Payment of fees and financial constraints
Discuss about the Buyer Decision and Regarding the Choice of the Institute.
Students are increasingly becoming more demanding and selective when it comes to education providers. The awareness level has increased and the advent of the internet has created competition between educational institutes on an international level. The students are becoming more career-oriented. The choice of institute depends on several academic factors like campus life, availability of courses, management, fee structure, faculty, infrastructure, employment prospects etc (Hansen, 2005). Payment of the fee is a major consideration while choosing an education provider. Some students have access to scholarship while some have to take a loan for paying their tuition fees (Clarke and Brown, 2008). Thus, financial constraints also affect a student’s attitude towards education providers. Choice of subjects also plays an important role in the selection of educational institute. Nowadays, students are not ready to compromise on the quality of education and additional facilities provided by institutes even if it requires more financial investment. Students want to gain a competitive advantage on the basis of their educational qualification and learning (Ward and Rhodes, 2010). Reference groups play an important role in decision making process. They are the individuals that impact the decisions made by a consumer by influencing his behaviour, attitude, and beliefs. This holds true for making decisions regarding education provider. Students tend to consider the perspective of their family members and friends. The reference group may exist in the physical world or on social media. The influence of reference groups is visible in the choices made by an individual (Clarke and Brown, 2008). Students acquire all sorts of information from the members of reference groups. Information exchange takes place between a student and reference group members through demonstration, written/ verbal communication, observation (Clarke and Brown, 2008). If the student considers the information as relevant and the source to be reliable, then it becomes a dominant influence. It is important to understand the personality of consumers. Personality is associated with the choices made by an individual. Personality takes into consideration the likes, dislikes, and individual traits (Clarke and Brown, 2008). The behaviour of consumers is defined by their traits- practical, serious, relaxed, outgoing etc. Consumer behaviour is also influenced by self-concept. It can be defined as an individual’s beliefs about himself. It is basically the way in which an individual thinks about himself. For example, the academic performance of a student can help to form self-concept.
Choice of subject and quality of education
Holmes institute is a reputed education provider that offers secondary, higher and vocational education and training (Holmes.edu.au, 2017). This institute has its education centres in Sydney, Melbourne, Gold Coast, Brisbane, Cairns and Hong Kong. The quality of education provided by Holmes institute helps the students in improving their skills/ competencies irrespective of their gender or nationality. This education provider attracts both domestic and international students (Holmes.edu.au, 2017). Holmes institute provides a learning environment that is student- centric. The best teaching practices followed by the institute help the students in developing an approach towards social responsibility, ethical conduct, and rational thinking (Holmes.edu.au, 2017). The institute keeps reinventing its training modules on the basis of changing industry trends. Advanced and sophisticated facilities are provided to students for enhancing the learning experience (Holmes.edu.au, 2017). Holmes institute has a comprehensive website that provides all the required information regarding its educational courses, campus locations, fee structure, support facilities etc. The website also provides a link to social media pages- Facebook and Twitter (Holmes.edu.au, 2017).
This study aims to understand the impact of emotions, personality, and motivations on the decision made by students regarding the choice of educational institute (Bae and Son, 2014). The purpose of this report is to analyse the different factors that impact the choice made by students and aspects taken into consideration while choosing Holmes institute over other education providers (Bae and Son, 2014). This study also aims to make recommendations for educational institutes that target international students. The report also specifies the psychographic and demographic characteristics of the sample audience taken for conducting this study (Bae and Son, 2014). There are several theories that provide insights into consumer behaviour (Bae and Son, 2014). This study helps to find the correlation between consumer behaviour theories and practical decision process involved in choosing Holmes institute.
Every organization needs to market itself, irrespective of the industry and market in which it operated. This holds true even for the educational institutes. Marketing strategies developed by education providers are based on theories associated with consumer behaviour and human psychology (Bae and Son, 2014). It is important to understand the needs and concerns of consumers for enhancing the effectiveness of marketing strategies. Consumer behaviour theories address several aspects like the importance of utility, post-purchase attitudes, the role of personality/ emotions in purchasing decision and individual versus group purchasing decisions. The theory of reasoned action was developed by Icek Ajzen and Martin Fishbein (Bae and Son, 2014). This theory explains that the expected outcome governs the behaviour of consumers. A specific course of action is chosen if a specific outcome is expected. The consumers behave in a rational manner and take decisions on the basis of pre-existing attitudes. The theory states that the consumers take decisions in their best interest (Culiberg and Bajde, 2013). A consumer has the tendency to change his mind from the time he decides to act in a certain manner by the time he completes the action. Thus, on the basis of this theory, the management should associate the educational institute with positive outcomes (Culiberg and Bajde, 2013). For example, the management of Holmes institute can associate the educational facilities with the overall personality development and bright employment prospects.
