Educational Institution Namely Retail Business †Free Samples

Question: Discuss About The Educational Institution Namely Retail Business? Answer: Introduction: The aim of the report is to discuss about the educational institution namely the Retail Business and Management College. The college is located at the Mairehau suburb of Christchurch. There is a purpose built education facility within the college campus of the RBM. The tutors at the college are extremely friendly, experienced and are committed to their work of imparting the knowledge to the students who enrol for educational courses at the college. The staff members are extremely qualified and well read and each of them possess educational degrees of appropriate Business and Management qualifications. Each of them have appropriate teaching experience and are well versed with the methods of dealing with students and teaching of effective courses to them as well. Apart from the teachers, the ambience at the college is extremely congenial for the education of the students. The classrooms are huge, spacious and extremely comfortable. All the replete facilities are available for the students, including classrooms, comfortable and spacious common area and also a well equipped cafeteria for the students. Apart from the classrooms, there are audio visual training room, media room, lecture room, as also breakout space for practical activities. A purpose-built computer lab is available for the students to utilize during the office hours. The educational facilities for the students are also available. There is a great collection of books, journals, magazines, newspapers, academic sources, co business and management studies, audio and video CDs, DVDs and all possible sources of information on their available courses. Hostel rooms are also provided for the students, which are clean and tastefully decorated catering to both study as well as relaxation. The basic amenities of the kitchen as well as appliances like fridge, microwave and electric jug are also there including several toilets and shower facilities. All in all, the RBMS college is a perfect place for the students to get their courses and gain valuable and life altering education in the process. Methodology: The methodology includes the data collection and verification of the significance as also the reliability of the data. It also comprises of the effectiveness in collecting information, its proper usage, utility as well as the limitations as an information source (Creswell, 2013). Source for quantitative information: Quantitative information is that which can be directly measured and it is basically factual information rather than any sort of opinion. While testing the results, the analysis needs to be correctly performed in order to analyse it. Quantitative information needs to collected from the customers of any particular place, students of the educational institutions and so on. In some cases the collection of quantitative information is a mixture of both qualitative and quantitative procedures (Johnson Wichern, 2014). Source for qualitative information: Qualitative information is basically information which is not numeric in nature. This sort of information is basically based on the quality of an item or objects or may be the nature of any particular service provided. Qualitative information is mostly based on the opinion of particular individuals (Andrews et al., 2012). The qualitative information is an extremely important source for the analysis on any particular place, object or educational institution. This sort of information is basically based on the self assessed reports on the particular entity considered. Documented data in the form of pamphlets, course details, patterns for examination and so on form the basis of qualitative information in regard of educational institutions (Kolaczyk Csrdi, 2014) Reliability of information collected: Reliability of the information refers to the fact that the data are genuine or not. The Auditing has been collected needs to be genuine because if it is not genuine then the information cannot be utilised for analysis of the said institution. In case the analysis is done on the inaccurate information, then the results of the analysis will also be wrong and the conclusions drawn from the analysis of the information collected will also be incorrect (Mandel, 2012). The validity of the information and also its accuracy is required to be checked before the collected information is utilised for analysis. The reliability analysis can also be done before the actual analysis can be done (Csikszentmihalyi Larson, 2014). Authority for use of information: The internet makes information on several topics available at the click of a finger. It needs to be understood that the information on educational institutions and their internal policies are not easily available. The information is available in limited form from the university or college websites which are authorised providers of information. The authority to use all sources of information is not available to everyone. The use of information needs to be authorised otherwise providing the analysis reports on the information which is unauthorised may lead to legal issues with the concerned institutions. It is always safer to obtain the authorization of particular data before the analysis is done and the reports and recommendations published accordingly. Limitations for use of information: There might be several possible limitations faced in case of information use. In many cases, sufficient and genuine data are not available and before even understanding the problems the data are