Discuss About The International Journal Economic Perspectives.
The Educational industry is one of the most important ones in the present times and it forms one of the most important pillars of the contemporary as it provides the children not only the right kind of education but also helps them to prepare for the latter part of the lives (Hoque et al., 2012). Therefore, it is often seen that the various nations of the world take extra effort for the overall growth as well as development of their educational industry. It is significant to note that the active intervention as well as the support of the government is very essential for the overall growth and development of this particular industry and it is a reflection of this that in the major countries of the world the state funded as well as supervised educational institutions have emerged as the leading ones in the present times (Hoque et al., 2012). It is a reflection of this that the active support as well as the supervision of the government of Maldives has made “The Maldives National University” one of the best ones not only in the nation of Maldives but also in the world (Hoque et al., 2012). This particular part of the paper will focus on the concept of quality in the particular genre of the educational industry.
Quality forms one of the most important aspects of the products or the services provided by the various companies or organizations (Rodríguez et al., 2012). In simple words, the concept of quality can be defined as “a perceptual, conditional, and somewhat subjective attribute and may be understood differently by different people” (Rodríguez et al., 2012). Thus, many authors are of the opinion that “quality has a pragmatic interpretation as the non-inferiority or superiority of something; it’s also defined as being suitable for its intended purpose (fitness for purpose) while satisfying customer expectations” (Heidari & Loucopoulos, 2014). The concept of quality comes into significance when the customers or the end users of the products or the services offered by a particular organization focus on the specifications of the concerned product or service or when they tend to compare the features of the product or the service under consideration with the service or the product offered by the competitors (Heidari & Loucopoulos, 2014). The concept of “Quality in Service”, on the other hand, can be defined “in its contemporary conceptualization, is a comparison of perceived expectations (E) of a service with perceived performance (P), giving rise to the equation SQ=P-E, where SQ stands for Service Quality” (Segarra-Moliner, Moliner-Tena & Sánchez-Garcia, 2013). Therefore, it can be said that the concept of service quality provides an overview of the gap between the expectations which the customers or the end users often form about a particular product and the actual level of quality or the service which they get from the concerned product or the service (Goetsch & Davis, 2014). Thus, it is often seen that the various organizations take the help of the concept of service quality not only to provide better products or services to the customers but also to outrival their competitors in the market. In the opinion of many people, “Improvements to service quality may achieved by improving operational processes; identifying problems quickly and systematically; establishing valid and reliable service performance measures and measuring customer satisfaction and other performance outcomes” (Goetsch & Davis, 2014). In the recent times it is seen that the various people tend to differentiate between the concepts of quality and service quality. It is significant to note that the concept of quality takes into consideration only the specific features of a particular product or service whereas the concept of service quality takes into consideration the expectations as well as the actual performance level of the product or the service under consideration (Goetsch & Davis, 2014). Therefore, many people define service quality as actual performance of a particular product minus the expectations of the end users from the concerned product or service.
The concept of service quality is a recent innovation and in the recent times has gained much popularity. It is a reflection of this that the various theories as well as frameworks related to the concept of service quality have gained prominence in the recent times. Therefore, in the recent times many “dimensions of service quality” have been defined however the important one is the five concepts of the “SERVQUAL dimensions” (Sodeyfi, 2016). It is significant to note that this particular dimension gained popularity in the 1980s and was innovated by the American scholars “Parasuraman, Zeithaml and Berry” (Sodeyfi, 2016). It is to be noted that this “particular tool was developed to measure the service quality by comparing the customer perceptions of the service delivered with their desired expectations” (Bar-Isaac & Shapiro, 2013). Thus, as per this particular tool a service or product is deemed satisfactory “if the customer perception is in alignment with the expectations of the customers” (Bar-Isaac & Shapiro, 2013). On the other hand, a particular service is deemed unsatisfactory “if the perceptions of the customer are not in alignment with the expectations of the customers” (Bar-Isaac & Shapiro, 2013). As per this particular framework the five “dimensions of service quality” are “reliability, responsiveness, assurance, empathy and tangibles” (Bar-Isaac & Shapiro, 2013). The concept of reliability can be defined as the “ability to provide the thing which was promised dependently as well as accurately” (Bar-Isaac & Shapiro, 2013). “The Maldives National University” when seen in this particular context will reveal the fact that the university as it promises the various students to provide the best kind of education and in practice it does provide that level of education to the students as it becomes clear not only from the overall growth as well as the development of the diverse students at the concerned university but also from the later prospects which they get after the completion of their studies from the concerned university (The Maldives National University, 2018). The concept of responsiveness, on the other hand, can be defined as the “willingness to help the customers and also to provide prompt services” (Ross, 2017). The educational institution “Billabong High International School Maldives” taking this particular concept into consideration provides quick as well as effective responses to the various students and their parents and also willingly helps the students or the parents who are facing problems with their studies or related aspects (Billabong High International School Maldives, 2018). The concept of assurance, on the other hand, can be defined as the “ability to convey trust and confidence and at the same time demonstrate confidence and knowledge” (Ross, 2017). Therefore, it is seen that the educational institution “The Maldives National University” uses this particular method to reassure the various parents of the students as well as the students that the best kind of education is being provided at their university (The Maldives National University, 2018). Furthermore, the concept of empathy can be defined as the concept by means of which the “care and individual attention is being shown to the customers or the end users” (Lohrmann & Reichert, 2013). Therefore, the “Maldives Business School” uses this particular concept to provide individual attention to the various students of their educational institution (Maldives Business School, 2018). Finally, the concept of tangibles can be defined as the “physical appearance of the personnel, facilities and the equipments” (Lohrmann & Reichert, 2013). Therefore, the educational institution “Maldives Business School” uses this particular concept not only to raise the service quality of the education provided by them but also to have a modern infrastructure for the process of education (Maldives Business School, 2018).
