Ghada Ferchichi - Hult Prize Certificate Program - Senior Project

Ministry of Higher Education and Scientific Research
AVICENNE PRIVATE BUSINESS SCHOOL
A Graduation Project Elaboration Submitted for the

Master degree in Digital Marketing & Communication
Determinants of Students E-Trust and Enrolment

Intention in Online Paid Hult Prize Certificate
Program during the Pandemic of COVID-19.
Conducted by: Supervised by:
Ghada Ferchichi Dr. Amal Ben Cheikh
Academic year 2020/2021
Leading A Generation To Change The World

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Acknowledgement
Firstly, I would like to render a sincere appreciation and thanks to my supervisor Dr.
Amal Ben Cheikh for guiding me throughout this process brilliantly and providing
me with her useful instructions and supportive feedback completing this research
that was held by so much effort. I am really grateful for your constant trust and
faith in me.
In addition, I would like to thank everyone who gave me their time and
contributed to this survey research by giving me concrete and honest answers
that were useful and relevant.
Moreover, to my professional advisor, Hamdi Ben El Elmi who invited me on this

journey and gave me this opportunity to work with Hult Prize, and trusted me
with responsibilities to achieve the vision of taking Hult Prize beyond Tunisia to
impact more students around the world. Hamdi, thank you immensely for being
the visionary person you are, for pushing me beyond what I thought to be the
limit.
To my professional advisor Callum Porter-Harris who was more than a guide to me

throughout this journey, who demonstrated what real work ethics mean and how
to truly give my best and master communication and management in a workplace.
Moreover, for being a source of inspiration and someone that simply makes work
commitment a delight.
Last but not least, a major word of thanks and love to my parents, my brother, my
friends and my Hult Prize family who are constantly standing by my side during
the development of this thesis spreading all sorts of motivations and support.
Ghada Ferchichi
________________

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Abstract
Several research studies in different countries have emphasized the concept of

Online Learning. This explains the importance of this phenomenon both on an
organizational and individual level. This research paper focuses on the Hult Prize
Certificate Program. Thus, the objective of this article is to shed light on the factors
that influence the students’ enrollment intention toward the Hult Prize Certificate
Program. Accordingly, a quantitative approach is chosen. A survey was conducted
with 105 respondents. The partial least squares regression method was used. Data
analysis shows that the Hult Prize Certificate Program Digital Brand Image, E-WOM
and Perceived Price has an impact on the students’ Online Trust. The latter has a
significant impact on the students’ Enrollment Intention. Followed by the
moderating effect of Perceived Benefits of COVID-19 social distancing on Online
Learning and Hult Prize Brand Credibility on students’ Online Trust. Nevertheless,
Perceived Benefits of COVID-19 social distancing on Online Learning is rejected.
Moreover, managerial implications and recommendations are drawn.
KEY WORDS: Hult Prize, Hult Prize Certificate Program, Introduction to Pitching
course, Students, Digital Brand Image, E-WOM, Perceived Price, Online Learning,
Enrollment Intention.
Résumé
Plusieurs études de recherche dans différents pays ont mis l'accent sur le concept
d'apprentissage en ligne. Ceci explique l'importance de phénomène tant au niveau
organisationnel qu'individuel. Cette étude se concentre sur le Hult Prize Certificate
Program. Ainsi, l’objectif de cet article consiste à étudier les facteurs qui influencent
l'intention d'inscription des étudiants dans le Hult Prize Certificate Program. En
conséquence, une approche quantitative est choisie. Une enquête a été menée
auprès de 105 répondants. La méthode de régression des moindres carrés partiels a
été utilisée. L'analyse des données montre que l'image de marque numérique du
Hult Prize Certificate Program, l'E-WOM, le prix perçu ont un impact sur la
confiance en ligne des étudiants. Ce dernier a un impact significatif sur l'intention
d'inscription des étudiants. Suivi de l'effet modérateur des avantages perçus de la
distanciation sociale COVID-19 sur l'apprentissage en ligne et de la crédibilité de la
marque Hult Prize sur la confiance en ligne des étudiants. Néanmoins, les
avantages perçus de la distanciation sociale COVID-19 sur l'apprentissage en ligne
sont rejetés. De plus, des implications managériales et des recommandations sont
tirées.
MOTS CLÉS: Hult Prize, Hult Prize Certificate Program, cours d'Introduction au
Pitch, Étudiants, Image de Marque Numérique, E-WOM, Prix Perçu, Apprentissage
en Ligne, Intention d'Inscription.

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Table of Contents
Abstract 3
Résumé 3
1. General Introduction 9
1.1 Purpose of this study 10
Chapter1: Hult Prize Foundation General Background 11
1. Beginning 11
2. Partnerships 12
3. Accomplishments 12
4. Our Approach 12
4.1 Inspire 12
4.2 Educate 12
4.3 Action 13
4.4 Accelerate 13
4.5 Fund 13
4.6 Scale 13
5. Our programs 14
5. 1 On-Campus Program 14
5. 2 Impact summits 14
5. 3 Accelerator program 14
5. 4 Hult+: Paid Online Education Everywhere: 14
5.4.1 Hult Prize Certificate Program Description 14.
5.4.2 Hult Prize Certificate Program Current Status 15
5.4.3 Hult Prize Certificate Program Methodology & Structure 15
5.4.4 Hult Prize Certificate Program Team Structure & Workstream 16
5.4.5 Hult Prize Certificate Program platforms 20
Section 1: Hult Prize Job Description 20
1.1 Context and Goals 21
1.2 Duties and Responsibilities 21
1.3 Learning Outcomes 22

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Section 2: Hult Prize Certificate Program Digital Marketing Strategy 23
2.1 Hult Prize Certificate Program Content Marketing Strategy 23
2.2 Hult Prize Certificate Program Digital Advertising Plan 26
2.3 Hult Prize Certificate Program Email Marketing Strategy and Results 30
2.3.1 Hult Prize Certificate Program June Email Marketing Strategy and Results 30
2.3.2 Hult Prize Certificate Program July Email Marketing Strategy and Results 31
2.3.3 Hult Prize Certificate Program August Email Marketing Strategy Results 31
2.4 Hult Prize Certificate Program Social Media performance 31
Chapter2: Literature review 44
Section1: Theoretical Framework 44
1.1 Digital Brand Image 44
1.2 E-WOM (Electronic Word of Mouth) 45
1.3 Perceived Price 45
1.4 Online Learning 46
1.4.1 Online Interaction 48
1.4.2 Student Motivation 48
1.4.3 Course Structure 49
1.4.4 Instructor Knowledge and Facilitation 49
1.4 6. Online knowledge sharing 50
1.4.7 Real time feedback 50
1.5 E-Trust 50
1.6 Enrolment Intention 51
1.7 Moderators 51
1.7.1 Perceived Benefits of COVID-19 social distancing 52
1.7.2 Brand Credibility 52
Section2: Conceptual Framework 53
2.1 Digital Brand Image and E-trust 53
2.2 Digital Brand Image and Intention 53
2.3 E-WOM and E-Trust 54
2.4 E-WOM and Intention 54
2.5 Perceived Price and E-Trust 55

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2.6 Perceived Price and Intention 55
2.7 Online Learning and E-Trust 56
2.8 Online Learning and Intention 56
2.9 E-Trust and Intention 57
2.10 Moderators 57
2.10.1 Perceived Benefits of COVID-19 social distancing and Online Learning 57
2.10.2 Brand Credibility and E-Trust 57
Chapter 3: Methodology and empirical findings
Methodology Introduction 59
Section 1: Research Design and approach
1.1 Research Philosophy 59
1.2 Research Approach 60
1.3 The research epistemological choices 61
Section2: Sampling methods
2.1 Population and sampling 62
2.2 Sampling frame
2.2.1 Population 63
2.2.2 Sampling size 63
2.2.3 Respondents’ selection 64
Section 3: Data collection 64
3.1 Data collection method 64
3.2 Design of the questionnaire 65
3.3 Measurement Scale 65
Section 4: Data analysis 68
Chapter 4: Findings and Results Discussion 72
Section 1: Demographic and General Information 72
1.1 Age Gender and Country 72
1.2 Level of Education, Working Status and Prior Number of Online Learning Courses 74
1.3 Hult Prize Introduction to Pitching course Payment Source 76
1.4 Hult Prize Certificate Program’s Reasons of Interest and Source Information 77

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Section 2: Empirical Findings 79
2.1 Measurement Model Analysis 80
2.2 Structural model analysis 87
2.3 Moderating effects 90
2.3.1 Perceived Benefits of COVID-19 social distancing moderating effect 91
2.3.2 Brand credibility moderating effect 93
Section 3: Discussion of major results 96
3.1 Moderators Effects 99
3.2 General conclusion 100
3.2.1 Managerial implications 100
3.2.2 Limitations 102
3.2.3 Future research suggestions 103

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List of Tables
Table 1. Hult Prize Certificate Program Workstream 24
Table 2. Digital Content Marketing Materials 27
Table 3. Content Marketing Best Practices 34
Table 4. Hypothesis 66
Table 5. Advantages and disadvantages of non-probability sampling 70
Table 6. Measurement Scale 75
Table 7. The difference between exploratory data analysis

and confirmatory factor analysis 78
Table 8. Indicators’ characteristics 80
Table 9. Outer Loadings of Algorithm 1 91
Table 10. Construct Reliability and Validity of Algorithm 1 93
Table 11. Outer Loadings of Algorithm 2 94
Table 12. Construct Reliability and Validity of Algorithm 2 96
Table 13. R Square of Algorithm 2 97
Table 14. Path Coefficients of Algorithm 2 98
Table 15. Path Coefficients bootstrapping 100
Table 16. Path Coefficients without perceived benefits of COVID-19

social distancing moderation 102
Table 17. Path Coefficients with perceived benefits of COVID-19

social distancing moderation 103
Table 18. Path Coefficients without brand credibility moderation 104
Table 19. Path Coefficients with brand credibility moderation 105

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List of Figures
Figure 1. Hult Prize Certificate Program Team Structure 23
Figure 2. Hult Prize Certificate Program Platforms 27
Figure 3. June Email Marketing Strategy and Results 38
Figure 4. July Email Marketing Strategy and Results 39
Figure 5. August Email Marketing Strategy and Results 39
Figure 6. Conceptual Model Framework 66
Figure 7. Sample Size Formula 71
Figure 8. Age 81
Figure 9. Gender 82
Figure 10. Country 83
Figure 11. Level of Education 84
Figure 12. Working Status 84
Figure 13. Prior Number of Online Learning Courses 85
Figure 14. Hult Prize Introduction to Pitching course Payment Source 86
Figure 15. Hult Prize Certificate Program’s Reasons of Interest 87
Figure 16. Hult Prize Certificate Program’s Source of Information 88
Figure 17. Conceptual Framework after the first Algorithm 92
Figure 18. Conceptual Framework after the second Algorithm 95
Figure 19. R Square of Algorithm 2 97
Figure 20. Path Coefficients 99
Figure 21. Model bootstrapping moderation without perceived benefits

of COVID-19 social distancing 101
Figure 22. Model bootstrapping moderation without perceived benefits

of COVID-19 social distancing 102
Figure 23. Model bootstrapping moderation without brand credibility 104
Figure 24. Model bootstrapping moderation with brand credibility 105

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1. General Introduction
Online learning has become an important area of educational research due to the
COVID-19 pandemic. Current research on e-learning considers the following
problems: lack of an effective e-learning atmosphere, insufficient interactivity in
virtual classrooms, undiversified teaching methods, lack of resources for online
courses. The issues listed above are more likely to seriously affect the effectiveness
and quality of online teaching and learning. Studies today focus primarily on the
limits of online learning, such as satisfaction, attitude, adoption, acceptance,
sustainable use, motivation, behavior of use and sharing of information and
knowledge.
The success of online learning largely depends on many conditions, including the
learning environment, teaching methods, teaching resources and learning
expectations. The adoption of new technologies, such as artificial intelligence, big
data and cloud computing, has fostered the rapid development of intelligent
learning environments, which provides more competent learning conditions for
online learning. An intelligent learning environment is a place or space that
identifies characteristics of students to help them use the most appropriate tools
and resources using data logging and automated assessment of the entire process
in order to promote student learning effectively. Smart mobile devices, digital
learning materials and smart educational environments improve student
achievement and learning outcomes. Creating an intelligent learning environment
based on the most advanced technologies provides better support to meet the
special needs of students, increases student learning satisfaction and improves
their educational outcomes.
The smart characteristics of physical detection functions, personalized

recommendations and other relevant factors provide high quality support on
e-learning platforms. Human-machine interaction in a virtual educational
environment helps students experience excellent teaching and learning
approaches from the innovation of digital technologies in the 21st century.
Intelligent interaction is an important dimension that affects the quality of online
courses and is closely related to student satisfaction and learning effectiveness.
Therefore, an intelligent learning environment is essential to help develop
e-learning skills and achieve outstanding learning outcomes. However, research
rarely focuses on a learning environment in such a digital age. The active
participation of students in their distance education is one of the most important
factors influencing their academic performance.

