Running head: JOURNAL ENTRY MODULE

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Journal Entry Module 1

Laura Howard
University of Maryland University College
https://lhowarddepm622.weebly.com/

Business Trend

One business trend that has increased over time for distance education and, education

in general, is competition among other educational institutions. Due to an influx of technology

advancements, distance education can now be offered online thereby changing academia

dramatically. This has created many new educational institutions and extensive changes to

already existing ones. Although there are many benefits now with incorporating digital

technology, there is now competitive aspects among many institutions to gain and retain

students while other institutions are offering better, faster and more convenient educational

opportunities. One example is the competition between for profit and non-profit educational

institutions, which has developed issues and concerns with financial aspects, quality and

ethical management. Greenberg (2004) has a great quote that helps to recognize the changing
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dynamics of business and education, “If higher education is to lead its own renewal, it must

think about its people, its property, and its productivity in business terms” (para. 25).

Media

Academic Rankings of World Institutions chart: The ShanghaiRanking Consultancy

displays the Academic Rankings of World Institutions globally by year as an example the

competitive nature of institutions: http://www.shanghairanking.com/ARWU2018.html.

Business Case Idea

The business case idea that I am proposing is to develop a digital online scholarship

application process and financial aid specialist position. The stakeholders will mostly be the

students, administration and the academic community. This is because having the online

processing will help reduce the current manual and timely application processes. Also have a

financial aid specialist for continuing education will help reduce the number of mis -

information or confusion from other administration and staff not being aware of processes,

requirements and updates for financial assistance resources.

The customers are local society and the taxpayers overall (citation), but it will be

students that we need to motivate in marketing. The reason that the students should want what

we are selling is because this will make the process easier for students to apply a nd keep track

of their status. The incentive that they could possibly have the scholarship pay for most of

their educational cost is also the prime motivator. A financial aid specialist should be able
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contribute to increasing student registration but informing students about all the financial

assistance options available.

Module 1 Objectives

The 1st objective “Describe the scope of the distance education industry within the

knowledge economy” (University of Maryland University College, 2019, Module 1: The Global

Knowledge Economy section, para. 2). This objective has been achieved because one of the

most important skills in the knowledge economy, due to new technological advancements and

accessibility, is critical thinking, global networking, problem solving and technology

navigation. These skills are now being recognized as more valuable in the success of the

knowledge economy.

The 2nd objective is “recognize the power of language in shaping perception and

attitudes and the polarization that exist in considering education as a business” (University of

Maryland University College, 2019, Module 1: The Global Knowledge Economy section, para.

2). This objective has been achieved by recognizing how educational institutions are funded,

the importance of being accredited, quality matters, providing appropriate educational

methods and understanding the balance of cost-effectiveness.

The 3rd objective is “analyze the role of distance education in creating viable

communities and the investment opportunity for governments” (University of Maryland

University College, 2019, Module 1: The Global Knowledge Economy section, para. 2). This

objective has been achieved because education is a benefit to communities and the

government. Providing excellent education should be benefit to society which in turn benefits

the government. The World Bank (2003) explains “by improving people’s ability to function
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as members of their communities, education and training also increase social capital (broadly

defined as social cohesion or social ties), thereby helping to build human capital, increase

economic growth, and stimulate development” (pp. 3-4).

The 4th objective is “map the industry by applying value chain analysis to identify key

stakeholders, products, suppliers and customers in analyzing market segmentation”

(University of Maryland University College, 2019, Module 1: The Global Knowledge Economy

section, para. 2). This objective has been achieved because it has identified the 3 categories of

the value chain components, such as differentiation, focus and cost leadership (Elloumi,

2004). The discussion of identifying a current institution’s value chain helped to understand

the components involved for business success.

The 5th objective is “develop business profiles as part of an environmental scan”

(University of Maryland University College, 2019, Module 1: The Global Knowledge Economy

section, para. 2). This objective has been achieved with help from the business plan proposal

assignment. This assignment has helped to do a scan of my current institution’s conduct of

business. Upon analyzing how my institution’s business is conducted in the continuing

education field, it has helped me identify issues that are occurring and possible solutions.
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References

Elloumi, F. (2004). Value chain analysis: A strategic approach to online learning. In T.

Anderson & F. Elloumi (Eds.), Theory and practice of online learning (pp. 61-92).

Retrieved from

https://www.immagic.com/eLibrary/ARCHIVES/GENERAL/ATHAB_CA/A040212A.p

df

Greenberg, M. (2004). A university is not a business (and other fantasies). EDUCAUSE

Review, 39(2). Retrieved from https://er.educause.edu/articles/2004/1/a-university-is-

not-a-business-and-other-fantasies

University of Maryland University College. (2019). DEPM 622 9040 Business of distance

education & e-learning (2192) DEPM-622 [Course syllabus]. DEPM 622-9040, Spring

2019, [Business of distance education & e-learning (2192) DEPM-622]. Master of

Distance Education and E-learning, University of Maryland University College,

Retrieved from

https://learn.umuc.edu/d2l/le/content/354229/viewContent/14382250/View

The World Bank. (2003). Chapter 1: The Knowledge Economy and the Changing Needs of the

Labor Market. Lifelong learning in the global knowledge economy: Challenges for

developing countries (pp. 1-19). World Bank Publications. Retrieved from

http://siteresources.worldbank.org/INTLL/Resources/Lifelong-Learning-in-the-Global-

Knowledge-Economy/chapter1.pdf