TABLE OF CONTENTS
PAGE
1. Introduction 2
2. Literature Review 3
3. Consumer Decision Making Model 5
4. MBA Market Decision 5
4.1 External Influences 5
4.2 Internal Influences 6
5. Application of literature study to the MBA market 8
6. Bibliography 10
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The future format of the Master’s degree in Business Administration (MBA).
It is required in the MBA market of the Potchefstroom Business School (PBS) to
determine the market’s reaction to the possible changes to the MBA degree.
Introduction
In present, the most challenging concept for marketers are to identify what consumers
buys and don’t buy and why and when they buy specific product or service. This
consumer purchasing decision related information is difficult but critical for marketers as
it helps them in identifying what is significant to the consumer and what influences
him/her most at the time of taking their purchase decisions (Bennett, 2009). The
information about consumer behavior and their purchasing decision influences
marketers in creating their marketing programs or strategies in accordance to the need
of specific consumers.
Psychologists have long been interested in the topics of buying and shopping behavior.
Some major perspectives in psychology such as behaviorism and cognitivist have
formulated different theories to explain buying motivation and behavior. The behaviorists
stress the process of operant conditioning and individual’s history of reinforcement,
while the cognitive approach puts its accent on individual’s free will and intentional,
voluntary action. The views of these two perspectives can be examined in terms of the
nature of buying behavior and the process of choice. The buyers will have to think twice
before deciding to purchase another vehicle, for example if the Citi Golf is efficient when
it comes to fuel, why buys BMW?
The aim of marketing is to meet and satisfy target customers’ needs and wants. The
field of consumer behavior studies how individuals, groups, and organizations’ select,
buy, use, and dispose of goods, services, ideas, or experience to satisfy their needs and
desires. Understanding consumer behavior and knowing customers is never simple.
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Customer may say one thing but do another. They may not be in touch with their deeper
motivation. They may respond to influence that change their minds at the last minutes.
The user and the purchaser can be different person, in some cases; another person
may be an influencer providing recommendations for or against certain products without
actually buying or using them.
1. Literature Review
With regard to the nature of buying behavior, the behaviorists consider it as a response
to a reinforce. One of the famous behaviorists, Alhadeff (1982) represents buying
behavior as the outcome of the relative strengths of conflicting approach and escape
behaviors, each of which is determined by its own reinforcers. Etc. On the other hand,
the cognitive perspective views buying behavior as more voluntary, rational and
intentional in nature rather than mere response to the environment. People buy what
they want to buy and their reasons for buying embrace “whatever consideration
induced, inclined, weighed with or decided them to buy” (Beck, 1975). Etc. The price,