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1.1 Purpose of this study
This study aims to examine the determinants that impact students' online trust
and enrollment intention toward the Online Paid Hult Prize Certificate Program
during the COVID19 pandemic. The mediating variables of perceived benefits of
COVID19 social distancing and brand credibility during this pandemic crisis may
influence students’ online trust and the lean toward online learning; however, the
direct effect of variables on student enrolment intention will also be examined.
Numerous studies of online learning have been conducted that examine students’
satisfaction, acceptance of online learning, distance learning success factors, and
the quality of learning.
The COVID-19 pandemic has forced educational institutions, including instructors

and learners, to move online, which they were unaware of. The students were not
psychologically ready for such a change.
Therefore, to understand how students perceive the result of this transition and
how they can E-trust and intend to enroll in the Hult Prize Certificate Program will
be examined in this study.

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Chapter1: Hult Prize Foundation General Background
The Hult Prize Foundation transforms how young people envision their own
possibilities as leaders of change in the world around them. With a US $1,000,000
global startup prize as its anchor activity, the Hult Prize has brought
impact-focused programs, events and training to over a million students globally,
creating a pathway for youth everywhere to take action to build a better world.
In just over a decade, the foundation has deployed more than $65M into the
impact sector which it helped create. Operating on more than 2,000 college and
university campuses in 121 countries with a global team of more than 30,000 staff,
student volunteers, and changemakers, the Hult Prize continues to be a disruptive
global leader in education, soft skills training and entrepreneurial development for
the 21st century.
1. Beginning
Hult Prize journey started in 2009 when the Palestinian American MBA student
from Hult International Business School Boston, Ahmad Ashkar, sought to bring
real change in the world through social entrepreneurship. Ahmad was certain that
youth around the world had the potential and the motive to solve the biggest
issues they face in their own communities.
The Hult Prize Foundation built a platform for young university students from
around the world to come together in the fight against some of the most pressing
social challenges of today’s society. Each year Hult Prize partners up with the
United Nations to launch the challenge that all participating start-ups have to solve
under the incentive of winning a prize of 1 Million Dollars of business seed capital.
Thanks to its youth dynamization and its global impact this crowdsourcing solution
platform was named the “Nobel Prize for students” from media sources worldwide.
2. Partnerships
Hult Prize was able to secure strong partnerships throughout the years such as the
Office of Partnerships of the United Nations, Hult International Business School
which is chaired and funded by the Swedish billionaire Bertil Hult and his family
through their international private education company Education First.
Fortunately, Hult Prize caught the eye of many successful influential people around
the world who joined its network and offered tremendous support and dedication
such as, US President Bill Clinton, Muhammad Yunus, Kathleen Rogers, and many
more.

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3. Accomplishments
In 2017, eight out of Forbes Magazine 30 Under 30, were entrepreneurs that
founded their social business as part of the Hult Prize’s annual cycle.
Hult Prize launched companies are today valued at more than one hundred and
fifty million dollars. They include Impact, Roshni Rides, insect food market leader
Aspire Food Group who are on their way to become a Billion Dollar company, and
many more.
What do we do?
4. Our Approach
4.1 Inspire: Refined Over a Decade
Since 2009, the Hult Prize Foundation has invested US $100M into youth impact.
Inspiration is where we start, instilling confidence and aspiration into program
participants and organizers whilst energizing local ecosystems. Operating on
3000+ college and university campuses across 121 countries, our global team of
more than 50,000 student organizers, staff and volunteers ignite change from the
ground up.
4.2 Educate: We teach young people how to discover their own

possibilities for change through impact education
Recruited students join the movement and are enrolled in an intensive, precision
based impact education and leadership curriculum. They are taught the
fundamentals of an impact enterprise, idea mapping, startups, how to sell,
communicate and how to be leaders of change in the world around them. Learning
opportunities never stop with guided seminars, workshops, speaker events and
dedicated mentoring and coaching. Students are transformed into impact
centered and value creating agents of change.
4.3 Action: Without knowledge action is useless and knowledge without

action is futile
Students enrolled in our programs complete their learning by doing. Some choose
to create their own startups and compete in local, national or regionally organized
pitch events, while others take on committee roles in sales, marketing, design or
content management and delivery. In 2020 alone, our community organized more
than 3,000 events across 121 countries giving more than a quarter million youth
around the world an opportunity to create impact. Top startups emerging from our
programs are invited to participate in our flagship US $1,000,000 global program.

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4.4 Accelerate: The World’s Number One Accelerator for Social Impact
The Hult Prize Breakthrough Do. Learn. Do. methodology is a cutting-edge

framework and series of programs developed by leading social entrepreneur and
our founder Ahmad Ashkar. Our series of accelerator programs offer young people
an opportunity to create value – either for themselves or their customers. We
pioneered the world’s first, “Human Accelerator” program for badging and
upskilling for job creation and offer intensive off-site live / work programs that
transform youth and their ideas into market ready and disruptive contributions to
society.
4.5 Fund: We Invest in youth committed to impact
Directly investing in youth is critical to empowering a generation to lead the world.

We provide high-risk, early stage capital to our most promising program graduates
and their enterprises, including an industry leading US $1,000,000 startup award.
We also fund job creation and reward high performing youth who graduate from
our precision based, badge and upskilling programs with meaningful work. Hult
Prize has invested more than US $100,000,000 and has directly funded startups
worth a combined market value of more than US $500,000,000.
4.6 Scale: A Mentor Community of More than 10K Professionals
Through a one-of-a-kind network, “We For One” the largest international

community of mentors, coaches, advisors, trainers and experts, The Hult Prize
facilitates long lasting mentorship and business coaching for its alumni. Our
network plays a critical role in customer acquisition, talent management and
people development, keeping our youth focused, committed and on a pathway to
long lasting impact.
5. Our programs
5. 1 On-Campus Program
The Hult Prize is home to the world’s largest college and university hub network for
impact. The On-Campus Program operates in nearly three-thousand college
campuses on five continents and is made up of students, university administrators,
professors, and alumni who participate in the program as mentors, speakers, and
sponsors for events, workshops, and startup competitions which are organized
under the Hult Prize Banner.

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5. 2 Impact summits
Impact Summits are hosted in +100 different cities, representing all the geographic
regions of the world. They provide students from around the world an opportunity
to showcase their innovative ideas, learn from their peers and be inspired by a
generation of young people who are committed to changing the world through
business. The very best startups represented at each program will win a spot in the
world’s largest Global Accelerator.
5. 3 Accelerator program
The Hult Prize Accelerator Program is a cutting-edge program that provides living
and working spaces, along with the opportunity to hone business skills, network,
and prepare for launch - through a retribution of classes, workshops, pitches, and
multidisciplinary experts, coaches and leaders. The final four weeks of the program
are spent on a 190-acre estate just outside of London. Our network opens doors to
capital, mentorship, business development, customer acquisition, and talent
recruitment among others.
5. 4 Hult+: Paid Online Education Everywhere
5.4.1 Hult Prize Certificate Program Description
The Hult Prize Certificate will be awarded on the successful completion of our
intensive 10-day, skills-based pitching course. Students will learn fundamental
knowledge in communication, storytelling, and pitching, supported by daily
coaching sessions and additional interactive activities and sessions.
This program is not just about mastering theories but focused on learning by doing
where students will be able to put their learning into practice.
The Introduction To Pitching course is delivered by members of our global
leadership team, alumni base, and expert mentor community from around the
world. We share tools, techniques, and secrets on pitching that we have developed
from working directly with tens of thousands of Hult Prize startups.
This program is certified and run in partnership with the Hult International
Business School, a worldwide leader in international business education.
The Hult Prize has also launched a FREE variant of the Introduction To Pitching
course that is the Fundamentals Of Pitching, an exclusive & custom-made course
for the students on Udemy Platform. In this course, they’ll learn how to structure
the content of their pitch, design their deck with professional feedback and build
their confidence to deliver their pitch. This course provides the tools, techniques,
and secrets on pitching.

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5.4.2 Hult Prize Certificate Program Current Status
Introduction To Pitching (Paid course): 285 enrolled students.

Fundamentals Of Pitching (Free course): 2,834 enrolled students.
5.4.3 Hult Prize Certificate Program Methodology & Structure
At the Hult Prize, all of our programs are designed on our Think - Build - Engage -
Test - Celebrate methodology, which promotes action-based learning and has
resulted in accelerated learning for millions of students globally.
Think: Learn from topic experts and industry leaders the latest knowledge in the
area of study. Our Think activities are based on having the students to think deeply,
and ensure they have a comprehensive understanding of the topic. For our Pitch
Course, we share with the students all of the fundamentals around pitching, from
the psychological aspects to the specific details on what to include in a pitch. We
also invite Hult Prize Alumni to share their personal stories on pitching for USD 1
Million and leveraging their pitching skills to launch their startups.
Build: We strongly believe the students can learn best when they have to build
tangible outputs. We carefully design our assignments to ensure they’re working
on relevant projects and able to learn by doing. For our Pitch Course, the students
focus on building a Pitch Script, an FAQ, and a Pitch Deck to support them during
this course as they develop their pitch.
Engage: By sharing what the students have built with our world-class mentors &
coaches, they gain vital feedback and direct learning on how to improve and reach
the next level. For our Pitch Course, the students have six open coaching sessions,
where they take turns in sharing their latest pitch, and receive coaching on how to
improve. Our open coaching sessions allow for peer-to-peer feedback and shared
learning.
Test: Show the students final outputs and results to obtain market validation. For
our Pitch Course, they have the opportunity to test their pitch to our guests and
receive both expert and peer feedback on their pitch.
Celebrate: We encourage everyone to celebrate key milestones, make sure to take

the time to reflect on their personal development, and celebrate together as we
move forward together. For our Pitch Course, students are able to celebrate their
personal development by sharing their Pitch Certificate with their professional
network and joining a social activity with their fellow participants.

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5.4.4 Hult Prize Certificate Program Team Structure & Workstream
Figure 1. Hult Prize Certificate Program Team Structure
Workstream Roles And responsibilities
Sales Advise students on the benefits of our courses.

Convince the students to be part of our community.
Facilitate any course payment fees.
Student Support Enroll more students & help the community grow.
Engage in the Student’s learning journey.
Become a lifetime advisor.
Content Support content creation for Hult Prize Certificate

Program and other related content projects.
Communicate updates and plans to the content
team and to cross-functional stakeholders.
Assist students with navigating courses,
assignments, discussions, and other key areas to
ensure student success and course completion.

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Teacher Assistant Assist instructors in managing the evaluation of
course assignments and development of feedback as
a Teaching Assistant (TA).
Provide the instructors with feedback related to
student performance.
Marketing Create content to attract more students both for our

free and paid courses such as educational posts /
platforms tutorials / deadline announcements / free
pass opportunities / Alumni testimonials / reels with
call to actions.
Social Media Create monthly reports to track our improvement

and compare our growth with previous months.
Use of all the features on our 3 main platforms:
Facebook, LinkedIn, and Instagram: (Stories, Reels,
IGTVs, etc.)
Brand & Design Design documents including guidebooks, decks, SM

assets, marketing materials etc and ensure
alignment with our branding across the programs.
Table 1. Hult Prize Certificate Program Workstream
Sales & Student Support Service (SSS)
Our vision
Create a wide & loyal Student Community and a strong SSS team that:
● Can be an advisor to students on Career plans, job opportunities & the

different courses built within our Program.
● Deeply understands Impact Entrepreneurship & Educational Programs.
● Becomes a pillar in our Educational Program by actively shaping it and
providing critical feedback & innovating ways to drive our SSS team.
As a member of the SSS team
We enroll more students & help the community grow:
● Advise students on the benefits of our courses.

● Convince the students to be part of our community.
● Facilitate any course payment fees.

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Are engaged in the Student’s learning journey:
● Know their experience.

● Understand their struggles & challenges.
● Track their performance and have them seek our advice to improve.
Become a lifetime advisor
● Establish trust.
● Update students on future courses.
● Give personalized recommendations, and job opportunities.
● Keep in good touch.
Becoming a master in SSS
Know what we’re talking about:
● Understand what makes the Hult Prize Certificate Program the best option
for the student.
● Be aware of our Alumni testimonials and success stories.
Be empathetic
● Understand who our students are, how much do they know about Hult Prize,
(the language differs if they are not part of the Hult Prize community).
● Be conversational and put ourselves in their shoes.
Set our Weekly Goals:
● How many students do we want to close this week?

● What is the team learning journey in sales for this week?
● What challenges would we like to overcome?
Develop our sales habits:
● What is our cadence: how often do we follow up with our student? What
channel do we use each time?
● Prepare our script (use wordings from our website and curriculum)

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Digital Marketing
Digital Content Purpose

Marketing materials
Coaches Highlights Feature shots of one of our coaches speaking in various

venues (Hult Prize UN final pitch etc.) with a new voice
over or class recording key takeaway on pitching.
Authentic testimonials can be astonishingly persuasive.

