M7 Another measure of choice included in this study is the likelihood of

M7 another measure of choice included in this study

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M7: Another measure of choice included in this study is the likelihood of joining a business school if the student gets admitted to a particular institution. In this measure, all IIMs are included to see the variation in choice due to estab- lished brands. Respondents are asked to mention the likelihood of joining the school on a 0–100-point scale, similar to the one used in this context by Aaker and Keller ( 1990 ). The dependent variables used as an indicator of behavioral outcomes are willingness to pay a fee premium and the intended choice of respondents which are in accordance with the literature that perceived quality and perceived VFM affect the willingness to pay a price premium and the final brand purchase (Kirmani & Zeithaml, 1993 ; Sethuraman & Cole, 1997 ). The results are further validated using rankings of select business schools published by Indian business magazines. The choice intention and willingness to pay a fee premium are captured in this research and average objective ranking is calcu- lated using data published in ranking magazines of the year 2011. This Journal of Marketing For Higher Education 185 Downloaded by [Sapna Popli] at 08:08 20 December 2013
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ranking is based on the objective data given by various business schools on defined parameters (including the attributes used for variable M2). Brand loyalty is excluded as a measure as it is treated as an outcome of brand equity rather than one of its dimensions. Especially in the business school scen- ario, brand loyalty will translate into behaviors like referral, donations and enrolling for executive education programs rather than repeated purchase of the same service offer repeatedly (Mourad et al., 2010 ). Brand loyalty therefore is not included in the assessment of brand equity in this paper. Study framework Figure 1 captures the conceptual model used in the study for the estimation of a business school’s brand equity with prospective students as stakeholders and hence its implications on their behavior. Prior literature suggests that custo- mized CBBE measures have been used and frameworks have been developed to identify the facets that predict the willingness to pay a premium and the brand purchase behavior (Aaker, 1996 ; Keller, 1993 ; Mourad et al., 2010 ). Abundance of literature also suggests that aggregate perceived quality and per- ceived VFM are correlated exogenous constructs and directly influence consu- mers’ willingness to pay the price premium (Blackston, 1995 ; Kirmani & Zeithaml, 1993 ; Netemeyer et al., 2004 ). Monroe’s (1990) study (as cited in Mourad et al., 2010 ) offers a model that posits the willingness to pay a particular price for the brand as a function of the total perceived value and the quality of the brand. Also the willingness to pay a premium is theorized as a primary indi- cator of brand purchase (Aaker, 1996 ; Blackston, 1995 ; Dyson et al., 1996 ; Netemeyer et al., 2004 ), which further validates the study framework suggested in this paper.
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