Influence of reference groups
The EKB (Engel Kollet Blackwell) Model provides insights about the different steps involved in consumer purchase decisions (Ward and Rhodes, 2010). The first step involves the collection of data on the basis of marketing communication directed towards the consumers. The acquired information is compared with expected results and past experiences. On the basis of rational thinking, the consumer makes a decision. The internal and external influences affect the choices made by a consumer (Lubienski, 2007). Thus, organizations should provide complete information about the products and services offered to consumers. Organizations should provide reasons to consumers for considering their products and services for purchase. Organizations try to differentiate themselves from their competitors for enticing consumers.
Hierarchy of needs theory was proposed by Abraham Maslow. This theory lists the five different levels of human needs in the form of a pyramid (Ward and Rhodes, 2010). Physiological needs motivate human behaviour the most. The Physiological needs are followed by safety needs, belongingness needs, esteem needs and self-actualization. An organization offering products/ services should be able to place itself on the hierarchy of needs pyramid. The messages conveyed by the organization should create a sense of need in the minds of consumers (Lubienski, 2007). Education providers should effectively use this theory by communicating the need for quality education in shaping the future of students. They should motivate the students to spend money on quality education in order to have bright career prospects.
A report has been prepared on the basis of descriptive research aligned with the aim of the study. Primary data have been collected for undertaking this study. A survey has been conducted by preparing a questionnaire. The data collected on the basis of the questionnaire has helped to conduct a qualitative analysis (Goldsmith and Piscopo, 2013). Different aspects of consumer behaviour have been included in the questionnaire for getting reliable results. The questionnaire for the survey had been prepared by using a Likert scale. Graduate students have been chosen as the respondents. Responses have been obtained from 70 graduate students. The convenient sampling technique has been used for conducting this research (Goldsmith and Piscopo, 2013). They have explained the objective of this study before getting the questionnaire filled. The respondents were asked to participate in the survey after having a face-to-face interaction with them. The data obtained from the survey were stored in a spreadsheet. Conclusions have been drawn and recommendations have been made on the basis of data analysis results (Goldsmith and Piscopo, 2013).
Personality and self-concept
Both male and female students have been surveyed for this study. Out of 70 respondents, 42 were male and 28 were female. The students were in the age group of 22-25 years. Students with different ethnic backgrounds have been included in this survey. Around 48 respondents were Australian while the remaining 22 we Asian. The income of surveyed students was almost negligible, though some of them were doing minor jobs during their free hours (Marsden, 2001). These respondents are pursuing their graduation in the field of IT, accounting, business, and fashion. These respondents are interested in social activities along with academic activities. They take active participation in off-campus/ on-campus events and competitions. Technology has become an important part of their lifestyle. They are very enthusiastic about new technology (Marsden, 2001). They are not resistant to change and have a flexible approach towards life. The students want to maintain a healthy lifestyle even after completing their academic course. They believe that a good educational qualification and a high-paying job can help them in sustaining a healthy lifestyle. They believe that earning well will help them to fulfil their dreams and save for the future (Marsden, 2001). They believe in hard work and developing their skills. They are serious about their career and will not shy away from moving to a different city if their work demands.
Data analysis on the basis of the survey has led to the following results:
- Only 40 percent of the respondents agreed that their choice of educational institutes depends on the location of the institute and they choose institutes that are located in the city they want to live in (McGregor, 2011).
- More than 70 percent of respondents agreed that the presence of recreational facilities and clubs/ groups attracts them.
- Approximately 65 percent of students considered the opinion of their family members and close friends while choosing Holmes institute.
- More than 95 percent of respondents visited the social media pages and official website of the institute for gathering information about their vision, policies, campus life, events, social activities etc (McGregor, 2011).
- Only 12 percent of students agreed that the choice of institute depends upon the city in which their family resides. 60 percent of the respondents were neutral.
