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![Page 1: Converge 2014: Using Data-Driven Decision Making to Inform Academic Program Development - Power-Barnes](https://reader034.fdocuments.in/reader034/viewer/2022052410/547e4cdab4795984508b4afb/html5/thumbnails/1.jpg)
Utilizing Market Research to Inform Academic Program
Development, Facilitate Collaboration and
Impact Your Institution’s Bottom Line
Marie R. Power-Barnes
October 15, 2014
Converge 2014 – Nashville, TN
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College Background
Chartered 1972 One of NJ’s 12 Senior Public Institutions of Higher Learning NJ’s Only College Designed Exclusively for Adult Market Accredited by Middle States Comm. on Higher Education Distance Learning Model : Online Courses, Credit Transfer, Prior Learning Assessment, Credit by Exam, Credit for Professional and Military Training, including programs evaluated by American Council for Education College Credit Recommendation Service
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Fast Facts*
Current Enrollment: 21,495
Undergraduate 20,143
Graduate 1,352
Average Age: 36
Degrees Awarded: 50,147
Geographic Scope: Serving students in all 50 states and approximately 60 countries throughout the world *June 30, 2014
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Tuition Undergraduate
Comprehensive Annual Tuition:
NJ Residents $5,871
Out of State Residents $8,647
Per Credit Undergraduate Tuition
Graduate
NJ and Out of State $617 per credit
MBA $666 per credit
Nursing (MSN)
BSN NJ Residents $407 per credit
BSN Out of State Residents $491 per credit
Marie R. Power-Barnes, Converge 2014, Nashville, TN
NJ Residents $407 per credit
Out of State Residents $491 per credit
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Our Approach
Provide best information to potential adult student to assist them in making an informed decision regarding their choice of institution
Attract self-directed adults –
we are not the best fit for everyone
Inform, not recruit
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Identifying New Academic Program Offerings -
the early days…
Marie R. Power-Barnes, Converge 2014, Nashville, TN
College Degree = Job Stronger Economy Academic Expertise Drove Program Development Undergrad Higher Education Market dominated by 18 – 22 year olds
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Identifying New Academic Program Offerings -
just a few years back…
Marie R. Power-Barnes, Converge 2014, Nashville, TN
Awareness of Increased Competition Changing Economy Watch and see mode Emerging fiscal concerns Growth in online and adult market
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Identifying New Academic Program Offerings -
today…
Marie R. Power-Barnes, Converge 2014, Nashville, TN
Post recession economy College degree NO LONGER GUARANTEES a job Marked shift in higher education student demographics - “adults” are the largest proportion of students enrolled in higher education today Technology has dramatically changed both expectations and access Competition for enrollments is FIERCE (public, private and for-profit) Revenue and Margins now strongly influence, and in many cases define, new academic program development , often causing friction and disconnect between Academic Affairs and Operating Units (Enrollment Management, Marketing, Finance, etc.)
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Our Students Choose Our Programs Based on How Their Lives Will be Impacted
Marie R. Power-Barnes, Converge 2014, Nashville, TN
Career and financial advancement Balancing of quality and cost – affordability is key Reputation of the degree/granting institution Degree programs relevancy to today’s job market and economy Availability of additional specializations/skills to enhance current job status or make student “more marketable”
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Identifying Quality and Relevant Program Offerings That Meet Market Needs and Support the Institution’s Mission:
Marie R. Power-Barnes, Converge 2014, Nashville, TN
Academic Expertise and Experience
Market Research
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“In God we trust. All others must bring data.”
W. Edwards Deming
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Three Basic Facts Life (according to MPB):
Spell check is not your friend;
Elastic is not your friend;
Market Research IS your friend – no matter
what your position is in the institution!
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Our Challenge
Increased competition impacting enrollment growth Key competitors with deep pockets Strategic focus to grow graduate enrollments to 12% of current enrollments by 2017 (6.1 % at time of review) No “marque” graduate degree Ever-changing job market impacting student decisions
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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The Approach
Internal Stakeholders: In-depth discussions with Academic Affairs (Provost and Deans) and Enrollment Management regarding challenges and desired outcomes : Meeting growth goals Increased competition for students Limited resources Target market identification Market relevancy Program development State approvals Accreditations Course development Implementation viability Mission fit
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Our Charge
Answer the following key questions:
What graduate programs will be in high demand in the next 5-10 years to meet the needs of projected job growth?
