New ANCHORS For Business Schools In The New Economy

Abstract

In this article we illustrate changes taking place in the context, economy and environment in which business schools currently operate.  These changes point out the continuous need to devise new business school models to survive and prosper.  Further, we elaborate a contextual perspective obtained from the current best practices of business schools to spring forth new strategies in a changing world.

After decades of unprecedented growth, business schools are facing an outlook that is suddenly looking much less sunny. Increasing pressure to globalize, declining enrollments, criticism from corporate America, and changes in both business and society are forcing business schools to face the fact that they must adapt or die.

As the economy continues to move toward an information-based system, and corporations more heavily favor active learning over theoretical studies, business schools are facing an intensifying crisis. The schools’ best hope is to systematically analyze their own strategies and integrate the concepts of the new economy with their own core values.

To devise a strategy for succeeding in these turbulent times, we suggest schools base their strategies in the ANCHORS plan. This helps school officials build from a base that identifies their missions and core competencies, leads them to organizational effectiveness, and helps them create a sustainable advantage in their marketplace. The ANCHORS plan provides a multidimensional basis for coping with changing times and also helps schools identify the markets they will serve.