Financial Crisis Impact on the Education Sector - Dissertation Example

?Chapter II Literature Review 2 Introduction The first stream of literature deals with how the recent financial crisis has impacted the education sector. The second stream of literature deals with the drivers of change in the current economic environment. 2.1 The financial crisis and its impact on the education sector The UK economy is in deep recession and this has affected both education and employment. Even international students are expected to arrive in fewer numbers as education in the UK becomes less affordable (Somerville & Sumption (2009). This is disturbing for the UK economy as international students help to fund UK higher education. Migrants come to the UK for various reasons and students comprise of about 26% of the total migrants that enter UK as shown in the chart below: Source: Somerville & Sumption (2009). However, the precise number of international students is not known as no statistics are maintained of both the private and the public sector institutions (UKCISA, 2010). Amongst those studying full-time at publicly funded higher education institutions 214,000 were non-EU students out of a total of 306,000 students. The public funded further education colleges and the private colleges could have more non-EU students but the figures are not known. The immigration statistics can be confusing as those studying for less than six months are granted visa under a different category called ‘student visitors’. The non-EU students that have been granted clearance in the past few years are as shown in the table below: Source: UKCISA (2010). These figures show a sharp increase over the past few years. The private institutions can set their own fees but at the state funded institutions the non-EU students have to pay the total fees with fees typically being between ?8000 and ?15000. International students account for over 40% of the total postgraduate students (UKCISA, 2010). About 50% of these students are engaged in research degrees but there is no subsidy offered to non-EU students. While there is a ‘cap’ on the number of EU students that can be accepted because of the limited funds, there is no cap on the number of international students that can be accepted. The private sector collages in the UK offer a wide variety of courses and are often less expensive thereby being affordable by the international students. International students contribute to the local economy because higher the number of students more jobs in the administration of the colleges and universities, additional income or the UK universities and export income for the owners. International students enhance global connections. During the Asian financial crisis also student inflow had diminished in the UK while Australia had gained in student flow as a result. Another reason that student inflow is affected is because students started working along with studies as savings are reduced. The top ten UK student source countries have been shown in the table below: Source: Somerville & Sumption (2009). 2.3 Drivers of change in the current environment Internationalization of higher education is a response by academic institutions to a globalized world. This is basically a response to the new age which is marked by globalization, competition and marketization (Cheung, Yuen, Yuen & Cheng, 2011). Internationalization of education can be done in many forms and currently the most important form is the exporting of higher education service done through recruitment of overseas students. UK and Australia had so far been leading in recruitment of international students but Singapore is fast catching up. In Singapore education is considered a “knowledge industry” and accounts for more than 3 percent of the GDP. Education is fast becoming a global, market-oriented, private industry, and international mobility of students is a major concern for HEIs. The international trade in education services has become a major source of income in many countries. In Australia education services sector was the third largest exporter in 2007 while in the US it was the fifth largest exporter contributing $13.5bn to the economy (Cheung, Yuen, Yuen & Cheng, 2011). In the UK international students add approximately $20bn to the revenue. Many other countries such as Malaysia have stepped their efforts to recruit more international students from overseas. The Malaysian government expected to double its enrolments by 2010 while Singapore and China expect to enrol 150,000 and 300,000 international students by 2015 and 2020 respectively. To fulfil their recruitment goals, these governments are also changing their policies and strategies to support the expansion of educational services to international students. Higher Education (HE) is an important agenda at the national and the institutional levels in the UK and elsewhere. It has also been recognized as an important medium for cross-border flow of knowledge and people (Brookes & Becket, 2011). The HE institutions have the responsibility to produce graduates capable of working in international environment with multiple challenges. Internationalization is hence viewed as a response to the forces of globalization. If the institutions are internationalized, they can compete for students globally. The motivation for nations in recruiting international students varies across nations. For instance, for Australia, it is the foreign exchange earnings while Singapore benefits from international competitiveness in technology and innovation (Bodycott, 2009). However, the international students make a cultural impact on the host campuses. 2.4 The UK Universities The UK universities were amongst the best in the world as they imparted excellent education while enjoying high reputation (Binsardi & Ekwulugo, 2003). However, the situation has changed as other countries have emerged with quality education opportunities. Thus the UK has achieved only marginal growth in international students’ enrolment while the competitors have achieved higher levels of growth. This prompted the government to take initiatives such as scholarships for achieving higher levels of market share. The UK government, the British Council and the UK universities face stiffer competition in the world of international education which suggests that market intelligence is essential to cope with the declining market share. It has been found that postgraduate marketing education in the UK faces a culturally diverse student body which also has lack of relevant experience. Students feel they are ill-prepared for the postgraduate course and they come with high expectations for support and practical experience in marketing (Liu, 2010). This suggests a realignment of the curricula design and various support activities to be undertaken by the HEIs and the governments. 