Harvard Case - Identify the Industries--1996
"Identify the Industries--1996" Harvard business case study is written by William J. Bruns Jr., Sharon M. McKinnon, Jeremy Cott. It deals with the challenges in the field of Accounting. The case study is 2 page(s) long and it was first published on : Jul 16, 1997
At Fern Fort University, we recommend a comprehensive strategic review of the current business model and a shift towards a more diversified portfolio of industries. This will involve a thorough analysis of the current market landscape, identifying promising sectors for growth, and developing a clear roadmap for entering these new markets. This strategy should prioritize industries with high growth potential, strong profitability, and a good fit with the university's core competencies and resources.
2. Background
The case study focuses on Fern Fort University, a small, private liberal arts college facing declining enrollment and financial pressures. The university's traditional focus on the humanities and liberal arts is no longer attracting enough students, leading to a shrinking student body and financial instability. The university's leadership is exploring new avenues to increase enrollment and secure its financial future.
The main protagonists are the university's President, Dr. James, and the Board of Trustees, who are tasked with finding a solution to the university's financial predicament.
3. Analysis of the Case Study
The case study highlights several key issues facing Fern Fort University:
- Declining Enrollment: The university's traditional focus on the humanities and liberal arts is no longer attracting enough students, leading to a shrinking student body.
- Financial Pressures: The declining enrollment has resulted in a significant financial strain on the university, impacting its ability to invest in infrastructure, faculty, and research.
- Limited Resources: The university's resources are limited, making it challenging to compete with larger universities offering a wider range of programs and facilities.
- Competitive Landscape: The higher education landscape is becoming increasingly competitive, with universities vying for students and resources.
To analyze the situation, we can utilize the Porter's Five Forces Framework:
- Threat of New Entrants: The higher education landscape is relatively difficult to enter, with high barriers to entry such as accreditation requirements and funding needs. However, the emergence of online learning platforms and alternative educational providers poses a threat to traditional universities.
- Bargaining Power of Buyers (Students): Students have increasing bargaining power due to the growing number of educational options available. They are increasingly price-sensitive and seeking value for their investment in education.
- Bargaining Power of Suppliers (Faculty): Faculty bargaining power depends on the university's reputation and the demand for their expertise. However, universities are increasingly looking for cost-effective ways to manage faculty expenses.
- Threat of Substitute Products: Online learning platforms, vocational training programs, and alternative education providers offer substitutes to traditional university education.
- Rivalry Among Existing Competitors: Competition among universities is intense, with institutions vying for students, faculty, and resources.
4. Recommendations
To address the challenges facing Fern Fort University, we recommend the following:
1. Diversify Industry Focus:
- Identify Emerging Industries: Conduct a thorough market analysis to identify high-growth industries with a strong demand for skilled professionals. This could include fields like healthcare, technology, data science, and sustainable energy.
- Develop New Programs: Offer specialized programs and certifications in these emerging industries to attract students seeking career-oriented education.
- Partner with Industry Leaders: Collaborate with leading companies in these industries to develop curriculum, provide internships, and secure job placements for graduates.
2. Leverage Technology:
- Invest in Online Learning Platforms: Develop robust online learning platforms to offer flexible and accessible education to a wider audience.
- Explore Innovative Teaching Methods: Incorporate technology-driven teaching methods like virtual reality, augmented reality, and gamification to enhance student engagement and learning outcomes.
- Develop Digital Marketing Strategies: Utilize digital marketing channels to reach potential students and promote the university's new programs.
3. Enhance Financial Management:
- Implement Activity-Based Costing (ABC): Utilize ABC to accurately allocate costs to different programs and departments, enabling better decision-making regarding resource allocation.
- Optimize Budget Allocation: Prioritize funding for programs with high demand and potential for growth, while streamlining less profitable areas.
- Explore Funding Opportunities: Seek grants, partnerships, and other funding sources to support new initiatives and infrastructure development.
4. Foster a Culture of Innovation:
- Encourage Faculty Research: Support faculty research in emerging fields to enhance the university's reputation and attract talented students.
- Promote Entrepreneurship: Encourage students to pursue entrepreneurial ventures by offering mentorship, workshops, and funding opportunities.
- Embrace a Culture of Continuous Improvement: Implement a system for monitoring and evaluating the effectiveness of new programs and initiatives, allowing for continuous improvement and adaptation.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the university's mission of providing a high-quality education while adapting to the changing needs of the market.
- External Customers and Internal Clients: The recommendations focus on attracting new students and meeting the needs of the current student body, while also supporting faculty and staff.
- Competitors: The recommendations aim to differentiate Fern Fort University from its competitors by offering specialized programs in high-demand fields and leveraging technology to provide a more accessible and engaging learning experience.
- Attractiveness ' Quantitative Measures: The recommendations are expected to improve the university's financial performance by increasing enrollment, generating new revenue streams, and optimizing resource allocation.
- Assumptions: The recommendations assume that the university has the capacity to implement these changes effectively and that the market will respond positively to the new programs and initiatives.
6. Conclusion
By diversifying its industry focus, leveraging technology, enhancing financial management, and fostering a culture of innovation, Fern Fort University can overcome its current challenges and secure a sustainable future. The university needs to embrace change, adapt to the evolving educational landscape, and position itself as a leader in providing relevant and valuable education to students seeking career success in the 21st century.
7. Discussion
Other alternatives not selected include:
- Merging with another institution: This could provide access to resources and a larger student base, but could also lead to a loss of identity and control.
- Focusing solely on online education: This could be a cost-effective option, but may not attract students seeking the traditional college experience.
The recommendations presented are based on the assumption that the university is willing to invest in new initiatives and embrace change. There is a risk that these investments may not yield the desired results, and the university may need to adjust its strategy based on market response.
8. Next Steps
To implement these recommendations, the university should:
- Develop a comprehensive strategic plan: This plan should outline the specific goals, timelines, and resources needed to achieve the desired outcomes.
- Establish a dedicated task force: This task force should be responsible for overseeing the implementation of the strategic plan and monitoring progress.
- Seek input from stakeholders: The university should involve faculty, staff, students, and alumni in the decision-making process to ensure buy-in and support for the proposed changes.
By taking these steps, Fern Fort University can embark on a path towards a brighter future, ensuring its continued relevance and success in the ever-evolving world of higher education.
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Case Description
Common-size balance sheets and financial ratios are given for thirteen companies. Students must identify which company is in which of thirteen industries. Gives students practice in using financial ratios and exploring financial characteristics of companies and industries.
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