Conduct an internal and external analysis of RMIT Business College in Singapore. Follow this analysis with a VUCA analysis and present a detailed report discussing the strengths and weaknesses of the college along with future strategies and recommendations to improve the situation.
With the ramified changes and economic factors, each and every organization needs to use internal and external environmental tools to prepare effective strategies. In this report, internal and external factors have been assessed by using the SWOT and PESTLE analysis tool. It is used to evaluate the internal and external factors which might negatively and positively influence RMIT Business College and education industry in Singapore. The main outcome of this report is that economy of Singapore has been showing the ramified change and increasing purchasing power, growth domestic products and budget are the positive indicator for the increasing growth of the education industry in Singapore. RMIT Business College needs to strengthen its educational program by adding a new course in the best interest of the students in Singapore. However, in Singapore, with the increasing foreign direct investment policies and increasing inclination of the multinational companies, it has become necessary to add an international course in RMIT Business College so that it could deliver more outcomes to the students in Singapore.
RMIT Business College is in the industry of education and research. RMIT University was established in 1897 and since it had been established meeting the requirements of the community that surrounds it. It has been originally a college for Men and thas shown its flexibility in World War 2 by training around 20,000 servicemen in communicating in helping to get over the War effect. RMIT has proved that the industry of education and research has a great scope and will gain momentum throughout time. In this report, details in-depth analysis will be done by RMIT Business College. RMIT is the private college in Singapore that has been ranked 21st among the universities and it is less than 50 years old. Furthermore, it has its partner in Singapore named Singapore Institute of Management. Since they have the partnership, and with the good exposure of its educational course in Singapore, it had graduated more than 24,000 students. In this competitive edge of the global job, ninety percent of RMIT students got a job within six months of completion. In this business report, the internal and external analysis will be done of the RMIT Business College. The internal analysis helped to explore the competency, cost position and the competitive viability of the organization. The conduct of internal analysis will provide the information of strengths, weakness, opportunities, and threats called SWOT Analysis. The external analysis will help the company to stay ahead and able to identify the events may occur that can affect the organization. After that VUCA analysis tools will be used to assess the market factors which might affect the educational courses offered in Singapore.
The political risk in Singapore relating to political stability and changes in the policies, standards and government rules are relatively low than in other countries. It is also stated by the Political and Economic Risk Consultancy (PERC) in its report that the political viewpoint of Singapore is comparatively less stable as compared to other countries and it has a lowest political risk in the whole continent. Singapore is a democratic country as people elect their representatives. The country after its freedom has been considered as a politically stable country. The country has focused on their inner strength and has made various policies that can help the education sector in Singapore. Singapore had made a different model for teaching and education level of children. In addition to this, in terms of business, the political parties support the multinational companies to start their business by entering into the joint venture with existing Singapore business venture. RMIT Business College has helped the students to achieve the complex demands of the 21st century (Bustamante, 2018). RMIT University has got the benefit of the political factors that have taken various steps in the development of education. The University was able to get the local staff that is dynamic and has a different idea of thinking. The unique model attracts students from all around the world (Shahijan, Rezaei, & Preece, 2016).
The economic factor has highly affected the economy of Singapore especially in the industry of education and research. The economy of Singapore and GDP is developing at a very fast pace and showing an average 3.6% average growth as compared to last year. The business sector has been supported by the corruption-free environment ((Riboldi, SBertoldi, & Mantero, 2017). It is analyzed that around the world, Singapore has been ranked as the most competitive country around the world. The reason behind the success of the country is educated and motivated workers. The education and research business has helped the country in its economic growth (Mchombo, 2019).
Recently a huge investment has been made by the government in the education and research sector for diversification of their economy. It has a huge impact on the RMIT and that due to the growth of companies that have helped the student to be placed easily. However, RMIT Business College is developing a new educational program backed by intentional courses which allow students to learn international intents and develop their employability's in multinational companies (Bustamante, 2018).
The social factors are accompanied by the values, beliefs, culture, and perception of the social person. Singapore is like other eastern countries. The people in Singapore are more inclined towards working hard work to fulfill their desires. The per capita income of the person is relatively high and increase by 2.4% average yearly. Therefore, the company’s desire for higher purchasing power of customers (Riboldi, SBertoldi, & Mantero, 2017). The high income and high purchasing help the college to build a bright future for their students. The literacy rate in Singapore is very high and there is a compulsion that the primary school is very high. The parents focused on their children education and attendance. Therefore, the applicants to join RMIT College is very high. It can say that social factors help the college to get succeed (Wilkins, 2016).
It can be concluded from the Political, economic and social factors that these factors have affected the organization in a big manner and if RMIT Business College wants to sustain in the market then it has to come up with the customized international course in the best interest of the students in Singapore. These factors had helped the organization to grow and develop in a big manner. In Singapore, all these factors have supported the education and research industry and the RMIT Business College had been succeeded to grab this opportunity.