What are the degree trends among graduate programs in the New Jersey/New York/Pennsylvania market?
What are the biggest opportunities for Thomas Edison State College, given its position in the market?
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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The Research Process
Partnered with Converge Consulting to assist with Market Research Information gathering:
Analyzed IPEDS data of graduate degrees offered by program in PA, NJ, NY market
Analyzed job information from Burning Glass to determine Job growth Required skills Starting salary Top hiring companies
Analyzed Bureau of Labor Statistics information to project job growth from 2010 - 2020 Conducted Google searches to understand job trends in tri-state area
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Criteria for Inclusion
Strong growth in number of posted job openings 2007 - 2011
Strong growth in degrees granted in the tri-state area 2007 - 2011
Programs with fewer than 100 degrees conferred in the past five
years were not included
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Caveats
Degree information is self-reported by institution
Institutions determine CIP codes for their own programs
Programs that IPEDS classifies as different may actually be similar
Matching of degrees to jobs is not an exact science
There may be more than one degree that matches a job or vice versa
Some job classifications have incomplete data
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Relevant Findings
Most of the recommended programs fell into one of four disciplines
19 Programs were recommended for further exploration, and were
prioritized into three tiers based on:
Job growth
Degree growth
Number of institutions currently granting degree
Presence of a dominant player in the market
Cost of current programs/opportunity for a low-cost provider
Fit with existing programs
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Degree A Program Recommendation
20
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Degree B Program Recommendation
21
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Outcomes
One of 19 recommended programs fully adopted and implemented Several program recommendations adopted as specialties within existing degrees Several existing degrees retooled to reflect intelligence obtained through study Strengthened collaboration between operating units evaluating opportunities Since study, MULTIPLE requests for program demand and feasibility analysis have been made. All handled internally. Some programs have been pursued, other have not, and one existing program was re-examined and afforded a dignified death, all based on market facts and trends and collegial collaboration.
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Your Internal Process
Evaluate your resources – internal Market Research department, Institutional Research, Marketing, Academic Affairs, Enrollment Management - who can do it and how will you pay for it? One person band or a village? Collaborate, collaborate, collaborate! Determine internal, external or mixed responsibilities for project Establish project time line Identify vendors (where applicable) and resources Research, report, recommend Re-examine!
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Analyzing Current Market Share
Define your Competitive Set for EACH degree program you are evaluating – for example, you would have different competitors for your Nursing MSN and Business MBA programs. Collect most recent data on degrees granted. Degrees reflect demand; enrollments can be aspirational! Calculate your market share within your defined competitive set. Analyze your position. Be real with the numbers. 52% share of a program with 36 degrees awarded is nothing to write home about!
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Analyzing Future Market Share
Analyze US Department of Labor, Bureau of Labor Statistics job growth projections as they relate to your chosen degree programs. Note that often you will not find a direct correlation to a given degree. Evaluate employment market in your state or target geographic area, including trend, historical and real-time data. Watch job trends, national reports, etc. Utilize Google searches and alerts. Triangulate current and future market share data with institutional and trend data, internal surveys and other data sources, internal growth goals, etc. to formulate recommendations.
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Considerations
Strategic /Identify New Markets/Complement Mission Market Driven Differentiated from Competitors Relevant Analysis of Cost and Revenue/Enrollment Potential Margins Marketing Implications
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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Resources:
NCES College Navigator: http://nces.ed.gov/collegenavigator Burning Glass http://www.burning-glass.com US Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook http://www.bls.gov/ooh
Marie R. Power-Barnes, Converge 2014, Nashville, TN
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THANK YOU!
Marie R. Power-Barnes Thomas Edison State College
[email protected] 609-984-4839, ext. 2050
Marie R. Power-Barnes, Converge 2014, Nashville, TN