“What recommendations do you propose for the strategic development of the University of East Anglia in existing and new markets from now to 2018?”

12th Nov 2009

INTRODUCTION
With the rapid socio-economic development and national policies tilt on education, strategic management at the university became increasingly important. Some schools use strategic management in facing the challenges and catch the opportunities brought by environmental changes to earn improvements and thus to achieve a historic leap forward. Competition exists in every field not only in similar businesses, but also in other industries that offering competing products or services (Stacey 2007). The only way to surge ahead of competitors is to have new approaches in the competition. Strategic management principles of the institution must be innovative and creative. It is important because all the organizations are trying to employ traditional methods and this can mean a closer competition level. This essay will discuss the main strategies in existing and new markets of the University of East Anglia under the current situation of UEA in the whole UK educational industry.

New market space

New market space is the creation or reinvention of existing products in such a way that it must appeal to the existing customers as well as a whole new group of customers. The products offered must be unique in every aspect and it should make the organization a clear leader in that particular market segment. According to Hitt et al., (2008) “Imagine a market universe composed of two sorts of oceans: red oceans and blue oceans. Red ocean represents all industries in existence today. This is the known market space. Blue oceans denote all the industries not in existence today. This is the unknown market space”.
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Every organization needs to