These publications seek data on the said parameters from business schools and a

These publications seek data on the said parameters

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Indian business magazines. These publications seek data on the said parameters from business schools and a relative grading method is used to arrive at objec- tive rankings. The parameters and the weights given differ across publications resulting in ranking variation. The rankings published in four publications, Business Today , Outlook , The Week and Business India in the year 2011 are taken for measurement purpose. The consolidated rankings and the average rankings as calculated from the data are shown in Table 7 . XLRI is consistently the most preferred institute on behavioral variables and also scores highest in the brand equity score, in line with the literature suggesting that perceived quality, VFM and overall brand image are core Table 6. Normalized scores for brand equity measure of business schools. IIMI IIMK SPJIMR MDI XLRI FMS NITIE IIFT NMIMS Familiarity – M1 8.52 8.46 9.39 7.99 8.91 8.85 7.57 8.07 7.77 Quality perception – M2 8.43 8.46 8.91 8.37 8.87 8.76 8.28 8.40 7.98 VFM – M3 9.11 9.14 9.50 8.36 9.61 9.79 8.59 8.54 7.46 Overall brand assessment – M4 9.28 9.28 9.72 8.33 9.68 9.29 7.83 8.29 7.44 Preference – M5 8.24 7.72 7.87 7.65 8.74 8.22 7.48 7.55 7.21 Brand equity score (from study) 43.58 43.06 45.39 40.69 45.81 44.91 39.75 40.86 37.87 Brand equity rank (from study) 4 5 2 7 1 3 8 6 9 Willingness to pay fee premium – M6 8.18 7.93 7.86 7.25 8.17 7.40 6.67 6.97 6.59 Brand rank (based on M6) 1 3 4 5 2 6 8 7 9 Choice intention rank – M7 4 3 5 6 1 2 8 7 9 Magazine rank – secondary sources (based on Table 7 ) 4 2 3 6 1 7 5 8 9 Journal of Marketing For Higher Education 195 Downloaded by [Sapna Popli] at 08:08 20 December 2013
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facets of brand equity measures (Aaker, 1991 ; Agarwal & Rao, 1996 ; Keller, 1993 ; Mourad, 2010 ; Netemeyer et al., 2004 ). The IIMs, especially IIM Kozhi- kode, scores higher in objective rankings perhaps because the lure for the IIM brand name becomes high at the final selection stage (they are in the top 5 across all scores). SPJIMR scores higher than IIMI and IIMK on the brand equity measure but falls at fifth place in the choice intention. In objective rankings it is placed in the third position (between the two IIMs considered in this study). The advantage of the IIM brand for IIMI and IIMK is not visible in the estimation of individual independent variables used in research, but at the time of making a final choice, prospective students may prefer IIMs for its enduring value and brand advantage. The data also reflect that IIMs and FMS have a strong legacy, which works to their advantage to influence choice behav- ior as suggested in the literature that tradition and history have a positive impact on brand equity while the university’s international reputation has a marginally significant impact (Kim, Kim, & An, 2003 ). The ranks obtained from objective magazine rankings match the ranks obtained with this study and analysis. This shows that there is a relationship between the customer-based brand measurement approach and the perceived image of the institution. So if business schools can improve their brand equity, it would influence stakeholder behavior and the brand image of the insti- tution (which is also reflected in rankings). As suggested by Mourad et al.
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