INTRODUCTION:

Once a student has completed 12 years of formal schooling, he or she must choose college or higher education in the Indian educational system. Due to the demand for bright employees and growing contributions from the service industry, India has experienced enormous growth in the field of advanced management education enterprises(Pandey et al., 2014; Pingle et al., 2012; Vyas, 2014). In the past ten years, management training has evolved dramatically in higher education.

However, due to shifting environmental conditions, administering these educational institutions, more notably management institutes, has grown more challenging (Kwok and Yu, 2013;Abubakar et al., 2018; Jain and Arora, 2020; Pingle et al., 2012). Strategic planning has been impacted by and transformed by digital organizations' operations in India. In the sector of education, particularly, paradigm shifts will occur in management education in all facets of education, learning, entrepreneurship and marketing (Kietzmann et al., 2011; Janakiraman, 2018; Vyas, 2014).The location of the institute or university and parental influence is primary factorsinfluents college choices in the earlier studies.

Due to the rapid growth of digital technology in the last couple of decades, there has been a major change in communication methods, models, and mediums in various fields. One major emergent communication model known as social media has grown more rapidly than others. Social media can be defined as a kind of electronic platform where people create and share ideas, interests, information, etc through virtual communities or with like-minded people (Aichner et al., 2021). This emphasizes the effectiveness of social media tools for both students and academic institutions. Higher Education Institutions (HEIs) are also getting into the game, spending substantially on social media tools for promotions in the way to lure students. Individuals are lured to be using social media tools to connect, communicate, and collaborate. On social media networks, people actively consider reviews and recommendations(Madhav et al., 2014; Raman and Jaiswal, 2017; Santhosh et al., 2014). The process of decision-making becomes more reliable. The likelihood of placing an order is significantly more influenced by social conformity. Customers have recently become highly dependent on the opinions of others (Kotler et al., 2017;Chowdhury, 2019); Urne and Aggrawal, 2018).

Students' decision to join college and university is influenced by a range of factors, including proximity to home, stipend amount, course fees, school environment, and parental influence (Kinzie et al., 2004). The factors such as admissions counsellors, college brochures, college websites, online advertisements, alumni, parents, and family members all impact a student's decision to attend a specific college. To persuade prospective students, the HEIs used a variety of tools and techniques (Kimberly C. Thornton, 2017; Raman and Jaiswal, 2017).

The extant literature on the factors that influence students' selection of B-Schools found a dearth of Indian studies. The present study attempt to understand the pertinent factors that influence prospective management students while deciding to join a management institute in India. The 161 responses were collected on the purposive sampling method. The Analysis of Variance (ANOVA) technique has been adopted to see the variations of their preferences as per the student's gender, class and Socio-Economic Class (SECs).

The study's outcomes will be particularly beneficial for educational institutions as they can develop informed and tailored marketing strategies to attract prospective students. Additionally, policymakers can utilize the research findings to enhance the quality and relevance of higher education in India, aligning it with the expectations and aspirations of management students.

The paper is structured into the following sections. Section 2 present sare view of the relevant literature. The methodology and data analysis are covered in the 3rd and 4th sections, respectively. Finally, the research findings and their managerial implications are discussed.

LITERATURE REVIEW :

Choice of College in Higher Education:

According to Sewell and Shah (1978), parental encouragement has a significant impact on college choice. Additionally, Chapman (1981) found that the socioeconomic status and cost of college are also significant factors that influence the college selection process. Another study conducted by Marvin J. Burns (2006) at the University of Missouri - Columbia focused on the significant persons, fixed college attributes, and college labour that communicate with the student. Drewes and Michael (2006) noted that students prefer institutes closer to their homes, scholarships, and quality of teaching. Similarly, Mario (2007) found that proximity to home, course fees, and recommendations from parents and teachers play a significant role in university selection. Additionally, current student satisfaction is crucial in generating positive word-of-mouth. Private university students are more focused on individual performance, while public institution students are more price-sensitive due to income variations (Kundar and P., 2021; Murat, 2012).

Ganis (2016) studied the impact of social media on higher education and recommended that faculties and business industries should be more active in connecting with students through social media to enhance institutional overall value. Messer (2016) described how parents, family members, teachers, and other adult figures assist students in college enrollment. Kaur (2018) found that most female students prefer educational institutes that are nearby and have reliable transportation facilities. Semsia (2018) highlighted the importance of education quality, cultural values, and financial aid in the college choice process, which may vary based on gender, nationality, parental education, and occupation. Sellami (2019) found that parents have a significant impact on college choice in Qatar, and social media platforms need to be incorporated into universities. Harisa (2019) recommended that the effect of social media in higher education needs to be incorporated into the curriculum for learning.