The concept of quality is a very relative and varies as per the perceptions and the expectation level of the various customers. Therefore, if a particular service which is considered to be providing a “high service quality” in the opinion of one person might not be of high standard in the opinion of other person (Van Dongen, Dijkman & Mendling, 2013). For example, the level of education provided by the educational institution “The Maldives National University” is considered to be very good in the opinion of many people however in the opinion of many other people the educational services provided by this particular educational institution is below par in comparison to the facilities as well as the standard offered by the other educational institutions of the world (The Maldives National University, 2018). It is a reflection of this many of the students of the Maldives prefers to have an international education rather than the ones provided by the native educational institutions of the nation concerned. Therefore, the concept of high quality can be defined as the scenario in which the expectations as well as the performance level of the services provided to the customers are in alignment with each other. In the opinion of many people this is the prerequisite of the achievement of the condition or the state of high quality (Lohrmann & Reichert, 2013). Therefore, it can be said that the primary focus of the majority of the organizations is on the achievement of this particular state or condition. It is to be noted that there is no fixed tool to measure the state of the condition of the high quality service (Lohrmann & Reichert, 2013). Therefore, most of the customers depend on the number of the complaints or the feedbacks which they receive from the customers or the end users of the products or the services offered by them. However, it is significant to note that these data or information are very often not accurate or reliable as it is seen that most of time the customers or the end users of the services or the products do not complain or offer their feedback to the organization (Lohrmann & Reichert, 2013). Thus, in this particular scenario the “word of mouth” or the opinion of the customers and the end users of the particular products or the services becomes very valuable. For example, in the education industry of Maldives the concerned organizations have to depend on the opinion of the students and the parents and also the results achieved for the assessment of the kind of services provided by them to the customers (Bar-Isaac & Shapiro, 2013).
The tool of gap analysis involves “the comparison of actual performance with potential or desired performance” (Van Dongen, Dijkman & Mendling, 2013). It is significant to note that in the present times it is very important for the various educational institutions to make use of the resources which are available to them like the recent technologies, innovations, capital and others (Van Dongen, Dijkman & Mendling, 2013). In the opinion of many if a particular organization fails to effectively utilize these attributes then will not only be delivering a lower level of quality to the intended customers but will also be not living up to expectations of the customers (Van Dongen, Dijkman & Mendling, 2013). A gap analysis of the educational institution “Maldives Business School” would reveal the following facts-
|
Expectations |
Actual performance |
|
The quality of education would be on par with the other top business colleges of the world |
It is true that the institution is one of the best ones in the nation of Maldives yet the quality of education is below par when measured up to the international standards. |
|
To offer more scholarships and internships to the students. |
The number of scholarships and internship programs provided by the institution is very less |
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To build successful tie-ups with the other international universities and start a student exchange program where it will be able to provide international exposure to the students. |
The university is still in talks with the other foreign universities of the world for the formulation as well as the implementation of the exchange program and the process is likely to take a bit more time. |
A gap analysis of the same educational institution on the basis of the expectations of the students and the parents and the actual performance of the institution would reveal the following facts-
|
Parents and students expectations |
Performance of the University |
|
The concerned university would provide education which would be on par with the level of education provided by the other top educational institutions of the world. |
The university presently is the best educational institution of the country however when compared to the other top international educational institutions of the world the quality of education is not up to the mark. |
|
The university would provide international exposure to the students. |
The university is still in talks with the other educational institutions of the world for the students exchange program. |
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The concerned university would provide scholarships and various kinds of scholarships and internship programs to the student. |
The number of scholarships as well as internship programs provided by the university is very low |
The reasons for the gap between the actual performance of the concerned university and the desired expectations of the students or the parents can be the fact the economy of Maldives is a very unstable one and not a very advanced one. Therefore, the requisite amount of funding which is required to fulfill the “needs as well as the expectations of the various parents and the students” is not readily made available to the university (Mok, Sparks & Kadampully, 2013). It is a reflection of this that the university is unable to live up to the expectations of the end users of the services provided by them. It is significant to note that the educational institutions in the present times require a significant amount of cash to meet up to the desired standards of the not only students and the parents but also to meet up to the international standards (Mok, Sparks & Kadampully, 2013). Therefore, it can be said that the lack of effective funding is hurting the prospects of the educational institution in a negative manner.