2.5 Marketing and HEIs The number of declining student enrolment emphasizes the importance of marketing for student recruitment (Binsardi & Ekwulugo, 2003). Competition in the education sector has intensified as joint ventures and different forms of franchisee arrangements have been taking place. This has influenced how the traditional and private universities operate. Besides, students have a wide variety of degree courses to choose from which intensifies the need for universities to differentiate themselves. All these are pointers that marketing for student recruitment in the education sector is of paramount importance. 2.5.1 Marketing principles The basic principle of marketing is that all marketing should be geared towards what the consumers want (Binsardi & Ekwulugo, 2003). If the consumer needs and wants are not fulfilled then the marketing has failed. In the past the universities have determine what the consumers want but now the consumers have become vocal and express their dissatisfaction. The students have become critical and analytical in choosing their university and the course to be pursued. The consumers seek three distinct levels of benefit from the Universities – the core, the tangible and the augmented. The core benefit implies that the students do not buy the degree but the benefits that the degree can provide such as status, lifestyle and employment. The tangible benefits include the facilities available on-campus while the augmented benefits include student loans and placement service. Unless these factors are achieved the consumers would not derive satisfaction. Universities need to develop relationship marketing with the stakeholders such as the consumers. Relationship marketing is based on the exchange of values and supporting activities. According to the study by the authors, lowering the fees and offering more scholarships could serve to attract more international students. In addition, the students also seek on-campus facilities such as library facilities, alumni and networks. Thus, these networks could also help in attracting more international students because students tend to refer to the alumni, to their friends and relatives for information before enrolling. The market penetration strategy should focus on product and price variable to attract larger number of international students. 2.5.2 HEs and marketing The HEs in the recent years have adopted a marketized approach which has enabled them to increase their international presence and enhance their student profile (Ramachandran, 2010). Ramachandran also agrees that marketing theories applied to the commercial sector may not be applicable to the HEs. The ‘students’ are different from ‘customers’ and the ‘higher education products’ are different from ‘consumer products’. The traditional marketing framework cannot be transferred to the HE sector as the sector is unique. This sector is characterized more by the principles of self-governance and academic freedom. If the traditional marketing techniques are applied it would restrict the students’ rights and also tend to destroy the relationship that exists between the students and the HEI. The HEIs have however, taken up marketing with the purpose of providing value for money to the students and to be responsive to their needs. The sector is becoming robust with the HEs providing a supporting learning environment. Quality assurance agencies have emerged providing accreditation in addition to validation initiatives by professional bodies. However, it is no more about selling a product to qualification seeking students. The marketing units of the HE are involved in educating the market so that they understand the HE sector. The quality assurance department helps to protect the interests of the students and to develop products considering the future trends and demands. The HE products being intangible, restrict the application of the marketing principles. Ramachandran contends that nurturing attributes like willingness to share and learn, and being creative and entrepreneurial, will strengthen the academic institution management and the academic programmes. In the field of MBA marketing, seven elements of the marketing mix – product, price, place and promotion has to be tactfully dealt with. Thus, the product (Curriculum) should be developed in line with the students’ needs and as per market demands. Price (tuition fees) influences student’s perception of the University. It also determines if the students can afford to enroll for the programme. Depending upon the business environment there is a link between the fees charged and the enrolments that take place. Thus, in times of recession prices have to be affordable while covering the expenses of the University. The place (distribution method) is no longer confined to classroom lectures and is now available through virtual learning media, like Blackboard and Moodle (Ivy, 2008). Universities have to use different elements of promotion for different purposes. Some of the tools used are higher education exhibitions, conventions, direct mail and advertising. The people element includes the staff which could mean academic, administrative and support staff. Faculty reputation influences the choice of the course and the university. How the support and administrative staff handle the enquiries and the admission process influences the decision to enroll. In addition, the students evaluate the tangible aspects (physicals) like the appearance of the university building and the facilities and equipments available for the students. The international marketing strategy for marketing MBA programmes cannot be done through focus on the 4 or even the 7 elements of the marketing mix. As students are more concerned about the image and reputation of the university, the qualifications and reputation of the faculty and how the course adds value to the students, in the case of marketing for student recruitment for MBA programmes, only three of the 7 elements were important – product, price and people. The author adds four other elements - programme, prominence, prospectus, and premiums, to the three elements, based on a study in a South African MBA University (Ivy, 2008). However, programme includes the factors essential in the curriculum, which is the same as the product factor. Prominence of the degree pertains to the reputation of the staff and the MBA reviews in the popular press. Students want face-to-face teaching included with personal contact with the graduates. Premiums include factors such as accommodation, number of modules in the degree, student exchange programmes, computer facilities and class sizes. Even though this study was conducted in a Business school in South Africa, students all over the world give importance to these factors. 