Alumni Testimonials Even the most basic testimonials can have a huge effect
(video or Graphic on our program registration.
with image) Create a new template for video testimonials, cool
intro/outro and ensure call to action visually present
“register now”.
Website FAQs Answering some FAQs with animation/text & design

elements in quick short videos.
Generic content Create urgency either to feature soft or hard cutoff dates
(Seats running out) as the final day to register
Promotional videos A sneak peek from the previous cohorts, some

feedback/advice from the coaches can be added: this
will show a real time experience that can be a great
booster to join.
Key Learnings Graphic representation in carousel posts in different

social media channels (Instagram, Facebook, Twitter
etc...) to showcase some educational content and have
an ask in the end for registration closing & website link.
Webinars One of the best ways to promote our program is to host

a live webinar for interested students who registered
and still didn’t pay. On the webinar, we share some of
our best content for free. This helps to position us as an
expert and it also helps to build trust before we
introduce our course and ask for the sale.
Promotional Emails Our promotional emails are the perfect way to inform
our potential students with announcements, new
releases, changes to our program as well as delivering
important messages. While having a clear call-to-action
(to register now and finalize payment in order to enroll
in our program.)

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Informational Emails Newsletters: we share news related to the Certificate
Program (new milestones reached, new curriculum
changes) that are sent according to a set schedule
(weekly, bi-weekly, monthly), which helps maintain a
consistent connection with our interested students. And
an opportunity to share insights, thoughts, tips –
whatever brings the most value to your audience.
Table 2. Digital Content Marketing Materials
5.4.5 Hult Prize Certificate Program platforms
Figure 2. Hult Prize Certificate Program Platforms

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Section 1: Hult Prize Job Description
I have been involved with the Hult Prize Foundation since my second year in
Avicenne Private Business School as part of the On-Campus Program Organizing
Committee. Since then, I was actively pursuing the Hult Prize mission and
volunteering closely with the global staff. I participated in all of the cyclical
programs, from On-Campus to Regionals to Accelerator to the Award Ceremony &
Gala.
My job with Hult Prize effectively started on June 8th, 2020 as a full-time employee
where I was assigned as a Youth Interaction Officer to support the global programs’
communication across the Foundation.
By December 9th, I began working with the Hult Prize Certificate Program as a
Sales team member, in which I gained knowledge around sales, career plans, job
opportunities & the different courses built within our Program.
I collaborated closely with the Head of Accelerator and Certificate Program, Callum
Porter-Harris, the Head of the On-Campus Program, Carla Osnaya and last but not
least the Head of Global Programs, Hamdi Ben Elmi.
1.1 Context and Goals
As I built experience around my position, I was assigned to lead the Sales & Student
Support team to help in strategizing and executing the Hult Prize Certificate
program. This involved creating a wide & loyal student community that deeply
understands Impact Entrepreneurship & Educational Programs and becomes a
pillar in our Educational Program by actively shaping it and providing critical
feedback & innovating ways to drive our program.
It also involved recognizing the problems and identifying the main pain points and
challenges that the program faces, in order to solve them and optimize our
operations.
I also actively supported the Certificate Program with its Digital Marketing efforts
to promote and analyze its challenges, design a successful and sophisticated
content strategy and ensure alignment with our branding across the programs.
The goal was to help attract new traffic, leads, and sales for our program by
marketing it online to prospective leads and high-value students.

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1.2 Duties and Responsibilities
● Understand the general processes that the Hult Prize Certificate Program
goes through.
● Support in evaluating the mechanisms of the Certificate Program as our first
For-Profit Program.
● Detecting the challenges that are facing the program and all the issues that
are breaking its evolution.
● Suggest solutions and recommendations on how to solve those challenges
by recommending certain strategies, plans, and some features that we need
to develop further.
● Create content to attract more students both for our free and paid courses
such as educational posts, platforms tutorials, deadline announcements, free
pass opportunities, alumni testimonials and videos with call to actions.
● Understand who our prospective students are and how much do they know
about the Hult Prize Certificate Program (the language differs if they are not
part of the Hult Prize community).
● Understand what makes the Hult Prize Certificate Program the best option
for the students.
● Enroll more students & help the community grow (by advising students on
the benefits of our courses and facilitating any course payment fees).
● Engage in the Students’ customer journey (by understanding their
experience, struggles & challenges and tracking their intention to enroll).
● Participate in managing the Hult Prize Certificate Program inbound
communication and improve flows, within and outside of the organization.
● Promote a positive public image of our program while communicating with
stakeholders.
● Coordinate external and internal communications flow.
● Share adequate recommendations for improvements.
1.3 Learning Outcomes
Working with Hult Prize has been an educating journey for me since the very
beginning. This full time job was particularly very eye-opening on many levels.
To begin, I learned a great deal on how to work in a diverse community. Working

with an international staff has its perks. Everyone is unique in the way they deliver
work, communicate, and perceive everyday operations. It was enlightening to
adapt to this sort of setting and appreciate what everybody brings to the table
despite differences and communication challenges.
I also developed a scrutinizing eye for processes. Understanding the organization’s

operations, analyzing the way we conduct our tasks, the way we manage our
projects and run our global communication, helped me recognize hindrances
more thoroughly.

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I developed knowledge in Communication, Sales & Digital Marketing. I learned how
to practically make a project scheduling plan and set duration based on
probabilistic measures. I also learned to set up an effective communication plan
with the Certificate Program team to ensure setting the right expectations, and to
keep a steady feedback system to meet expectations.
Moreover, this job position taught me valuable work office practices such as
interdepartmental coordination. I realized the importance of internal professional
training through witnessing cross tasks between staff and the necessity of training
before undertaking new project executions.
I practiced applying tools such as Operations Management, Lean Methodology,

Content Marketing, and Social Media advertising in a professional scene. I learned
to set a Sales and Marketing plan and to reach the objectives set no matter the
circumstances.

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Section 2: Hult Prize Certificate Program Digital Marketing Strategy
2.1 Hult Prize Certificate Program Content Marketing Strategy
For a cold potential student to become a current student, they will need to travel
through three stages:
1. Awareness – The prospective student must first become aware that there is a
need, and that we, as a program, have a solution for it.
2. Evaluation – Those who move through the Awareness Stage must now evaluate,
through engaging and considering the various choices available to them, including
our competitors’ solutions and, of course, taking no action at all to fulfill their need.
3. Conversion – Those that move through the Evaluation Stage are now at the
moment of truth—purchase and enroll in our pitch course.
A cold prospect cannot evaluate our solution until they are first aware of the need
and we are providing a solution. And conversion is impossible until the prospective
student has first evaluated the possible courses of action. To move a prospect
through a marketing funnel, we need to give them content specifically designed to
satisfy their needs at each of the three stages. In other words…
● They need content at the top of the funnel (TOFU) that facilitates
awareness.
● They need content in the middle of the funnel (MOFU) that facilitates
evaluation.
● They need content at the bottom of the funnel (BOFU) that facilitates
conversion.
Top Of The Funnel (TOFU) Content Marketing
The prospective students entering the top of our funnel are completely unaware of
your solution and, often, completely unaware of their need.
As a result, we need content with a low barrier to entry—because at this stage, they
have little to no motivation to put skin in the game (such as giving their contact
information or money). We need freely available content at the top of the funnel
(TOFU) that: Entertains, Educates or Inspires
And we need to make it readily available using content types like:
● Social Media Posts
● Landing pages
● Infographics
● Videos
● Ads
● Social Media

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● Cold Emails (Digital Speaker series, Ahmad Bill Clinton Pitch Story, other
pitching stories, The Magic of Pitch Practice etc..)
● Website Home
→ TOFU content raises awareness of our offers while providing valuable information.
→ With TOFU content, we want to create awareness around needs as well as
solutions.
Middle Of The Funnel (MOFU) Content Marketing

The big goal in the middle of the funnel is to convert “need aware” and “solution
aware” prospective students into leads. Here, we use free content to incentivize
prospects to submit their contact information and opt in to receive future
marketing.
We call this type of content a Lead Magnet. Lead Magnets can be:
● Webinars
● FAQs
● Educational Emails (Top pitching tips + free resources, Career Path, Pitching
from home (pitching online perks), How to make lockdown
productive?/productive quarantaine etc..)
● Nurturing Emails (A message from our CEO, A free consultation about the
course to upgrade your skills, Join our community/You are invited onboard,
We want to know your experience from pitching, Valuable Lessons in 2020
(testimonials), Important dates to keep in mind etc..)
● Customer service
● Website Features page
Bottom Of The Funnel (BOFU) Content Marketing

What types of content will our new lead need to make an enrollment decision?
Here are a few:
● Direct communication (Calls, WhatsApp messages)
● Post enrolment services
● Promos and discounts
● Website Pricing page
● Alumni Stories (testimonials)
Our prospective students may be consulting our website and filling their
information forms (and it will help convert them), but they’ll need content that
helps them decide between us and other competitors to move them through to
purchase/enrolment.

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Best practices
● Creating a Facebook group specific for the Hult Prize Certificate Program
helped a lot with user engagement, expanding the community and building
a solid/trustful relationship with prospective students.
● Sharing credible alumni testimonials was effective to persuade interested
students to join.
● Asking for feedback helped to engage and collect information to improve our
course.
● Promoting a FREE Pass for an X cohort through live sessions helped to attract
a higher number to join the live sessions, pitch and know more about our
program.
Content Marketing that is Intent-Based
- The key to perfect content marketing is understanding existing intent and

anticipating future intent, and then, creating the content “assets” needed to
address that intent 24 hours a day, 7 days a week.
- The most lucrative content assets we need to create are assets that meet
intent at the bottom and middle of the funnel. It is proved to be efficient when
optimizing for this existing bottom and middle of funnel intent before going to
work on generating awareness at the top of the funnel, which is expensive and
time-consuming.
Content Marketing that is Ascension Focused
- We need to provide an ascension path from every piece of content we create

in order to ensure the best user experience.
- We need to anticipate the next logical intent and remove as much friction as
possible to create a clear path to conversion.
Content Marketing that is Segmented
- When an interested student visits a piece of content (spends time) they have
raised their hand and indicated interest. And, because of the power of ad
retargeting we can follow up with these prospects with a relevant ascension
offer without even acquiring their contact information
Content Marketing that is Cross-Channel
- We intend to publish content that meets intent in any channel where groups
of prospective students are searching for and sharing content including:
Website • Twitter • LinkedIn • Facebook • Instagram
- Chances are a single content asset could be published across our numerous
channels to maximize exposure.

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Content Marketing that is Avatar-Based
- Our content marketing assets are produced to satisfy the intent of potential
students' avatars. A content asset can satisfy the intent of multiple avatars or it
can be published to target a single avatar.
Content Marketing Planning: The Content Campaign
- Marketing Funnel – Is this asset addressing intent at the top, middle, or

bottom of the funnel?
- Avatar – Which avatar(s) will this asset target?
- Vehicle – Will this be a text, image, video, or audio asset?
- Channel – Where will this asset be published?
→ This Content Campaign Plan is used to align content marketing with our
program objectives like generating leads and sales.
Content Marketing Success Metrics
How to measure the success of our content marketing tactics?

- Traffic by Channel: At the top of the funnel, we design our marketing to raise
awareness for our Certificate Program. We Measure traffic from channels like
Website, Facebook, and LinkedIn, Instagram and Twitter.
- Net New MQL’s: We measure the number of leads generated in the middle of
the funnel that require further nurturing before they are ready to make a
purchase and enroll in our program.
- Conversion Rate: When content marketing is done correctly, it generates
traffic. We measure the conversion rate (Page Visits/Conversions) on our Social
Media platforms, and other calls-to-action.
- Net New SQL: We measure the number of leads consuming content at the
bottom of the funnel (demos, customer stories, etc.), indicating they’re ready to
buy and enroll.
Table 3. Content Marketing Best Practices
2.2 Hult Prize Certificate Program Digital Advertising Plan
1. Customer Journey
The Customer Value Journey is the path our potential students follow as they build
relationships with our Certificate Program, from first discovery and awareness to
final decision to enroll. The three core stages of this Journey are:

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● Awareness: This is the top of the funnel, when our new prospects first
discover our pitch course and that we can help them fulfil their needs to
improve their pitching skills.
● Evaluation: This is the middle of the funnel, when our prospects are seriously
considering making a purchase to enroll in our course. Their biggest
question is whether we’re the best source.
● Conversion: This is the bottom of the funnel, where our interested students
take action and enroll in our course.
2. Trafic Temperature
At a specific phase of the Customer Journey, our prospective students have a

certain type of a relationship with us. At the top of the funnel, they barely know the
Hult Prize Certificate Program and may not even know what we can offer as a
program. But as they move through the funnel, they get to know us and learn more
about us and become more committed and trusting.
● Cold Traffic: Generally, this is new traffic from prospective students who are
in the Awareness stage. These people are good prospects for our program
but have never heard of our course.
→ Our goal with cold traffic is indoctrination. We want to introduce our
program to new potential students and get them coming back for more.
● Warm Traffic: Warm traffic comes from prospective students who know
who we are but haven’t enrolled in our pitch course yet. It aligns with the
Evaluation stage.
→ Our objective with warm traffic is Acquisition, to convert a site visitor into a
lead.
● Hot Traffic: Hot traffic comes from interested students who are at the
Conversion stage. These are our potential students, people who are ready to
purchase and enroll in our course or have already been a part of the Hult
Prize Foundation.
→ Our goal with hot traffic is Monetization, to sell a high-dollar product to
our best students..
Ultimately, our goal is to move prospective students from cold to hot, transforming
new leads into loyal students, willing to enroll in future courses delivered by our
program. We do that by matching our message to a prospect’s temperature.
With cold traffic, We don’t necessarily offer a sale. We invest more time building
relationships. Whereas with hot traffic, the relationship is secure. We speak more as
a friend, and we make offers based on the topics we know they’re interested in.
Simply relating to people based on their temperature, we build trust and

engagement.

