Expert answer:Online MBA at SVSU summary
Expert answer:summary my paper to 2-3 pages. use your own words will be fine. do not add anything to this draft, because it’s my final draft.
online_mba_industry_analysis.docx
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Table of Contents
Product Statement …………………………………………………………………………………………………………… 1
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2
3
4
Situation/Environmental Analysis ………………………………………………………………………………. 1
1.1
Industry Situation ………………………………………………………………………………………………. 1
1.2
Competitive Analysis …………………………………………………………………………………………. 3
1.3
Technological Forces …………………………………………………………………………………………. 4
1.4
Economic Situation ……………………………………………………………………………………………. 6
1.5
Political, Legal, and Regulatory Factors ……………………………………………………………….. 7
1.6
Culture/Societal/Demographic Trends ………………………………………………………………… 10
SWOT Analysis ……………………………………………………………………………………………………… 11
2.1
Strengths …………………………………………………………………………………………………………. 11
2.2
Weaknesses ……………………………………………………………………………………………………… 13
2.3
Opportunities …………………………………………………………………………………………………… 14
2.4
Threats ……………………………………………………………………………………………………………. 16
Segmentation and Target Market Definition ………………………………………………………………. 18
3.1
Target Market Definition ………………………………………………………………………………….. 18
3.2
Image of Online MBA Programs ……………………………………………………………………….. 20
3.3
Market Position of Online MBA Programs …………………………………………………………. 21
3.4
Value Proposition …………………………………………………………………………………………….. 22
Marketing Mix ……………………………………………………………………………………………………….. 23
4.1
Product …………………………………………………………………………………………………………… 23
4.2
Place ………………………………………………………………………………………………………………. 24
4.3
Price……………………………………………………………………………………………………………….. 24
4.4
Promotion ……………………………………………………………………………………………………….. 25
References ……………………………………………………………………………………………………………………. 29
PRODUCT STATEMENT
Saginaw Valley State University’s online MBA program is an opportunity for working
professionals to pursue their MBA without the constraints of traditional campus attendance. The
program is offered entirely online so students can study at a time that works with their busy
schedule. Unlike other more expensive or less reliable online MBA programs, SVSU offers the
same high-quality education as the on-campus program at an affordable price. Through embracing
the current pace of technology and delivering education to students in the format they desire, SVSU
will become a leader in the industry of online MBA offerings.
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SITUATION/ENVIRONMENTAL ANALYSIS
1.1 Industry Situation
In recent years, with the improvement and popularization of education, more and more students
pursue an undergraduate degree. This is a very honorable thing, but in the face of employment
problems, the undergraduate degree gradually lost competitiveness. In order to gain more
competitive advantage, many students choose to complete an MBA degree. MBA degrees include
a wide range of multi-functional degrees. An MBA degree will give students a wealth of
knowledge and skills in the fields of marketing, finance, accounting, and management. This gives
MBA students access to employment in many organizations.
Online education is an industry which has been embraced by many institutions within the
United States. Regulation of online education is evident through the accreditations earned by a
university. The program is set in a way to offer flexibility to working or otherwise occupied
students. Online programs can typically be offered to students in time formats that will work for
them, whether it is one year or longer.
Trends in industries are changing as technology is the mother and foundation of many aspects
in the business field. It keeps evolving and for that, adaptability is needed to cope with the changing
trends in the online market of technology. Technology is what runs most operations in the world
today thus online education is an industry that has adopted adaptability to its students to cater for
that. The online MBA turns physical lessons into online courses. Professors upload learning
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materials which related course (such as PowerPoints, video, and electronic documents) onto the
web for students to learn on their own. At the same time, professors also offer their contact
information to their students, and students can contact their professors to solve the problem by
email or phone.
The increase in the number of students enrolled in American schools that offer an online MBA
started increasing as early as 2009. The number of enrollment is now increasing at a higher rate
due to the quality courses offered by the industry. Expected 2018 enrollments illustrates a higher
number of students enrolled in online education than compared to previous years. The MBA online
industry is expanding at a higher rate, due to development of the online platforms.
One other trend is the importance of growing the business. The MBA online industry has
adopted the importance of growing as the offering is more appealing to students. It has involved
frequent innovation in the industry in order to keep students competitive in the growing world.
Educational institutes have ensured this by frequent industrial innovations which they offer to
students through their online platforms.
The industry is embracing the remote workforce whereby it is allowing people to learn from
different places with one aim. Students who are in different workplaces and countries have the
ability to learn uniformly across different geographies and cultures. Online education seems to
offer the most flexibility in learning for students. Reports given by the technological employment
agency states that the students from the MBA industry are mostly employed, which reflects on the
success of the school.
