It's usually done if anyone has a clue about policy planning, strategy, or market research. It's almost always part of the strategic plan of the university. It's called all sorts of things -- environmental part of SWOT, PEST, STEP, PESTLE, GDPEST, SLEPT, STEEPLE, STEER, etc.
It simply involves addressing items in the environment you believe can and will impact the college. A Google search returned a website with a school example.
http://rapidbi.com/pestle/schools-education-and-the-PESTLE-analysis-tool.htmlWhat opportunities and threats from the environment (everything beyond the university's control) should the university be aware of?