Business Planning Case Study: The Future of the Education Industry
Those planning for business need to understand the current state of education. For generations, those in the field of higher education were clear about how to deliver what students wanted from the college experience. As the gold standard, eight Ivy League institutions served as the ideal for the university campus, where students gathered for four years to learn and grow into adulthood. Currently, however, that traditional model is under siege.
Instead of moving onto college campuses for four years, the largest segment of students now attend public two-year colleges, with others choosing from an expanding educational menu that includes private colleges and universities, state schools, for-profit universities, and free online distribution of university and professional-enrichment courses, such as Udemy.com, creativeLive.com and a host of others.
The idea of a traditional student has given way to students of all ages who attend online or in person, full- or part-time, for credit or audit, for degrees or certifications, and while jumping in and out of colleges and educational opportunities.
Amidst this change, students, parents, and employers question what’s long been considered the core curriculum of higher education, even questioning the value and payoff of a college degree.
The shifting landscape leaves those leading educational institutions with no choice but to assess and make plans to adapt to the changing environment. Threats await those who don’t. Never have the terms business plans and business models served as such strong prerequisites for higher education success.