Knowledge Management and Leadership System †MyAssignmenthelp.com

Question: Discuss about the Knowledge Management and Leadership System. Answer: Introduction Strategic Management forms an integral part of any organization and it goes a long way in helping a firm to determine its path to future success. The given essay will be discussing various strategic management tools like PESTLE, SWOT and Michael Porters five forces in relation to the education industry worldwide. The company chosen specifically for the purpose of this essay is the Princeton University. The Princeton University is a private Ivy League Research University with research facilities. The university offers online courses as well. The university offers various graduates, bachelors and associates degree. The SWOT Analysis can be described as a comprehensive analysis which looks out for the Strength, weaknesses, Opportunities and Threats of a business within a particular industry. The primary purpose of conducting a SWOT Analysis is to help in understanding the business status from a different angle which shall be helpful in the planning process of the given organization. SWOT Analysis is industry specific and helps in bringing the organization to the right path. The strength may be described as the components which are internal to an organization within a given industry (Ginter, Duncan and Swayne 2018). A business may have certain strengths which can be altered but may require effort from the side of the firm. For instance, strength of Princeton University, within the education industry is be that the particular entity has been in existence for a long period of time since 1991 and has over 84000 students. A weakness may be described as a component which may restrain the firm from achieving its goals. For instance, a weakness may be that the University may have inadequate facilities or infrastructure which is necessary to possess for the online education impartment along with physical classes. The opportunities are factors lying in the external part of the organization which means that these factors are usually not in the hands of the given organization but have the ability to impact it. An opportunity can be described as that factor present in the organization which may have the ability to prove as an advantage for the business if used. For instance, an opportunity for Princeton University may be the rise of e-learning which can help the given school to reach out to a wider crowd base. The same goes for threat, which is a factor present in the external environment of the firm and has the power to disrupt its activities (Grant 2016). A threat may be the rise in the competition amongst the various members of the Education Industry may not be good for Princeton. Pestle analysis of Princeton University In order to understand the different factors which are present in the business environment, it is important to understand what the given factors represent and how they can be used in the effective functioning of any business organization (Bull et al. 2016). The given factors which form a major part of the PESTLE analysis are Political, Economical, Technological, Socio-Cultural Legal and environmental factors. Not only does the identification of these factors assist in error recognition, but they also help in filling up the performance gap that exists in an organization. Particular Meaning Princeton University (Education Industry) Political The Political Factor in a PESTLE Analysis refers to the degree of the intervention of a government in a particular economy (Darmawan, Putra and Wiguna 2014). The government has the power to set pricing, inflation rate determination, interest rates and other relevant aspects in an organization which can help determine the functioning of any business. The foreign policy determined by the government along with various regulations help in determination of operations. The Princeton University has to abide by the educational laws of the country where the course is being imparted. It also has to consider the education ministry of the government and the rules regarding the degree which is required to be imparted. Economical The economical actors refer to the exchange rate, interest rate, unemployment rate and other relevant economic indicators. The various economic factors tend to have a great impact on the functioning of the business. The cost of import and export is also determined by the economic factors that are present. The Princeton University needs to form its courses and set up the fees structure depending upon the requirements of the current economy. If it is catering to a rich economy, the courses can be priced high else not. Social The social factors that exist in an organization comprise of various factors like the cultural and demographic factors relevant in an organization (Eden and Ackermann 2013). The various factors like career attributes, population tend to determine the understanding of the marketers and their future needs For Princeton University, the course subjects and the method of teaching with reference to the tutors used in the videos and in the classes would have to be based on the culture of the target audience and their language capabilities. Legal The legal factors comprise of factors like the legislative rules and laws which are present and affect the compliance objective of any business organization (Morschett, Schramm-Klein and Zentes 2015) For instance, for Princeton University, in the education industries there may be present various legal factors which may have an impact on the working of the organization. The laws stated by the government may restrict the educational schools and colleges to limit the number of intakes and to determine the degree as well (Merat and Bo 2013). Technological The technological factors consist of the rate of adaptation of the various technological updates in an organization. Various technological factors in the environment are Research and Development activity, automation and innovation. Princeton University is already involved an online based educational institution, it would need to keep updating its offerings and might try and introduces a concept like that of an interactive session which may give rise to a sustainable advantage. Furthermore, advanced learning in the classrooms may also help. Environment Lastly, the environmental factors comprise of the various factors like the renewable energy, use of other resources and services which may have a harmful impact on the organization and on the sustainability of the business. Princeton University would require ensuring that its practices are not unethical and follows the internet safety policies stated to avoid harm to any parties (Frynas and Mellahi 2015). Porters Five Forces Model of Princeton University Michael Porter had developed a five forces model to identify and deal with the external factors that are present in the external environment of the given business and tend to change the dynamics of the firm. The five forces that have been described in the Porter`s Model are the bargaining power of the buyers and suppliers, threat of substitute, threat of new competitors entering the industry and the industry rivalry (Johnson 2016). The Porter`s five forces model are generally considered to be relevant as the factors being discussed tend to have an impact on the profitability of the firms. Particular Meaning Princeton University Buyer's behavior The bargaining power of the buyers tends to determine the price of the products that should be set by the firm in order to determine the leader position in the given market (Martinsuo 2013). With respect to the education industry, especially related to Princeton University, the bargaining power of the buyers will be extremely high as they are exposed to a wide variety of choices with respect to the universities and colleges that they will be applying to (Kalkan and Bozkurt 2013). Hence, a knowledge of thus by the given colleges and universities would go a long way in determining the strategies of the different colleges like that of Princeton university within the industry. Suppliers power In case of the bargaining power of the suppliers, the suppliers in the education industry are the staff, teachers, the sponsors and other parties involved in management of the colleges, schools and universities. The bargaining power of the suppliers is not very high for a company like Princeton University, as the number of suppliers in the given industry is very few as compared to the number of buyers. Hence, due to this their requirement is not that high and they need to agree to whatever policies set by the given firm. Rivalry in the business The degree of competition determines price wars and loss of the customers. There are various universities and colleges present like the Princeton University, Liverpool, Manchester and Harvard which want the best crowd. The threat of new substitutes. The threat of new substitute can be described as the fear of the replacement of the product being offered by the producer. The threat of substitutes is moderate in the educational industry and has recently risen because of the development of the concept of electronic learning and distance learning which has opened the doors for a company like Princeton University. The threat of new entrants The threat of entrants into the given industry is very moderate. Although the given educational industry is a very attractive one, there are various legislations which need to be abided by while entering into the given industry (Lasserre 2017) Princeton University needs to abide by various laws which provide it easy operations. Conclusion Therefore, from the given analysis of the various strategic management tools in relation to the Princeton University, it can be stated that the company, has been performing rather well but there are a few factors in the external market which have an impact on it like the presence of competitors and the rising power of buyers. Furthermore, the evolving technological landscape along with a rise in the number of legislative laws, proper strategies need to be formulated for the wellbeing of the company in education industry in the long run. References Bull, J.W., Jobstvogt, N., Bhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zhringer, J. and Carter-Silk, E., 2016. Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework.Ecosystem services,17, pp.99-111. Darmawan, M.A., Putra, M.P.I.F. and Wiguna, B., 2014. 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