Prospective MBA Students
2.What are the attributes that are important to consumers in this market?
•Brand recognition/reputation/ranking- Many consumers factor in rankings from BusinessWeek and US News and World Report when deciding where to apply. •Class size
•Faculty- the ranking for MBA programs are partially based off of the number of faculty articles published in a list of top 20 academic articles. •Career services and job-placement
•Diversity among students
•Full-time (FT), Part-time (PT), Executive MBA (eMBA) options
3.Are there differences across consumers in terms of what is important?
Yes, there are many differences across consumers in terms of what is important. For example, full-time students stress the importance of career services and job placement, while part-time students, who are still employed, prefer a program that is conducive to his or her lifestyle. Location, such as proximity to home and work, and class times are therefore very important to part-time students. Another difference across consumers is tuition. Many part time and eMBA students are sponsored by their current employers, while many full time students must fund their own education. Therefore different consumer groups will factor tuition into their decision.
4.What are the different consumer groups? What are their “ideal” products? How would you describe them?
The different consumer groups are full-time (FT), part-time (PT), and executive MBA (eMBA) students. For full-time students, the “ideal” product is a prestigious program, ranked in the top 30, and has excellent career services. Full-time students are often career switchers, so a high job placement percentage is ideal. Under this consumer group, international students may be more concerned with ranking, international reputation and alumni network in their home countries as characteristics of the “ideal” product. Part-time students are...