What is demand?
Demand is something more than a need or desire.Demand is a schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time.(McConnell C.R.; Brue S.L.; Flynn S.M. 2012).
The factors of demand that shift the demand curve are as follows:-
1)Level of Income
An increase in income will cause an increase in demand.
2)Prices of other related goods
A price change of a related good may either increase or decrease depending whether
the related good is a substitute or a complement.
3)Taste and preferences
A favorable change in consumer tastes for a product, a change that makes the product more desirable means that more of it will be demanded at each price.
4)Expectations about future
A new consumer expectation that either prices or income will be higher in the future.
Results:
Figure 1
The demand factors that are currently affecting the demand of Taylor’s University based onthe findings (Figure 1) are mainly focused on courses offered with the highest percentage of 40%. Taylor’s University is most in demand due to the numerous amounts of courses that are offered compare to other universities. There are around 15 faculties which are Architecture,Biosciences,Business,Communication,Computing & IT,Design,Education, Engineering,Hospitality & Culinary Arts,Languages,Law, Medicine, Pharmacy,American Degree Transfer Program whichoffer foundation, diploma,degree, post-graduate and professional programmes. Besides that, each of the faculties offers variety of courses compared to other universities. This is highly in demand for the people because most colleges or university does not provide the programmes thatare in search by a student that Taylor’s University had offered. This explains why the demand on courses offered is the highest.
Reputation is the second highest demand factor with the percentage of 23%. Taylor’s University offers a good reputation to the student, as it has a high standard of education qualities which only a certain people are able to join with a certain entry requirements. Also, the ability of obtaining a higher reputation to a student gives them an advantage in the future such as good job opportunities locally and globally. Apart from that, Taylor’s University has glorious history of achieving awards that lifts up its reputation such as Putra Brand Awards (Gold) since 2010.(Study Malaysia Online. 2012.)
Figure 2
Based on one of the question in the survey form (Figure 2), 52% shows that Taylor’s University was their first choice. This shows why, reputation is also another factor that is in demand of the people for Taylor’s University.
Location holds 9% of the demand factors on Taylor’s University. Taylor’s University is located in an area that is quite happening and busy most of the time. Also, it is located near to the capital city; Kuala Lumpur. Besides that, there are an abounded of malls situated close to Taylor’s University. This benefits the students as they do not need to travel far if they are living near to the main city also they are able to gain a little of entertainment not far away from the campus.
Environment also has an effect on the demand factors towards Taylor’s University. It has a percentage of 7% which ranked the second lowest in the demand factor. The environment at Taylor’s University is most exquisite as it is flooded with wonderers of restaurants that serve multiple choices of food. Not only that, Taylor’s University provides an enormous library with thousands of books for references , an 24-7 room for students to study or to have group discussions and also a comforting zone for students to enjoy and relax for a brief moment at the student life central. Taylor’s University is also known for its beauty of nature, as it has a magnificent lake within the campus which gives positive effects towards many such as the feeling of relaxation and calmness.
Others factors have the least percentage of the demand factor which is 4% that effects Taylor’s University. Scholarship is one of the other factors. In each intake for foundation and degree, scholarship such as JPA is provided to those who had applied regarding to the terms. Besides that, Taylor’s University also offers study grants, discounts for alumni family and study loans like MARA and PTPTN during degree intakes thus this helps the students to minimise the settlement on the fees.
Price Elasticity
The elasticity of a person is shown where, as there is a change in the quantity demanded or supplied in relation to the price. However, the price change does not affect the quantity of demand for this case. Based on one of the question in the survey form (Figure 3), 68% shows that if the price of the tuition fees of Taylor’s University were to increase, the students will not switch to other universities because they are less elastic towards the price hence, the students are more sensitive towards other factors. As the demand of Taylor’s University is high, students are willing to study in Taylor’s University disregards to the price even if it were to increase. This is because Taylor’s University offers the wants of the students such as thecourses offered and reputation which showed the higher percentages. This shows that the students are perfectly inelastic towards the price.(ZubairHasan. and Habibah Lehar,2011)
If Taylor’s University increases the tuition fees would you switch to other universities?
Figure 3