Social Media and Higher Education:

The widespread use of social media has attracted attention from researchers, educators, and professionals alike. As social media continues to be adopted by various stakeholders, businesses are increasing their budgets to reach their target customers. In the realm of education, social networking sites have been found to serve as educational tools (Lee and McLoughlin, 2008;Madhav et al., 2014), leading educators and students to re-examine their teaching and learning practices (Mödritscher, 2010). Social media is also used as a promotional tool in higher education (Nour, 2011) and is transforming learning and teaching in significant ways (Li and Pitts, 2009; Tess, 2013). Universities are adopting social media policies and practices for marketing, relationship building, career management, and learning (Benson and Morgan, 2013). Social media has also been found to influence consumer buying behaviour (Forbes and Vespo; Aydın, 2015; li, 2013) and is used for professional development, personal networks, and branding (Alzouebi and Isakovic, 2014; Régis Faubet, 2017). In the academic realm, social media plays a critical role in enhancing students' academic performance (Raymond, 2016) and facilitates the exchange of knowledge through academic projects (Safori, 2019). Additionally, social media can be used by instructors for teaching and research (Yasemin, 2017), and students can share information about events, internships, and jobs in their field (Enilda Romero-Hall, 2017;Raman and Jaiswal, 2017). This essay will explore how university students use social media to share information (Hamidh, 2020).

Social Media and College Choice:

Studies have shown that social networking sites (SNS) have a significant impact on higher education marketing and the decision-making process of students in choosing a college or university, as noted by Kim and Gasman (2011), Rekhter (2012), Kimberli Burdett (2013), and Diana (2014) in western countries. In India, Samant et al. (2016) found that social networking and the Internet are major forces for education, work, communication, entertainment, banking, and online shopping. Bose (2016) discussed the use of social media for outbound marketing strategies in promoting educational institutes, while Norainna and Besar (2017) highlighted the use of Facebook to connect learners and support teachers. Arabinda et al. (2019) conducted a comprehensive study on the engagement of Indian IITs on LinkedIn for branding purposes. Although Arabinda's study is related to the Indian context, the literature review reveals a scarcity of research on the factors that influence college choice in India, unlike the studies conducted in Western countries by (Yasemin,2017;Ming, 2010; Kim and Gasman, 201; (Jashwant, 2014);Rekhter 2012;Urne and Aggrawal, 2018).

The dearth of thorough study in the available literature is a substantial obstacle for educational institutions when trying to comprehend and influence management students' decision-making processes. However, the research gap lies in exploring the intersectionality of these factors. In other words, how do factors interact and influence each other when considering a B-School choice?

The present study seeks to identify and compare the preferred factors among different demographic groups such as Gender, Class, and Socio-Economic Classes. By examining the relationship between these factors and marketing and enrollment outcomes, the study can provide actionable insights for B-Schools to optimize their marketing strategies and improve enrollment rates.

RESEARCH OBJECTIVES:

1. To identify the pertinent factors that Indian management students considered during B-School choice.

2. To comparethe preferred factors among different demographic groups such as Gender, Class, and Socio-Economic Classes.

3. To understand the importance of each factor in B-School marketing and enrollment amongst prospective students.

RESEARCH METHODOLOGY:

To gain an understanding of the distinct factors that impact the college selection process, we gathered research papers, academic theses, and reports from various sources such as EBSCOhost, Science Direct, and Google Scholar. Additionally, we reached out to admission counsellors and agents who were asked to provide us with a comprehensive list of factors that are considered important by prospective students while selecting a B-School. A comprehensive list of criteria was compiled using this data together with our past study findings and direct conversations with stakeholders. The various statement was refined with the help of 2 subject experts to achieve content validity as suggested by (Bryman, 2016; Robert F. DeVellis, 2003) and a self-administration questionnaire was developed.

To obtain data for our study, admission agents from various private B-schools were consulted. The sample population for our study comprised students who are currently pursuing management degrees and the sample units were selected from the top 100 private B-Schools as per the National Institutional Ranking Framework (NIRF). These students were sent the questionnaire via a URL link, which they were requested to fill out the same and share with their friends and peers through various platforms such as LinkedIn, WhatsApp, and Email. We employed the purposive sampling method, which has its limitations(Malhotra and Birks, 2006).We believed that it would allow for initial respondents to share the questionnaire with their peer groups, who would be true representatives of the initial sample. We received a total of 176 responses, of which 161 (91.4%) were deemed suitable for analysis.

