Southampton Solent University - Term Paper Example

Southampton Solent Table of Contents Table of Contents 2 Inroduction 3 Theory of the Firm 3 Firm is an which coordinates: 4 The firm and its internal structure: 5 Growth and entrepreneurship 5 Competition 6 Impact of macro and micro-economy 7 Conclusion 7 References and Bibliography 9 Inroduction In the year 2005 nine universities, completely new ones were started in the UK, Southampton Solent University is the largest one amongst these. The university offers a wide array of courses which range from basic to graduate, postgraduate and even PhD degrees. Some of the most prominent courses being offered by this university are in Maritime studies with courses ranging from Bsc (Hons) in Maritime Business, Ship & Port Management to Msc in International Maritime Studies which again is divided into numerous specialisations. Amongst the various other courses the university offers Bsc and Msc degrees in areas of Accountancy, Architecture-Electrical-Electronic engineering, Animation, Computer networking, fashion courses, health and fitness courses, Media and Journalism courses, performing arts and sports studies and many more. It is one of the most prominent amongst the various universities in terms of offering a huge variety of vocational courses. In the year 2009 it was ranked at 109 out of 118 universities of UK while some of its closest competitors like Middlesex University, York St John University, Liverpool John Moores University, Bucks New University have were ranked pretty close to it on The Guardian newspaper’s University guide for 2009 (Undergraduate Full Time course list, n.d.; Maritime and Environmental Science courses, n.d.; University Guide, 2009). Theory of the Firm Theory of the firm has witnessed various research and ensuing additions from them over a long period of time. Ultimately the Theory of the Firm concept has evolved and taken a particular form which primarily dwells upon some concepts like: Firm is an institution which coordinates: In this context it is being pointed out that a firm is nothing but a coordinating institution or organisation. For example a firm provides a service or manufactures a product, for which it needs to coordinate between various resources as well as with the intermediaries, end consumers. Likewise the Southampton Solent University is also providing education services across various subjects and verticals for which it is coordinating with the students, academia, researchers, professors, the business community, the government and its policies and the society at large. A huge activity is being planned and executed in a coordinated manner so as to fulfil the needs which exists in the market/society and there by the university is ensuring that delivers the service and thus fulfils its own objective. It is evident from the plethora of courses being offered by the University which range from maritime studies to journalism and engineering, that coordination is a necessary factor for its operational success. It needs to and does coordinate between its internal consumers like, students, teachers, researchers, and also the external consumers like, government, industry, larger society. The firm coordinates in order to put in place aligned goal and objective for the different parties who are responsible for achieving that goal or objective; so that it can communicate and synergise the commonality of purpose and rationales. Once the firm or in this case the University has established certain services or courses it is offering and carries them forward year after year, it establishes a pattern which is repetitive and predictable, at least in context of those few services or courses. Apart from this the firm or the University would generally focus on new areas of growth and expansion for which it imbibes within itself the various new leanings which it gathers from the changing environment and socio-economic realities surrounding it. The firm and its internal structure: The structure of the firm is responsible for its orderly or in many cases disorderly functioning. If the structure is not well organised then the firm cannot operate properly according to set plans and neither can it then achieve its goals or objectives. A disorderly approach in the institution would result in lack of coordination which would lead to misuse of resources and absence of complimentarity which aging means sure failure in reaching the goals set for the firm. The firm is always a point of convergence for capital resources with which it organises other resources brings synchronisation amongst heterogeneous resources and environmental factors and ultimately delivers its services or products to the end consumers. Southampton Solent University, also has its objective of providing good quality education to its end consumers that is the students and for this its arranges funding from different sources converges that into plans and the with the help of that brings other resources which are heterogeneous in nature, so that its objective of providing high quality education is achieved. Any firm to succeed has to ensure proper internal structuring in terms of departments, personnel, units and likewise Southampton Solent University has also ensured that the different vocational and degree sources that it offers to the student community is well organised under different departments, like engineering, business management, maritime studies, humanities and others. Growth and entrepreneurship An entrepreneurial attitude is essential for any firm to survive even after it has established itself in the particular market and environment. It has to be flexible enough to inculcate new leanings, spot newer needs and opportunities, so