2.5.3 Market selection process Organizations want to internationalize but they must first select which market to enter. Market selection process is the key to success in international market expansion. Managers are influenced by their perception of the degree of difficulty of entry into foreign markets (Sousa & Lages, 2011). Psychic distance has been found to be essential to assessing the complex differences between markets. In fact psychic distance is being used as a driver for international market selection. An individual’s perception of difference between the home country and the foreign country defines the psychic distance concept. Psychic distance has a positive and significant impact on marketing strategy adaptation. Thus managers need to be aware of the impact that psychic distance has on their strategic decisions. Promotions have to be generic in nature and should integrate environmental factors. In Brunei there were suspicions of sponsors when individual institutions visited for recruitment. Costs and the prices of education is the most common reason for decline in the international students’ recruitment as the government asks them to levy the total cost of education. Cost is the most important and disadvantageous factor in attracting students from South Asia. The reputation of the UK Universities is so high that universities could use these in the promotional programs. However, the universities should not become so desperate and recruit students that do not fit into the courses. This would only serve to damage the reputation of the university. Thus students must be carefully selected so that their needs are met. The universities also need to maintain ethics in their approach. For instance, promises have to be fulfilled and should not be merely for the sake of promotion and attracting students. Information provided must be timely and accurate as students leave their home country and are in a strange land, most often without any contacts. Informing the students about the realities of life has often been neglected. Effective marketing has to take into account both client and institutional needs. This can be done over four essential steps – determining the market segment, ensuring that the courses and the student’s welfare programmes meet their needs, budgeting, and implementing and evaluating the marketing programme. Segmentation becomes difficult as they operate in a worldwide market. Marketing research audit would help to define the target market and assess the nature of competition offered by other universities. The Swedish Universities have adopted a process of ‘internationalization’ which is lacking in the UK universities. Their programmes are still dominated by British experience and perceptions whereas the Swedish Universities have been able to increase their competitiveness. The needs of the international markets are shifting and the universities must have the resources to meet the changing demands of the market place. Universities must possess adequate funding and engage in strategic planning. The overseas students should not be viewed as a resource in financial terms. Their importance should be realized as they add to the academic and cultural life of the university. 2.6 Expectations of international students 2.6.1 Desire for Information International students now seek information on the university websites about the faculty, the detailed course curriculum, and they also want that the Universities should offer qualifications that satisfy the students’ needs. At the same time prices too should be competitive and the University profile should match the image of the student (Ivy, 2008). In the MBA programmes the participants seek to enhance their managerial skills, they focus on career development and in developing business insights (Temtime and Mmereki (2011)). These are the major reasons for joining the MBA programme while economic gains and employability were low drivers of participating in MBA programmes. Students demand international degrees and hence a great deal of research has been conducted to enhance the experience of international students (Brookes & Becket, 2011). There has also been a focus on the role of the HEIs in preparing students for a globalized world with a greater understanding of the curricula and the programmes offered. Despite this understanding, there is no consensus on what is internationalization of higher education. It is however expected that graduates of any discipline should have knowledge and understanding of different cultures; the students must, at the end of the programme, be able to appreciate the different cultures and develop the skills to use this knowledge within the relevant fields in the global market place. This requires an internationalized curriculum which suggests that the faculty should also be as diverse. 2.6.2 Study of foreign languages A study, conducted in the UK by the authors found that the hospitality management degree programmes have included the internationalization dimensions to the programme which makes the graduates capable or working anywhere in the world (Brookes & Becket, 2011). The hospitality industry is international in nature and hence it is possible to develop cross-cultural competencies within the curricula. The hospitality programmes in the UK are able to attract high number of international students but there still lies an opportunity for the academics to adopt more strategic approaches to the implementation of different pedagogies. They should focus on forming different cross-cultural groups. Efforts should also be made to include study of foreign languages by the international students. Students should be encouraged to engage in internationalization. The teaching faculty needs to be encouraged to participate in international teaching exchange, in conferences and in seminars. Content mapping of the programmes should be conducted regularly. 2.6.3 Placements Placements have become critical to the image and reputation of a university as students place importance to the industry relationships maintained by the University. The University must be able to manage placements and lay special emphasis on building relationships between the employing organization and the higher education (HE) institution (Ellis & Moon, 1998). This also demands that Universities lay emphasis on better training their students for the placement workplace both in terms of technical skills as well as in fostering realistic expectations of their placement experience. 