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3. The 5 elements of High-Performing Campaign
Every ad campaign is made up of 5 key elements:
The offer itself, the ad’s copy and design (which we call the “creative”), the ad scent
(the cohesive look and feel of your overall campaign), and the targeting, or who we
pitch our offer to.
3.1 Our offer
Our offer is not the same thing as our product or service. Our program is built
around our service, whereas, our ad campaign is built around an offer.
So what is an offer? It’s the unique combination of our product or service with
other bonuses or add-ons, including all the details of our promotion:
● The deliverables
● The price
● The schedule
● How it’s being delivered
● And more (Coaching from a high-caliber of experts, attractiveness of the
course, a Certified Certificate, a global community network etc..)
3.2 Our Ad Copy
Our ad copy refers to the messaging we use in our ad campaign. It should be clear
and compelling, so the benefits stand out—both the benefits of engaging with the
ad and of taking the action we’re asking for. Good copy has a strong emotional
hook. It’s intriguing and persuasive without relying on hype.
We start our ad by speaking to a pain point our target is dealing with, that is
elevating their pitching skills. Then our offer should be presented as the solution.
3.3 Our Creative
The creative refers to the graphic elements of our ad: the image, video, or carousel
images. Good creative communicates our message visually in just a second or two.
So it supports and enhances our copy.
3.4 Our Ad Scent
Ad scent refers to congruency, or “sameness,” throughout our campaign.
Why is this important?
Because trust is a huge conversion factor. If our prospective students feel

comfortable that our offer is valid, they’ll seriously consider it. Our prospects should
always feel like they’re on the right path.
We do this by creating a flow—visually, in our messaging, and in the presentation of
our offer—from our ad to our landing page, and every other piece of our campaign.
To build consistency, we focus on 3 elements:

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● Design: We use similar imagery and colors on each piece of the campaign.
● Messaging: We develop homogenous phrases and benefits.
● Offer: Our offer is the same at all times.
3.5 Targeting
The final element in a high-performing ad campaign is targeting, and it’s

important because even a great offer won’t convert if we put it in front of the
wrong audience. We go through two essential rules when building our targeting.
First, we need to be as specific as possible: Specificity has to do with research.

When building our targeting, we must learn and get to know as much as possible
about our target audience so we can single out particular interests that this group
has but no one else would have.
Second, we get the message right for our target temperature: Temperature, as we
talked about earlier, has to do with matching our message to the level of
relationship we have with your target audience.
Cold Traffic
● Indoctrination: We aim to build trust and establish credibility by sharing
valuable information for free.
● Pixelling: When they reach our content, we pixel them so we run more ads
to them and warm them up.
● Segmentation: If they click on a blog post about Email Marketing, we know
they’re intrigued in that subject, so we can make them a more pertinent
offer later on.
What type of offers do we provide to cold traffic?
Social media posts and updates • Content videos • Lead magnets • Infographics
When paying for cold traffic, we’ll pixel people who engage with our ad or click
through to free content. We want to provide them with value so they start to be
interested in our program.
So we focus on entertaining, inspiring, and educating everyone who clicks through.
Warm Traffic
We see warm traffic as prospects who have developed and conveyed interest in
return. It’s not a strong relationship yet, but there has been a connection. So we
select these ads to:
● Leads that opted into our email list.

● People who have been to our website and been pixelated.
● Facebook, Instagram, LinkedIn and Twitter followers etc..
● Hult Prize Foundation community.
Our goals for warm traffic are to:
● Create awareness

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● Provide valuable information
● Generate leads
● Drive low-dollar sales
What type of offers do we provide to warm traffic?
Lead magnets • Quizzes or surveys • Free webinars • Discount offers • Branding

videos • Free resources • Free trials
Hot Traffic
These are our potential students who are interested in enrolling. Our objectives in
targeting ads to this group are:
● Activation: If they still haven’t purchased and enrolled in the course, we

remind them with the important course dates
● High-dollar sale
What type of offers do we provide to hot traffic?
Events • Paid course • High-dollar offers • Done-for-you services
Cold, warm, or hot, getting the temperature right allows us to put our campaign in
front of the right people. And the more accurate we can target our ads, the more
efficient they’ll perform.
2.3 Hult Prize Certificate Program Email Marketing Strategy and Results
2.3.1 Hult Prize Certificate Program June Email Marketing Strategy and
Results
Figure 3. June Hult Prize Certificate Program Email Marketing Strategy and
Results

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2.3.2 Hult Prize Certificate Program July Email Marketing Strategy and
Results
Figure 4. July Hult Prize Certificate Program Email Marketing Strategy and
Results
2.3.3 Hult Prize Certificate Program August Email Marketing Strategy

Results
Figure 5. August Hult Prize Certificate Program Email Marketing Strategy

and Results

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2.4 Hult Prize Certificate Program Social Media performance

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Chapter2: Literature review
Section1: Theoretical Framework
1.1 Digital Brand Image
Digital branding is the general consumer perception and sentiment for brands and
influences consumer behavior (Zhang, 2015). Huang (2017) stated that brand image
is the two-way communication process between brand stimulation and consumer
perception. Lee, Tseng and Chan (2019) argued that branding arises from
consumers' assessment of the brand and that branding in the consumer's memory
will become an important consideration for purchasing decisions of consumers.
According to research, digital branding strengthens the purchase intention of
customers (Chen, Yeh & Huan, 2014). Additionally, companies can improve brand
value through branding, and brand value can be accumulated to create intangibles
(Bailey & Ball, 2006). Designing a successful branding image can turn ordinary or
customer's boring worries into surprising or enjoyable experiences. Therefore a
positive brand image distinguishes products for consumers (Lindgreen &
Vanhamme, 2003; Ludden, Schifferstein & Hekkert, 2008). Based on these facts, the
brand image establishes a unique image of the objects and obtains the
identification and preference of the customers through the effects of visual
transmission and the description of the personality of the product, as well as the
perception, the belief and brand ideas.
1.2 E-WOM (Electronic Word of Mouth)
Word of mouth (WOM) is a marketing strategy and an effective tool used by

companies to convey a certain message about the product and / or services to
consumers face to face with other users by providing reviews and
recommendations in order to increase the level of credibility as indicated by Weiss
(2014) and Kim et al. (2018). Electronic word of mouth (E-WOM) has grown over the
past two decades through the development of technology and is the most widely
used technique today, as it is considered an authoritative and somewhat influential
tool that involves consulting anonymous customers through various social media
channels on general platforms, such as Facebook and Instagram, where young
people are active and connected, also who collect information and seek a reliable
source on the use of certain types of products and / or services provided by the
brand or which can be reviewed by a leading review that could be done with
sponsored or unsponsored advertising.
According to Goldsmith and Clark (2018), E-WOM has developed a significant

impact over the years due to the gradual growth of digitization as traditional
marketing methods have evolved to meet recent consumer needs.

47
Consumers today rely on the flow of information provided in the social media posts
of other users, such as groups of friends and family, who are considered reliable
sources to perform their purchases on the basis of previous experiences.
Another important advantage of the electronic word of mouth (E-WOM) strategy is

that it excludes time restrictions due to its online availability, as well as a driver of
increased sales, as reported by Jabr and Zheng (2014) where Huaete-Alcocer (2017)
claimed that E-WOM has become the most valuable social media channel in
marketing due to its reliability integrating various channel members from senders
to recipients impacting the end user.
1.3 Perceived Price
Perceived price is the customer's perception of a sales transaction and the

outcome is fair, acceptable and reasonable (Bolton et al., 2003). It is documented in
several studies such as the one of Gunmmesson (2002) that a consumer's
perception of price fairness influences his perceived value, his satisfaction and thus
produces different emotions and behavioral responses from customers. This
implies that a positive perception will lead to a positive response and similar
behavior; a negative perception of perceived price fairness will also lead to negative
behavior. In addition, Bowen and Shoemaker (2000); Kimes (2002); Xia et al (2004)
assessed the impact of perceived price fairness as it affects customer satisfaction,
loyalty and long-term profitability of the business. In most studies, two factors were
found to influence the customer's perception of price fairness. These two factors
are the reference price or the reference transaction and the principle of double
entitlement (Kimes and Wirtz, 2003).
The principle of dual entitlement suggests that it is fair for sellers to apply a rule of
price increases when their costs increase, but not to reduce their prices when costs
decrease (Kalapurakal, Peter, Dickson, Joel & Urbany, 1991). Here, the customer
perceives the price increase as fair when justified by the increase in costs and unfair
when the price increase is based on the intention of the company to increase its
profits and profit from increased demand (Bolton et al., 2003). Whereas the
benchmark price is the price that the customer believes it should cost for the
service and the benchmark transaction is their ideal way of carrying out the
transaction (Kimes, 1994). According to Martins and Monroe (1994), it has been
found that customers compare the price they pay with what other customers pay
for a similar or equal service (fairness theory). Therefore, when there is a price
difference judged by the customer, an unfair perception will be induced (Xia et al.,
2004).
Several studies have also shown similar and consistent results, indicating that
unfair pricing affects customer satisfaction and the intention to repurchase
(Campbell, 1999; Martins & Monroe, 1994). Likewise, Xia et al (2004) suggested in
their study that the perception of price equity influences the customer's

48
assessment of the value and satisfaction of the product. In addition, the study
showed that perceptions generate negative emotions that differ in intensity and
manifest in various types, also specifying that the assessment of customer worth
and negative emotions are the mediating variables that influence different
behavioral actions such as buying intentions and negative word of mouth. Price
perception provides a new framework for communication and marketing
strategies to improve consumer satisfaction. The formula of price for satisfaction is
widely stated that there are two principles of the pricing mechanism, namely the
potential to mark the quality of a product. Sales of high-quality products can be
characterized by high-quality products based on high prices.
1.4 Online Learning
Online learning refers to an online learning environment where, unlike traditional

learning, there are no physical peer students and there is freedom of time and
space. However, online learning makes learning flexible and offers an alternative for
those who cannot attend traditional classrooms for some reason. With the growth
of technology and the Internet, online learning has grown. It is assured a good
position in academia.
Sometimes online learning is included in the category of distance education (Bates,

2005). Indeed, online learning has many advantages, especially in modern times,
but conversely, there are concerns that lead to exhaustion among online students
and ultimately prevent online courses from progressing.
Lack of interest or motivation is one of the main obstacles to the growth of online
learning and in doing so also increases the extent of dropouts from online courses
(Aragon & Johnson, 2008). Researchers, educators, and other professionals are very
keen on whether online learning can provide better academic outcomes and
results than traditional learning. The answer can only be found by looking at
student satisfaction and motivation. To prove this point, many comparative studies
have been conducted to examine whether face-to-face or traditional teaching
methods are the most effective, or whether online or blended learning is the best
(e.g. González Gómez, Jeong and Rodríguez (2016)). According to Bernard,
Borokhovski, Schmid, Tamim and Abrami (2014), online learning students do much
better than traditional learning, and this is seen through the increase in course
completion rates, satisfaction of students and their level of motivation in order to
acquire more knowledge from online learning.
Several studies have also come to the same conclusion that online learning
performs better than traditional methods (Lockman & Schirmer, 2020; Ryan,
Kaufman, Greenhouse, She & Shi, 2016). Without a doubt, in this innovative and
technological age, online learning is the trend due to its growing importance in
academia; in the meantime, there is other research that shows that it has its
limitations, or, in other words, that it prioritizes face-to-face learning. A comparative

49
study by Adams, Randall and Traustadóttir (2015) shows that online students are
less successful than face-to-face students, which was inferred from student
motivation, satisfaction and attendance. Powers, Brooks, Galazyn, and Donnelly
(2016) concluded that in addition to the previous observation, these hybrid students
scored lower on exams than face-to-face students because face-to-face students
had immediate and physical help from educators to clarify difficult concepts and
answer their questions, but this was not the case with online students. Course
design in both types of learning also plays an important role in achieving good
results and ultimately affects student satisfaction (Lee, 2014).
The COVID-19 pandemic has pushed all educational institutions towards online
learning, even though no one was ready for this transition. Numerous studies have
recognized that the switch to online learning is strong but important in continuing
the learning process (Bao, 2020; Halim, Hashim & Yunus, 2020; Hodges, Moore,
Lockee, Trust & Bond, 2020; Yee, 2013; Zhu, Chen, Avadhanam, Shui and Zhang,
2020). The suddenness of this change triggered the debate on the quality of
learning and student satisfaction.
1.4.1 Online Interaction
Interaction for online courses can take place through the use of synchronous (video
conferencing, audio channels, online chat rooms) and asynchronous tools (email,
discussion forum) (Alamri & TylerWood, 2017). Ku, Tseng and Akarasriworn (2013)
specifically suggested in online courses, interaction is an important factor in
perceived learning and student motivation. Moore (2002) found that interaction
with the student instructor is the most important factor in “student satisfaction”
and “student learning outcomes”.
Muirhead (2005) suggested that instructors need the expertise to design course
structures that encourage social interaction and support demanding academic
principles, while developing independent learning skills. Knapp (2018) stated that
the online courses used certain learning management systems for many years, but
these systems often lacked valuable collaborative spaces to allow students to
conduct collective discussions and learning in real time. Alqurashi (2019) found that
student content and student-instructor interactions are very important for student
learning and perceived satisfaction, however, student-learner interaction is not
such an important predictor.
1.4.2 Student Motivation
As defined by Harmon-Jones, Harmon-Jones & Price (2013), motivation is a force

that internally drives a person to take an action or move towards a goal. Cole, Field
and Harris (2004) explained student motivation as the power, creativity and
willingness of students to learn and participate in learning in the classroom.
Kanuka and Jugdev (2006) have suggested that remoteness and disconnection in