used and the produced results are incorrect and the results and the interpretations incorrect. The knowledge is not the only issue. There might be several encountered cases in which although the information are found and available, there is not any available authority to use them. There are several factors governing the use of information limitations. It is basically used to encourage the maintenance of innovation. The information is also restricted in cases where the institutions wish to keep the information undisclosed. The limitations are many and in order to overcome them, certain authorisations need to be granted to the analysers and the makers of the report before they can perform the necessary evaluations (Jacobson, McDuff Monroe, 2015). Findings: The findings related to the college are summarized in the form of internal and external factors and also the internal and external environmental conditions. Three sources for Internal Environment Information: The sources of the internal environment information include the SWOT Analysis, the discussion of the core competencies and the Mc Kinseys 7S values. SWOT Analysis: Strengths: The educational institutions are responsible for the growth of human resources. Newer and more important educational reforms are responsible for making the education sector more and more lucrative. It also is responsible for the employment of opportunities of the people who work there; these include the staff as well as the teachers. Weaknesses: The system depends heavily on the government funding. The educational institutions specifically colleges and universities face a lot of political interference which hampers the overall growth of the institution. Often, little scope is left for co-curricular activities. Majority, in fact most of the time is focussed on the educational training. Opportunities: there are possibilities of inflow of foreign students which can lead to high levels of revenue generation. There is also scope for the Indian students to get education at relatively lower costs. There are several equity funds that are likely to invest in education system and hence in the educational institutions (Hollensen, 2015). Threats: Private institutions may not engage in the social responsibility. Higher growth due to foreign students can lead to lesser focus on the domestic students. Mc Kinseys 7S Model: The 7S Model proposed by Mc Kinsey focuses on the concept that there is not only a structure for every organisation or institution but there are also seven critical aspects of an organisation which include the strategy, structure, style, systems, skills, staff and finally the shared values (Palia, De Ryck Mak, 2014). Strategy: The strategy adopted in this case is that of an informative and formal education Structure: There is a detailed system or proposed structure of the education system of the institution. The course patterns as mentioned in the syllabi are clearly mentioned. Style: The style is innovative and unique with real life examples and experiences including audio and video method of teaching. System: The adopted system is basically one to many and in many cases two or three to many. In these cases the teachers are either one two or three in number who impart valuable knowledge to the students. Skills: The skill involved in this education system is that of educational, interpersonal, soft skills and ability to teach in form of groups without faltering. Staff: The staffs are given specific duties which they fulfil to the best of their abilities. Shared values: The shared values include the learning opportunities which occur as a result of group learning and teaching. The students learn and also show their skills while the teachers show their skills and impart knowledge and they work as a team also. Core competencies: The core competencies in case of the educational institutions include the development of study opportunities, imparting of valuable knowledge and developing a framework of the education system such that it is unique and innovative such that the core competencies are not copied by any other educational institution. It is due to this reason that the educational institutions prove to be unique and beneficial. The core competencies should focus on the uniqueness of the education system and the courses imparted in order to be above all other existent and possible competitors. Three sources for External Environment Information: The three possible sources in case of the external environment information include PESTLE, BCG Matrix, and MPs five forces. The Pestle analysis for the educational institution can be stated as follows. Political: The privatisation problems are faced. The government initiatives might create the possibility of risks if the institutions fail to deliver. In case changes are mentioned to the skills needed to be provided as a teacher or educator. Requirement to manage by the self. Economic: Funding decisions can impact the establishment of the institutions. Social: Decline in the birth rate, the reflection of the national trends as also the closure of local firms affect the institutions. Technological: Changes to the standards or wrong selection of technology may lead to problems faced by the institutions. Legislative: New legislative laws might create risks of the non-compliance with the law as also the administrative burdens. Environmental: Newer developments close to the educational institutions might affect the admission in these institutions (Del Marmol, 2015). BCG Matrix: The BCG matrix is basically divided into four quadrants where the market growth rate and the relative market share are stated as dogs