The Current Vision Of The College Commerce Essay

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The College of Business Administration is one of the oldest and largest colleges in the University having started in 1997 with 160 students. Currently we have nearly 900 students in the college with about 60% of the students in the Women's College. Located in one of the most impressive campuses of any University in the World, the college has over the years played its part in providing the Emirate of Sharjah and the UAE with skilled managers to lead the astronomical developments in the region.

The College aims to prepare the managers of tomorrow to lead the development of the region and also be effective leaders of local, regional and global organizations. The College also aims to contribute to the local economic development by providing research and developing effective links with local and regional communities and organizations.

The college currently offers five Bachelor Degrees - BSc in Accounting, BSc in Finance, BSc in Business Administration, BSc in Public Administration and BSc in Management Information Systems, and one Postgraduate Degree, the Executive Master in Business Administration. In the future we intend to develop new undergraduate courses in human resource and also broaden our postgraduate offerings by introducing new courses that are relevant to the development of the region.

The College is committed to quality assurance in teaching and learning and intends to be innovative in our teaching and assessment practice. An important feature of our agenda is to maximize the enhancement of learning through the use of new technologies. Research is integral in the College and to the quality of our leading edge education. The College views research as a feature of the work of all its academic members and it should underpin the teaching.

The College maintains a strong student focus and the educational experience of our students is of utmost priority. An integral part of that will be a commitment to being reflective practitioners with high sensitivity to our student's needs and aspirations. We intend to learn from the best international practice and implement and surpass it.

College Vision

Our vision is to be the college of choice in the region for aspirant students, professionals, and scholars for its commitment to learning and scholarship.

College Mission

Our mission is to create and sustain an environment where responsive business scholars educate responsible learners to advance their aspirations in service of their society.

Core Values

Our core values are integrity, ambition, responsibility, responsiveness, and interdependence.

College Goals

The College is committed to:

Designing academic programs as platforms

Attracting, developing& retaining responsive scholars/educators

Attracting aspirant students

Supportive intellectual, professional & learning environment

Engaging intellectual & learning experiences

Developing college-society initiatives by working closely with key stakeholders

Crafting a distinctive college identity

Literature Review

After reviewing the different websites of other colleges it has been learned that their mission statements emphasize on career development, fulfilling market demand for certain type of graduates, student learning and engagement in community development. Abu Dhabi University also emphasizes on same goals in their mission statements as learned from "Vision & Beyond", ("n.d.").

Al Ain University however emphasizes on different goals in their mission statement such as quality teaching and research, but they also have similar goals like responding to market needs, career development and community development as explained in "Vision & Mission", ("n.d.").

University of Dubai has a unique way of placing themselves in the market, emphasizing on getting certifications and accreditations to guarantee that the faculty available and the standards of teaching are up to the international standards, consequently the university is successful in making an image in the market that the education provided by the university is better than the competitors. Some of these accreditations are ABET and AACSB Accreditations as learned from "International Accreditations", ("n.d.").

Canadian University of Dubai has its own unique style where they highlight Canadian perspectives in learning, sovereignty of the university as an institution of higher education and atmosphere of dignity and mutual respect, rest they also have similar goals like career development, community development and quality teaching as learned from "Mission and Vision", ("n.d.").

Therefore we have learned that almost all our competitors are focusing on same goals but also they have a unique way of differentiating themselves from the competitors in the market.

Social Media campaigns play a vital role in sending the right signals in the market and almost all our competitors are using social media campaigns on instagram, facebook, twitter, pinterest, foursquare, google+, youtube and tumblr. Jue, A.L., Marr, J.A. and Kassotakis, E. (2010) explained the importance of social media networks in achieving organizational goals and further states that the use of social media is always a key factor in generating the energy and mobilizing a large community to achieve a common goal.

Evaluating Current Visions, Missions and Goals of the College:

The core of our vision is to become the leading college for its commitment to learning and scholarship and the goal in our mission statement is to become the leading college in producing responsible learners. Commitment to learning and scholarship and producing responsible learners are the two strategies which could make us the market leaders. We can send this message in the form of a powerful social media campaign that our college is unique from others as we devote all our energies in producing responsible learners.

Understanding and Evaluating the Current Strategy:

The faculty is the core element in the success of any educational institution, we will have to attract best available faculty internationally to gain competitive advantage over the competitors. The strategy of attracting best faculty members will also help us in creating a supportive intellectual, professional & learning environment and engaging intellectual & learning experiences.

An active marketing research team will always be engaged in gather vital competitor data and accessing market needs. This strategy will help us in designing academic programs which will attract students from all over the world.

Our current visions, missions and goals lack certain key areas which are being offered by our competitors hence there is a need to incorporate all the information gathered during literature review. Our college has a very impressive campus which is should be highlighted to attract more students.

SWOT Analysis of Internal and External Environment:

Helpful for our Objectives

Governmental supported universities are a major threat

Use of Social Media Networking by the competitors

International Colleges and Universities entering UAE

Harmful for our Objectives

Dedication in producing responsible learners

Commitment to learning and scholarship and producing responsible learners

Crafting a distinctive college identity

Designing academic programs as platforms

Internal

Credit Crunch/Financial Recession in the USA, UK and European Economies.

Sky Rocketing Tuition Fees in the USA, Uk and European Economies.

