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Strategic Plan

Students exiting Price College of Business

BIGGER
BROADER
BETTER

Price College Strategic Plan 2021-2026

Message from the Dean


 

Why a Strategic Plan and Why Now?

The business school landscape has been changing dramatically and rapidly. While it would have been easy to avoid focusing on the future to deal with the immediate challenges of the pandemic, Covid is accelerating major societal, technological, and competitive trends that will profoundly impact business education. Our existing plan, developed over a decade ago, needed substantial updating to address the opportunities and threats of our changing environment. The completion of the OU Norman campus strategic plan in summer 2020 served as an additional catalyst for our planning effort.

Price College Strategic Plan (pdf)


 

Stock Market prices scroll on an electronic banner in the Gene Rainbolt Graduate School of Business
Tom Love Innovation Hub at The University of Oklahoma


 

OU Norman Campus Strategic Plan

Launched in summer 2020 after an extensive and inclusive planning process, OU’s Lead On, University Strategic Plan consists of five pillars that define how the University will fulfill its purpose of changing lives:

Pillar 1: Become a Top-Tier Public Research University

Pillar 2: Prepare Students for a Life of Success, Meaning, Service, and Positive Impact

Pillar 3: Make OU’s Excellence Affordable and Attainable

Pillar 4: Become a Place of Belonging and Emotional Growth for All Students, Faculty, staff, and Alumni

Pillar 5: Enrich and Positively Impact Oklahoma, the Nation, and the World through Research and Creative Activity

The Lead On plan greatly informed and guided the development of our strategic plan. At each stage of our planning process, we assessed the alignment of our plan with the University’s plan.


 

The Process

The Price College of Business launched a strategic planning process in late January of 2021 to set the strategic direction of the College through the year 2026. The process was led internally by the College’s Executive Committee. The process was structured and facilitated by Juniper, a boutique strategy consultancy, and aided by a consulting team of talented students from our own Ronnie K. Irani Center for the Creation of Economic Wealth.

The planning process, which ended in mid-July, was divided into three stages.

Stage 1:

In the first stage, we analyzed our external and internal strategic context. We conducted 24 interviews with a cross-section of highly informed Price College stakeholders and an online survey about the College’s internal strengths and weaknesses and external opportunities and threats (SWOT), to which 550 students, faculty, staff, alumni, and advisory board members responded. We also conducted a benchmarking analysis of peer and aspirational business schools and reviewed over 50 reports from local, national, and international sources of relevance to the analysis. Our consultant distilled these data into a 54-page SWOT analysis report, which served as the foundation for the remainder of our planning process.

Stage 2:

The second stage of the planning process consisted of two parts. In the first part, we used the SWOT analysis to generate ideas about strategic initiatives that Price College might pursue going forward. To generate ideas, we conducted a half-day online workshop consisting of members of the Executive Committee (EC) and representatives of our different stakeholder groups. We also conducted an idea generation survey of all College faculty and staff. More than 300 unique ideas were generated from the workshop and survey. We then synthesized and organized these ideas in preparation for their evaluation.

In the second part we evaluated the list of potential initiatives using multiple criteria via a survey of EC members and stakeholder representatives, resulting in a filtered list of the most favorably evaluated initiatives. We conducted another half-day workshop involving EC members and stakeholder representatives to organize the filtered set of initiatives into thematic, priority areas, resulting in a draft strategic plan. The draft plan was then subjected to a feedback round consisting of an online workshop involving all EC members and a survey of different stakeholder groups.

Stage 3:

In the third and final stage, we used the feedback from the workshop and survey to refine the structure of the plan and finalize its priorities, goals and objectives. For each objective, we developed an action plan by specifying the project owner, timeline and milestones, key performance indicators and results, as well as resource needs. We finished by defining the process we would use to review and monitor the execution of the plan.

Students sit at a fountain outside of Adams Hall on the University of Oklahoma campus
OU Price College of Business students interact in the Gene Rainbolt Graduate School of Business


 

How It Works

The Price College of Business Strategic Plan consists of six elements:

  • The Purpose that defines why we exist
  • The Vision that defines what we want to be by 2026
  • The Priorities that identify the broad and enduring areas of activity we must focus on to achieve the vision
  • The Goals that define the results needed to advance the priority
  • The Objectives that specify how we will achieve the goal
  • Objective Action Plans and Performance Monitoring

The Purpose is concrete and enduring. It defines why we exist.

The Vision articulates our aspiration for the future. It specifies the future we want to create for the College.