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the online environment can increase student dropout rates, as well as a sense of
distance which can reduce motivation to learn (Inoue, 2007).
Boggs (2010) stated that motivation is an important factor in keeping students

satisfied in an online classroom setup. Highly motivated students will do better in
the online environment than low motivated students (Barbour & Reeves, 2009; Hsu,
Wang & Levesque Bristol, 2019; Nelson, Oden & Williams, 2019).
Bulić and Blažević (2020) suggested an inverse relationship between student
motivation and online education. Modern teaching methods and the online
environment increase the motivation of students to learn in this environment. The
learning environment also affects human motivation. A case study of adult
distance learning students by Chyung, Winiecki and Fenner (1998) stated that the
reason for dropping out of online courses is dissatisfaction with the learning
environment. Gray and DiLoreto (2016) reported that graduate students are often
more motivated, so that online learning does not affect their learning outcomes
and their need to interact with their online colleagues. In addition, Chen and Jang
(2010) did not find a significant association between self-determined motivation
and student learning outcomes.
1.4.3 Course Structure
Moore. (1991) describes course structure as "expressing the rigidity or flexibility of

the teaching objectives, coaching techniques and assessment strategies of the
program" and as "the extent to which an educational program can adapt or meet
the individual needs of each student”. The structure of the course is the usefulness
of the subjects and the organization of these subjects in such a way as to make it
logical and understandable by a student. Course structure is the development,
organization, design, program, pedagogies and methodologies, timing and overall
planning of a course before, during and after teaching (Aduojo, 2018; Garrison,
Anderson and Archer, 2000; Julia, Hakim and Fadlilah, 2019).
This logical and understandable organization will help increase learning outcomes
and ultimately improve student satisfaction with the course. Instructors develop a
plan for expected learning, outcomes, assignment dates, rubrics and guidelines for
assignments to facilitate student learning and positive outcomes (Gray & DiLoreto,
2015). Eom, Wen and Ashill (2006) found that course structure significantly affects
student satisfaction, which is similar to the results of Gray and DiLoreto (2016).
However, Eom et al. (2006) concluded that there is an insignificant relationship
between course structure and learning outcomes, which contradicts the findings
of Gray and DiLoreto (2016).

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1.4.4 Instructor Knowledge and Facilitation
The role of an instructor in an online environment is to encourage, guide, and

stimulate critical thinking in students with autonomy and responsibility, rather
than using traditional teaching (Huynh, 2005). In online environments, being a
good instructor and having constant technological equipment is crucial (Bolliger,
2004; Michael, Maithya & Cheloti, 2016).
Jones (2006) stated that the instructor should facilitate discussion in an online
classroom not only between student and instructor, but also between students.
The importance of facilitation and instructor-led social presence is a determinant of
the quality of online learning (Lady-Shewsky, 2013). Eom et al. (2006) found that
instructor knowledge and leadership significantly affected student satisfaction, but
was not significant in determining learning outcomes.
1.4.5 Student Perceived Learning
Together, student perceived learning and student satisfaction may represent a

better understanding of online learning success. Gray and DiLoreto (2016).
Richardson and Swan (2003) suggested a strong correlation between overall
learning perceived by students and student satisfaction with online learning. The
same high correlation has been confirmed by Swan (2001) and Duque (2014).
Marks, Sibley and Arbaugh (2005) stated that an immediate outcome of a
successful learning experience is a satisfied learner and found that the perceived
learning outcome by the learner is a good predictor of student satisfaction toward
online learning. Ikhsan, Saraswati, Muchardie, and Susilo (2019) found that
perceived learning outcomes contribute to student satisfaction and positively
influence student satisfaction in the online environment.
1.4 6. Online knowledge sharing
E-learning is defined as "a method of teaching and learning which represents in

whole or in part the pedagogical model used, based on the use of media and
electronic devices as tools for sharing knowledge to improve availability of training,
communication and interaction, and which helps to accept new ways of
understanding and establishing online learning” (Sangrà, Vlachopoulos and
Cabrera, 2012). One of the main advantages of e-learning is its portability as a virtual
environment to many devices, including personal computers, mobile phones and
tablets (SA Salloum & Al Emran, 2018; SA Salloum, Al Emran, Khalaf, Habes and
Shaalan, 2019).
The platforms allow students and teachers to access course content in digital
format, share knowledge and, therefore, make learning more interactive between
teachers and/or colleagues, such as online forums and sharing of resources using
multimedia. These platforms can provide various functionalities such as creating
online courses, monitoring and evaluating activities for students and teachers.

52
Numerous studies have confirmed that these platforms are capable of supporting
many activities (Costa et al., 2012), thus obtaining utility through the easy exchange
of knowledge (Majchrzak, Faraj, Kane and Azad, 2013). Previously, online knowledge
sharing was limited within a subgroup organization (Majchrzak et al., 2013).
Social media has revolutionized the formal and informal way of sharing knowledge
and information by individuals, groups and organizations (Al Emran and Shaalan,
2014; M.Habes, Al Ghazzawi, Salloum and Ahmad, 2018) and effective knowledge
sharing has a positive impact on the acceptance of educational platforms (Al
Emran, Mezhuyev and Kamaludin, 2018a) because it can facilitate the transfer of
scientific knowledge (AlEmran and Salloum, 2017; Mohammed Habes, Salloum, Al
Ghazzawi and Mhamdi, 2019; SASalloum, AlEmran and Shaalan, 2018).
1.4.7 Real time feedback
Feedback provides information on actual student performance (Chang, 2011;

Grebennikov & Shah, 2013; Simsek et al., 2017). Timely feedback improves the
learning experience for students (Brownlee et al., 2009) and increases satisfaction
(O'donovan, 2017). Timely feedback is the student self-assessment tool (Rogers,
1992) through which they can improve their performance. Eraut (2006) underlined
the impact of feedback on the future practice of students and the development of
learning. Good feedback practice is beneficial for learners and teachers to enhance
the learning experience of learners (Yorke, 2003).
1.5 E-Trust
Trust was frequently discussed in universities and the common definition from
Moorman, Zaltman and Deshpande (1992), which was the willingness to believe in a
business partner. Barney and Hansen (1994) defined trust as the mutual trust that
no one exploits the other's weaknesses. According to Jarvenpaa, Tractinsky and
Vitale (2000), trust was the relationship between uncertainty, sensitivity and
commitment. In addition, trust could also be defined as an individual's trust in
others which can be determined by their integrity, generosity and competence
(Lin, 2011; McKnight, Choudhury & Kacmar, 2002).
Following Pavlou and Fygenson (2006), trust has been defined as the buyer's
confidence that the seller should behave with generosity, professionalism and
ethics. And recently, Oh, Yoon and Park (2012) defined trust as a feeling of
expectation formed by individuals or groups that could lead to a tendency to
believe in business partners whom they trust and value. Online trust is created by
positive reviews on the website (Jarvenpaa et al., 2000). Online trust plays a very
important role in determining the customer's attitude or purchase intention
(Gefen, Karahanna and Straub, 2003; Gefen and Straub, 2003; Hassanein and Head,
2007; Limbu, Wolf and Lunsford, 2012; Lin, 2011; Wang and Emurian, 2005)

53
1.6 Enrolment Intention
Intention is considered one of the most important elements in marketing research.

Goyal and Vineyard (2014) argued that this concept is aligned with the purchasing
behavior of consumers where intentions are the prediction of the consequences of
the future; they are also indicators that show the degree of consumers' willingness
to purchase which could be due to a new online experience (exploration oriented)
or sufficient knowledge to make the decision (objective oriented) as claimed by
Moe (2003 ), the connotation of purchase intention can be determined as a
component linked to the cognitive behavior of consumers which implies their
purchase intentions for certain products and/or services. In addition, this concept
demonstrates that users will adopt their experiences, collect relevant information
and evaluate the most interesting alternatives on the basis of personal criteria in
order to take the final step which is the purchase decision.
In contrast, Goyal (2014) observed that marketers use consumers' purchase

intention as a kind of metric to make predictions of market share or sales for
products and/or services that are currently in the market or for launching new ones
when in fact this data is fundamental for making marketing decisions related to
promotional strategies and market segmentation.
With the development of electronic commerce, online transactions are now

persuaded as online purchasing intentions corresponding to Meskaran et al. (2013).
In addition, other researchers have shown that companies are aware of the
importance of consumers' purchase intention and its impact on their purchasing
decisions as it is associated with their level of sales in order to increase their profits.
Several factors can influence purchase intention. The intention to purchase online
is made up of the components of brand value, including brand awareness,
perceived quality and value, brand loyalty and others. Moreover, Erkan (2014)
argued that the quality of the information provided, its credibility and its usefulness
have a major impact on purchase intentions.
1.7 Moderators
1.7.1 Perceived Benefits of COVID-19 social distancing
It is essential to evaluate the impact of distance learning on the aspects of

education and the social consequences of managing this type of education. Many
researchers have extensively studied the impact of distance learning on education
and found that distance education has a number of advantages such as ensuring
the continuity of education, ensuring lifelong learning and reducing the high costs
associated with traditional education. There are limitations such as teaching
methods, scheduling, and the time the teacher and student were in different
locations.

54
The impact was not limited to the education system, it also influenced the
students’ learning experience when it comes to accessing research and study
materials; for example, the ability of students to access the textbooks and resources
they need to study may be hampered by the absence of copyright restrictions and
exceptions. Hebebci et al. conducted a study in Turkey to find out what teachers
and students thought about distance learning apps from the COVID-19 pandemic.
Distance learning students find it difficult to complete group projects due to a lack
of socialization, according to the study, as reported by 42.9% of those surveyed.
Sadeghi explained in detail the advantages and disadvantages of distance learning;
argued that distance learning has the advantage of studying from anywhere and
anytime, saving large sums, avoiding travel, choosing the learning course and
saving time. However, it has some drawbacks such as high risks of distraction, the
use of complicated technologies, the lack of social interaction, the difficulty in
staying in touch with instructors and the fact that labor markets do not always
accept online degrees.
1.7.2 Brand Credibility
Credibility is widely illustrated as the credibility of an individual's intention at any

given time and is postulated to have two main keys: reliability and competence.
Therefore, according to the Association for Consumer Research, brand credibility is
characterized by the authenticity of the product message delivered by a brand,
which forces the consumer to understand that the brand has the experience and
the will.
In an online surface, trust is defined as the foundation between two parties, the
brand and the customer. Weiss et al. (2014) stated that building trust by building
personal relationships with customers is imperative and crucial for successful
marketing in the digital world.
Lee and Koo (2012) also claimed that consumers are more likely to trust consumer
recommendations from their peers than the organization, and that they are more
likely to act if other consumers have offered information about a particular product
or service. In addition, the results disclosed by Lu et al. (2014) reveal that strong
brand awareness will develop positive attitudes towards a product. Thus, as carried
out by Laroche, Kim and Zhou (1996), strong brand awareness also increases the
level of trust and consumer confidence subsequently increases. This claim is then
corroborated by other studies conducted by Lu et al. (2014), who asserts that if
brand awareness is high, consumers would be more able to trust the assertion and
therefore the level of credibility increases. Further, Lee and Koo (2012) have
supported this claim by claiming that if, in fact, a blog reader identifies the articles
as partial or the consumer recommendation is not as genuine and real, the level of
credibility decreases automatically.