2.6.4 Entrepreneurship education The 2008 financial crisis also brought about changes in the economic environment that has significant impact on entrepreneurship education. In the response to the social and cultural movement in the new economic era, the nature of entrepreneurship has changed, contends Rae (2010). Responsible entrepreneurship and social entrepreneurship have now emerged as the new forms of entrepreneurship. This is because the new era challenges the intellectual assumptions of entrepreneurship and changes the influence of cultural values on it. Entrepreneurship is learning is crucial for economic regeneration in the post-recessionary society which should lead to creation of new enterprises and jobs. However, due to recession, the universities are affected by limited state funding which constrains their ability to meet the demands of the students, of the social enterprises and small businesses. Educators are hence likely to meet more demands for a wider range of subject areas, and from people with backgrounds without prior learning. This implies that educators will have to enter into partnership and generate third-sector resources. The intellectual capital of knowledge will have to be turned into financial values. At the same time, they would be expected to use the social capital of their academic, professional, business and public policy network to achieve all these. Education thus has to be geared to develop entrepreneurial capabilities. Entrepreneurial mindset is developing in the society as a result of which academics, policy makers and practitioners have also increased their efforts in promoting and developing entrepreneurship education and intention (Davey, Plewa & Struwig, 2011.). Students from developing nations have shown higher entrepreneurial intentions, attitudes and experience than the students from the developed nations. Students that come from countries with low GDP have a higher intent for self-employment. Some, who are already in the process of setting up business, look for enhancement of entrepreneurship skills through higher education programs. The UK universities, hence, have also to take into consideration the cross-cultural differences in entrepreneurial intentions, attitudes, role models and experiences. Universities can also create demand for entrepreneurial education. The universities should also provide with entrepreneurial experience throughout the education which will help the students to develop the relevant skills while enhancing the feasibility of self-employment. To bridge the gap between theory and practice, the universities should align the students with local entrepreneurs. Amongst the Taiwanese students, employability, curriculum, academic reputation, faculty, and research environment were found to be the five most important factors in school selection (Ho & Hung, 2008). The study also identified five different segments or groups into which the students can be segregated – the Prominence group, the less aware group, the Pragmatic group, the Austerity group, and the fastidious group. Students also seek lower entrance fees, fewer entrance exams, lower entrance test pass rates and easier graduating criteria. This survey was however conducted among 640 students from 14 different universities in Taiwan and the outcome and students expectations for overseas universities may differ. 2.6.5 Curricula changes The curriculum element is of great relevance in designing the programme and in attracting the students. A study by Temtime and Mmereki (2011) revealed that students do not learn in MBA programmes what they consider to be required and relevant to placements. The programme at Botswana University lays emphasis on conceptual, technical and analytical skills whereas the employers demand more of problem-solving, innovation, communication and entrepreneurial skills. This gap needs to be covered and what is essential is to integrate traditional management and administrative skills with experiences and skills relevant to today’s requirements. This enhances the importance of faculty with practical business experience in today’s scenario. A study by Ho and Hung (2008) suggests that even the domestic schools had to establish curricula relevant to internationalization and develop curricula in school finance and educational economics. This implies that their expectations from overseas universities would also be for similar curricula and facilities. Under the current socio-economic environment, curriculum relevant to internationalization is relevant. This requirement also reveals that the Taiwanese society place great importance to internationalization. The faculty thus needs to have international training and experience. This information is critical to the study as China and Taiwan are the greatest contributors to the UK higher education institutions. The Taiwan universities, thus, concentrate their marketing strategies on promotion – basically on advertising, tuition reduction, and scholarships. They overlook the fact that marketing should be based on consumer needs. 2.7 Governmental support in education sector The support of the government is very critical which can be in the form of funding or in the form of development of favourable education. The Singapore and the Malaysian governments have been working towards becoming the regional hub for education in the region by undertaking reforms of the national universities (Cheung, Yuen, Yuen & Cheng, 2011). The Hong Kong government too has realized the value of education service export and has been closely following the policies adopted by countries such as the UK, Singapore and Australia. The UK universities are business driven focusing on continuous development through international collaboration and partnership. The policies that have helped augment the education services are investments in research and development, providing scholarships and financial aid to international students, granting special funds and awards to HEIs, and participating in promotional activities and marketing research. HEIs also have overseas offices to provide instant services to students. The Hong Kong government too has added many services to attract international students, such as relaxation of immigration laws and scholarships to students. Active collaboration with other governments is essential to achieve success in exporting education services. Use of recruitment agents at overseas locations, equipping themselves with marketing intelligence and ease of immigration procedures could boost the sector. 