Purchase decision model in the context of choosing a master’s program

Models of making a purchase decision, traditionally used in marketing, can also be applied to the choice of applicants (buyers) of an educational program. Decision-making process on choosing a master’s program differs from the one of admission to a bachelor’s degree, and thus demands a special study. It is necessary to «tune» the communication and marketing tools for each stage passed by a student in the decision-making process. However, the existing research lacks a systematic approach to considering the stages of making a purchase decision as far as a master’s program choice is concerned. This paper presents a master’s program purchase decision model, which reflects the dynamics and time frames of the decision-making process passing various stages from the first to the fourth year of the bachelor’s degree. The empirical basis of the study is the data of a 2019 survey of HSE one-to-four-year undergraduates specializing in different spheres. To construct the model based on the study of factors and sources of information influencing the students’ choice, there were identified the time intervals of the main stages (understanding the problem, searching for information, and alternatives evaluation) of the students’ purchasing decision process. The proposed model will allow master’s programs to improve their communication strategies, considering the characteristics of various stages, which should provide a systematic influence over a potential consumer within the decision-making process when choosing a master’s program.