Strategies refer to the various policies or the tactics that the various organizations often take the help of not only to outrival their competitors in the same field of operations but also “to bring about the overall growth as well as the development of their concerned organizations” (Hitt, Ireland & Hoskisson, 2012). Therefore, it would be apt to say that the various effective strategies play a key role in the various organizations. It is seen that in the present times the various organizations use the tool of strategy as a weapon not only for the process of expansion but also to outrival their competitors (Hitt, Ireland & Hoskisson, 2012). The two primary considerations of the customers regarding a particular product are the quality of the service or the product offered by a particular organization and the price of the service or the product which the concerned organization is offering to the customers (Hitt, Ireland & Hoskisson, 2012). Therefore, it is often seen that the various organizations use the concept of quality as a strategic weapon. It is significant to note that the various customers in the present times like to opt for the products or the services which are high on the quality parameter. Therefore, the various organizations use this particular feature not only to expand their customer base but also to earn the loyalty of the customers. The loyalty of the customers is a very important entity as it not only helps the various organizations to have a fixed customer base but also to overcome the tough times in the process of the business (Hitt, Ireland & Hoskisson, 2012). Thus, following the various precepts of quality the concerned organizations can focus on the concept of quality to expand their student base and also to reach out to a larger number of students (Hitt, Ireland & Hoskisson, 2012). Therefore, it is seen that the educational institutions “The Maldives National University” focuses on providing better quality of education to the students and thereby earn the loyalty of the parents so that they would send their other children to the same educational institution (The Maldives National University, 2018). Furthermore, the better quality of education which they offer to the students also helps them to have a more student base which is very profitable for the operation of their organization. In addition to this, the concerned organization can also take the help of other strategic tools like effective promotional methods, marketing strategies, tie-ups with the other international institutions and others in order to bring “about the overall growth as well as the development of their organization” (Hitt, Ireland & Hoskisson, 2012). The educational institution “Maldives Business School” seeks to provide better quality management education to the students, which is on par with the other management institutions of the world (Maldives Business School, 2018). Therefore, it can be said that the quality of the management education provided by the institution is one of the main reasons why the institution is one of the most preferred choice of the students and their parents. Furthermore, apart from the tool of quality the organization can also take the help of other strategic tools like effective marketing, price competition, promotion and others in a bid to “bring about the overall growth as well as the development of their concerned organization”.
