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"If talking can make things so, strategy would be really easy. Most strategies fall down on implementation, which is challenging, demanding and takes time."
"If talking can make things so, strategy would be really easy. Most strategies fall down on implementation, which is challenging, demanding and takes time."
(Chris Husbands 2017)
(Chris Husbands 2017)
Venture Matrix was founded around a digital platform where students interacted with each other and traded in a fictitious currency. This could be a driver which the scheme could turn to, to support it's growth in light of limited resources. The barriers to this are ever present and include cost, time and initial resource outlay requirements, as well as a potential for the human fear of change, especially where it becomes considered that technology is replacing human jobs, which undermines peoples sense of security.
A more detailed view of the drivers and barriers faced by Venture Matrix can be found in the SWOT and PESTLE analysis below:
SWOT Analysis of VM
SWOT Analysis of VM
Using Albert Humphrey's model (British Library, n.d.), a SWOT analysis has been undertaken which identifies the Venture Matrix scheme's drivers - STENGTHS & OPPORTUNITIES - and the scheme's barriers - WEAKNESSES & THREATS. Download the SWOT Analysis infographic here.
PESTLE Analysis
PESTLE Analysis
Utilising professor Francis Aguilar's adapted PESTLE Analysis model (Mindtools, n.d.), the Political, Economic, Sociocultural, Technological, legal and environmental drivers and barriers affecting Venture Matrix and it's parent organisation, Sheffield Hallam University can be highlighted. Download the infographic here.
The SWOT and PESTLE analysis present several drivers and barriers which should be considered by the Venture Matrix scheme, which should aim to amplify the drivers and mitigate against and navigate around the risk presented by the barriers. Now that these have been understood, the Customer Journey Mapping process can be implemented. Click on the link below to find out more.
References
References
British Library (n.d.) What is SWOT analysis?, Accessed at https://www.bl.uk/business-and-ip-centre/articles/what-is-swot-analysis#:~:text=The%20SWOT%20framework%20is%20credit,the%201960s%20and%20early%201970s on 20th September 2020
Mindtools (n.d.) PEST Analysis, accessed at https://www.mindtools.com/pages/article/newTMC_09.htm#:~:text=Harvard%20professor%20Francis%20Aguilar%20is,to%20create%20the%20current%20acronym on 20th September 2020
SWOT Analysis
SWOT Analysis
Advance-HE (2020), Venture Matrix Sheffield Hallam University, Access at https://www.advance-he.ac.uk/cate-team/venture-matrix-sheffield-hallam-university on 4th September 2020
PESTLE Analysis
PESTLE Analysis
Financial Times (2019), Apprenticeship numbers rise in England for first time since levy reforms, Accessed at https://www.ft.com/content/a3000176-5144-11e9-b401-8d9ef1626294 on 23rd September 2020
Gov.uk (2020), Employers encouraged to sign up for apprentice cash boost, Accessed at https://www.gov.uk/government/news/employers-encouraged-to-sign-up-for-apprentice-cash-boost on 23rd September 2020
Independent (2017), Universities given permission to increase tuition fees every year, Accessed at https://www.independent.co.uk/news/education/education-news/university-tuition-fees-uk-rise-increase-every-year-government-higher-education-courses-study-a7707291.html on 23rd September 2020
The Guardian (2020), 'I can't afford rent': the students facing hardship during lockdown, Accessed at https://www.theguardian.com/education/2020/apr/24/i-cant-afford-rent-the-students-facing-hardship-during-lockdown on 23rd September 2020
The Guardian (2020), UK universities predict record student dropout rate, Accessed at https://www.theguardian.com/education/2020/sep/19/uk-universities-predict-record-student-dropout-rate on 23rd September 2020
The Star (2020), Sheffield students compensated after course 'fails to meet standard promised', Accessed at https://www.thestar.co.uk/education/sheffield-students-compensated-after-course-fails-meet-standard-promised-2974344 on 23rd September 2020
Times Higher Education (n.d.), How could Brexit impact international students?, Accessed at https://www.timeshighereducation.com/cn/student/news/how-could-brexit-impact-international-students on 23rd September 2020
Trustradius (2019), How Technology Can Be Used To Enhance Practical Science, Accessed at https://www.trustradius.com/buyer-blog/how-technology-improves-education on 23rd September 2020
Wired (2020), This is online learning’s moment. For universities, it’s a total mess, Accessed at https://www.wired.co.uk/article/university-online-coronavirus on 23rd September 2020
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