Updated: Spring 2015
PDF version: Strategic Plan Spring 2015
The COB Strategic Plan has been revised with input from the college’s Executive Council and the Strategic Management Advisory Committee. The college’s goals are aligned with NMSU’s goals as stated in Vision 2020.
The College of Business (COB) transforms lives by providing highly respected programs, instruction, and scholarly activities that drive economic, social, educational, and community development for New Mexico’s diverse population.
- The mission builds on our core values.
- The college embraces goals necessary to promote discovery, encourage innovation, and inspire creative achievement. These goals are set forth in our Strategic Plan.
The College of Business at New Mexico State University (NMSU), as a land grant institution with a liberal admissions policy, embraces the following values:
- Offer innovative, dynamic curricula in each COB discipline incorporating ethics, diversity, sustainability, and global business issues;
- Promote degree completion, professionalism, and successful transition into the professional workforce;
- Impact industry and students through programs that target specific economic sectors such as public utilities, entrepreneurship, banking, insurance, accounting, and the golf industry;
- Engagement through faculty, staff and student interactions in local, state, and national organizations, and our global community;
- Maintain high academic standards resulting in a quality education;
- Employ a knowledgeable and diverse faculty committed to teaching contemporary business curricula;
- Prepare students to meet the challenges in a dynamic global environment;
- Advance knowledge by encouraging faculty to engage in a wide range of applied and scholarly research activities;
- Enable faculty through their scholarly activities to maintain currency in the classroom, to advance knowledge in their respective disciplines, and to garner their peers’ respect and recognition; and
- Support faculty involved in multi-dimensional service activities for our students, our institution, and our respective professions.
History and Scope
New Mexico State University is a land grant institution, a Carnegie Research University-High Research Activity, and a Hispanic-Serving Institution (HSI) as designated by the U.S. Department of Education. The College of Business was founded in 1964 and its business programs have been accredited by AACSB International — The Association to Advance Collegiate Schools of Business since 1973. The accounting programs have been separately accredited since 1993.
The College of Business consists of five academic departments offering nine different undergraduate majors (BBAs: Economics, finance, general business, information systems, international business, management, and marketing; Bachelor of Accountancy; and BA in economics) and seven graduate degrees (MBA, MA in Economics, Master of Accountancy, MS in Applied Statistics, Ph.D. in Management, Ph.D. in Marketing, and Doctor of Economic Development [DED]).
Transformational Goals and Top Initiatives
Goal 1. Academics and graduation:
Provide highly respected programs, instruction, and student services to achieve timely graduation
Initiative 1a. Promote excellence in teaching and learning across all course delivery methods.
- Promote and recognize participation in the programs of the Teaching Academy.
- Provide financial incentives for online teachers to complete Online Course Improvement Program (OCIP) training and implement improvements in response.
- Ensure 100% compliance with Higher Learning Commission (HLC) assessment within the COB.
Initiative 1b. Seek to increase writing across the business curriculum.
- Encourage faculty members to include substantial evaluated writing (i.e., is at least part of a grade).
Initiative 1c. Promote critical thinking skills by requiring students to work more independently.
- Encourage faculty to assign (and test on) substantial independent reading per week.
Initiative 1d. Integrate learning/teaching/discussion of ethics into the undergraduate and MBA core curriculum.
Initiative 2. Recruit, retain, and maintain quality faculty.
- Advertise positions through the PhD Project.
- Work with the Teaching Academy and college faculty to provide appropriate faculty development opportunities (e.g., how to promote critical thinking in the business curriculum).
- Encourage faculty members to take on leadership positions in their professional organizations.
Initiative 3. Offer relevant, dynamic curricula in each COB discipline incorporating ethics, diversity, sustainability, and global business issues.
- Conduct regular academic program reviews either through AACSB International or through an internal program review process.
- Conduct comprehensive MBA curriculum review, including review of BA 590 prerequisite courses, to provide adequate preparation with respect to the needs of the capstone project.
- Encourage programs to evaluate (or benchmark against) other similar programs at other institutions.
Initiative 4. Maintain expectations of ethical behavior for students at all levels.
- In syllabi remind students about the definitions and consequences of plagiarism.
- Make all students aware of the COB professional and ethical guidelines.
- Regularly evaluate and update the COB professional and ethical guidelines.
Initiative 5. Attract and retain well-qualified students at all levels.