In the opinion of many people “Benchmarking is comparing one’s business processes and performance metrics to industry bests and best practices from other companies” (Goetsch & Davis, 2014). Therefore, this particular concept is often used by the various organizations to analyze the policies as well as strategies followed in comparison to the other organizations in the same field of business (Goetsch & Davis, 2014). It is seen that the educational institution “Maldives Business School” uses this particular strategy to compare the strategies and the quality of education provided by them with the other top management educational institutions of the world. The educational institution “The Maldives National University”, on the other hand, compares and contrasts the quality of the education provided by them with the other national and the international institutions of the world in a bid to develop more effective strategies for the purpose of providing better quality education to the students (The Maldives National University, 2018). The “ISO 9000 Series”, on the other hand, can be defined as the concept by means of which “is designed to help organizations ensure that they meet the needs of customers and other stakeholders while meeting statutory and regulatory requirements related to a product or service” (Heidari & Loucopoulos, 2014). In this particular series there are seven entities on the basis of which the quality of a particular product or service is measured, namely, “Customer focus, Leadership, Engagement of people, Process approach, Improvement, Evidence-based decision making and Relationship management” (Heidari & Loucopoulos, 2014). The educational institution “The Maldives National University” therefore takes the help of the seven precepts of this particular tool to ensure that they provide the best quality education to the students of Maldives. The educational institution “Maldives Business School”, on the other hand, also takes into consideration these precepts for the process of process effective education to the students. The “5S Strategy”, on the other hand, “list describes how to organize a work space for efficiency and effectiveness by identifying and storing the items used, maintaining the area and items, and sustaining the new order. The decision-making process usually comes from a dialogue about standardization, which builds understanding among employees of how they should do the work” (Bar-Isaac & Shapiro, 2013). The five attributes of this particular tool are “sort, set in order, shine, standardize and sustain” (Bar-Isaac & Shapiro, 2013). It is significant to note that the educational institution “Maldives Business School” takes the help of these five attributes not only to provide quality education to the students but also to reach out to a larger number of students. The educational institution, “The Maldives National University”, on the other hand, also follows the five precepts of this particular tool for providing quality education to the students. The “Six Sigma”, on the other hand, “is a disciplined, statistical-based, data-driven approach and continuous improvement methodology for eliminating defects in a product, process or service” (Ross, 2017). This particular strategy was developed by the “engineer Bill Smith while working at Motorola in 1986. Jack Welch made it central to his business strategy at General Electric in 1995” (Ross, 2017). The educational institution “Maldives Business School” takes the help of this particular tool to eliminate the weak points of the quality of the education provided by them to the students and thereby improve the quality of the education. The educational institution “The Maldives National University”, on the other hand, also takes the help of this particular tool to improve the quality of the education which they impart to the students.
The “Trans Maldivian Airways” was founded in the year 1988 and has its head quarter at the “Malé, Maldives” (Maldivian Airlines, 2018). The concerned organization is “one of the largest ones not only in the nation of Maldives but also in the world” (Maldivian Airlines, 2018). The organization provides a wide range of airline services to the people of Maldives and specializes in transferring “Hulhule International Airport to resorts in the Atolls” (Maldivian Airlines, 2018). The organization was initially called by the name of “ Hummingbird Island Helicopters” however later in the year 1998 the name of the organization was changed to “Trans Maldivian Airways” in order to highlight the name of the nation in which it was operational (Maldivian Airlines, 2018). The organization has an interesting history behind its foundation. The airport was initially built by many voluntary workers who sought to “bring about the overall growth as well as the development of their nation by means of this particular airport” (Maldivian Airlines, 2018). This particular opportunity was taken up by Male in the year 1966 who later on started the company in the year 1988 (Maldivian Airlines, 2018). It is interesting to note that in the initial part the organization used to provide only “Maldivian Air Taxi” to the various citizens of the nation however later on it started its own full-fledged airlines services (Maldivian Airlines, 2018). It is significant to note that that the organization under consideration here “is the oldest air services operator in the Maldives and has grown to become the largest seaplane operator in the world” (Maldivian Airlines, 2018). The primary idea for the creation of the organization was the brain child of “Lars Petré, Hussain Afeef and Mohammed Moosa” and they started this particular organization with the idea to “change not only visitors’ experience but also the country for the better” (Maldivian Airlines, 2018). The organization recently has started its seaplane services in a bid to reach out to a much larger number of people and the owners of the organization are of the view that “seaplanes will remain the best way to travel in the Maldives” (Maldivian Airlines, 2018). The airlines at the present times is transporting approximately “400,000 passengers per year” and is one of the major reasons for “the growth as well as development of the tourism industry” of the nation (Maldivian Airlines, 2018).
