Satope, Bola Funmilayo
Department of Human Resource Development,
Osun State University, Osogbo, Okuku Campus
E- mail: satopetito@yahoo.com
ABSTRACT
In recent time in Nigeria, there has
been continuous expansion of the University and a change in market structure
from monopolistic control by federal government to a competitive one involving
private individuals and religious organisations as well as state government.
This provides a wide range of choices for the students. The study therefore
looks at the factors determining choice of consumers in university options and
the importance of such choice in a competitive market for education which is
one of the basic rights of the students. It uses a model comprising the various
components of microeconomic choice namely: consumer (parent), producer
(government and firms) and the market place (students) and was based on the bounded
rationality theory.
The study shows that consumer’s
choice of university is based on availability of suitable course in the area of
interest, employment rates of graduates from the particular university,
parents’ education and income, physical appearance of the campus buildings and
the impression they have of the university. Other important factors in most
university advertisement like: quality of teaching, use of information
technology etc do not have meaning to applicants due to inadequate information
for applicants. It is however recommended that consumers should give
recognition to class size, skill outcome, career possibilities etc among
others. The paper also identified the importance of choice as: reducing waste,
enhancing efficiency in decision making, ensuring failure of the weak and
success of the strong and finally, bringing about innovation. Recommendations
are therefore given for efficient choice making.
Keywords: Opportunity
Cost, Scarcity, Rationality, Information Overload, Innovation Overload
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