(searched for: Proposed Business Strategy for a Nonformal Architecture-Related Education Start-up (Case Study: Klass Academy))
Published: 3 May 2021
European Journal of Business and Management Research, Volume 6, pp 133-136; doi:10.24018/ejbmr.2021.6.3.875
Architecture is arguably one of the most complex and broad subjects, both for academic study and professional practice. Thus, many architecture students and practising architects participate in nonformal architecture-related learning activities. The COVID-19 pandemic has created an unprecedented impact on both formal and nonformal education systems worldwide; with the inevitable closure of schools and institutions, the sudden shift to virtual learning becomes mandatory. These drastic digital accelerations have caused the customers’ behaviour to change adaptively - the use of online education service and the market demands in nonformal education show an increasing trend. This paper presents a contextual and relevant business strategy for Klass Academy - a startup company in nonformal educational business - amid the pandemic and post-pandemic scenarios. It will underpin how the company could maintain its competitiveness by first analysing the existing business condition - both externally and internally, using several tools and theories from the literature study: Market Analysis, Porter’s 5 Forces, and Research-Based View Analysis. The findings from conducted analysis determine the proposed business strategy recommendations - with the use of Ansoff matrix as an analysing tool. The formulated strategies in this paper are categorised as Product Development Strategy and Diversification Strategy.