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Section2: Conceptual Framework
2.1 Digital Brand Image and E-trust
Brand image was made up of a series of brand associations, divided into functional
concept, symbol concept and empirical branding concept based on the personal
value of the product or service by consumers.
Brand is the concept of consumers that exists in the memory network and
influences consumer decision making and that brand's potential preferred feelings
(such as brand trust). Therefore, branding and consumer confidence in the brand
are linked and the reason is that branding is seen as a perceived effect of
consumers for the tangible and intangible association of the brand, and the
perception of the brand by consumers who trust the brand that belongs to the
psychological feeling, which means identifying the value of the brand in a
psychological sense, and then believing and accepting this connotation of the
brand image. Therefore, the brand image will affect the confidence of consumers
in the brand.
H1: Digital Brand Image has a positive and significant impact on E-Trust
2.2 Digital Brand Image and Intention
Digital branding is an image or impression of a particular brand in the mind of the

consumer. Digital branding can also be seen as part of a brand that can be
recognized but not pronounced, such as symbols, designs of letters or colors, or the
consumer's perception of a product or service that it represents (Surachman, 2008).
Digital branding is a subjective concept created by the consumer and their
personal emotions (Ferrinadewi, 2008).
Empirical research on branding has been shown to influence consumer behavior,

such as customer satisfaction and loyalty (Zhang, 2015). A positive image of a brand
is known to be more easily remembered and accepted by consumers. A positive
brand image towards a brand has been shown to influence consumers when
purchasing products or services
H1’: Digital Brand Image has a positive and significant impact on Intention
2.3 E-WOM and E-Trust
According to Ku, EWOM is known as a powerful means of communication and a

tool used in marketing activities and to collect information about customers and
their online experiences. Thanks to E-WOM, the customer can describe all the
positive or negative experiences related to a product or a service.

56
Based on this experience, the customer will then provide a recommendation to
other customers.
The better the recommendations provided, the higher the online trust generated
in an e-commerce business. According to the theory of Utz, Kerkhof and van den
Bos, if a customer receives a recommendation on people's experiences, it will affect
that customer's level of trust in the website or the seller. This happens because
people tend to believe the recommendations offered by those with more
experience. The recommendation provided is a type of positive recommendation.
H2: E-WOM has a positive and significant impact on E-Trust
2.4 E-WOM and Intention
Yap et al., (2013) argued that E-WOM provides positive or negative data because
consumers can suggest or warn others about products based on their experiences.
Positive E-WOM has a greater impact on consumers than negative E-WOM
because it increases the positive view of brands and products. Supportive E-WOM
has also been found to affect product purchasing decisions.
The origin of the Word of Mouth comes from the comments of people and
customers more inclined to believe the information generated/published by
marketing or corporate sources (Tidd and Bessant, 2018; Hussain et al., 2017 and
Chen et al., 2016). Daugherty and Hoffman (2014) found that online communication
includes Social Media networks such as Facebook, Twitter and YouTube. This media
source creates new opportunities for customers to interact and become active
participants in social media instead of being passive observers through E-WOM.
Therefore, customers engage in E-WOM by researching correct information before
making a purchasing decision.
H2’: E-WOM has a positive and significant impact on Intention
2.5 Perceived Price and E-Trust
Intrinsic and extrinsic signals are used by consumers to get a feel for the quality
and price of a product. Intrinsic cues, such as a product's physical makeup and
design, and extrinsic cues, such as advertising, brand name, presentation and
seller, have been shown to influence price and quality (Behling and Wilch, 1988;
Davis, 1).
The results of a study by Dimoka and Pavlou (2006) concluded that for online
transactions, consumers were willing to pay a higher perceived price for sellers they
could trust more. It demonstrated that a consumer's confidence in the goodwill
and credibility of a business is the direct predictor of perceived price.

57
H3: Perceived Price has a positive and significant impact on E-Trust
2.6 Perceived Price and Intention
Price is defined as the amount of money that is charged to buy a product or

service, it can also be explained as the amount that must be exchanged by the
consumer to obtain a product or service (Kotler and Armstrong, 2018). Price plays
an important role in consumers' final purchasing decision. The way the business
and consumers view price is different from each other.
The business can think of the price as the total cost of the product and the
potential revenue of the product to the business. Consumers perceive price
differently, consumers see price as the fair amount they are willing to pay for the
product that will benefit the consumer.
Therefore, price perception can be defined as how buyers view the price of a
product as high, low or fair and influences consumers' willingness to buy (Suhaily &
Darmoyo, 2017). How consumers perceive the price of a product can influence their
assessments of the value and quality of the product. More expensive products may
be perceived as better quality and vice versa, but this is not applicable in all cases
(Setiawan and Achyar, 2012). Perceived price has been shown to positively influence
purchase intention for various types of services or products (Li, 2017; Wang and
Chen, 2016).
H3’: Perceived Price has a positive and significant impact on Intention
2.7 Online Learning and E-Trust
Several evidence suggests that the quality of online learning effectively affects trust
(Sharma & Patterson, 2000). In web services, the role of trust is also increasingly
important. McKnight et al. (2001) stated that the quality of the website will
positively affect user confidence.
Especially in an increasingly competitive online environment, e-learning service

providers can undoubtedly change, so to improve this situation, organizations must
keep the overall quality stable to make customers trustworthy (Eisingerich and Bell,
2008). Likewise, Akter et al. (2013) suggested that the quality of online learning has
a practical influence on learner confidence in an online learning environment.
H4: Online Learning has a positive and significant impact on E-Trust

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2.8 Online Learning and Intention
E-learning is characterized by the separation of teachers and students in space and

/ or time, self-control of learning by students rather than the teacher at a distance,
and non-contiguous communication between students and teacher, mediated by
communication tools and Web technology. One of the main goals of using
e-learning systems is to support and enhance student learning. Like any
information system, user acceptance and satisfaction with online learning are
important primary measures of system success. The suggestion of the Technology
Acceptance Model (TAM) explains that the user acceptance of technology is based
on the user's beliefs about the consequences of such use (Davis, Bagozzi &
Warshaw, 2000).
Specifically, users adopt new technologies when their ease of use and perceived
usefulness are positive. Y. Lin (2005) examined student satisfaction and the
adoption of technology in online courses.
The result shows that students' intention to use technology affects learning
outcomes in the online classroom environment. In addition to perceived ease of
use and perceived utility factors, other measures related to acceptance or
willingness to accept e-learning systems are perceived enjoyment (Lee, Cheung,
and Chen , 2005), perceived credibility (Ong, Lai and Wang, 2004), computer
self-efficacy and social support (Thatcher, Loughry, Lim & McKnight, 2007), and
cognitive absorption (Saadé and Bahli , 2005).
H4’: Online Learning has a positive and significant impact on Intention
2.9 E-Trust and Intention
Intention plays an important role in the behavior of people. The term "purchase
intention" comes from intention and is primarily used to understand the
consumer's intention when making a purchase decision. The consumer's purchase
intention can be defined as “the consumer's self-instruction to buy the brand (or to
take other relevant purchasing action)” (Rossiter and Percy 2002, p 126).
In the trust literature, Li and Miniard (2006) found that consumers tend to have
greater purchase intention when they can trust a business than when they cannot.
According to Mayer et al. (1995) and Bhattacherjee (2002) such beliefs often lead to
corresponding trust intentions such as intention to buy.
H5: E-Trust has a positive and significant impact on Intention

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2.10 Moderators
2.10.1 Perceived Benefits of COVID-19 social distancing and Online

Learning
As the benefits of online learning have been discussed extensively in various

previous studies, it is now more important to better understand the level of student
satisfaction, especially as maintaining social distance has become a new norm in
the world during this period of pandemic. Online learning is the type of education
or training that uses electronic means or information technology to access the
educational programs outside a traditional classroom (Sangrà et al., 2012). Online
courses and programs are more widely used to augment or replace traditional
classroom learning (Zhang et al., 2012) The current COVID-19 pandemic and the
underlying goal of maintaining social distancing has driven educational institutions
at all levels to switch to online learning. The ability to properly assess the quality of
e-learning is of great importance to all stakeholders involved (Gress et al., 2010).
H6: Perceived Benefits of COVID-19 social distancing has a positive and

significant impact on Online Learning
2.10.2 Brand Credibility and E-Trust
As indicated by Erdem and Swait (2004), brand credibility is a three-term

dimension based on reliability, capacity and attractiveness. Reliability means that it
is convinced that a brand will keep its promises, capacity means that the brand is
able to deliver the promise and attractiveness, which also means that the brand
also fulfills the promise it made regarding its good appearance. Brand managers
are firmly on the lookout for motivations such as perceived authenticity and
uniqueness that can remarkably help build brand credibility. The belief that the
brand guarantees its advertised qualities can create an enhanced and continued
trust between the brand and its customers.
Maathuis et al (2004) and Swait and Erdem (2007) focused on the impact of brand
credibility on consumers' purchasing decision making and their selection model.
Brand credibility reduces the risk to customers when selecting a product as it is
enhanced by the brand's credentials and the element of psychological motivation
which can be compelling and helps facilitate decision making. It results in both
minimizing the risk perceived by customers and reducing the time to find
information when deciding to use the product and thus increases the E-trust of the
brand. As noted by Shugan (1980), a credible brand leads to higher levels of
consumer trust.
H7: Brand Credibility has a positive and significant impact on E-Trust

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Figure 6. Conceptual Model Framework
Hn The relationships between variables
H1 Digital Brand Image has a positive and significant impact on E-Trust
H2 E-WOM has a positive and significant impact on E-Trust
H3 Perceived Price has a positive and significant impact on E-Trust
H4 Online Learning a positive and significant impact on E-Trust
H5 E-Trust has a positive and significant impact on Enrolment Intention
H6 Perceived Benefits of COVID-19 Social Distancing has a positive and

significant impact on Online Learning
H7 Brand Credibility has a positive and significant impact on E-Trust
Table 4. Hypothesis

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Chapter 3: Methodology and empirical findings
Methodology Introduction
This section focuses on the methodology used in our study to collect the data that
will be extracted later by the statistical software Smart PLS3. Therefore, this part will
demonstrate the research design, research approach, sampling methods, tools
used to collect data for conclusions and followed by a type of statistical test to
provide insight and analysis more in-depth about our results in the next chapter.
Section 1: Research Design and approach
1.1 Research Philosophy

Zikmund et al (2010) have stressed the importance of linking the right approach to
the right research context. They also detailed what qualitative research can provide
as research goals that quantitative research cannot and vice versa. In addition,
Saunders et al (2012) and Wilson (2014) argued that qualitative and quantitative
methods do not necessarily need to be used in research, as many business and
managerial research centers combine in most cases of qualitative and quantitative
methods. Quantitative research is often linked to the philosophy of positivism. Yet
Saunders and colleagues (2012) argued that quantitative research methodology
can be used with other models such as realism and pragmatism.Zikmund et al,
(2010); Wilson (2014) then explained the quantitative method because it consists in
taking a large sample of the population for the measurement of subjects which
involves a numerical measurement and a constructive statement of the population
as a whole through statistical analysis. Saunders et al., 2012; Wilson (2014) further
explained that, unlike qualitative research, this quantitative method is related to
the deductive approach but can also be combined with the inductive approach
when working on theory development. Thus, as pointed out previously, Saunders et
al, (2012); Wilson (2014) further described the characteristic of quantitative research
as being very structured in which statistical analysis follows and based on the
analysis of the results of theoretical applications. They also added that in
quantitative research, the application of survey research strategy is widely used and
based on structured questionnaires or interviews. Finally, Wilson (2014) concluded
that as an application of the theory used by previous studies, the study results are
almost similar to current studies.
Therefore, from the statements discussed above, and depending on the nature of
our research, we will adapt the philosophy of positivism as stated by Saunders et al,
2012 that positivism is based on the use of theory existing for the development of
hypotheses that will be tested later as part of the research process.

62
1.2 Research Approach
Like Zikmund et al, 2010; Wilson (2014) previously explained the quantitative
method as it involves taking a large sample of the population for measurement of
subjects which involves numerical measurement and constructive statement of
the population as a whole through statistical analysis. Saunders et al., 2012; Wilson
(2014) further explains that, unlike qualitative research, this quantitative method is
related to the deductive approach but can also be combined with the inductive
approach when working on theory development.
Qualitative research is known as exploratory research which can be used as a tool

to understand the reasons, opinions and motivations of individuals. It can provide
in-depth reflections on the problem or can assist in the development of concepts
or hypotheses for quantitative research perspectives. Qualitative research is also
used to reveal the results and provide a detailed analysis of the problem. Qualitative
data collection methods differ in that they employ unstructured or semi-structured
techniques.Some famous methods involve focus groups, one-on-one interviews,
and participation/observations. The sample size is normally small and the selection
of respondents is made for a certain purpose.
Quantitative research is used to quantify the problem by extracting numeric data

or data that can be converted into statistics. It is used for the quantification of
attitudes, opinions, behaviors and other variables and results from generalization
from a larger sample of the population. Quantitative research uses measurable
data to formulate facts and discover research patterns. Quantitative data collection
methods are known to be more structured than qualitative data collection
methods. Quantitative data collection methods include many forms of surveys
such as online surveys, paper surveys, mobile surveys, face to face interviews,
telephone interviews, online surveys and systematic observations.
The method used is therefore a quantitative research associated with the

philosophy of positivism using the deductive approach. Therefore, this research is
considered a structural approach in which the data collection will be statistically
analyzed with statistical analysis software. And to collect responses in response to
research objectives based on theoretical application.
The quantitative approach is applied in this thesis. First, a framework was created
on which this thesis is based, second, it was established on sections related to the
framework with the variables analyzed in this paper which are the Hult Prize
Certificate Program and potential students. Finally, a questionnaire was designed
to collect quantitative data.The quantitative approach was applied to examine
whether the framework could be applied both to a different group of people as
well as to the subject of the study. With a consequent link between these, the
hypothesis could be confirmed. As indicated by Gill and Johnson (2010), the
quantitative approach is in agreement with a certain generalizability. Thus, to
establish a framework that might be useful for further studies, this was seen during

