STRATEGIC DEVELOPMENT

Higher Education Strategic Development- A Long Term View



Higher Education Strategic Development- A Long Term View

Introduction

Importance of strategic development

In today's fast pace of competition, the strategic development in the business approaches have great importance. The increase in globalization has given rise to the tough competition in all the business industries. The organisations that develop effective and efficient strategies for all the business processes tend to have competitive advantage among the competitors in the industry and they tend to have marked growth in the future. There are various aspects in the business processes that require efficient development and implementation of the strategies. The well developed business strategies lead the organisations towards the ultimate growth and success. The organisations that develop and implement effective and efficient business strategies are the ones that focus on the future growth and development. The effective development of the business strategies provides the organisations with various benefits and advantages. The most important advantage of well formulated business strategy is that it allows the organisation to manage and utilize its resources with great effectiveness to attain the future targeted goals and objectives. The well formulated business strategies also allow the organisation to carry out its business activities with great effectiveness under the limited budget given to the organisation. The competitive business strategies also assist the organisation in managing the workforce with great efficacy and it enhances the overall performance of the organisation.

Looking at the importance of the strategic development, the managers are required to understand that how the strategy is formulated in business and how the well formulated strategies shape the direction and activities of an organisation. In the same way, the strategic planners and the strategy consultants are also required to realize the nature of strategic decision making, the strategic management and the strategic leadership in the presently increasingly competitive and globalised business environment. The research studies have found that the effective business strategies that involve the strategic business operations management and the strategic leadership are the key to attainments of the great level of customer satisfaction and the high level of business profitability. It is also found that the way the business strategies are developed and implemented directly and significantly impacts the satisfaction levels of the customers and the stakeholders and thus impacts overall success and failure of the organisation.

Importance of strategic development in educational sector

There is a significant importance of strategic development in educational sector. With the modern changes in the business world, the educational institutions are required to develop their enhanced strategies and approaches so as to improve the quality of education that is provided to the students. As the rankings of the institutions are now made based upon the quality of the education and the educational facilities that are provided by the colleges and institutes, therefore, the modern institutions try to develop such strategies and approaches that can provide them marked growth and success in future. The ranking of the institutions matter a lot as this affects the market ...