Research Paper on Business Policy
I believe that education falls in the growing stage. Education is not new and one could see universities in ancient Rome and Greece just like during Dark Ages and in all periods up till present. The product of the education industry is knowledge. Although it had been considered in the past that “everything that could have been invented was already invented” and that “innovations are nothing but the things from the past we do not remember”, we realize that the quality of knowledge is constantly growing and by no means had reached its apogee. Another fact that needs to be taken into consideration is the fact that although in major developed countries the literacy levels are very high, the majority of global population is still illiterate. These two facts that the product of education, knowledge, is still growing in quality and that the majority of global population is still illiterate, I believe that knowledge belongs to growth industry/high velocity markets. One will learn about how education fits into high velocity markets later in the essay. Now one needs to learn why education does not fit other stages.
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i. Emerging industries: Education is not new, skimming would not work in the well-developed countries like USA, Europe, Japan because these countries already have high quality educational facilities that accumulated top thinkers of the world. Furthermore, one cannot patent knowledge, i.e. oblige other universities not to study something that you come up with.
ii. Maturing industries: Education each year attracts more and more people and growing prices at universities prove the growth in demand for educational services. Universities do not engage in M&A activity yet rather work independently on vertical integration.
iii. Stagnant industries: If education belonged to stagnant industry that would mean that everything that humanity needed to know was already invented and written down. Students would routinely go to schools memorize that knowledge and be happy. Such presupposition is a absurd, and because education constantly changes it means that it does not fit the stagnant industry cycle.
iv. Fragmented industries. Education appears not to fit this life cycle because one does not see much focus in universities. Even though one knows that MIT specializes in technology, Harvard in business and Yale in law, these universities constantly strive to differentiate and create more different subjects of high quality rather than focus on their existing core competencies. No university attempts to find and hold only one niche and stay there. On the contrary, universities typically strive to differentiate and get as much of the market share for different educational specialties as possible.
v. International markets. This appears to be second closest fit for the education in the global village we live in. there is a tremendous educational discrepancy between the first world and the third world countries educationwise. Speaking about education in the third world countries one could say that it belongs to emerging cycle, since many countries still do not have quality education yet manage to charge superprice on it. As technology progresses, education becomes available to other countries via phone, internet, online, video conferences, TVs, VCRs etc. The educational facilities of the first world countries are currently able to conquer the educational markets of the third world countries. One observes some unification of education as the US and European institutions constantly engage in international exchanges.
vi. High velocity markets/growth stage. This is where I believe the modern education fits in. Universities constantly differentiate. They provide educational services on virtually every subject one can think of. They provide education at virtually any time to any part of the country in any possible mode (commuting, living on campus, online courses, correspondence courses, TVs, etc) to accommodate the growing demand from different types of consumers. Quality erosion is protected by re-education and constant improvement seminars/courses for the teaching staff. Universities attempt to integrate vertically and now virtually all of them possess an independent food service, educational facilities, housing, shops, sports teams, university police, parking lots, research labs, cars, vans, marketing specialists, etc. One observes the shift from product awareness to brand awareness, as no one any longer speaks about education and knowledge as such but rather speaks of schools that nourish and provide that knowledge to students.
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