that it can leverage them and make its position stronger in the market and create a unique brand value for itself. The Southampton Solent University since its inception in 2005 along with eight other new Universities has focussed on delivering on newer opportunities and changing educational needs in the 21st century. This has ensured that it has become the biggest one amongst those nine Universities which were set up during 2005. It has spotted newer areas and have strategized and delivered on those. It followed at strategic plan and vision for the year 2001 to 2008 after which it has set up new objectives and plans for the period 2008 to 2013 (Lai Y.T.F., 1999 ; Estate Strategy 2008-2013, n.d.) In fact for the period between 2008 and 2013 the University authorities are focusing on expansion of the University premises through acquisition of adjacent lands, establishing and refurbishing a new library for students which would act as an integrated learning centre, adding to facilities already available in context of sports and other extracurricular, inculcating newer modes of study and learning, increasing the influx of capital into the system, inculcating best practices in terms of environmental initiatives and green objectives. Competition In the year 2009 it was ranked at 109 out of 118 universities of UK while some of its closest competitors like Middlesex University, York St John University, Liverpool John Moores University, Bucks New University have were ranked pretty close to it on The Guardian newspaper’s University guide for 2009. So these are some of its closest competitors where as other top ranked Universities and institutions like Oxford, London School of Economics though fall in the group of competitors, yet they directly do not compete with Southampton Solent University as they belong to completely different leagues altogether. These aforementioned Universities are neck to neck in competition and almost offer the same type and kind of courses which range from engineering, humanities, computer science to management. Where Southampton Solent University beats them or edges past them is the sheer quantum and variety of vocational courses it offers along with its general degree courses. Impact of macro and micro-economy UK is one of the most prominent and eminent destinations for higher education in the world besides the US. With the influx of the knowledge economy and the ever-changing economic environment, the education sector has also evolved and along with it UK has also ushered in various changes which are necessary for it to continue as one of the prime destinations of higher education in the world. Countries like China and India send millions of students to foreign Universities mainly in the West to pursue higher education thus bringing with them huge amount of money. In fact China sends the highest number of international students in the world to the Universities situated in UK. India also ranks quite high in this context. Looking at these realities, UK authorities and universities have focused on these two countries and other countries with similar characteristics and have got good result out of it. In 1999 US Universities used to garner around 58% share of the students going to overseas from India which has come down to 39% by 2006. Southampton Solent University has also worked in this context and is now home to approximately 1500 students from different countries, but surely it would have to do more in order to garner a better and larger share of this market (International Students, 2009). Conclusion It is evident from the rankings itself that this University is not one of the front runners among the various ones in UK. Yet it has been able to make a name for itself in comparison to newer Universities through its diversified educational service offerings and focus on vocational courses alongside the general degrees. For it to climb up the ladder in terms of ranking, it needs to focus on better research, better quality of student intake and strategic focus on international students from countries like China and India which would provide increased revenue and opportunities. References and Bibliography Undergraduate (Full Time) Course List, No Date, [Online], Available: http://www.solent.ac.uk/courses/all/undergraduate_list_full.aspx , [26th August, 2009] Maritime and Environmental Science courses, No Date, [Online], Available: http://www.solent.ac.uk/courses/all/undergraduate_list_full.aspx , [26th August, 2009] University Guide, 2009, No Date, Education Guardian, [Online], Available: http://education.guardian.co.uk/universityguide2009/0,,2276673,00.html , [26th August, 2009] Lai Y.T.F., 1999, Toward a Praxeological Theory of the Firm, Kluwer Academic Publishers [Online], Available: http://www.gmu.edu/rae/archives/VOL12_1_1999/2_yu.pdf , [26th August, 2009] Estate Strategy 2008-2013, No Date, Southampton Solent University, [Online], Available: http://docman.solent.ac.uk/DocMan7/rns?RNSExact=Estates/Strategy/1234570585 , [26th August, 2009] International Students, 2009, Southampton Solent University, [Online], Available: http://www.solent.ac.uk/international/welcome.aspx , [26th August, 2009] Profile: Southampton Solent University, September 2008, Times Online, [Online], Available: http://www.timesonline.co.uk/tol/life_and_style/education/sunday_times_university_guide/article4768394.ece , [26th August, 2009] China market introduction, October 2008, British Council, [Online], Available: http://www.britishcouncil.org/eumd-information-background-china.htm , [26th August, 2009] India market introduction, May 2008, British Council, [Online], Available: http://www.britishcouncil.org/eumd-information-background-india.htm , [26th August, 2009] Read More