- Increase doctoral student assistantships by $5,000 per year and provide each doctoral student with $1,000 of travel money per year.
- Recognize excellent performance by students (e.g., mail out recognitions, Crimson Scholar receptions).
- Increase the visibility and support for Beta Gamma Sigma and other honorary organizations.
- Recognize high-performing MBA students.
- Participate in the PhD Project.
- Plan for long term growth in graduate programs (develop and implement five-year strategic plans for all graduate programs).
- Determine and seek stable funding for graduate assistants in DED program to include I&G and project grant funding.
- Develop targeted marketing effort to attract well qualified diverse graduate students.
- Seek administrative support for tuition waivers for doctoral students.
- Identify target employers who provide tuition reimbursement to their employees and provide information to them concerning our programs for working professionals.
- Promote programs for working professionals such as MBA, undergraduate degree completion.
- Develop a cohort-based distance MBA program for implementation in fall 2015.
Initiative 6. Promote degree completion, professionalism, and successful transition into the professional workforce.
- Create a part-time faculty/administrative position to serve as a liaison to external organizations to develop student internships, faculty training/workshop opportunities, etc.
- Develop and adopt a plan to increase undergraduate student engagement and retention.
- Develop a plan to promote the visiting mentor program.
- Support etiquette dinners and other professionalism events and activities; identify and provide online etiquette tutorials for students.
- Incrementally develop and offer short classes (e.g., 1 hour) aimed at developing “soft” and other professional skills needed in the workplace.
- Support resume workshops.
- Promote student participation, provide financial support for business student organizations, and assist in identifying professional speakers.
- Consider ways in which online or other nontraditional delivery mechanisms can be used for graduate and undergraduate programs.
- Continue to enhance program to broaden students’ understanding of programs outside their departments so students can be guided into the best major for them.
Initiative 7. Guide the enrollment composition through effective recruitment, retention, and investment.
- Collaborate with Student Affairs to develop and implement a comprehensive student marketing strategy.
- Work with the provost to shape student enrollment across graduate/undergraduate levels through strategic resource investment.
- Develop relationships with high school teachers and administrators.
- Identify things within the COB’s control that can potentially be effective at recruiting and retaining students.
- Investigate the implementation of a student tracking system for retention.
- Strive for smaller introductory classes to promote more personal-touch between faculty and students.
- Provide a financial aid workshop for students.
Goal 2. Diversity and internationalization:
Provide a diverse academic environment supportive of a global society
Initiative 1. Support diversity through targeted recruitment, retention and services.
- Participate in the PhD Project to recruit students and faculty.
- Continue to encourage student participation in the New Mexico Doctoral Loan Assistance Program.
- Using the Indian Resource Development program to develop closer relations with tribes and native students, promote the COB as one of the top colleges of business for Native American students.
- Continue to build on existing programs to promote the COB to Hispanic students.
Initiative 2. Promote appreciation of diversity in the curriculum.
- Assess the globalization learning objective in the MBA program.
- Assess the diversity objective in the BBA program.
Initiative 3. Promote an international campus community.
- Invite international visiting faculty members to campus.
- Support Faculty-Led International Programs (FLiP) for students.
- Encourage and provide information to business students to study abroad.
- Work with International and Border Programs to develop targeted marketing plan aimed at attracting international students.
- Support faculty interested in international faculty development activities (especially through Council on International Educational Exchange (CIEE) and the Consortium of Universities for International Studies).
- Support faculty travel to international conferences to present papers.
Additional Resources Needed. An additional $18,000 per year to support three faculty members to participate in international faculty development programs.
Goal 3. Research and creative activity:
Promote discovery, encourage innovation, and inspire creative achievement
Initiative 1. Produce peer reviewed journal articles with particular emphasis on discipline-based research in the quantity and quality appropriate for a college offering our array of undergraduate and graduate programs.
- Increase the number of peer reviewed journal articles produced by college faculty over five-year period.
- Sponsor college research seminars to promote culture of research and to provide early feedback to researchers who present.
- Increase emphasis on peer reviewed journal articles, with acceptance of other intellectual contributions.
- Explore teaching load adjustments to encourage and reward publications.
- Promote mentoring and collaboration of faculty members with respect to research and publications.
- Promote the Publish and Flourish and other series sponsored by the Teaching Academy.