63
the review of the literature. For the study, an online questionnaire was distributed
to people of different ages. Moreover, Oliver (2014) further pointed out that in
business studies the survey method is widely applied in order to explore
hypotheses about concepts of nature and its relationships within a population. The
online questionnaires were structured because the aim of this study is, as
mentioned in the literature review, potential online students, which makes it
suitable to use the digital environment to connect with them. Links and
conclusions were drawn from the analysis that followed.
1.3 The research epistemological choices
As mentioned by Patel, 2015; Saunders et al, (2012) there are two main ways to build
the research model which are ontology and epistemology which provide a deeper
insight into the concept of knowledge and how we are able to better understand
ourselves regarding this knowledge. Ontology is supposed to be related to the
nature of reality and its characteristics. Saunders and colleagues (2012) further
argued that ontology is based on both objectivism and subjectivism.
Whereas objectivism represents the position of social entities existing in reality and
known to be externally independent of these social actors. This means that
objectivism implies that social phenomena are independent realities that escape
all control. Contradictorily, Saunders et al (2012) believe in the idea of affirmation of
subjectivism which is that through the perceptions and behaviors of social actors
that social phenomena will result. Thus, Boateng, n.d.; Creswell (2007); The
intention of Saunders et al (2012) is the study to understand what is happening and
record these various realities. Wilson further explained that subjectivism is related
to interpretivism in which researchers analyze respondent motivation and social
interactions.
On the other hand, Saunders et al, 2012; Wilson (2014) pointed out that
epistemology is an interpretation of what is considered acceptable knowledge in
the field of study. That is, the relationship between the researcher and what is
known. Therefore, as mentioned Wilson (2014), positivist approach to this study, the
researcher is unreliable on the research. This means that the researcher's goal is
unrelated to those involved in the study. The research strategy would be based
both on checking and confirming the hypotheses developed. According to the
study by Saunders and colleagues (2012), only the positivist philosophy is based on
observation, that is, the measure that will produce credible data. In other words, in
the conduct of this research, the approach employed would be a deductive
approach. Where, the observations are quantified compared to the qualitative and
the results are applicable to the entire population.

64
Section2: Sampling methods
2.1 Population and sampling
The term population in statistics designates the entire basin from which a
statistical and representative sample is drawn. Therefore, a population, commonly
referred to as a capital N, can be viewed as an aggregated observation of subjects
classified and grouped together for their homogeneity of characteristics and used
to draw the most relevant and accurate conclusion for a study.
Because the population study and also known as the census can be vague or
accurate, it is difficult and expensive due to time, resource and accessibility
constraints, so you have a sample Population. A sample is a kind of random
selection of a segment of the population, indicated by a lowercase n, which exhibits
characteristics representative of the entire population using statistical techniques
classified in two; probability sampling and non-probability sampling techniques.
On the one hand, Zikmund et al. (2010) stated that in the probability sampling
method, each subject in the population is known where it is also likely to be
selected. There are four methods that can be used in probability sampling; simple
random sampling (SRS), stratified sampling, systematic sampling and cluster
sampling; these methods are adequate for the availability of the sampling frame as
indicated by Saunders et al. (2012). On the other hand, with non-probability
sampling, representative samples are collected in a way that would not guarantee
individuals an equal chance of being selected by choosing the right technique to
obtain a sample that they are; judgemental sampling, quota sampling,
convenience sampling and snowball sampling.
In this study, the sample used is a non-probability sample that uses the purposive
sampling method as conducted in previous studies by Oliver (2014) in order to
collect data and generate results to generalize the whole population.The decision
to choose this method was made because this research is intended to appeal to
people interested in increasing their pitching skills and who are familiar with the
Hult Prize Certificate Program Introduction to Pitching Course.
Source: Statistics How To

Advantages of non-probability sampling Disadvantages of non-probability sampling
- Easy to use. - The reliability cannot be measured

- Cost and time effective. because of the excessive dependency on
- Gives a space for judgment. judgement.
- Focus on simplicity over effectiveness.
Table 5. Advantages and disadvantages of non-probability sampling

65
2.2 Sampling frame
2.2.1 Population
A sampling frame is necessary in order to carry out a questionnaire; also the total
number of the target individuals must be determined as declared by Oliver (2014).
As more individuals have adopted online learning, young adults were among the
adopters and continue to use these platforms at a high level. This age group finds
that the online landscape is defined by a mix of long standing trends and newly
emerging narratives and they are using online learning platforms frequently as
they find them effective and useful. Thus, the base number of the segment is the
number of potential students aged between 18 and 30 years old.
2.2.2 Sampling size
The larger the sample size, the more statistically significant and relevant the result
when generalizing due to the small margin of error, as discussed by Saunders et al.
(2012). The following equation represents the sample size formula:
Figure 7. Sample Size Formula
Where:
N = the population size
e = margin of error
Z = z-score with 95% confidence level which is equal to 1.96 and 5% margin of error.
Therefore, Hair et al. (2010) mentioned that the allowed level of observations is
between 15 to 20 for each independent variable, where they also mentioned
previous studies that each independent variable consists of 5 observations that
should be made, while Saunders et al. al. (2012) argued that it is useful to have a
minimum of 30 sample sizes for each part of the sample. Therefore, based on
studies by Saunders and colleagues (2012), at least 150 sample sizes are
prerequisites for the 3 independent variables.

66
However, if one takes into consideration the rules of thumb developed by Hair et al.
(2010), at least 100 of the population when considering 5 constructs or less.
2.2.3 Respondents’ selection
This thesis aims to understand the determinants of students E-trust and

enrollment intention in online paid Hult Prize Certificate Program during the
Pandemic of COVID-19. Therefore the survey was sent through the Hult Prize
Emailing account and Social Media platforms to potential students database of the
Hult Prize Certificate Program where it is more likely that the target of this study, as
mentioned in the literature review, for this research to have adequate results the
respondents must be aware of the Hult Prize Certificate Program and showed
interest in joining the pitch course, thus, a non-probability sampling method was
due.

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Section 3: Data collection
3.1 Data collection method
Saunders et al (2012) identified data used in research as two types which are known
as primary and secondary data. And so, to attain the research purpose for this
study, the collection of data was made through the primary source which is the
self-administered questionnaire. As mentioned by Saunders et al (2012), the
questionnaire is broadly applied to gather data from the survey strategy. Saunders
(2012) further explained that each individual is exposed to a set of similar questions
which is an effective way to obtain answers from a large sample for quantitative
analysis. According to Sekaran (2003), the questionnaire is a set of preformulated
questions to which respondents respond in narrowly defined variants.
In this study, the applied method is a self-administered questionnaire. Within this
context, Sekaran (2003) stated one of its benefits where there is the ability to both
research topic introduction and respondents motivation in order to grant the
delivery of frank, concrete as well as honest answers. At the same time, it is less
time consuming, less expensive, and does not demand any expertise to collect
data. The constructed questionnaire is designed and structured by the Google
Forms online platform (Google, n.d.). Google Forms are web-based questionnaires
that are easy to access through internet connectivity on various devices such as on
computers or tablets/Smartphones.
3.2 Design of the questionnaire
The purpose of the questionnaire is the hypothesis validation and the constructed
relationship representation of our conceptual model. Taking into consideration the
variables of Digital Brand Image, E-WOM, Perceived Price, Online Learning, E-Trust
and Enrolment Intention in Online Paid Hult Prize Certificate Program.
The study model includes a total of 8 latent variables, and all measure items were
derived or contextually adapted from existing literature to ensure content validity.
Compared with the 7-level Likert scale, it is convenient for respondents to choose
5-level scales quickly and are widely used to make scale measurements. Each latent
variable was measured by three to five items on a 5-point Likert scale, ranging from
1 to 5 on a scale of strongly disagree to agree strongly.
Only 5 demographics questions were mentioned: Age and Gender, nationality, level
of education and working status. Afterwards, 4 questions about prior online
experience, source of course payment, reasons to enroll in this course in particular
as well as source of information about the Certificate Program. Thereafter, 4
questions about Digital Brand Image, 5 questions about E-WOM, 5 questions about
Perceived Price, 4 questions related to Online Learning, 4 questions related to
E-Trust and 3 questions related to Enrolment Intention. For the moderators, 6
questions about Brand Credibility and 3 questions Perceived Benefits of COVID-19

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social distancing were asked. This questionnaire was based on 43 closed questions
and 1 open question. The questions were almost all closed because they provide a
deeper analysis on the possibilities when it comes to the quantitative research
approach. The open question was asked in order to get useful feedback from the
students and set realistic expectations. Asking an open-ended question can bring
to the surface hard-to-see details, perspectives, or problems. In regards to the
closed questions, 34 scaled questions (Likert scale) and 9 multiple choices were
created. At the beginning of the questionnaire, we defined the Hult Prize
Certificate Program course concept for better clarification to the participants. And
we will provide a detailed description about the measures used in the next title.
3.3 Measurement Scale
Latent Variable Measurement Items Authors

reference
Digital Brand - In comparison to other products/brand, this Davis et al.,

Image product/ brand has high quality 2009, Keller,
- This product/brand has a rich history 2001
- Customers (we) can reliably predict how this
product/brand will perform.
- I think this brand is well- known and
prestigious.
E-WOM - Online discussions had a significant 2000; Cheung

influence. et al., 2008;
- I followed the suggestion given in online Bambauer
discussions. Sachse and
- I agreed with the opinion given in online Mangold, 2011
discussions.
- I frequently gather information from online
consumers’ product/service reviews before I
buy a certain product/brand.
- If I don’t read consumers’ online product
reviews when I buy a product/brand, I worry
about my decision.
Perceived - The fee that I have to pay to enroll in this Kim et al.
Price course is too high. (2007)
- The fee that I have to pay to enroll in this
course is unreasonable.
- I am pleased with the fee that I have to pay
to enroll in this course.
- Generally speaking, the higher the price of a
product, the higher the quality.
- You always have to pay a bit more for the
best.

69
Online - Online learning can improve my learning Davis
Learning efficiency. DeLone and
- Online learning can improve my learning McLean
performance. Xu and Du
- Online learning can help me accomplish my
learning goals.
- Online learning is effective.
E-Trust - I would trust online word of mouth Davis et

(benevolence). Schoorman,
- I would trust what reviews, comments, 1990
suggestions are found online (ability).
- I would trust this organization to fairly
represent its products (integrity).
- Overall, I would trust this organization’s
product (overall).
Purchase/ - I have a strong intention to enroll in this Kim and Park,

Enrolment course. 2005, Shukla,
Intention - I am willing to recommend others to pay for 2010
this course.
- I have felt more confident about enrolling in
this course after seeing other students
recommending/enrolled in it.
Brand - This brand delivers (or would deliver) what it Erdem and
Credibility promises. Swait (1998)
- Product claims from this brand are
believable.
- Over time, my experiences with this brand
led me to expect it to keep its promises.
- This brand is committed to delivering on its
claims.
- This brand has a name you can trust.
- This brand has the ability to deliver what it
promises.
Perceived - If I were to engage in social distancing (e.g., Kleczkowski

Benefits of by avoiding public transport and social et al., (2015)
COVID-19 events), I would lessen my chance of
social developing an infectious disease.
distancing - I am encouraged by engaging in social
distancing during times of infectious disease
because I feel it would be a necessity to do it.
- I feel confident in my ability to engage in
social distance during times of infectious
disease.
Table 6. Measurement Scale

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This part has broadly detailed the methodology used in this research and how the
data is collected for analysis in the next section. The research design was discussed
furthermore in order to recognize the best design fit for this study. In this study, the
philosophy of positivism approach was adopted with the deductive research
approach. Regarding the research methodological choices, the applied method is
quantitative where the survey is included to collect sample data from the large
population. This part also dealt with building measurements to ensure consistency
of measurements. And the statistical analysis methods to be integrated for
subsequent analysis were also presented.

71
Section 4: Data analysis
Data analysis is a process of inspecting, cleaning, transforming, and modeling data

with the goal of uncovering useful information, drawing conclusions, and
supporting decision-making. It is the process of extracting information from data.
It involves several steps including creating a dataset, preparing the data for
processing, applying models, identifying key findings, and creating reports. The
purpose of data analysis is to obtain information that can inform the
decision-making process depending on the availability of data which in turn needs
to be collected (through surveys, surveys, etc. .)
Data analysis is performed using the PLS software. Partial Least Squares (PLS) Path
Modeling is a variance-based structural equation (SEM) modeling technique widely
applied in economics and social sciences.Its ability to model composites and
factors makes it a formidable statistical tool for research into new technologies.
Smart PLS is a useful tool used in management science to measure, create and
verify models. Many articles contain SmartPLS, and researchers are adapting Smart
PLS as a method. "The model highlights the causal mechanism, validates the
theoretical empirical hypotheses and applies measures oriented towards the
forecasts". As reported by C.M. Ringle and Sinkovics (2009). In addition, the main
competence of Smart PLS is the field of information systems and Marketing.In
addition, Smart PLS provides the path model to interpret the relationship between
variables and indicators. These are seen as an essential point of view to provide an
understandable framework and to support the demonstration of results.
The data analysis of this thesis consists of two phases: the analysis of the
exploratory Data and the analysis of the confirmatory data.
Exploratory data analysis is a critical step in the analysis of data from an experiment
because it allows errors to be detected, hypotheses to be checked for validity,
appropriate models to be selected, etc. This analysis uses statistical tools to study
datasets in order to understand their characteristics. Exploratory Data Analysis
(EDA) is a data analysis approach / philosophy that uses a variety of techniques
(primarily graphical) to maximize understanding of a dataset; discover the
underlying structure; extract the important variables; detect outliers and
anomalies; test the underlying assumptions; develop economic models; and
determining the optimal factor parameters.
As with Confirmatory factor analysis (CFA), this is a multivariate statistical

procedure that is used to test how well the measured variables represent the
number of constructs. Researchers can specify the number of factors required in
the data and which variable measured is relative to which latent variable.
Confirmatory factor analysis (CFA) is a tool that is used to confirm or reject the
measurement theory.

