Harvard Case - Getting Back to Business (A)
"Getting Back to Business (A)" Harvard business case study is written by Gregory B Fairchild, Safiya Sinclair. It deals with the challenges in the field of General Management. The case study is 4 page(s) long and it was first published on : May 19, 2020
At Fern Fort University, we recommend a comprehensive strategic plan that prioritizes innovation, digital transformation, and student-centricity while addressing the challenges of globalization and emerging markets. This plan will involve a combination of organizational change, leadership development, strategic partnerships, and investment in technology and analytics.
2. Background
The case study focuses on Fern Fort University (FFU), a private, non-profit institution facing declining enrollment and financial challenges. The university is struggling to adapt to the changing landscape of higher education, characterized by rising costs, increased competition, and evolving student expectations. The case highlights the need for FFU to develop a new growth strategy and competitive advantage in a dynamic and globalized market.
The main protagonists are Dr. David Lee, the university's president, and the Board of Trustees, who are tasked with guiding FFU towards a sustainable future.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand reputation and historical legacy
- Experienced faculty and staff
- Strong alumni network
- Existing infrastructure and resources
Weaknesses:
- Declining enrollment and financial performance
- Outdated curriculum and teaching methods
- Limited online and blended learning offerings
- Lack of a clear strategic direction
Opportunities:
- Expanding global market for higher education
- Growing demand for online and flexible learning
- Potential for new revenue streams through innovation
- Partnerships with industry and government
Threats:
- Increasing competition from traditional and online universities
- Rising costs and budget constraints
- Changing demographics and student preferences
- Economic uncertainty and global instability
Porter's Five Forces:
- Threat of new entrants: High, due to the rise of online universities and alternative learning platforms.
- Bargaining power of buyers (students): High, as students have more choices and are price-sensitive.
- Threat of substitutes: High, due to the availability of alternative learning options, such as MOOCs and bootcamps.
- Bargaining power of suppliers: Moderate, as universities rely on faculty and staff, but there is some competition for talent.
- Rivalry among existing competitors: High, as universities compete for students, faculty, and funding.
Key Issues:
- Declining enrollment: FFU needs to attract and retain students in a competitive market.
- Financial sustainability: FFU needs to generate new revenue streams and manage costs effectively.
- Innovation and adaptation: FFU needs to embrace new technologies and learning models to meet evolving student needs.
- Globalization and emerging markets: FFU needs to consider expanding its reach to new markets and student populations.
4. Recommendations
1. Develop a Student-Centric Innovation Strategy:
- Reimagine the curriculum: Update curriculum to be more relevant to the needs of the 21st-century workforce, incorporating digital skills, entrepreneurship, and global perspectives.
- Embrace technology and analytics: Invest in learning management systems, AI-powered tools, and data analytics to personalize learning experiences and improve student outcomes.
- Expand online and blended learning offerings: Develop a robust online learning platform and offer flexible learning options to cater to diverse student needs.
- Foster innovation and entrepreneurship: Encourage faculty and students to develop new ideas and ventures, creating a culture of innovation and experimentation.
2. Implement a Digital Transformation Strategy:
- Modernize IT infrastructure: Upgrade IT systems to support online learning, data analytics, and digital marketing.
- Develop a robust digital marketing strategy: Leverage digital platforms to reach new audiences and promote FFU's programs.
- Invest in cybersecurity and data privacy: Ensure the security and privacy of student data.
3. Expand Global Reach and Partnerships:
- Explore new markets: Identify and target emerging markets with a high demand for higher education.
- Develop strategic partnerships: Collaborate with universities, businesses, and government agencies in target markets.
- Offer scholarships and financial aid: Make education accessible to students from diverse backgrounds and socioeconomic levels.
4. Develop a Culture of Change and Innovation:
- Foster a culture of continuous improvement: Encourage feedback and collaboration across all departments.
- Invest in leadership development: Train leaders to embrace change and inspire innovation.
- Empower faculty and staff: Provide them with the resources and support to implement new ideas.
5. Prioritize Financial Sustainability:
- Optimize resource allocation: Conduct a thorough review of expenses and identify areas for cost reduction.
- Explore new revenue streams: Diversify revenue sources through partnerships, licensing, and commercialization of research.
- Improve fundraising efforts: Develop a comprehensive fundraising strategy to attract donors and alumni support.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of FFU's strengths, weaknesses, opportunities, and threats. They align with the university's mission to provide quality education and prepare students for success in a globalized world. The recommendations are also consistent with the evolving needs of students and the broader higher education landscape.
The recommendations consider the following:
- Core competencies and consistency with mission: The recommendations focus on enhancing FFU's core competencies in teaching, research, and innovation, while remaining true to its mission of providing quality education.
- External customers and internal clients: The recommendations address the needs of students, faculty, staff, and alumni, fostering a sense of community and shared purpose.
- Competitors: The recommendations aim to position FFU as a leader in innovation and student-centricity, differentiating it from its competitors.
- Attractiveness ' quantitative measures if applicable: The recommendations are expected to improve FFU's financial performance and enrollment numbers, contributing to its long-term sustainability.
6. Conclusion
By embracing innovation, digital transformation, and a student-centric approach, FFU can navigate the challenges of the 21st century and secure a sustainable future. The recommendations outlined in this case study provide a roadmap for achieving this goal, enabling FFU to thrive in a dynamic and competitive global market.
7. Discussion
Alternatives not selected:
- Mergers and acquisitions: While mergers could offer potential benefits, they come with significant risks and require careful consideration.
- Cost-cutting measures: While cost-cutting can be necessary, it should be a last resort and should not compromise the quality of education.
Risks and key assumptions:
- Implementation challenges: Implementing the recommendations requires significant organizational change and may face resistance from some stakeholders.
- Financial resources: The recommendations require significant investment in technology, infrastructure, and personnel.
- Market uncertainty: The global higher education market is subject to economic and political fluctuations, which could impact FFU's success.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and responsibilities for each recommendation.
- Secure funding and resources: Identify funding sources and allocate resources effectively.
- Communicate the strategic plan: Clearly communicate the vision and goals of the plan to all stakeholders.
- Monitor progress and make adjustments: Regularly assess the progress of the plan and make necessary adjustments based on data and feedback.
By taking these steps, FFU can effectively implement its strategic plan and position itself for long-term success in the evolving landscape of higher education.
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Case Description
Sam Washington is a young single mother looking to get back into the workforce six months after giving birth to her daughter, Kiki. Sam has lined up an interview for a secretarial position at Glass & Duvall, an accounting firm. The A case covers the morning of the interview from Sam's perspective, including details about what she does in the waiting room as well as her actual answers to the interviewer. Sam leaves the interview hopeful that she will get the offer. The B case details the following day when Sam gets a phone call from the interviewer, Marva Thompson, who asks Sam to come in for a follow-up meeting. Sam is very excited and rushes over, only to find out that Marva really called her in to give her feedback about her interview, not to offer her the job. Marva recognizes that Sam did not have an accurate idea of the expectations of working in a corporate setting, and she wants to provide constructive criticism to help Sam perform better in her next interview.
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