The Historical fact of Taylor's University
The Historical fact of Taylor's University
Taylor’s University. It is one of the most well-known reputable private education institution in Malaysia, as it never fails to deliver a holistic education that results not just excellence in academic accomplishment but also the capability of achieving graduate qualities that are most needed in the global market place. Taylor’s University was founded in 1969 as a college, 2006 as University College and finally in 2010 it officially gained the title of University. The first campus was built at Jalan Pantai,Kuala Lumpur and at Subang Jaya four years later. In 2001, the fourth campus in Wisma Subang, Taylor’s Business School was introduced. In the following year, Taylor’s College Petaling Jaya became the fifth campus and also by including Taylor’s School of Hospitality and Tourism,School of Communication, School of Architecture Building & Design and Taylor’s School of Computing into this new campus. In 2004, the sixth campus was launched in Subang Square introducing the American Degree Programme. With the launch of the seventh campus in Sri Hartamas, expansion began to occur. This campus was able to run the Cambridge A level programme, South Australian Matriculation programme and International Baccalaureate Diploma programme. In the early 2007, work commenced resulting the cost of Rm450 million for the major project of Taylor’s Lakeside Campus in Subang Jaya which was completed in 2010.
This campus houses all tertiary programmes under one branch. More than 65,000 students graduated proudly and took Taylor’s University as their leading authorities in their chosen field. (Study Malaysia Online. 2012.)
The reason of selecting Taylor’s University is because education industry plays a major role and it is fairly in demand for an individual especially in tertiary level, to be successful in the world and also it helps satisfy their needs and wants in their future. Besides that, education industry also benefits the nation in terms of politic, economy and social. Therefore,Taylor’s University is picked as an analytical company that is to be observed because of its remarkable being known as one of the best private university in Malaysia
Market Competition
Taylor’s University can be seen as a firm in a monopolistically competitive industry. Monopolistic Competition is characterized by a relatively large number of sellers, differentiated products and easy entry to and exit from, the industry.(McConnell C.R.; Brue S.L.; Flynn S.M. 2012 and unknown 2013). There are many universities in Malaysia other than Taylor’s University but each firm has a comparatively small percentage and has limited control over the market price. Moreover, the presence of relatively large number of firms but collusion is prohibited. Even though there are many universities, there is no interdependence among them,each universities can determine their own pricing policies. Besides that, the product differs by certain aspects such as location, some students from the vicinity of Bandar Sunway and Subang might choose Taylor’s University for convenience whereas some students might choose Taylor’s University for the quality of the service provided for example the quality of lecturers and reputation or image of it. Apart from that, entry and exit into monopolistic industry is relatively easy and the financial barrier may develop from the need of advertisements. Also note that in monopolistic industry the firm can be the price maker. Overall, the monopolistic competition has many sellers selling differentiated products which have close substitutes. Therefore the demand curve is fairly elastic.
Issues/Problem Statement
The number of students in Taylor’s University has been increasing lately. As a student in Taylor’s University it is very obvious that it can be seen by the crowd of students flocking around the campus commercial block during lunch hour and the increased traffic around the campus during the peak hour. Moreover, it can also be seen at the library where it is so crowded almost everyday.
Objective
The objective here is to identify the demand factor of students joining Taylor’s University and to determine the elasticity response of the students towards the price of tuition fees.
Limitations/Constraint
The limitation in conducting this survey is the student’s answers might not be accurate as they might take it for granted. Besides that, some students were hesitant to answer the survey questions and there might be some biasness in distributing the survey forms to the students in terms of international and local students.