|
Strength |
· The organization has been operational for more than 25 years and is known for the quality of the services which it provides to the customers (Maldivian Airlines, 2018). · The concerned organization is a reputed brand in the nation of Maldives and holds the majority of the market share in the airlines industry of the nation. · The organization in addition to the airlines services also provides sea voyage facilities to the customers. · The organization provides airline facilities almost all the major tourist spots of the nation and with the growth of the tourism industry the organization has also prospered. |
|
Weakness |
· Maldives is not a very technologically advanced nation and therefore it needs to take the help of the technology of the other nations for the maintenance of the various airplanes and other parts of the organization. · The overdependence of the organization on the tourism industry is one of the weaknesses of the organization. |
|
Opportunity |
· The organization can take the help of the tourism industry of the nation for the purpose of the development of their nation. · The organization can provide various kinds of discounted offers to the customers in a bid to increase its profit margin. · The organization can also enter into collaborations with the other top airline organizations of the world to expand its business. |
|
Threat |
· The major threat which the organization is facing at the current moment is from the its various competitors in the same industry. · The lack of technological advancement of the nation is a major threat to the organization. |
|
Political |
· The political environment of the nation of Maldives is a very unstable one and the nation in the recent times has faced several governmental crises (Jaschik, 2014). · The initiatives taken by the government for the growth of trade and commerce is very less (Jaschik, 2014). · The political turmoil of the nation has significantly affected the tourism industry of the nation on which this particular industry relies on (Jaschik, 2014). |
|
Economic |
· The economic recession which the world is facing at the present times has adversely affected the various industries of the nation (Wolf, 2012). · The government in a bid to cover up the costs of the various political turmoil of the nation has increased the tax rates which the citizens and the business organizations have to pay. This particular factor is likely to affect the prospects of the concerned organization in a negative manner (Jaschik, 2014). |
|
Social |
· The society of the nation has been much affected by the recent political turmoil of the nation (Wolf, 2012). · The society of the nation is a fun loving one and likes to undertake various kinds of tours and travels and therefore this particular social climate of the nation is very congenial for the organization. |
|
Technological |
· Maldives is not a technologically advanced nation and therefore had to depend on the technological advancements of the other nations for the maintenance of their organization (Wolf, 2012). · The airlines industry is one which requires the help of the recent technologies as well as the innovations and therefore the lack of technological advancement of the nation is likely to hurt the prospects of the organization. |
|
Legal |
· The organization needs to take into consideration the various legislations like “Equity Payment”, “Equality Law” and others for the purpose of their business (Maldivian Airlines, 2018). · The organization also needs to follows the various safety regulations provided by the “World Health Organization” (Maldivian Airlines, 2018). |
|
Environmental |
· The organization needs to follow the various environmental guidelines provided by the national government. · The organization also needs to take into consideration the level of air and sound pollution caused by them. |
It is significant to note that these factors are not only likely to affect the business of the concerned organization in a significant manner but also the internal structure of the organization in a significant manner. The political factors are likely to affect the performance of the employees in a significant manner and also the way the work is being conducted by them (Mok, Sparks & Kadampully, 2013). The technological factor is likely to affect the maintenance of the airplanes and the manufacture as well as the procurement of the new airplanes by the organization (Mok, Sparks & Kadampully, 2013). The legal factors are likely to create a significant problem for the organization as it is seen that not all the employees do the same level of jobs within the organization (Mok, Sparks & Kadampully, 2013). Therefore, if the organization follows the equity payment rules or the equality rules then that is likely to affect the company in a significant manner.
The macro as well as the micro environment of the organization affects the business of a significant manner. Therefore, the macro and the micro environmental analysis of the organization reveals that the organization currently needs to take the help of the “recent developments in the fields of technology and the innovations” (Orel & Kara, 2014). This will not only help the concerned organization to reduce the cost of maintenance of its various airplanes but also help it to save the cost of importing the airplanes from the other developed nations of the world. Furthermore, this will also enable the concerned organization to offer better quality of services to the customers and thereby help it to bring about the “overall growth as well as the development of its business process” (Orel & Kara, 2014). The organization can also enter into business collaborations with the other top airlines companies of the world not only to expand its business to the other nations of the world but also to improve the quality of services which it provides to the customers in the nation of Maldives. In addition to that, the concerned business organization can take the help of attractive discounted and other kinds of promotional offers in a bid to reach out to a larger number of people. It is significant to note that the tourism industry is one of the major industries of the nation and the fate of the concerned organization depends on this particular industry. Therefore, it would be much better for the concerned organization to take the help of this particular industry and also to have collaborations with the major business organizations in this particular sector to “bring about the overall growth as well as the development of their business process”.