The education industry has become the most competitive market all over the world. In Singapore, this market has been highly supported and due to that competition has also become to rise. As many companies that are working in this field had invested a lot of money in this field. A large number of businesses had entered into the market that has increased the market instantly in a few years. RMIT College Business still managed to be successful but not a few years before due to increased competition. As much more business has been growing in this industry that is the big threat for the RMIT Business College to be on the topmost college and to maintain its credibility (Watanabe, Naveed, & Neittaanmäki, 2015). The company can focus on its strategies to overcome this threat and hurdles that can affect the organization growth. It has been stated in the annual report of a company that Singapore is the most growing sector and the company is planning to invest its capital in the education sector. Nonetheless, with the increasing growth rate of the educational industry and lucrative profit potential, it is attractive for the new companies to tap this market. Therefore, the threat of new substitute in the market is way too high (Marques, 2015).
There are various colleges that have a similar model and structure like RMIT. The other colleges have been offering the less costly similar educational program and increasing placements is becoming a threat to the company. The substitutes had a big role to play in the market and that can affect the business in many ways or can totally damage. The substitutes increasing popularity has been a big headache for RMIT Business College. After assessing the secondary data, it has been found that the number of applicants as compared to before had been decreased. It shows that the students had been shifting to substitutes. Therefore, it can be inferred that the threat of substitute’s courses offered by competitors is high (Adams, 2008).
In the educational industry, buyers are divided into two segments one is direct buyers who are students and affiliated buyers who are determined as guardians of those students... In Singapore, with the increasing rivals and ramified growth of the Singapore Educational industry, the power of buyers has increased. Students have now several educational institutes which they could assess to get enrolled themselves for the particular courses. Therefore, the power of buyers in the educational industry is way too high. Nonetheless, Educational universities such as Singapore educational institutions, SIM Global Education and National education of Singapore are some of the institutes which are offering international educational courses to the students. However, the power of buyers would be considered high due to a number of educational universities in Singapore (Bustamante, 2018).
The power of supplier divulges the availability of the teachers, staff members and sources for the educational program in RMIT Business College. The growing market in this sector had highly affected the industry that has focused on the various aspects of the business. It has been considered that RMIT has somehow managed to maintain its credibility in the competitive market of Singapore. However, the threat of competition is increasing due to the less availability of the qualified teachers and may divulge high power of suppliers in Singapore educational industry (Riboldi, SBertoldi, & Mantero, 2017).
The competitive rivalry in the educational industry is high due to the increasing number of courses and availability of the Educational University in Singapore. The RMIT Business College has customized its course and offered an international educational program to students for their effective employability and their career development. However, RMIT Business College had faced challenged due to the high fee structure as compared to their rivalries in the market. RMIT has been focused on their old model of studies and whereas the rivalries have been implemented various new models that have been attracting the students. Therefore, RMIT Business College has been facing a big challenge from their rivalries (Khoo, Ha, & McGregor, 2017).
It can be said that the RMIT Business College has been facing various challenges due to the tough competition from its competitors. RMIT Business College is required to adopt various strategies that can make credibility by offering international customized courses to students in Singapore. With the ramified growth of the educational sectors and demand of the international course in Singapore, it would be beneficial for the RMIT Business College to add new courses and penetrate the Singapore Education industry with new courses.
The market of Singapore is volatile in the education and research industry because the market has been changed rapidly with the new technological improvements and new methods of studies. It is important for RMIT Business College to strengthen its educational course and adapt to the advance technologies system program and undertake the new international educational program. It will help students to increase their employability in multinational companies that are tapping the Singapore market (Bustamante, 018).
The educational industry of Singapore is stable. However, with the increasing growth of the multinational companies and foreign direct investment in Singapore, the educational industry has been growing with an exceptional rate. An international course such as adaption towards the accounting software's, International management leadership programs and courses give good exposure to students in Singapore (Riboldi, SBertoldi, & Mantero, 2017).
The education and research industry had been considered as a complex industry. There are different parameters of this industry and works in various phases. It is, therefore, necessary to understand the complexity and to implement the policies accordingly.
There are various programmers that have become ambiguous because of its adaption towards the international educational program. It is better for colleges to understand the ambiguity of some of the courses and programmers (Riboldi, SBertoldi, & Mantero, 2017).
The internal analysis is used to evaluate and assess value chain activities of the company in the market. RMIT Business College has been succeeded in various ways and was able to maintain its credibility in the market (Watanabe, et al.. 2016).
It has international exposure and adapting to various new international educational program with a view to offering the best quality educational program to students in Singapore. The main strategy of RMIT Business College is to focus on quality education and strengthen student towards the international work program (Haba, Haba & Osca-Lluch, 2016). RMIT Business College has a unique form of studying pattern which is backed by the high professional standards and code of ethics (Bustamante, 018).
