In order to understand the potential of an academic institution in the context of the education industry, it is vital to assess the forces that shape its performance in the target market. Specifically, economic, sociocultural, political, and technological issues require especially close scrutiny. By analyzing the forces that dominate the specified areas an affect the performance of academic institutions, on will be able to build a sustainable strategy for their further performance.
Political factors shape the content of the curriculum to a significant extent, determining the range of opportunities and freedoms that students can enjoy in the educational environment. Therefore, political issues, while being seemingly unrelated to the performance of academic institutions, still affect their functioning (Williamson et al., 2020). Similarly, economic issues, including changes in the business performance within leading industries and the resulting shift in the state GDP, determine the extent of funding and the availability of resources for academic institutions.
In turn, sociocultural factors influence the direction in which the educational process is geared, as well as the communication quality and the opportunities for knowledge sharing. Finally, technological chances introduce opportunities for managing information ore effectively and, therefore, improving “causal relationships among users’ internal beliefs” (Dumpit & Fernandez, 2017, p. 3). The application of innovative technology also provides a chance for cross-disciplinary collaboration, thus, prompting academic research.
Therefore, a careful and detailed assessment of current economic, sociocultural, political, and technological issues will help academic institutions navigate the global academic industry better. Moreover, a profound understanding of the factors at hand will introduce members of educational establishments to the idea of knowledge sharing and the resulting continuous development. For this reason, the analysis of essential external factors that define the economic performance of an academic institution in the global context is vital.
References
Dumpit, D. Z., & Fernandez, C. J. (2017). Analysis of the use of social media in higher education institutions (HEIs) using the Technology Acceptance Model. International Journal of Educational Technology in Higher Education, 14(1), 1-16. Web.
Williamson, B., Eynon, R., & Potter, J. (2020). Pandemic politics, pedagogies and practices: digital technologies and distance education during the coronavirus emergency. Learning, Media and Technology, 45(2), 107-114. Web.