The Priorities establish the broad and enduring areas of activity that are consistent with the Purpose and are needed to realize the Vision. Because they are tied to the Purpose and Vision, they are unlikely to change during the horizon of the plan.

Goals decompose Priorities into manageable parts so that underlying Objectives can be identified, planned, and executed with clarity and efficiency. Goals identify results that are needed to advance a Priority.

Objectives specify how a goal will be achieved. They are specific and action-oriented and require plans for execution. They are the means by which a goal is realized.

An Objective Action Plan is a project plan for a particular Objective. It specifies the project owner, timeline and milestones, key performance indicators and results, as well as resource needs. Performance Monitoring identifies how, when and by whom a particular Objective will be monitored.


 

Strategic Plan Structure

The Price College Strategic Plan is a dynamic and flexible roadmap for our future. It will guide and inform the decision making and action planning and serve as a blueprint for our success.

A graphic representing the flow of the Price College Strategic Plan. The Strategic Plan consists of six elements: The Purpose - this defines why we exist. The Vision - articulates what we want to be by 2026 (overarching aspiration). The Priorities identify areas of focus on the Purpose and are realized through the Vision. Goals - Goals decompose Priorities into manageable parts so that underlying objectives. Objectives - How we will achieve the goals.


 

Purpose

The modern public research university is an organization of scholars engaged in discovering and sharing knowledge to improve the human condition, particularly for residents of the state funding the university. Reflecting the essence of this view, The University of Oklahoma’s Purpose is elegant in its simplicity and profound in its depth: We change lives.

The AACSB, the world’s leading accreditor of business schools, promotes the view that business schools are a force for good by contributing to the economy and society through scholarly thought leadership, education, and community engagement.

The Purpose of Price College, codified in 2014 under Dean Daniel Pullin, effectively integrates these two perspectives. As the business school of the flagship public research university in the state of Oklahoma, the Purpose of Price College is to ensure the enduring global competitiveness of Oklahoma and the nation. In other words, we exist to be a force for good for the economy and people of Oklahoma and the nation. We do this through our three core activities of scholarly thought leadership, educational programs, and community outreach.


 

Vision

The Price College of 2026 will be Bigger, Broader, and Better. Over the next five years, we will outpace our peers by reaching further, farther, and higher than any other business school in the region to transform individuals and businesses, develop and champion innovative ideas, and deliver exceptional educational experiences.

  • We will grow Bigger by investing in growth to meet rising demand for our successful programs, increasing the size of our faculty and staff to support higher enrolments, pursuing larger funding endowments to fuel our success, completing renovations and further expanding our campus, and playing a leading role in the transformation of OU as an engine of startup creation and innovation.
  • We will Broaden our impact by diversifying our portfolio of academic programs, extending our reach and improving access through best-in-class online delivery, incorporating high-impact learning experiences from beyond the classroom, serving lifelong learners through a wider array of offerings, catalyzing innovation across OU and within Oklahoma’s start-up ecosystem, and developing a thought leadership platform to share our insights with the world.
  • We will perform Better by improving the quality of education and the student experience, incorporating best practices into our teaching, expanding student services, increasing research quality and productivity, recruiting and retaining top talent, fostering a diverse and inclusive community for all stakeholders, revitalizing our infrastructure and processes, and investing in rebranding and integrative marketing to share our stories with the world. 


 

Priorities

Our Strategic Plan consists of five Priorities that reflect our Purpose and define how we will achieve our Vision. While these Priorities are equal in importance, they differ by whether they directly or indirectly serve to realize the Vision. The plan consists of three visionary Priorities that are focused on directly achieving the Vision and two enabling Priorities that facilitate the achievement of the visionary Priorities.

Visionary

A.   Deliver relevant, flexible, and accessible business education to support lifelong learning and the future of business

B.   Establish and promote Price as a top-tier producer of impactful research, thought leadership, and academic talent

C.   Support OU strategic verticals while driving entrepreneurship and innovation across Oklahoma and beyond

Enabling

D.   Foster a vibrant culture and an inclusive environment for all Price community members

E.   Attract, develop, and retain resources to enable visionary priorities

Visionary Priorities

Priority A:

Deliver relevant, flexible, and accessible business education to support lifelong learning and the future of business

Objective A

Expand the accessibility of a Price education by increasing the portfolio of fully online and hybrid programs using best-in-class platforms (e.g., Coursera, EdX) and asynchronous content development and delivery 

Objective B

Deliver exceptional executive education, including degree and non-degree programs, with high-touch offerings for working professionals in the region

Objective C

Strengthen the value proposition of all master’s programs

Objective D

Enhance university-wide business education by developing joint degree and/or certificate programs with all OU Norman and HSC colleges