The primary change which the concerned organization can take the help of is to enter into collaboration with the other airlines companies belonging to the first world nations of the world. This particular factor will not only help the concerned organization to expand into the nation with whose airline company it is entering into collaboration with but would also help them to provide better quality services to the customers in their own nation (Hafeez & Muhammad, 2012). It is seen that the major problem which the company is facing at the present moment is from the lack of development of technology of the nation. Therefore, this particular strategy is likely to help the concerned organization to overcome this particular problem which it is facing on account of the lack of technological development of the nation. It is significant to note that this particular strategy is not only likely to help the concerned organization to solve the problem which it is facing on the score of lack of technological development of the concerned nation but would also help them to overcome the internal problems which they are facing at the present moment (Hafeez & Muhammad, 2012). It is noticed that the concerned organization is facing some issues with the management of its employees and also with the kind of services that it provides to the customers who form an important part of their business. Therefore, this particular collaboration is also likely to help the concerned business organization to solve the internal problem which it is facing at the present moment. The concerned organization can take the help of the management strategies followed by the company with which it is entering into collaboration with. Furthermore, the company can also follow the model of the customer services provided by the airlines company with which it is entering into collaboration with. Therefore, it would be apt to say that the concerned collaboration with the airlines company of the other nation is likely to help the concerned organization not only to overcome the external problems which it is facing at the current moment but would also help it to overcome the internal problems which it is facing at the current moment (Calabrese & Scoglio, 2012).
The proposed change would require the concerned business organization to enter into effective negotiations with the other top airlines of the other nations of the world. It is significant to note that this is a long term process and would require a considerable amount of time for its effective completion. Firstly, the concerned organization would require the concerned business organization to conduct thorough market analysis of the various top airlines companies of the world and also find out the collaboration with which companies is likely to provide it the maximum amount of benefit to the concerned organization (Kerzner & Kerzner, 2017). Furthermore, the concerned organization will also have to find out which all companies are willing to enter into collaboration with it. Therefore, it would be apt to say that it would require more than six months of time for the completion of the process. The concerned business organization can also take the help of the tool of the responsibility matrix to effectively state the role which each of the employees related to the organization is going to play in the process of making the collaboration (Kerzner & Kerzner, 2017). The following table will give an overview of the roles of the important persons who will be involved in the process of negotiation-
|
Function |
Project Sponsor |
Business Analyst |
Project Manager |
|
Initiate Project |
Involved |
Involved |
|
|
Establish project plan |
Involved |
Involved |
Involved |
|
Gathering of the information |
Involved |
||
|
Developing of the proposal |
Involved |
Involved |
Involved |
|
Analysis of the proposal |
Involved |
Involved |
|
|
Approaching the companies |
Involved |
The above matrix clearly indicates the three most important people who would be involved in the process of developing the proposal, approaching the various top airlines companies of the world and also finalizing the collaboration with the selected company. The above matrix also gives an overview of the job roles which would be required of the various individuals related to the company. In addition to the above mentioned individuals the other employees would also play a significant role in the process of the negotiation like the stakeholders as well as the shareholders of the concerned company. The concerned organization should try to set specific target for particular time periods. For example, for the first month the company should focus on initiating the project and the things which the project will try to achieve, in the second month the concerned organization should focus on collecting the relevant amount of data about the other companies of the world, in the next month the company should focus on finding out the companies which are likely to provide them with the maximum amount of benefit, in the next month the company should try to approach and make the required proposal and so on. The concerned business organization should also take into consideration the various contingency plans. Therefore, following the precepts of this particular idea the concerned organization can approach multiple organizations so that if one particular organization rejects the proposal of the organization then it will have the option of other companies (Martinelli & Milosevic, 2016). The process would require a considerable amount of funding as the research which is required for the process would require a sufficient amount of resources and the labor of various people related to the organization. In addition to this, the creation of the proposal and other details and also the process of approaching the various companies would require a significant amount of funding. It is significant to note that there is a significant amount of risk involved in the process as well. The primary risk which the proposed proposal faces is that the proposal might not get accepted by the various companies whom the concerned organization is approaching and if that happens, then the hard work and the prospects of the concerned organization is likely to get affected in a significant manner (Martinelli & Milosevic, 2016). Furthermore, there is also a risk that the concerned organization can make a mistake in accessing the market situation of the company whom it is approaching and thereby make a wrong move. Furthermore, there is also a risk involved with the entire process of collaboration as it is often seen that the various kinds of collaborations instead of providing benefits adversely affect the prospects of the concerned company (Baylis, Smith & Owens, 2017).
To conclude, the business environment in the present times “have became much more diversified than it was a few decades ago”. Therefore, an analysis of the macro as well as the micro environment in which the various business organizations operate becomes of paramount importance. The analysis of the macro as well as the micro environment is important not only to give an overview to the various companies about the key strengths as well as the weaknesses of the concerned but also provide them with the required information which is needed to develop new strategies which can bring about the “overall growth as well as the development of the concerned business organization”. Moreover, it is often seen that the various business organizations need to make necessary relevant changes in their business models in order to overcome the challenges which they are facing.
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