DATA ANALYSIS:

The study participants were master's degree students in management, including those pursuing MBA, PGDM, and IMBA degrees, located in various cities across India. Table 1 provides an overview of the respondents' profiles. The data collected for the study included 74 (46%) female students and approximately 87 (54%) male students, all of whom were pursuing master's degrees in management across various cities in India. The participants were categorized based on their class, with 51 (31.7%) being first-year MBA/PGDM students, 69 (42.9%) being second-year MBA/PGDM students, and 41 (25.5%) being IMBA students. The study also took into account the participants' social-economic classes (SECs), which were classified into SEC A1, SEC A2, and SEC A3 and below categories, based on the Market Research Society of India's (MRSI) 2018 Survey. The SECs were identified by measuring two variables - the chief earner's level of education and the consumer durables owned by a family(Sinha et al., 2018). This helped to identify inequalities in terms of access to resources, as well as issues related to privilege, power, and control. From the study, it was found that 47 (29.2%) of students belonged to SEC A1, 50 (31.1%) fell under SEC A2, and 64 (39.8%) fell under the SEC A3 and below category

Table 1 Demographic Profile

Category	Type	Frequency	Percentage
Gender	Male	87	54%
Gender	Female	74	46%
Student Category	MBA / PGDM 1^st Year	51	31.7%
	MBA / PGDM 2^nd Year	69	42.9%
	Integrated MBA / PGDM	41	25.2
Socio-Economic Class	SEC A1	47	29.2%
	SEC A2	50	31.1%
	SEC A3 and Below	64	39.8%

Source: Compiled by Authors

Table 2: Statements by gender (Assuming equal variance)

Code	Statement	Female	Male	P-value	Conclusion
S1	Campus Environment	4.61	4.31	0.071	Not Significant
S2	Financial Aid Given by Institute	3.14	3.20	0.764	Not Significant
S3	Placements of the Institute	3.73	3.18	0.002	Significant
S4	Review on Online Platforms	3.80	3.70	0.555	Not Significant
S5	Reputation of the Faculty	4.47	4.24	0.100	Not Significant
S6	Availability of Programs	3.97	3.87	0.500	Not Significant
S7	Ranking of Institute	4.00	3.84	0.332	Not Significant
S8	Location of the Institute	4.38	4.15	0.128	Not Significant
S9	Social Media Posts	4.36	4.05	0.040	Significant
S10	Distance of Institute from Home	4.39	4.30	0.506	Not Significant
S11	Number of Students in the Institute	3.89	3.68	0.191	Not Significant
S12	Income Level of my Family	4.34	3.97	0.014	Significant
S13	Advice of Parents	4.35	4.01	0.019	Significant
S14	Aspiration for Higher Studies	3.81	3.56	0.124	Not Significant
S15	Networking Opportunities Alumni	4.04	3.97	0.670	Not Significant
S16	Performance in Entrance Tests	4.01	3.67	0.024	Significant
S17	Aspiration for a good job	4.34	4.15	0.205	Not Significant
S18	Networking Opportunities Professionals	3.91	3.40	0.001	Significant
S19	College Advertisements / Promotions	4.61	4.45	0.224	Not Significant
S20	Own connections on social media	4.08	3.97	0.451	Not Significant
S21	Alumni on social media	4.18	4.06	0.456	Not Significant

Source: Compiled by Authors

Based on the data presented in Table 2, several notable findings can be observed. It was found that female students assigned higher mean scores to certain factors compared to male students. These factors include campus environment, placement at the institute, location of the institute, social media posts, income level of the family, reliance on parents' advice, performance in entrance tests, and networking with professionals. The mean score for campus environment was higher among female students (4.61) compared to male students. This indicates that female students place greater importance on the overall atmosphere and surroundings of the B-School campus when making their selection. Placement at the institute was also found to be more important for female students (3.73) compared to male students. This suggests that female students prioritize the quality and reputation of the institute's placement opportunities and outcomes. Similarly, the location of the institute was deemed to be a crucial factor for female students (4.38) compared to male students. This implies that female students consider the geographical location of the institute as a significant determinant of their B-School choice. Female students assigned a higher mean score to the significance of social media posts (4.36) compared to male students. This indicates that female students may rely more on social media platforms for gathering information and forming perceptions about B-Schools. The income level of the family was found to be an essential factor for female students (4.34) compared to male students. This suggests that the financial background and affordability of B-School education play a more significant role in the decision-making process for female students. Female students also rely more on their parents' advice (4.35) in the college selection process compared to male students. This highlights the influence of parental guidance and opinions on the decision-making process of female students when choosing a B-School.