Objective E

Increase flexibility of degrees through stackable certificates, accelerated or combined programs and options to take courses in online equivalents of in-person programs

Objective F

Seek STEM designation for programs where possible to respond to market needs and better prepare all students for multidisciplinary leadership

Objective A

Provide flexible, business-relevant education for “day one readiness” through specialized offerings and skill-specific credentials, including a focus on emerging transformational technologies

Objective B

Provide high-impact experiential learning opportunities in all courses, including instruction from experienced practitioners and increased use of live business cases, co-curricular projects, and field projects

Objective C

Increase access to and impact of immersive global learning experiences that expose students to broader perspectives, cultures, and business practices

Objective D

Increase student attendance and success in case/pitch competitions with dedicated funding and faculty support

Objective E

Launch flagship Dean’s speaker series for Price community

Objective F

Emphasize the role of business in society (including ESG) through dedicated coverage in the core curriculum and experiential activities 

Objective A

Provide dedicated resources to deliver experiential learning initiatives and experimental pedagogies, as well as outstanding instructional design including support staff and faculty training

Objective B

Support faculty teaching excellence with an endowed fund for professional development

Objective C

Create a high value teaching innovation award to incentivize and recognize experimentation with novel pedagogies

Objective D

Enhance online learning by investing in state-of-the-art technology for hybrid delivery and in dedicated synchronous delivery studios with GA/TA support

Objective A

Create a dedicated Career Services Center with career coaches and sector specialists to expand the range of organizations recruiting from Price and better prepare students for the job market

Objective B

More regularly and more effectively incorporate student and employer feedback to increase engagement, satisfaction, and success of all student support services

Objective C

Provide academic support for all programs through dedicated tutoring services

Objective D

Improve development of in-demand soft skills in the core curriculum of all degree programs

Objective E

Create a mentorship program as part of the Center for Student Success that leverages alumni engagement

Objective F

Attract high-performing students by increasing merit scholarships for masters’ programs

Priority B:      

Establish and promote Price as a top-tier producer of impactful research, thought leadership, and academic talent

Objective A

Boost research productivity by attracting, retaining, and supporting top-tier talent with increased teaching flexibility and dedicated research, writing, and publishing assistance

Objective B

Create seed grant program to promote and support high-risk, high-impact multidisciplinary research within the College

Objective C

Incentivize faculty to pursue external research grants providing support to orchestrate multidisciplinary applications for funding, including cross-university collaborations

Objective D

Create research events supported by a college-level fund to promote interdivisional idea sharing across Price and with external collaborators

Objective A

Create and execute a marketing strategy highlighting research production and Ph.D. program support to increase the number, diversity, and quality of program applicants

Objective B

Increase the number and competitiveness of Ph.D. program admission offers to attract and retain top-tier talent

Objective C

Improve financial support and workload flexibility for Ph.D. candidates to boost research productivity and achievement of A-level publications

Objective D

Incentivize meaningful faculty-student collaboration and mentoring relationships

Objective E

Provide dedicated placement support for doctoral students

Objective F

Conduct holistic curriculum review to improve relevance and ensure best practices are incorporated 

Objective G

Increase pedagogical development for Ph.D. students

Objective A

Develop a coherent and distinctive brand identity and execute a compelling integrated marketing strategy with an emphasis on digital channels to increase the prestige of the College

Objective B

Expand the marketing and communications team in Price College to support the development and execution of a new integrated marketing strategy

Objective C

Develop a marketing campaign targeted at senior leaders of U.S. business schools to positively influence their perception of Price College

Objective A

Reward and recognize faculty thought leadership across a wide range of forums, including international channels, practitioner journals, and general media outlets

Objective B

Provide faculty access to resources to support thought leadership including freelance journalists for writing assistance and a media relations firm for media placement

Objective C

Engage the regional business community and deepen industry relationships through collaborative events and partnerships (e.g., symposia, conferences, executives-in-residence)

Priority C:       

Support OU strategic verticals while driving entrepreneurship and innovation across Oklahoma and beyond

Objective A

Expand university support for Price’s entrepreneurship resources, including strengthening financing by leveraging various sources such as development funding, federal program dollars, OU allocations, and industry partnerships

Objective B

Leverage the Tom Love Innovation Hub to help transform the Norman Research Campus into a Discovery and Innovation District 

Objective C

Lead development of the entrepreneurial ecosystem across OU through creation of Entrepreneurship Faculty Fellowships for non-PCoB faculty

Objective D

Create an Entrepreneurial Law Center to support OU and Oklahoma startups and small businesses and provide experiential learning opportunities for business, law, and engineering students