Initiative 2. Recognize and value the wide variety of intellectual contributions that support our overall mission as a land grant, Carnegie research institution.
- Develop a plan for measuring the impact of research in the COB as required by AACSB; incorporate research impact in the statement of faculty qualifications.
- Recognize exemplary research.
Initiative 3. Invest in research capabilities.
- Seek funding for data and software.
- Support development of the behavioral lab.
Initiative 4. Promote the role of research in undergraduate and graduate education by fostering student engagement in independent scholarship, internships, conferences, and work experiences and by providing students with opportunities to use up-to-date research tools and facilities.
- Promote awareness among undergraduates of academic paper competitions or poster sessions.
- Increase the number of graduate students presenting at conferences annually.
- Increase the number of journal articles published that are authored or co-authored by COB graduate students.
Additional Resources Needed. An additional $20,000-30,000 (plus part of existing departmental budgets) to subsidize student travel to conferences.
Goal 4. Economic and community development:
Drive economic, social, educational, and community development
Initiative 1. Continue to serve industry and students through programs that target specific economic sectors, such as public utilities, entrepreneurship, banking, insurance, accounting, and the golf industry.
- Meet with industry representatives to receive advice on program improvements.
- Improve relationships with recruiters (e.g., contact recruiters, maintain relationships, and invite them to give talks to student organizations).
- Promote the Public Utility Regulation & Economics (PURE) certificate to working professionals.
- Serve economic development community by arranging internships for DED students.
- Continue to develop the educational leadership program for school turnarounds.
Initiative 2. Provide public policy analysis as requested by stakeholders.
- Respond to university calls for assistance.
Initiative 3. Facilitate access to four-year academic programs for qualified students from New Mexico.
- Review the General Business major to determine whether it serves students well.
- Participate in articulation efforts to promote transfer.
- Strengthen the online degree completion program.
- Strengthen faculty advising to upper division online degree completion students.
- Continue to investigate issues regarding course transfers from branch campuses to the main campus.
- Continue to monitor swirling and review options.
Initiative 4. Encourage faculty to provide service to their professions and to the university, the college and their departments.
- Offer a service award for faculty members.
- Provide travel funding in support of service to the profession.
- Provide recognition in performance evaluations for those serving as officers and on editorial boards of professional organizations.
Initiative 5. Support university efforts to facilitate economic development.
- Continue to provide economic analysis to internal and regional constituents.
- Maintain the Chair in Entrepreneurship.
- Continue to seek support for the DED program which produces economic development professionals and which serves communities through student projects.
Goal 5. Resource stewardship:
Maximize resources available to effectively support teaching, research, and service
Initiative 1. Develop donor support and other alternative sources of revenue.
- Seek funding for priorities of the COB through private donations and partnerships.
- Honor successful graduates and supporters through Hall of Fame, Trader’s Awards, and Distinguished Alumni program.
Initiative 2. Allocate resources to support the strategic plan.
- Annually identify priority action items and funding to support them.
- Expand use of social media for outreach.
Initiative 3. Provide and maintain physical and technological environments conducive to teaching, learning and research activity.
- Promote sustainability in the use of resources.
- Develop means to assure testing integrity across all teaching platforms to support technologically assisted teaching methods and distance education programs.
Aspirational Goals and Initiatives
Goal 1. Establish and/or maintain three to five regionally/nationally recognized programs in the College of Business. These programs will be known for teaching, research, and/or industry expertise
Initiative 1. Continue to support and grow the Public Utilities program. Specifically, use the new equipment in Domenici Hall (El Paso Electric Room) to develop/enhance the live/video delivery of the regulated utilities certificate program and then promote participation beyond the current market. Additionally, offer regulated utility training conferences for national audiences using the Center for Public Utilities as the vehicle.
Initiative 2. Continue to support, grow, and enhance the reputation of the PGA Golf Management program.
Initiative 3. Continue to support, grow, and enhance the reputation of the DED program. Specifically, incrementally develop distance (two-way TV) delivery of DED within New Mexico (at first).
Initiative 4. Continue to support, grow, and enhance the reputation of the accounting programs.
Initiative 5. Continue to support, grow, and enhance the reputation the MBA program with an emphasis on distance delivery and regionally recognized niche markets.
Initiative 6. Continue to support, grow, and enhance the reputation of the banking and/or insurance programs.