The strategic capabilities of RMIT Business College are to focus on the intense need of the international educational course and focus on offering the best educational course to students so that they could have an effective career in multinational companies. It focuses on the transformative experiences for our students, getting them ready for life and work, and to help shape the world with research, innovation, teaching and engagement (Tang., Lai, & Ozturk,2015). Ethics in business is an important subject that has helped the students in many ways. The company has also focused to hire a skilled staff with good experience in teaching (Yuen, et al. 2016).
The undertaken strategies of RMIT colleges empowers the whole community to be part of the future university and create life-changing experience, harness educational quality in students and align the interest of the multinational companies with the in the career of students (Comunian, & Ooi, (2016). The RMIT believes in more practical knowledge and therefore, various practical assignments been provided to students that have helped them to know how to face challenges and difficult situations. Due to higher success growth, and 90 % of students been placed after the completion of their courses. It has helped them to promote and attract the students towards their college to build business skills in them (Shahijan, Rezaei, & Preece, 2016).
RMIT colleges have been grown so gradually and offering students by studying, working and belonging, and through the pathways and connections opened up by these experiences. This transformation in perspective and opportunity is at the heart of being ready for life and work. In addition to this, political, social, economic environmental and legal factors have shown a positive impact on the business growth and development of an international educational course in RMIT College (Adams, 2008).
The V stands for a value that means the companies value in the market. The position on which the company stands in the current market, RMIT Business College had been ranked of 21st among the colleges in the continent. It has been stated in the various reports that it is the most repudiated college in Singapore. The company's had made a sustainable development in the field of education and research has helped to make them among the top college in the World (Marques, 2015).
RMIT Business College needs to take sustainable competitive advantage and temporary competitive advantage necessary to analyses the company value, rare, Imitation and organization (Cheng, 2015). The company’s resources are the value of the company. RMIT leadership has been the great value for the company for the challenges that can be faced by the company in the next few years. However, it can be initiated by the competitors. (Wei, & Peng, 2016).
|Resources||Value||Rare||Imitation ||Organization||Competitive Advantage|
|Leadership vision for next challenges||Yes||No||Yes||Yes it can lead to strong competitive advantage||Sustainable Competitive advantage|
|Opportunities to build a new model||yes||No most of the business is investing in the business ||No||Yes, in the long run, it can provide a good competition ||Temporary competitive advantage|
|Opportunities for Brand extension ||yes||No||yes||Yes it can give a huge value||Temporary competitive advantage|
|Market positioning incompletion with competitors ||Yes||No ||Yes it can be imitated by the competitors but it has been required the high marketing budget||Yes||Temporary competitive advantage|
|Opportunities in the adjacent industries ||Yes it can value ||No||Yes ||Yes|
RMIT Business college has been from a long run and has faced many challenges and of the dynamic market. RMIT success story suggests that the company was able to grab the opportunities that have been coming to them. It has been analyzed that the company has played a dynamic role (Godwin, & Wu, 2016). The company has been able to grab the opportunities that have come to them. The company has however faced some challenges due to old tactics in the new market. The company has a dynamic environment and was able to utilize the resources that have made the college among the top college of the continent. The dynamic capabilities of the company have been enabled the new technological invention that has been suggested company (Bustamante, 2018).
The company has been facing a tough challenge from the new competitors in the market and that is the biggest dilemma that had been faced by the company. RMIT College may also face an issue of high cash outflow due to the creating impact through collaboration . The other issue that has been highly faced by the RMIT is that the company has been dependent on the old model of studies. These two issues that have been rise from the SWOT analysis (Mandatori et al. 2018).
The problem has been due to the old model and lack of promoting the new courses among the young students. It has been allowed that there are various concepts that have been initiated by the company are old and lack of innovative thinking as the other new colleges in the market they have (Marques, 2015).
Highly dominated by the International course and program (Nguyen, et al. 2016).
Advancement in technologies and supported by the critical technologies in the educational industry.
Ramified changes in the educational program.
The buying behavior of the students is highly based on the job offering and competency required in multinational companies (Cheung, et al. 2016).
Increasing educational universities and their alliance with the multinational companies
Focus on the core area of the job availability and making students more employable in the international market (Riboldi,., Bertoldi, & Mantero, 2017).
Lack of educational support program and highly cheap educational courses availability.
Poor advancement in technologies and educational program.
Needs to hire skilled teachers and management staffs.
Adaption towards the international course which will have to create impact through collaboration and will strengthen its educational program in students (Wong, 2017).
It can be analyzed that the company has advertised its organization more than other organizations in the market as in accordance with the spider chart. The company has also created its brand value and has been rated highest among the other competitors. The growths of students are high in their college as in competition with other colleges The Company has also managed to be on the top on the quality education in comparison with the other competitors in the market. However, the company has faced the issue in comparison with their competitors in diversity.