Performance in entrance tests was found to be more critical for female students (4.01) compared to male students. This implies that female students attach greater importance to their performance in entrance exams as a criterion for B-School admission.

Lastly, networking with professionals (3.91) was identified as a crucial factor for female students compared to male students. This suggests that female students value the opportunity to establish connections and engage with professionals within the B-School environment.

Furthermore, it is worth noting that the factors related to placements at the institute, social media posts, income level of the family, advice of parents, performance in entrance tests, and networking opportunities with professionals were found to be statistically significant at a 5% level. This indicates that these factors have a substantial influence on the decision-making process of both male and female students when selecting a B-School.

Table 3: Statements by class (Assuming equal variance)

Code	Statement	1^styear	2^ndyear	IMBA	Sig.	Conclusion
S1	Campus Environment	4.86	4.42	3.98	0.000	Significant
S2	Financial Aid Given by Institute	2.78	3.23	3.54	0.015	Significant
S3	Placements of the Institute	3.45	3.57	3.20	0.260	Not Significant
S4	Review on Online Platforms	4.06	3.64	3.54	0.026	Not Significant
S5	Reputation of the Faculty	4.65	4.23	4.17	0.013	Significant
S6	Availability of Programs	4.04	3.88	3.83	0.516	Not Significant
S7	Ranking of Institute	3.76	4.03	3.90	0.393	Not Significant
S8	Location of the Institute	4.65	4.17	3.90	0.000	Significant
S9	Social Media Posts	4.55	4.23	3.68	0.000	Significant
S10	Distance of Institute from Home	4.63	4.28	4.10	0.011	Significant
S11	Number of Students in the Institute	4.24	3.57	3.56	0.000	Significant
S12	Income Level of my Family	4.43	4.07	3.88	0.017	Significant
S13	Advice of Parents	4.24	4.20	4.02	0.504	Not Significant
S14	Aspiration for Higher Studies	3.86	3.65	3.49	0.206	Not Significant
S15	Networking Opportunities Alumni	4.37	3.91	3.68	0.008	Significant
S16	Performance in Entrance Tests	4.04	3.78	3.63	0.126	Not Significant
S17	Aspiration for a good job	4.65	4.17	3.83	0.000	Significant
S18	Networking Opportunities Professionals	3.47	3.87	3.44	0.027	Significant
S19	College Advertisements / Promotions	4.84	4.54	4.10	0.000	Significant
S20	Own connections on social media	4.27	4.03	3.68	0.013	Significant
S21	Alumni on social media	4.45	4.06	3.78	0.005	Significant

Source: Compiled by Authors

Table 1 Statements by SECs (Assuming equal variance)

Code	Statement	SEC A1	SEC A2	SEC A3 or Below	P-value	Conclusion
S1	Campus Environment	4.70	4.64	4.11	0.003	Significant
S2	Financial Aid Given by Institute	3.11	3.34	3.08	0.510	Not significant
S3	Placements of the Institute	3.62	3.46	3.28	0.308	Not significant
S4	Review on Online Platforms	3.77	3.72	3.75	0.975	Not significant
S5	Reputation of the Faculty	4.51	4.52	4.09	0.012	Significant
S6	Availability of Programs	4.15	3.88	3.78	0.112	Not significant
S7	Ranking of Institute	3.81	4.00	3.92	0.666	Not significant
S8	Location of the Institute	4.38	4.28	4.14	0.406	Not significant
S9	Social Media Posts	4.28	4.30	4.05	0.312	Not significant
S10	Distance of Institute from Home	4.38	4.46	4.22	0.327	Not significant
S11	Number of Students in the Institute	3.77	3.84	3.73	0.862	Not significant
S12	Income Level of my Family	4.09	4.28	4.06	0.449	Not significant
S13	Advice of Parents	4.32	4.12	4.09	0.402	Not significant
S14	Aspiration for Higher Studies	3.66	3.78	3.61	0.669	Not significant
S15	Networking Opportunities Alumni	4.06	4.24	3.77	0.067	Not significant
S16	Performance in Entrance Tests	3.79	3.92	3.78	0.718	Not significant
S17	Aspiration for a good job	4.30	4.26	4.17	0.767	Not significant
S18	Networking Opportunities Professionals	3.72	3.66	3.55	0.626	Not significant
S19	College Advertisements / Promotions	4.53	4.60	4.45	0.644	Not significant
S20	Own connections on social media	3.85	4.08	4.09	0.369	Not significant
S21	Alumni on social media	4.17	4.16	4.03	0.710	Not significant

