Every industry is influenced by the variables of external environment including education sector. The business education and corresponding consumers are identifiable as graduates: industries, business, and agencies of government, not for profits as well as universities. Over the foregoing decades, this business education has witnessed persistent growth along with deepening diversification. This has led it to being the single most rapid growing economic sector globally. It has converted to an essential driver for socio-economic advancement.
Especially, over the previous 2 decades political, social, technological and ethical and legal environmental developments have culminated in alterations in the manner business education runs. This paper presents a critical work anchored on this revelation through a critical analysis of major international development or changes of business education environment and showcase how business education is operated over the foregoing two decades.
Major International Development
Pestle analysis remains a significant technique in educational sector by making it feasible to enhance the decision making process. This is particularly true when one considers chnaging global demands and the need to make sure education aligns to such altering needs. It further assists emphasize on bigger image of future of education. In education industry, this examination makes it feasible to determine environment alterations which could influence the planning, management as well forthcoming financing of this industry. The following is the outline of economic, technological, social, political, and environment variables affecting and influencing education sector (Hicks 2017).
The schools are presently being privatized while skills required for a person to become a tutor or a teacher are also changing towards efficiency. The expectations to becoming self-financing is also being witnessed while the government have adopted initiatives that establish risk of sector failing. The curriculum is changing which come with lessened lead times (Yousef 2017).
The cost of resource like books and paper, teaching and support staff along with technology solutions like laptops are being availed. There is shortages of material on both national and international markets. Further, there is a further risk of high valued staff members shifting from low performing schools or institutions into high performing ones. Parents’ ability to raise the corresponding funds required for the optional activities is being questioned. The local industry closure affects the fund raising plans of the industry (Sinha 2017). The central and local government funding decisions affect the overal performance of the sector.
The birth rate is declining that manifest in national trends and there is also local population changes. There is also inability to attract to qualified staff with the preferences of parents increasing the tendency of parents to select which school their kids are attending. Demographic alterations affect student rolls or nature of the students’ needs. The inability of the staff to obtain as well as access training required to make sure this industry continues to flourish.
There is a shift from paper to electronic book readers. Some obsolete computers have also been identified. The new computer viruses have also affected the industry operations besides the risk of selecting irrelevant technology. Alterations in equipment along with the required standards and illegal images on internet have affected security measures.
New legislation have created non-compliance with law as well as creating administrative barricades. The changes in child protection and raise in age of people leaving school have as well as been noted.
There is a decrease in green space available for activities and utilization of enormous amount of photocopier toner as well as paper for delivering printed information. Newfangled development which pose a threat to leaners in this industry. Disposal of waste as well as alterations in local routes have also affected the business education.
The business schools have gone through prominent changes in their education environment. Ethics has been substantially integrated into the corresponding programs effectively at both graduate and undergraduate level via a diversity of improvements. This incorporation of ethics at all levels has worked. The business education has broadened their perspective alongside positively impact their behavior of students in the long term. This has been achieved via highly integrated, creative as well as agile approach. The business education presently provide students with holistic understanding of ethics, CSR and sustainability, within the setting of international business along with society.
Unlike a great proportion of American business curricula that were built on educational model which grew in 1950s, the current models have changed from the initial one. Presently, the models do not divide learning into disparate functional regions and, merges them with overarching soft skills such as communication as well as teamwork. The present educational experience. There has been a greater willingness along with capability to be increasingly open-minded, flexible as well as diverse approach to timing decisions. Business education management has further adopted increased speedy and agility thereby uprooting the old stability-oriented managerial approaches which are less appropriate. Currently, there has been curriculum changes alongside faculty responsiveness to new topics, new studies as well as new competencies.
The business schools are currently proactive and have abandoned ancient approaches. Greater emphasis is presently put towards projects by adopting a more eclectic curriculum. The curriculum currently has a close and rapid co-operations crossways discipline which integrates marketing, R&D, sales, finance and manufacturing to ensure students know how to effectively develop new products. Also, there has been collaboration between communication, logistics, manufacturing, legal expertise and marketing and sales that ensure that students understand how to enter new markets effectively (Faridi, Arif and Kumar 2017).
The traditional functional and discipline-oriented curriculum designs have been dropped and disciplinary-oriented academic departments along with discipline-oriented (A-Journal) research have diminished. Business education has adopted a swift response to the changing needs. There has been a multidimensional, multidisciplinary teaching as well as research approaches are being implemented by uprooting the present consensually-oriented academic governance mechanisms (Schworm et al. 2017).
There has been radical changes based on reinventing, reframing as well as rebuilding of education of the future business leaders. There has been reinvention of undergraduate education curriculum as witnessed by Villanova School of Business whereby Business Dynamics is being taught by new teams to first-year learners about overarching purpose of business in society. Student currently have an understanding of the big picture of business alongside its impact on welfare of individuals globally (Yousef 2017).
Learners are currently being realistic regarding the need for self-preparation and possible for challenging job market. Indeed, merely holding generalist MBA degree is no longer sufficient. There has been a shift towards increasingly job-specific Master of Science degrees appears precise as outlined in European Bologna Agreement. M.Sc. professionals currently entails banking, high-end marketing, finance, business analytics, human capital management, sports management and shipping management (Landrum and Ohsowski 2017). The academic institution are designing relevant and meaningful connections between general management degrees and specialists as well uphold strong quality, academic standards along with norms in corresponding programme offerings.
Queries are raised about more traditional business models of various schools provided their corresponding severe financial challenges due to extremely high fixed costs alongside lower demand. Business education are adopting mire cost-effective business models that integrate the utilization of educational technology whereas time maintaining academic quality simultaneously. Increasingly, faculty is being used more effectively, classroom exposure being increased and interaction of students being enhanced by uprooting many traditional academic settings (Pascal, Mersland and Mori 2017). A closer attention has been put towards cash flow received from public funding particularly in income side. The business education increasingly looks at how to affect income side, by ushering new programmes alongside being additionally attentive to breakeven point of schools.
Pascal, D., Mersland, R. and Mori, N., 2017. The influence of the CEO’s business education on the performance of hybrid organizations: the case of the global microfinance industry. Small Business Economics, pp.1-16.
Landrum, N.E. and Ohsowski, B., 2017. Content Trends in Sustainable Business Education: An Analysis of Introductory Courses in the US. International Journal of Sustainability in Higher Education, 18(3).
Schworm, S.K., Cadin, L., Carbone, V., Festing, M., Leon, E. and Muratbekova-Touron, M., 2017. The impact of international business education on career success—Evidence from Europe. European Management Journal.
Faridi, M.R., Arif, S.M. and Kumar, H., 2017. Mapping the Terrain of Business Education. International Review of Management and Marketing, 7(1).
Hicks, P., 2017, March. Moving From Business Education to Computer Science Concepts in the Middle Grades. In Proceedings of the 2017 ACM SIGCSE Technical Symposium on Computer Science Education (pp. 700-700). ACM.
Yousef, D.A., 2017. Factors Influencing Academic Performance in Quantitative Courses among Undergraduate Business Students of a Public Higher Education Institution. Journal of International Education in Business, 10(1).
Kim, J.B. and Watson, E., 2017, January. Exploring Practical Potentials of Business Simulation Games. In Proceedings of the 50th Hawaii International Conference on System Sciences.
Sinha, A., 2017. From Management Institutes to Business Schools: An Indian Journey. In Management Education in India (pp. 43-53). Springer Singapore.
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