Select Page
  

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.
mip_assignment_1.docx

mip_assignment_2_requirements.docx

Don't use plagiarized sources. Get Your Custom Essay on
Cutting Edge Theories To Solve Challenges For RMIT College
Just from $10/Page
Order Essay

Unformatted Attachment Preview

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 …
Purchase answer to see full
attachment

Order your essay today and save 10% with the discount code ESSAYHSELP