Initiative 7. Initiate discussions with each of the nationally recognized COB programs to get them to identify what they might be able to accomplish if they had an influx of resources – encourage them to dream a bit.
Initiative 8. Identify programs or potential growth areas in the COB that could benefit from a champion/advocate and further investigate that possibility.
Goal 2. Be known as the regional leader in 2-5 research areas
Initiative 1. Be a leader in the production of academic literature related to local and regional economic development.
Initiative 2. Maintain memberships in the International Economic Development Council (IEDC) and the University Economic Development Association (UEDA) and seek representation on the IEDC Higher Education Committee.
Initiative 3. Increase the number of publications and presentations by COB faculty and students that fit within the topic area.
Initiative 4. Identify COB areas of research interest that could potentially develop into areas for which NMSU is regionally known.
Additional Resources Needed. Approximately $6,000-8,000 annually for membership fees and travel.
Goal 3. Be known regionally as the premier source of expertise in 2-5 industries
Initiative 1. Organize an annual conference on economic development where both academics and practicing economic developers can interact.
Initiative 2. Identify COB areas of research interest that could potentially develop into areas for which NMSU is regionally known (e.g., insurance, banking, golf, and public utilities).
Goal 4. Increase the number of our students in internships and/or study abroad experiences
Initiative 1. Determine what percentages of our students do not seek participation in internships and why.
Initiative 2. Investigate the creation of a part-time faculty/administrative position to serve as a liaison to external organizations to develop student internships, faculty training/workshop opportunities, etc.
Additional Resources Needed. Annual funding for a full- or part-time liaison.
Goal 5. Increase the College of Business endowment
Initiative 1. Have a named COB with an endowment.
Initiative 2. Have one or more named programs or departments in the COB, each with an endowment.
Top Initiatives selected as Priority Action Items
Below are the top initiatives that were selected across all five transformational and five aspirational goals to invest in immediately. The other initiatives will be invested in over a longer period of time and/or have existing resources already dedicated to them. The key revenue generators for the COB will include fundraising efforts, graduate program revenues, and executive education revenues to fund these initiatives and the entire strategic plan.
Initiative 1. Increase writing across the business curriculum.
- Encourage faculty to include substantial evaluated writing (i.e., is at least part of a grade).
Initiative 2. Promote critical thinking skills by requiring students to work more independently.
- Encourage faculty to assign (and test on) substantial independent reading per week.
- Design and implement a critical thinking program based on the IDEAS model
Initiative 3. Increase doctoral assistantships by $5,000 per year and provide each doctoral student with $1,000 of travel money per year.
Initiative 4. Investigate the creation of a part-time faculty/administrative position to serve as a liaison to external organizations to develop student internships, student placement, faculty training/workshop opportunities, etc.
Initiative 5. Develop and adopt a plan to increase undergraduate student engagement and retention.
Initiative 6. Increase recruitment of students by hiring several COB students per year to return and recruit at their high schools.
Initiative 7. Continue to develop business programs focused on educational leadership.
Initiative 8. Develop donor support and other alternative sources of revenue including the Cohort-based Distance MBA Program.
Initiative 9. Using IRD to develop closer relations with tribes and native students, promote the NMSU COB as one of the top colleges of business for Native American students.
Initiative 10. Continue to support, grow, and enhance the reputation of the DED Program. Specifically, incrementally develop distance (two-way TV) delivery of DED within New Mexico (at first).
Initiative 11. Build one of the top entrepreneurship programs in the Southwest with specific emphasis on establishing/implementing an Entrepreneurship Minor that will attract students from across campus.
Initiative 12. Establish a Family Business Center.
Initiative 13. Incrementally offer and develop short courses aimed at developing “soft” and other professional skills needed in the workplace. The first course will draw upon the skills of several members of the Business Advisory Council.
Initiative 14. Strengthen faculty advising to upper division students.
Achieve a 20% increase in Graduate Business Program enrollment by 2020.
Achieve a 10% increase in Undergraduate Business Program retention by 2020.
Achieve a 10% increase in the Undergraduate Business Program four-year graduation rate by 2020.
Achieve a 10% increase number of Native American students in the COB by 2020.
Achieve a 10% increase in revenue minus costs for the COB by 2020 while maintaining the overall quality of COB programs.
Maintain growth in industry and entrepreneurial relationships relative to the rest of NMSU.