Objective E

Create an Entrepreneurial Accounting Clinic to support OU and Oklahoma startups and small businesses and provide experiential learning opportunities for accounting students

Objective F

Create a Venture Fellows program to incentivize graduate students to work with startups

Objective G

Launch a Masters program in Entrepreneurship and Innovation

Objective H

Launch a graduate certificate program in Entrepreneurship and Innovation targeting graduate students in engineering, natural sciences and health sciences

Objective A

Enhance experiential entrepreneurship across academic programs by incentivizing and facilitating integration of resources into curricula throughout the College

Objective B

Increase student engagement with entrepreneurship and innovation resources by providing co-curricular activities such as short-form programs and access to entrepreneurs in residence

Objective A

Leverage I-Hub and I-CCEW’s relationships across the OU strategic verticals to enhance PCoB programs

Objective B

Focus on Energy and Environmental Sustainability strategic vertical

  • Augment Energy Management Program to include focus on energy transition and renewables
  • Launch EMBA in Renewables to complement traditional energy offerings
  • Work with faculty to define a research and creative activity strategic plan, emphasizing the OU EES strategy
  • Create and secure funding for one endowed chair and 1-2 professorships
  • Pursue cluster hire of three tenure-track faculty lines within this specialty

Objective C

Focus on Aerospace, Defense and Cybersecurity strategic vertical

  • Investigate the development of a cybersecurity program within the Management Information Systems division

Objective D

Focus on Life Science and the Future of Healthcare strategic vertical

  • Create an endowed Center for the Business of Healthcare with a research and community engagement mission
  • Launch a hybrid format EMBA in Healthcare focused on the OKC, Tulsa and DFW markets
  • Create 1-2 endowed chairs and two professorships
  • Pursue cluster hire of three tenure-track faculty within this specialty

Objective E

Focus on Society and Community Transformation strategic vertical

  • Engage Native American communities across the region to create and launch a Business of Sovereign Nations program to address critical business education needs
  • Encourage Price College involvement in social ventures through investigating development of a social entrepreneurship program

Enabling Priorities

Priority D:

Foster a vibrant culture and an inclusive environment for all Price community members

Objective A

Establish a DEI council comprising faculty, students, and staff to develop concrete steps to better leverage our existing D&I Office and align with OU initiatives

Objective B

Encourage awareness of and advocacy for the benefits of DEI efforts throughout the College and surrounding community

Objective A

Foster a culture of engagement and collaboration among faculty and staff through regular input and feedback opportunities

Objective B

Ensure seamless integration of new hires by evolving onboarding programs

Objective A

Launch a dedicated alumni channel (including an alumni directory) for ongoing connection to Price and increased engagement across the community

Objective B

Encourage alumni advocacy and contribution by increasing and effectively promoting opportunities to engage with the College

Objective C

Broaden reach of alumni support through Price-dedicated events with regional OU clubs

Priority E:

Attract, develop, and retain resources to enable visionary priorities

Objective A

Attract sufficient financial support from central administration to realize potential growth of the College

Objective B

Expand fundraising efforts leveraging the OU Foundation

Objective C

Launch a capital campaign and secure a transformational gift to support the execution of the strategic plan

Objective D

Create a strategic innovation fund with a minimum endowment of $5,000,000 to enable experimentation with innovative initiatives

Objective A

Support academic program growth and research output by growing tenure- and non-tenure track faculty, including experienced practitioners, and staff at a rate that exceeds enrollment growth to be competitive with peer schools in student-to-faculty ratio and research output

Objective B

Create six new endowed faculty chairs and six new endowed professorships (in addition to chairs and professorships identified in Priority C, Goal 3)

Objective C

Accommodate the anticipated growth in enrollments, faculty, and staff by finishing the Adams Hall renovation and refresh Price Hall

Objective D

Determine whether it is necessary to expand the Price Campus

Objective A

Revitalize College-level budgeting processes to deploy resources more equitably to each unit

Objective B

Pursue transparency across operational and strategic decision making through information visibility and accountability

 

 


 

Questions?

The University of Oklahoma Michael F. Price College of Business
307 W Brooks Street
Norman, OK 73019

Phone: (405) 325-3611
Email: pcobdean@ou.edu
Website: ou.edu/price

Students sit on a bench outside of the Price College of Business on the University of Oklahoma campus
The slogan: The Purpose of Price, The Michael F. Price College of Business, Ensures the enduring global competitiveness of Oklahoma and the nation appears on a red-tinted glass wall in the Gene Rainbolt Graduate School of Business