determine the
position of a firm relative to its competitors in the market as well as to the five forces of
competition.
Differentiation business level strategy involves the provision of unique value to
customers based on the unique features of an organization’s products as compared to lowering
the prices. Differentiation is attained through the provision of high quality services, features,
excellent customer services, rapid innovation of product and services as well as image
management and advanced technological features.
To reduce the challenges facing RMIT in the Singaporean market, it is critical that the
institution adopts a differentiation strategy with regards to the provision of education services to
the clients in the market. Singapore market boasts of a total of 34 universities, six of which are
public. The existence of such a considerable number of universities exposes RMIT to increased
competition hence the need for the institution to differentiate its services from competitors to
remain relevant and gain a competitive advantage in the market.
Differentiation strategy in RMIT is achieved through the creation of something perceived
as unique in the educational markets. RMIT can achieve differentiation through various
strategies such as an exclusive brand image and use of technology in service delivery among
other such examples. A distinction is critical as it allows RMIT to create a defensive position to
enable the institution to cope with the dominant competitive forces in the Singaporean market
(Nandakumar, Ghobadian, & O'Regan, 2010). Differentiation strategy yields higher returns since
the gained customer loyalty and uniqueness provide barriers to entry for its competitors since
RMIT is better positioned in the market against substitutes compared to its competitors.
To achieve differentiation i...

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Review

Anonymous
Good stuff. Would use again.

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