which have low market share or low growth. The question marks which include the growth markets with low market share. Stars include the high growth markets as well as high shares. The cash cows indicate the low growth markets and high market share. Porters 5 Forces: The five forces model developed by Michael Porter includes the competition in the industry, the potential of new entrants in the industry, the power of the suppliers, the power of customers, the threat of substitutes in the market as well (Dobbs 2014). Quantitative Retail Business and Management College Data taken from Retail Business and Management College shows that the fees for level 5 /6 is $17,250 and for Level 7 is $18,400 (rbmc.ac.nz, 2017). In addition the college charges additional fees of $705. Lets presume that the total admissions in level 5/6 are 1000 and for level 7 is 1100 for the year 2016. Thus the YOY Change in admissions is 9.09%. Taking the YOY Change to be constant the admission in 2017 would be 1200 in level 7. Thus the revenue for 2017 would be $21,390,000.00 Let us assume that the university would not take the optional fees of $705 from the students in the year 2017. As a result let us assume that the YOY Change for 2016 would be 10.00%. On the condition that optional would not be charged then the admission in 2017 would be 1210. Thus the net increase in the number of students would be 10. Thus the revenue due to scholarship would be $21,568,250.00. In addition due to the not charging of optional fees the net revenue for the university would be $21,561,200.00. Thus the increase in revenue even after distribution of scholarship would be $171,200.00. Hence we can infer that it would be better for the university to provide scholarship of $705 to the students. RBMC Predicted Level 5 6 Level 7 YOY 2017 Headcount 1000 1100 9.09% 1200 Revenue $ 17,250,000.00 $ 20,240,000.00 14.77% Revenue per student $ 17,250.00 $ 18,400.00 $ 17,825.00 1210 Net increase in number of Students 10 Hence Revenue $ 21,568,250.00 Optional fees $ 705.00 $ 7,050.00 Net increase in Revenue $ 21,561,200.00 $ 21,390,000.00 Benefit $ 171,200.00 Discussion: The University that has been taken into consideration is RBMC. The university also earns a huge amount of revenue from each of the students. This has resulted in a 9.09% increase in YOY. With this rate of YOY increase the enrolment in 2017 is going to increase again thus giving a rise in the revenue earned from the students. If the university announces to provide a scholarship to the students, it can be assumed that this will increase in the number of enrolments in the university. Thus, the rate of increase in YOY will be considerable. With higher number of students enrolling for the university, there will be an increase in the total revenue earned by the university. Thus, this little investment of providing scholarships to some of the topper students will result in higher revenues than earlier. This hike in revenue will be much higher than the investment made on scholarships. Thus, the university should be giving away the scholarships to the brilliant students in order to flourish m ore in future. The optional fees as offered is clearly visible as discussed earlier. The net increase in the revenue with respect to the optional fees is calculated. The revenue per student and hence the total amount of student is also obtained. The net increase in the number of the students needs to be understood so that the authorities of the RBMC can reap benefits from their facilities as well as the benefits. The net increase in the number of students is also significant. The final increase in the revenue is also significant. Recommendations: It thus can be recommended from the previous discussions that the university needs to start the scholarship programme immediately in order to receive higher revenues from the students and saving more for the university funds. This will be useful in renovating the university allowing more and more students to come and study here. Despite of the scholarship programmes, the university should also provide the students with the newest study equipments and better infrastructures and high quality professors in order to attract more students. Study sessions should be made both interactive and bookish. Both the things are necessary for the students to gain more knowledge and concentrate on studies. Scholarship will attract the middle class family students who cannot afford for studying at higher costs. This will encourage the students to work harder and score better. Making the university a better place to study by developing all the other factors discussed will attract all types of students. Thus, both the university and the students will be benefited. References: Andrews, L., Higgins, A., Andrews, M. W., Lalor, J. G. (2012). Classic grounded theory to analyse secondary data: Reality and reflections.The Grounded Theory Review,11(1), 12-26. Creswell, J. W. (2013).Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications. Csikszentmihalyi, M., Larson, R. (2014). Validity and reliability of the experience-sampling method. InFlow and the foundations of positive psychology(pp. 35-54). Springer Netherlands. Del Marmol, T. (2015).PESTLE Analysis [ePub][electronicresource]: Prepare the Best Strategies in Advance. Dobbs, M. (2014). Guidelines for applying Porter's five forces framework: a set of industry analysis templates.Competitiveness Review,24(1), 32-45. Hollensen, S. 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Retail Business and Management College, rbmc.ac.nz [2017] https://www.rbmc.ac.nz/index.php/other-information/tuition-fee-additional-costs/