Source: Compiled by Authors

Based on the findings presented in Table 4, it can be observed that factors such as campus environment [S1] (p-value = 0.003) and reputation of the faculty [S5] (p-value = 0.012) significantly influence all socio-economic classes (SECs) of students. This indicates that students belonging to SECs A1, A2, and A3 consider these factors as important when making their college and university choices.

The significant p-values for campus environment and reputation of the faculty suggest that these factors have a consistent impact across different socio-economic classes. Regardless of their socio-economic background, students belonging to SECs A1, A2, and A3 prioritize the quality of the campus environment and the reputation of the faculty when selecting their colleges and universities.

This finding highlights the universal importance of campus environment and faculty reputation in the decision-making process of students from diverse socio-economic backgrounds. B-Schools should recognize the significance of these factors and ensure that they create a conducive and appealing campus environment while maintaining a strong reputation for their faculty. By addressing these factors, B-Schools can attract and cater to students from various socio-economic classes, enhancing diversity and inclusivity within their institutions.

RESULT:

Based on our analysis, several key findings emerge, female students value networking opportunities with professionals [S18] (p-value = 0.001*) and college placement [S3] (p-value = 0.002*) more than male students. This suggests that female students prioritize career development and seek opportunities for professional connections, while male students may lean towards self-employment or entrepreneurship. Institute placement is identified as a critical factor for B-school management students in their decision-making process. They consider it essential to receive a return on their educational investment and secure promising job prospects after graduation. Social media plays a significant role in college and university marketing as it serves as the preferred communication medium for today's generation. B-schools should recognize the importance of leveraging social media platforms to effectively engage and attract prospective students. Other important factors in the choice process include parental income and advice, performance in entrance exams, and networking opportunities. When examining different student classes, factors such as campus environment [S1], location of the institute [S8], social media posts [S9], number of students in the institute [S11], aspiration for a good job [S17], and college advertisements/promotions [S19] were significant at the 5% level (P-value = .000) for MBA/PGDM 1st-year students. The reputation of the faculty [S5] was found to be the most important factor for MBA/PGDM 1st-year students, whereas MBA/PGDM 2nd-year and IMBA students were more influenced by the academic image of the faculty [S5]. Factors such as code [S3], [S4], [S6], [S7], [S13], [S14], and [S16] were equally important among all three student classes.

Among Socio-Economic Classes, campus environment [S1] (p-value = 0.003*) was found to be significant among SECs A1, A2, and A3. Both campus environment [S1] and the reputation of the faculty [S5] were considered the most important factors among students in these socio-economic classes.

Overall, these findings shed light on the factors that hold significance for different student demographics, allowing B-schools to tailor their marketing strategies and enrollment efforts to meet the specific preferences and needs of their target audience.

CONCLUSION:

This study offers insightful information on the variables affecting management students' enrolment in Indian B-schools. The study's conclusions imply that the main variables influencing students' decisions to enrol in business schools include the campus environment, social media posts, placement of the institute, location of the institute, and college commercials and promotions. Additionally, the faculty's reputation and the university's robust alumni network are crucial factors for potential students.

The study has significance for B-school administrators and other key stakeholders, who may incorporate these conclusions to develop robust promotional campaigns to draw in prospective students. Particularly, while counselling prospective students, admission counsellors and agents should concentrate on these important elements. Private B-schools in India could make use of social media and digital marketing tools to reach out to a younger demographic and successfully sell their institutional resources.

Furthermore, the study highlights the importance of targeting, segmenting, and positioning promotional strategies according to individual needs based on gender, class, and SECs. Overall, this study makes a valuable contribution to the body of knowledge on B-School enrollment and marketing and can be used by stakeholders in the education sector to improve their marketing and enrollment strategies.

LIMITATIONS OF THE STUDY:

The study only focused on factors related to the enrollment process, and other factors such as the quality of education, student-teacher ratios, and extracurricular activities were not explored. Future research may expand on these factors to provide a more comprehensive understanding using qualitative techniques.

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Received on 27.07.2023 Modified on 11.09.2023

Asian Journal of Management. 2023;14(4):265-272.

DOI: 10.52711/2321-5763.2023.00044