Introduction
Universities are presently finding strategies for improving their services to remain competitive in the modern world of increased demand of education and innovation. Each university is struggling to reach world class standards and be ranked among the best. This necessitates improvement in strategies, management and improving the value of employees as well as that of students. It is therefore import for the university to change its managerial strategy to improve the overall output.
Management consultants facilitate in maximizing growth, solving issues, creating value, and improve the business performance in an organization. Their business knowledge helps them in providing expertise, objective advice, and specialist skills, which may be lacking in the organization.They are primarily concerned with the structure, strategy, operations and management of an organization. They will identify, analyze, and suggest recommendations for change, together with supplementary resources to employ solutions. The university has a role in corporate entrepreneurship in the process of creating new ideas within its research departments and facilities (Čirjevskis, Genadijs and Valērija 233).
The business strategy book Blue ocean strategy by Renée Mauborgne and W. Chan Kim illustrate what they believe is the best strategy an organization can use to generate profit and growth. Blue Ocean means an uncontested market place where there is no competition. In other words, there is no head-to-head competition with other suppliers in a certain industry. It denotes industries that do not exist hence there is creation of demand rather than fighting for the demand. This enables many prospects for growth. It is an analogy describing a deeper and wider potential of market space (Kim and Renée 411). A competition free market space industries create after a company achieves value innovation. This value innovation creates value for the company and buyers simultaneously. As innovation increase, it creates new markets and simultaneously eliminating services and features of less value to current and future market (Yeung & Rob 98).
It is not enough for a modern firm to gratify its customers; a firm should create value to its customers for its success. The quest of value for and from customers results to ‘win-win’ strategy. Blue ocean strategy has an integrated model of ‘value creation’ used to select suitable practical actions to improve customer value, retention, acquisition, and margin. All this make important contributions to company profits (Lee & William 275).
Peter. F. Drucker a management consultant and thinker coined corporate entrepreneurship as an act of initiating and creating new ventures with an already established social entity or organization. This occurs through development and research departments that creates and supports the value of other functional departments in the industry. It also provides outstanding value for consumers through communication through marketing (Lee & William 275).
Corporate Entrepreneurship has four basic models firstly; a university needs to be opportunist in that it should be open to experiment of new ideas and social networks that will enhance growth. This approach is undependable for several companies. Due to past success of the university, it will institute more formalized development practices hence creating opportunities for more enrolment. Enabler model assist employees in developing new concepts when given adequate support. Dedicating processes and resources enabling teams pursue decision-making transparency, application guidelines for funding, recruitment and retention entrepreneurially minded employees and actively support senior management (Essex and Mitchell 330).
In advocate model, university assigns organizational ownership to create businesses whilst intentionally providing reserved budgets. It act as innovation and evangelist experts hence facilitate corporate entrepreneurship in the university. Lastly, producer model also aims in protecting emerging projects. This encourages cross-unit collaboration; create pathways for executives to pursue careers, building their business units and potentially disorderly businesses (Daft and Dorothy 119).
Transformational value innovation strategy defines competitive rule in the available market space. Business model advocate for factors that the university takes for granted eliminated, those that do not perform reduced below the university standard and advocate for those that the university has never offered. Emphasis on a few compelling factors valued by the Customer Divergence will make strategy and unique value that differentiates the university profile (Yeung & Rob 98). Both “Blue Ocean Strategy” and “Corporate Entrepreneurship” concepts are applicable in steering development of the university to a higher level that will enhance growth through enrolment and profitability.
Works Cited
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Yeung, Rob. Successful Interviewing and Recruitment. London: Kogan Page, 2011. Print.