Less competitors in the market as the education industry in UAE is still developing.

International students looking to travel abroad for studies.

ExternalThe following Swat Matrix as explained by Kazmi, A. (2008) presents the SWOT for our college with current mission, vision and goals:

Colleges and Universities with International Accreditations

Other universities targeting career development and community development

Competitors providing quality teaching and research

Competitors keeping pace with Market Needs, market research.

Five-force Analysis:

According to Porter's Five Forces Model once the boundaries of an industry have been identified, next step is to analyze the competitor forces in the industry environment to identify opportunities and threats as explained by Hill, C.W.L. & Jones, G.R. (2008), further explains the model with the help of following Figure-1.

Risk of entry by potential competitors

Bargaining power of buyers

Intensity of rivalry among established firms

Bargaining power of suppliers

Threat of substitutes

Figure 1 - Porter's Five Forces Model

After analyzing the education industry locally and internationally with the current mission, vision and goals our college has to face following five forces while entering the education industry:

Risk of entry by potential customers:

World has become a global village after the credit crunch and the financial depression the education markets in west are already saturated and due to inflation students have to pay sky rocketing tuition fees in countries like USA, UK and other developed economies of Europe. In such a changing and variable external environment Dubai becomes the safe house for all the investors looking to invest in education industry.

Since Dubai does not have a history in education market consequently leaves a room for more competitors to enter the education industry. As more and more expatriates move to UAE looking for better employment opportunities the demand for education increases hence providing opportunities for new entries.

Our current mission statement, vision and goals completely lack the strategy to tackle new entries in the market and to face the fierce competition in UAE education industry.

UAE Education Industry also offers easier government regulations for new entries which allows easy entry for potential customers. The government supported universities and business colleges have an ability to operate on economies of scale posing a threat to our business college.

Threat of Substitutes

UAE Education market presents a greater threat of substitutes to our college hence we need to incorporate this into our strategy, mission, vision and goals. The international colleges and universities present a greater threat of substitutes, some of the international universities are building over sees admission and information offices to capture greater share of the international students market.

Some of these countries are Australia, Canada, Uk, USA and European Countries, universities in these countries take part in international education seminars and festivals and attract students from all over the world.

Bargaining Power of Suppliers

Hill, C.W.L. & Jones, G.R. (2008), noted that the bargaining power of suppliers are the organizations that provide inputs into the industry, such as materials, services, and labor (which may be individuals, organizations such as labour unions, or companies that supply contract labor). The bargaining power of suppliers refers to the ability of suppliers to raise input prices or to raise the costs of the industry. Therefore powerful suppliers are a threat.

In the case of our business college our suppliers would be the faculty, the building and equipment and employees the bargaining power of our suppliers multiplies in the booming education industry of UAE. Hence posing greater threat to our Business College the current mission, vision and goals does not incorporate the bargaining power of suppliers.

Bargaining power of Buyers

Hill, C.W.L. & Jones, G.R. (2008) stated that the an industry's buyers may be the individual customers who ultimately consume its products (its end users) or the companies that distribute an industry's products to end users, such as retailers and wholesalers. The bargaining power of buyers refers to the ability of buyers to bargain down prices charged by companies in the industry or to raise the costs of companies in the industry by demanding better product quality and service.

Therefore our business college faces a threat by students who have all these options to choose between different business colleges.

Students also demand for international accreditations ensuring they have better quality education which also poses a threat to our business college.

Intensity of rivalry among established firms

Rivalry occurs because one or more competitors either feels the pressure or sees an opportunity to improve position. Some actions that may be taken are reducing price, increasing promotional effort, increasing product line and launching new products as noted by Phadtare, M.T. (2011).Other Business colleges in UAE pose a rivalry threat to our business college, specially the government supported competitors as they can reduce tuition fee, and some of the competitors in the industry have acquired accreditations.

New Mission Statement:

After a detailed analysis of the current mission statement, the competitors, SWOT analysis and Porter's Five Forces analysis and incorporating the findings, the new mission statement is as follows:

"Our mission is to provide career development, community development and at the same time satisfy market needs by offering new study programs. Also acquiring international accreditations for all the courses offered in the business college to ensure provision of quality education, teaching and research".

New Strategy incorporating Strategic Management:

The new strategy incorporates the use of Social Media Networking, and will ensure that a continuously developing social media campaign is launched promoting our impressive campus and introducing the courses offered by our business college internationally and locally, also crafting a distinctive college identity using all contemporary means.

Acquiring International Accreditations is also a vital part of the new strategy, ensuring the quality of teaching and research will help attract more students globally. The new strategy will focus to acquire international accreditations for all the courses/programs offered by our business college.

An active marketing research team engaged in gathering competitor data and gathering market information to satisfy market needs, will be at the core of the new marketing strategy. The research team wil bench-mark the competitors and will come up with innovative ideas to face market completion as explained above in Porter's Five Forces Analysis.

Conclusions

After conducting SWOT Analysis, enquiring external and internal environments and Port's Five Forces analysis and detailed literature review. The new mission statement and the strategy incorporate all the findings of the analysis, and the new strategy will ensure that our business college becomes the market leader in UAE Education Industry.

This product has gained knowledge about the use of Porter's Five Forces Analysis, SWOT Analysis, Internal and External Environment Analysis, importance of mission statement, vision and goals in becoming a successful organization.

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