In conclusion, online education is an industry that offers good courses for flexibility of today’s
students. This allows for more students to enroll and learn online without interfering with daily
activities and even working. The length of the program is tailored to each student as they are able
to take more or fewer classes per term. Additionally, the manner of learning allows for the most
flexibility to non-traditional students with a demanding schedule outside of school.
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1.2 Competitive Analysis
Saginaw Valley’s online MBA program has many competing universities nearby, including
Northwood University’s DeVos Graduate School in Midland, MI. This private school offers many
options for the MBA program including an accelerated MBA, a traditional MBA, an evening
MBA, a weekend MBA, or an online MBA. The online MBA program is full time, requires 36
credits, and is 24 months long. It requires a 3.0 or higher cumulative grade point average. The
average class size is 21 students, and the total program cost is $37,080. The graduate enrollment
at DeVos is 495 students for 2017, and the acceptance rate is 70%. Northwood University’s
strengths include that it has high brand awareness within the area and has received national
recognition as a “Best Value Business School” with great return on investment. The school also
offers health insurance to students. Its weaknesses are that the tuition cost is higher than some
competing schools and it does not offer a part time MBA program. This is not helpful for those
who wish to work full time and go to school part time. It is also not accredited by AACSB. The
program requires an interview and GMAT completion for admission. They seek to gain market
share by consistently contacting students who are interested or that start the application process,
and promote the positives of their program.
Central Michigan University is another competing university located in Mt. Pleasant, MI. The
school offers an on-campus and online MBA program. Admission requires a GMAT score of at
least 450 and the program requires 35 credit hours. Both part time and full-time programs are
offered, and the total cost is $28,165. The school’s strength is that it has a highly rated online MBA
program and was ranked the 6th best online MBA program in the United States by US News and
World Report. It also has a 92.4% acceptance rate, and is accredited by AACSB.CMU’s graduate
programs have high reviews from students rating 4.12 stars out of five and are recommended by
93%. The school uses marketing strategies including sponsored ads that show up in popular places
for students such as Facebook or Pandora.
University of Michigan of Dearborn, MI is also included in the competition of SVSU’s online
MBA program. This university offers the program online, on-campus, or a combination of the two.
It offers both full time and part time options. It has a 41% admission rate, and a tuition cost of
$48,965 for the MBA program. Its greatest strength is that the program is ranked number one best
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online MBA program in Michigan and ranked 36 in best online MBA programs in the Unites
States. It is also accredited by AACSB. Its weakness is that the tuition cost is much higher than
competing universities.
Cleveland State University in Cleveland, Ohio is another competing university. This
university’s online MBA program includes 34 credit hours within one year, a tuition cost of
$35,000, and is accredited by AACSB. Its strength is that it is ranked number one most affordable
online MBA in Ohio and number 19 in the U.S. by bestcollegesonline.org. Although it is the most
affordable in Ohio, it is more expensive than competing schools in Michigan. It also has a set
schedule of one year and does not offer flexibility of when to take the classes of your choice. Ball
State University in Indiana is also a competing University to SVSU, and includes 30 credit hours
at a tuition cost of $18,300. This cost is a strength of the school, as well as the business professors
being ranked first in Indiana for faculty credentials in U.S. News & World Report’s 2013 Top
Online Education Programs. It is also accredited by AACSB.
These universities may impact SVSU’s market share and SVSU may be vulnerable in the area
of online MBA program rankings. There are many online MBA programs that could cater to the
same target market, and many have online rankings that a student may find when looking for
information. SVSU is rarely near the top of an online search list of MBA schools and has been
considered a “best kept secret” in Michigan. The competitive advantages that SVSU’s online MBA
program holds are that the tuition cost is low relative to other universities in the area. It is
accredited by AACSB, and gives the option of completing the program part time which is a benefit
for those who work full time. It has small personal class sizes and high ratings from students. The
school also allows students to take an in-house test for admissions instead of completing the
GMAT. SVSU’s college of business and management was named an outstanding business school
by Princeton Review’s “The Best 296 Business Schools: 2013 Edition.”
1.3 Technological Forces
Online education has become highly popular and plays an important role in the globalization
of education. Utilization of the internet is the main source for this online education. Videos will
be used for lectures which helps students to understand the concept with clarity, as well as having
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access to the lectures multiple times. With a continuously increasing innovation in technology,
online education is accessible for all people of different parts of the world.
Online education enrollments are significantly increasing every year and this platform is
available in different disciplines. Most of the degrees require attending laboratories for a practical
approach but the online MBA is a program which doesn’t require any laboratory work to attend
during the program. Therefore, it is easy and comfortable to provide online instructions for MBA
students. As of fall 2007, online enrollments illustrated that the highest number of students were
registered in business administration. Online MBA students are spread in different industries and
this program is attracting students from diverse industries. The Wharton school in Pennsylvania
reported that 78% of the students that are registering for online business courses are from outside
the USA. In October of 2013, half a million students were enrolled in business school courses.