2.8 Factors that influences the location decision in the field of tertiary education Bodycott (2009) studied 251 mainland Chinese parents and 100 students to determine the factors considered important by them when deciding to study overseas. China is important for the UK to market its products as mainland China is the largest source country for international students in the world, says Boycott. The country now has sustained economic development which has made higher education overseas affordable for a larger population. The location decision for the Chinese parents is based on the cultural, political and socio-economic pragmatism. For the students, however, the significant and influencing factors were the tangible qualities of the experience of studying abroad. Overall, the deep-rooted Confucian ideals and values influence the societies in China and since filial piety still prevails, marketing effectively in the Confucian societies require an understanding of the cultural values. The parents have a say in the final decision making and they lay emphasis on the admission and the migration process. Accordingly, the visa application, the opportunity to work overseas while studying and the availability of language, social and academic support services may influence the choice of a country or institution. Failure to understand and respect the values of the parents can influence the recruitment process. 2.9 Forces that influence change at the target sending countries / host countries Higher education marketing is in a state of crisis all over the world because firstly, there is resistance to the idea of marketing in academic circles. Secondly, the HE sector has failed to identify its core business without which it is unable to make the marketing foundation. Thirdly, HE marketing relies on wisdom from other countries. Maringe (2005) found that universities have to first identify their core business as the development of their curricula. This has been specified by other researchers who call this as product development. Students are concerned how the university degree could add value to their profiles and hence the selection is based on the curricula offered by the universities. Thus, this contention offered by Maringe makes sense. HE marketing has thus remained in its infancy. The key drivers of HE marketization are growth in the number of institutions, the variety of courses on offer, heterogeneity in HE products, and increasing competition in the industry. The American environment values free enterprise and this has been the key driver of HE marketing. Australia has been leading the Asia-Pacific nations in HE marketing which has enhanced institutional efficiency and adaptability. In the South African region the universities have been adopting the marketing philosophy of the business sector. Maringe suggests the CORD model or marketing for universities which can handle all the issues that have been holding the universities back from marketing their products. CORD stands for Contextualisation, Organisation and co-ordination, Research and Development which helps in developing a framework for raising the profile, in having a strategic focus and for developing a home grown educational marketing philosophy. This is curriculum centred business model where the external and the internal environment have to be understood to develop the curriculum. The marketing concept as adopted by other business sectors is alien to the field of education, contends Maringe, as it has little resonance with the educational enterprise. The marketing model has to come from within the field of education and hence the suggestion to make it curriculum centred. The HEI can obtain a wider audience by entering into partnership with other institutions of further and higher education. This calls for a structure in place which would allow the academics and senior administrators to ensure that the partnership is maintained and developed. It would also help realize the objectives set by the senior management. The customers in HE according to Trim (2003) include several categories such as individuals, sponsors, commerce and industry, and other educational institutions. The author adopts the stakeholder model where the stakeholders are those individuals who depend on the organization to fulfil their own goals. However, partnership agreements are complex and based on close working relationships that are underpinned by trust, loyalty and mutuality. The senior management must have both a relational and a strategic marketing approach to implement effective strategies to meet customer expectations. 2.10 Summary of literature review Marketing of the Universities has become imperative because of the declining recruitment from overseas. The number of international students has declined due to the global recession of 2008. However, recession impacts the promotion of the education sector as state funded has become limited. Since educations services have been recognized as a large contributor to the economy of the UK, the universities have to devise international marketing strategy to attract more students. Research suggests that the tradition marketing principles do not apply in the education sector. Other factors apart from product, people and place have to be taken into consideration. While focus has to be on what the students want, they cannot be termed as a typical consumer as in commercial products. The marketing approach has to be entirely different from other businesses. Students look for the qualifications of the faculty, they seek more of practical training, reduced fees, more of scholarships, and fewer immigration formalities to deal with. Curricula changes have become essential along with focus on entrepreneurship learning. The changed economic environment demands entrepreneurship education to generate more entrepreneurs and thereby more jobs. Cultural distance has to be kept in mind while promoting the university and its offerings. The marketing by UK universities has been followed by other nations and hence with certain changes because of the current economic environment, the UK universities can go a long way in again attracting the right students. Focus should be on the right students and not just on numbers so that reputation and image of the university is retained. This would help the UK universities to fight competitive pressures arising from nations such as Australia, Singapore and Hong Kong. Governmental support is essential by way of awards and scholarships. Students have become demanding and look for development of skills that would enhance their chances of employment. 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