Your school is suffering from a significant drop in enrollment. Your leadership and your board look at falling enrollment and develop multiple tactics to address that fall. The tried-and-true "drop the price" mentality is applied because, after all, that's what works in the business world: drop your price, and generate enough sales to at least break even, if not overshoot the difference, ending up in the black.
Strangely enough, though, it seems that no matter what you do in terms of marketing efforts, admission events, and financial tactics, you can't seem to generate enough interest...and your enrollment declines even further.
What's going wrong here?
The issue is the inability to discriminate between a symptom and its root cause.
Too often, everyone focuses on curing the symptom with a band-aid rather than identifying and correcting the root cause. In the case of a school that continues to lose enrollment (and its concomitant financial well-being) despite valiant attempts at tactical adjustments, the leadership has failed to acknowledge what must be the obvious root cause: the product is stale and non-competitive. The luster is gone; what remains is ho-hum.
Ho-hum doesn't sell in this kind of economy.