- More than 85 percent of respondents considered the availability of housing facilities before selecting the institute. They calculated the average cost of on-campus/ off-campus housing facility available for the student before taking the final decision of getting enrolled in Holmes institute.
- More than 70 percent of the respondents stated that the choice of the educational institute was based on the course in which you wanted to get enrolled.
- Approximately 92 percent of students agreed that they chose Holmes institute in pursuit of a good job.
- More than 70 percent of respondents believe that the courses offered by Holmes institute provide value for money.
- Approximately 60 percent of students checked the credentials of faculty and staff before selecting Holmes institute.
- More than 70 percent of respondents interacted with the students of Holmes institute and took their feedback before joining the institute.
- Approximately 85 percent of respondents believe that Holmes institute has a strong alumni base that is successful in their respective fields.
Conclusion
The different theories related to consumer behaviour are applicable for the selection of educational institutes. It is important for education providers understand the motivations that influence the decisions made by students. According to the results obtained from a survey, the main motive of selecting a particular institute is to acquire quality education and get a high-paying job (Hansen, 2005). Students have different personality traits that influence their decision-making (Ward and Rhodes, 2010). For example, a practical student will consider the tuition fee, accommodation charges, and miscellaneous expenses before getting enrolled in an institute. The major aspects taken into consideration while choosing Holmes institute over other education providers includes availability of the desired course, credentials of faculty, presence of recreational facilities, opinion of their family members/ close friends, availability of housing facility, information shared on official website/ social media, fee structure, job prospects and feedback of enrolled students (Ward and Rhodes, 2010).
The educational institutes should have a comprehensive official website that should contain all the important information for attracting domestic and international students. The fee structure should be communicated properly (Werr and Pemer, 2007). The educational institutes should attract international students by providing merit-based scholarships. They should have a tie-up with foreign universities and encourage foreign-exchange programs. Highly qualified faculty and staff should be recruited for sustaining the quality of education. The curriculum should be revised on a periodic basis. The students should have access to medical facilities. Accommodation facilities should be provided to international students for making their learning experience worthwhile. The courses should be designed in a manner that students get both theoretical and practical knowledge (Werr and Pemer, 2007). The subjects included in a course should help in developing key skills/ competencies in accordance with industrial requirements. Regular assignments and presentations should be given to students for improving their interpersonal skills. The students should be encouraged to participate in events, competitions and social activities in order to help in the overall personality development. The courses offered by the institute should help the students in getting high-paying jobs. The institute should also have a tie-up with several companies/ industries for providing practical training to students on the basis of their specialization (Werr and Pemer, 2007). These companies can also provide job opportunities after conducting interviews. This will certainly help to attract international students.
References
Bae, s. and Son, j. (2014). A Basic Study on Consumer Education for Unification. Consumer Policy and Education Review, 10(4), pp.31-49.
Clarke, G. and Brown, M. (2008). Consumer Attitudes to the Higher Education Application Process. Journal of Marketing for Higher Education, 8(4), pp.83-96.
Culiberg, B. and Bajde, D. (2013). Consumer recycling: An ethical decision-making process. Journal of Consumer Behaviour, 12(6), pp.449-459.
Goldsmith, E. and Piscopo, S. (2013). Advances in consumer education: European initiatives. International Journal of Consumer Studies, 38(1), pp.52-61.
Hansen, T. (2005). Perspectives on consumer decision making: an integrated approach. Journal of Consumer Behaviour, 4(6), pp.420-437.
Holmes.edu.au. (2017). Holmes Institute. [online] Available at: https://www.holmes.edu.au/ [Accessed 18 May 2017].
Lubienski, C. (2007). Marketing Schools: Consumer Goods and Competitive Incentives for Consumer Information. Education and Urban Society, 40(1), pp.118-141.
Marsden, D. (2001). Deconstructing consumer behaviour: theory and practice. Journal of Consumer Behaviour, 1(1), pp.9-21.
McGregor, S. (2011). Complexity economics, wicked problems and consumer education. International Journal of Consumer Studies, 36(1), pp.61-69.
Ward, L. and Rhodes, C. (2010). Embedding consumer culture in health and social care education – a university office’s perspective. International Journal of Consumer Studies, 34(5), pp.596-602.
Werr, A. and Pemer, F. (2007). Purchasing management consulting services—From management autonomy to purchasing involvement. Journal of Purchasing and Supply Management, 13(2), pp.98-112.
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