Harvard Case - Brandeis University: Selling Art or the Art of Selling Change?
"Brandeis University: Selling Art or the Art of Selling Change?" Harvard business case study is written by Todd Jick. It deals with the challenges in the field of General Management. The case study is 9 page(s) long and it was first published on : Feb 16, 2011
At Brandeis University, we recommend a multi-pronged approach to address the challenges posed by the changing landscape of higher education. This approach focuses on enhancing the university's financial stability, strengthening its brand and reputation, and fostering a culture of innovation and collaboration.
2. Background
Brandeis University, a prestigious private university, is facing a number of challenges, including declining enrollment, increased competition, and rising costs. The university's leadership is considering a variety of options to address these challenges, including selling its art collection, which is valued at over $1 billion.
The case study centers around the decision-making process of the university's Board of Trustees, who are grappling with the ethical and strategic implications of selling the art collection. The main protagonists are:
- The Board of Trustees: Responsible for the university's overall governance, including financial decisions.
- The President: Responsible for the day-to-day operations of the university and leading strategic planning.
- The Art Museum Director: Responsible for managing the art collection and advocating for its preservation.
- Faculty and Students: Stakeholders whose interests and values are impacted by the university's decisions.
3. Analysis of the Case Study
This case study presents a complex scenario requiring a comprehensive analysis of the university's strategic, financial, and reputational considerations.
Strategic Analysis:
- SWOT Analysis:
- Strengths: Strong academic reputation, diverse student body, renowned faculty, valuable art collection.
- Weaknesses: Declining enrollment, increasing competition, rising costs, potential for reputational damage from selling the art collection.
- Opportunities: Expanding online learning programs, attracting international students, fostering innovation and entrepreneurship, leveraging the art collection for fundraising and outreach.
- Threats: Continued decline in enrollment, economic downturn, increased competition from public universities, potential for negative public perception.
- Porter's Five Forces:
- Threat of New Entrants: High, due to the increasing availability of online education and the rise of new educational models.
- Bargaining Power of Buyers: High, due to the increasing number of choices available to students and the rising cost of education.
- Threat of Substitutes: High, due to the increasing availability of alternative learning platforms and the growing importance of vocational skills.
- Bargaining Power of Suppliers: Moderate, due to the dependence on faculty and staff, but also the availability of alternative employment opportunities.
- Competitive Rivalry: High, due to the increasing competition from other private and public universities.
Financial Analysis:
- Financial Situation: The case study highlights the university's financial challenges, including declining endowment returns and rising operating costs.
- Selling the Art Collection: This option offers a significant financial windfall, but it also comes with significant risks, including potential reputational damage and the loss of a valuable asset.
- Alternative Funding Sources: Exploring alternative funding sources, such as increasing tuition, fundraising, and cost-cutting measures, should be considered.
Reputational Analysis:
- Brand Image: Brandeis University has a strong brand built on academic excellence, intellectual curiosity, and a commitment to social justice.
- Public Perception: Selling the art collection could damage the university's reputation, particularly among alumni, donors, and the broader art community.
- Ethical Considerations: The decision to sell the art collection raises ethical questions about the university's responsibility to its history, its values, and its commitment to preserving cultural heritage.
4. Recommendations
Brandeis University should pursue a multifaceted strategy that focuses on:
Financial Sustainability:
- Diversify Revenue Streams: Explore new revenue streams beyond tuition, such as online learning programs, corporate partnerships, and research grants.
- Cost Optimization: Implement cost-cutting measures, including streamlining administrative processes, reducing non-essential expenses, and exploring alternative procurement strategies.
- Strategic Fundraising: Develop a comprehensive fundraising plan that targets both traditional and non-traditional donors, including alumni, corporations, and foundations.
- Endowment Management: Optimize endowment management strategies to ensure long-term financial stability.
Brand Enhancement:
- Focus on Core Strengths: Emphasize Brandeis's strengths, such as its academic reputation, its commitment to social justice, and its diverse student body.
- Strategic Marketing: Develop a targeted marketing campaign that highlights the university's unique value proposition and appeals to potential students and donors.
- Alumni Engagement: Strengthen alumni engagement through events, networking opportunities, and mentorship programs.
- Public Relations: Proactively manage public relations to address any negative perceptions and promote the university's positive contributions.
Innovation and Collaboration:
- Foster Entrepreneurship: Create a culture of innovation and entrepreneurship by supporting faculty research, student startups, and industry partnerships.
- Embrace Technology: Leverage technology to enhance teaching and learning, expand access to education, and improve operational efficiency.
- Interdisciplinary Collaboration: Encourage interdisciplinary collaboration among faculty and students to address complex societal challenges.
- Strategic Partnerships: Form strategic partnerships with other universities, research institutions, and industry leaders to enhance academic offerings and research opportunities.
Art Collection Management:
- Preserve the Collection: Explore alternative funding mechanisms to preserve the art collection, such as seeking grants, partnerships with other institutions, or establishing a dedicated endowment.
- Leverage the Collection: Utilize the art collection for educational purposes, public outreach, and fundraising initiatives.
- Transparent Communication: Communicate transparently with stakeholders about the university's plans for the art collection and its rationale for any decisions made.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of the university's internal and external environment, considering:
- Core Competencies and Consistency with Mission: The recommendations align with Brandeis's core values of academic excellence, intellectual curiosity, and social justice.
- External Customers and Internal Clients: The recommendations address the needs of students, faculty, staff, alumni, donors, and the broader community.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Brandeis from its competitors.
- Attractiveness: The recommendations are financially viable and offer a positive return on investment.
6. Conclusion
Brandeis University faces significant challenges, but it also possesses significant strengths and opportunities. By implementing a multi-pronged strategy that focuses on financial sustainability, brand enhancement, innovation, and responsible art collection management, the university can navigate these challenges and secure a bright future.
7. Discussion
Other alternatives not selected include:
- Selling the art collection: While this option offers a quick financial solution, it comes with significant reputational and ethical risks.
- Closing the university: This is a drastic measure that should be considered only as a last resort.
Key assumptions of the recommendations:
- The university can successfully implement cost-cutting measures and increase revenue streams.
- The university can maintain its strong academic reputation and attract talented students and faculty.
- The university can secure funding to preserve the art collection.
8. Next Steps
- Develop a comprehensive strategic plan: This plan should outline the university's goals, strategies, and key performance indicators.
- Form a task force: This task force should be responsible for implementing the strategic plan and monitoring progress.
- Communicate transparently with stakeholders: The university should communicate its plans and decisions clearly and honestly with all stakeholders.
- Monitor and evaluate progress: The university should regularly monitor and evaluate the progress of its initiatives and make adjustments as needed.
By taking these steps, Brandeis University can successfully address its challenges and position itself for a successful future.
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Case Description
In 2009 Brandeis University was coping with a budget deficit brought on by the global financial crisis, prompting its president and board of trustees to announce the closing of the Rose Art Museum and the sale of its $350 million collection. The news came as an unwelcome surprise to the museum's director and board of overseers, as well as to students and faculty, with many objecting to the lack of transparency in the decision-making process.
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