Due to the benefits associated with online education, students are attracted to online programs
globally. Online training or education helps students to work at their own pace to complete their
assignments. Due to the availability of innovative technology, online education became a costefficient program for both educational institutions and students. Commuting costs of students is
reduced and flexibility for the lecturers and students is increased. Since the software does not
charge hourly bases, educational institutions are spending less on technological software to provide
online education to vast number of students globally, which helps educational institutions to gain
more profits by spending little on investments. Some educational institutions also use generic
video websites such as YouTube, Daily motion, etc., to provide online education for students
which are free in cost and available globally.
Innovations in technology have allowed students from diverse locations and non-traditional
students to pursue an MBA online without any disturbance to their work life or family life. Instead
of quitting a job a student can utilize the internet for delivery of courses. This program will help
students with a disability, people that have social issues, or people who are working or otherwise
unable to attend traditional school hours. As technology has become more sophisticated, so has
online learning. Initially, online forums consisted only of discussion threads, but now they have
the capability for video streaming and using virtual classrooms using technology platforms such
as WebEx. Now most of the professors are using videos and writing boards to explain the course
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concepts. Proctoring websites have been established to proctor the student during exams. Online
discussion boards have been started for group discussions. There are also some negative aspects
associated with utilization of technology as the primary source of interaction. Students will not
have face-to-face social interactions with other students or professors, and group interactions may
be suppressed due to a lack of physical connection between classmates. Any person can complete
the course in the name of student. Plagiarism practice may increase in assignments, quizzes, etc.
Students might not be confident due to lack of communication skills, which is a major asset for
MBA students. Overall, due to the drastic innovation in technology in this modern age, online
education is providing a better approach for the students who want to pursue an MBA degree
without commuting to the school.
1.4 Economic Situation
In 2015, college graduates earned an average of 56% more than individuals that had only
attained their high school diploma. Job prospects for those with a college degree have also fared
better than those without. Since the financial crises started in 2007, the number of employed
college graduates has risen 21% while employment among those with only a high school degree
saw a decline in employment of 8%. With such a disparity in income levels between high school
graduates and college graduates, it is clear that the level of education one attains is directly related
to their income potential. Educational attainment beyond a bachelor degree can potentially lead
to even higher income potential. According to the Graduate Management Admission Council’s
Alumni Perspectives Survey, in 2011, the average starting salary for individuals with a bachelor
degree is $38,949 while the average starting salary for individuals with an MBA is $78,820.
However, various factors will affect the average starting salary of both individuals earning an
MBA or BBA, including the focus of study, location of employment, and type of employment.
Looking solely at the income potential, it is easy to see why many individuals will continue
their education to the MBA-level degree or higher, however there are many other economic forces
to consider. The cost of post-secondary education has been on the rise, and many individuals face
a burden with the cost of pursuing this education. According to U.S. news, the cost for a college
education is by far outpacing the growth of inflation. Between 1997 to 2017, tuition for a fouryear degree in the United States has jumped 157 percent. The additional cost for an MBA degree
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comes with a much higher price tag. Top business schools in the United States can charge more
than $100,000 for a full-time MBA program, with the average cost of an MBA around $80,000 for
the full two years. However, the cost incurred by the student will be far more than merely the
tuition itself. During the time a student is completing an MBA, they will normally not have enough
time to hold full-time employment. In addition to the lack of income, the student will also need to
find a way to pay for their housing and day-to-day living. This type of financial cost can result in
soaring student debt, which can be incredibly difficult for a student to pay off post-graduation.
Many graduates of full-time MBA programs will graduate with more than $100,000 worth of debt,
leading to the question of whether the attainment of an MBA degree is worth the cost. Even though
the typical payback of an MBA degree will be 3 to 4 years, individuals will typically struggle
paying student debt while simultaneously trying to build a life for themselves. For example, many
graduates may put off home ownership, marriage, or starting a family due to the burden of student
loans. Additionally, some MBA grads will not immediately receive employment offers at the
average starting wage. For an individual receiving income below the national average, it will be
that much longer before they are able to start building the other aspects of their life. The financial
burden may lead potential students to question whether attainment of their MBA is worth the
additional cost.
In order to defray the cost of a full-time MBA program, a student may decide to complete a
part-time MBA instead. Additional costs will exist in doing so; however, the student should be
able to work while pursuing their MBA. Additionally, many employers will offer subsidies to
employees wishing to pursue further education. In those cases, the student is able …
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