72
Exploratory data analysis (EDA) Confirmatory factor analysis (CFA)
- A descriptive method that can detect - A test is conducted to investigate how

an over-searching structure and that accurately the hypothesized factor
can explain the relationship between structure fits with the data in the
items in a parsimonious way and it is number of factors, whether the factors
done at the beginning of the analytical are correlated or uncorrelated and how
process. items are associated with the factor
- Helps in designing a model or a using indicators.
hypothesis to be tested. - It confirms or rejects the hypothesis or
- An essential part in the analytical model designed.
process where it helps identify the
missing data and estimates
parameters.
Table 7. The difference between exploratory data analysis

and confirmatory factor analysis
As reported by Hair et al. (2014) Exploratory factor analysis and confirmatory factor
analysis are carried out using the structural partial least squares equation model
(PLS-SEM) with SmartPLS 3.2 to validate the hypotheses. In general, SEM refers to
various statistical techniques that can be used to perform different factor
regression analyzes. Hair et al. (2014, 12) stated that confirmatory factor analysis is
considered to be a unique type of SEM.
The PLS-SEM is composed of two elements: the inner model which identifies the
constructs and reveals the relationships between the different constructs, and the
outer model which shows the relationships between the constructs and the
indicator variables.
Hair et al. (2014, 19) recommend the use of PLS-SEM if the objective of the study is
the prediction of key constructs or the identification of constructs of key drivers.
Smart PLS can provide a wide range of variables to deliver results. This makes it
very advantageous to use this method to check the model as there is a lot of
flexibility. This concludes that SmartPLS can be used for very complicated model
types with many latent and numbered variables and manifests with different scales
as indicated by C.M. Ringle and Sinkovics (2009).
The evaluation of the measurement model consists of Internal Consistency

(Cronbach's Alpha); The Cronbach's alpha coefficient, sometimes simply referred to
as a coefficient, is a statistic used specifically in psychometric data to measure the
internal consistency of questions asked during a test. Its value is less than or equal

73
to 1, being generally considered "acceptable" by 0.7. Composite reliability (CR); “Is a
measure of internal consistency in scale items, very similar to Cronbach's alpha
(Netemeyer, 2003). It can be taken as equal to the total amount of variance of the
actual score relative to the variance of the total score of the scale (Brunner & Süß,
2005).Alternatively, it is an “indicator of the shared variance between the observed
variables used as an indicator of a latent construct” (Fornell and Larcker, 1981). " And
in terms of the Average Variation Extracted (AVE), it is a measure of the amount of
variance that is captured by a construct versus the amount of variance due to the
measurement error.
The test of the robustness of the model can be done with the bootstrap method
and provides concrete information on the indicators and variables.
First, we used a Path coefficient analysis which is a simple standardized partial

regression coefficient that divides the correlation coefficients into measures of the
direct and indirect effects of a set of independent variables on the dependent
variable . It is also known as a cause and effect relationship.
Second, because a parametric significance test for the evaluation of the model is
not suitable. This difficulty is resolved by a t-Test. The t-Test is measured with the
bootstrap process. The minimum test value must be greater than 1.65 to have an
excellent significant value as identified by Haenlein and Kaplan (2004) and C. Ringl
and Spreen (2007).The bootstrap tool increases the possibility of successfully
testing the model.
The bootstrap process provides both the mean value and the standard error for the
coefficient of each path model. Smart-PLS with the bootstrapping process also
provides t-Test results for all paths. The t-Test makes it possible to provide the
confidence interval which is more important than the importance of a parameter.
The framework model is created with hypotheses and has a formative model. This
study examines the statistical robustness, validity and reliability to assess the
statistical value of the construct. The structure was tested using data from an
online survey. The data is collected through Google forms and converted into an
Excel file. The test has been performed several times and some indicators have
been removed to improve results and meet the highest standards of scientific and
statistical requirements.

Indicator Definition Rule
Validity and reliability (4 indicators)
Composite Is a measure of internal consistency in Must be greater

Reliability scale items much like Cronbach’s alpha, than 0.7
(CR) also called construct reliability.

74
Average Used to assess the convergent validity of Must be greater
Variance the scale. than 0.5
Extracted
(AVE)
Cronbach’s Is an indicator of the consistency of the Must be greater

Alpha item in the scale. It is a function of the than 0.7
coefficient number of survey items and the average
inter-correlation among these items
R square A statistical measure that represents the If R2 of a model

proportion of the variance. The correlation is 0.5, then
explains the strength of the relationship approximately half
between an independent and dependent of the observed
variable and explains to what extent the variation can be
variance of one variable explains the explained by the
variance of the second variable model’s inputs
Outer The relationships between the reflective As a rule of thumb, it

loadings construct and measured indicator should be at least
variables. The outer loading coefficients 0.7 or more
are estimated through one for each
indicator variable on its corresponding
construct.
T-statistics Used to support or reject the hypothesis If the T-values are

and used also with a small sample size in larger than 1.96%
case the population standard deviation is which is the critical
value, then statically
unknown.
significance of the
hypothesis is
accepted
P Value Is the level of marginal significance within A small P-value

a statistical hypothesis test representing (typically ≤0.05)
the probability of the occurrence of a indicates strong
evidence against
given event. It is used as an alternative to
the null hypothesis,
rejection points to provide the smallest then statistically
level of significance at which the null significance of the
hypothesis would be rejected. hypothesis is
accepted
Table 8. Indicators’ characteristics

75
Chapter 4: Findings and Results Discussion
This chapter details the results of this study. First, we have represented the
demographic and other general information of the respondents. Second, an
exploratory factor analysis, a measurement model and a structural model were
carried out.
Section 1: Demographic and General Information
1.1 Age, Gender and Country
Our survey was answered by 105 prospective students. Firstly, we will go through
the demographic aspects of the data. Since this study was focused on individuals
who showed enrollment intention in the Hult Prize Introduction to Pitching course,
the data collection was done through the Hult Prize Emailing account and Social
Media platforms to the Certificate Program database.
As shown below in the Age pie chart, we have multiple age groups distribution
where both the ages of 18 to 22 years old and 22 to 26 years old have the highest
percentage with 39% and 35%, totaling 71% of the data population. Only 19% of the
people between 26 - 30 are measured in this study. Another 7% of the total
numbers of respondents belong to the age group above 30 years old. This graph
has brought to light the fact that prospective students in the older category
(between 26 - 30 and older than 30 years of age) don’t particularly fall in our target
market of individuals who heard about Hult Prize or participated in any of its
programs.
Figure 8. Age

76
Findings from the questionnaire database in the graph below detect that there’s
an almost equal number of percentages between female and male gender when it
comes to the Hult Prize Certificate Program enrollment intention. Furthermore, the
data in this study has shown that both genders are showcasing mutual interest to
be part of our program with the percentage of 51% for women and 49% for men.
Figure 9. Gender
The figure below shows that we have a wide spread of students’ nationalities who
showed intention in joining our Hult Prize Introduction to Pitching course. The
scale of 1 to 10 explains the interval number of individuals from each country. This
diversity in nationalities proves the Hult Prize's ability to target students on a global
scale in bringing a Pitch-focused program and action-based training to a
diversified number of students globally, creating a pathway for youth everywhere
to build self-confidence and elevate pitching skills.

77
Figure 10. Country
1.2 Level of Education, Working Status and Prior Number of Online

Learning Courses
As shown in the graph below, we can notice a difference in percentage when it

comes to the prospective students' level of education where we have 68% of
undergraduate students and 32% of postgraduate students. These results are
predictable as most of our Hult Prize target market falls into the category of
individuals who are still in the undergraduate educational level.

78
Figure 11. Level of Education
The following graph highlights the prospective students' working status in order to
understand the ability to afford enrolment fees in our Introduction to Pitching
course. As shown below, we have 39% of non-working prospective students, 33%
part-time students and 28% who are full-time workers. This explains the inability of
the majority of our prospective students to pay and enroll in our course as the
non-working percentage is the highest.
Figure 12. Working Status

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This graph shows the students' prior number of online learning courses enrolment.
With 50% of 0 to 3 prior number of online learning courses, 28% from 3 to 6 and
22% above 6 prior number of enrolling in online courses. These percentages help us
to understand the familiarity, tendency, adaptability and usage of online learning
platforms. The rise of e-learning has encouraged students to take on more
responsibility for their own acquisition of knowledge. It also provided the potential
to produce better time management, demonstrate self-motivation, flexibility and
Self-Paced learning and to improve the overall quality of learning, as well as having
the practical benefits of encouraging wider student participation and improving
virtual communication and collaboration.
Figure 13. Prior Number of Online Learning Courses
1.3 Hult Prize Introduction to Pitching course Payment Source
This graph identifies the numerous ways to cover the Hult Prize Introduction to
Pitching course fees. As we examined the prospective students working status
graph earlier, it results to having 39% non-working category, which explains these
percentages of having 41% of individuals needing a scholarship to enroll in the Hult
Prize Introduction to Pitching course, following by a 36% of students being able to
self-pay and 23% of students relying either on their friends or family.

80
Figure 14. Hult Prize Introduction to Pitching course Payment Source
1.4 Hult Prize Certificate Program’s Reasons of Interest and Source of

Information
This graph highlights the major reasons for prospective students to enroll in the
Hult Prize Introduction to Pitching course. As it shows below the most highlighted
reason for students to enroll in our course is simply to improve their pitching skills
that is the primary and core purpose of our program, following by the many
exclusive benefits that we aim to deliver as an organization and a training program
to our valuable students, which are to provide personal growth and enrichment,
with a percentage of 69,60%, to earn a certificate signed by Hult International
Business School, with a percentage of 55,90%, to expand one's network and meet
new people from different nationalities, backgrounds and cultures, with a
percentage of 49% and lastly, with a percentage of 48%, to be trained by a
prestigious, world class and high-caliber of coaches, earning a full access to topic
experts and industry leaders from around the world.

81
Figure 15. Hult Prize Certificate Program’s Reasons of Interest
Finally we have this figure that details the source of information for the prospective
students to learn about the Hult Prize Certificate Program. The most important
results are as follows: 44,10% through Email, 41,20% through Social Media, 38,20%
through the Hult Prize Certificate Program official Website, 23,50% through an
Alumni feedback/review and lastly 22,50% through a direct communication with
the Hult Prize Certificate Program team.
These results show that Email marketing is more successful at reaching our
prospective students than almost any other form of marketing communication,
and it can be done at a fraction of the cost of many other tactics. It just takes a little
time and effort, but this work can be easily outsourced.
Following the effectiveness of Social Media platforms in providing a fantastic place

to share our website content and services with people who show interest to be part
of our program. As we continue to share beneficial and valuable information,
interested students will start looking to us as an industry leader since they value
the information we produce and share.
Besides, prospective students must be able to easily find the information they
need. This includes our course curriculum, our coaches highlights, our alumni
experiences with our program, and description of our course. A great website
design makes that information easily accessible.

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Lastly, effective direct communication is instrumental in convincing prospective
students to enroll and maintaining healthy relationships with the existing as well as
potential ones.
Figure 16. Hult Prize Certificate Program’s Source of Information

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Section 2: Empirical Findings
The results of the PLS-SEM are carried out through a systematic process. The main
objective of this method is the maximization of the variance of the endogenous
latent variables (R2) explained in the conceptual model PLS. Leading to the
assessed quality of the PLS-SEM measurement and of the structural models on
which the predictive capacities of the models are mainly focused.
“The systematic evaluation of these criteria follows a separate evaluation of a

two-step process of the measurement model and the structural model. The
structural model will be evaluated after establishing the reliability and validity of
the constructs. There are two types of measurement model specifications:
Reflective and Formative measurement models (Hair, et al. (2017).”
As noted by Hair et al. (2017), the reflective model is based on the relationship that
starts from the construct, to its measurements. "Reflective indicators could be
considered as a representative sample of all the possible elements available in the
conceptual domain of the construct. Since all the elements of the indicator are
caused by the same construct and are expected to be highly correlated with each
other. The construction must have sufficient reliability, even the only item of
exchange or removal. In the formative measurement model, the construct forms
the causal indicators. The most essential feature of this model is that the formative
indicators cannot be interchangeable. The omission of an indicator potentially
alters the nature of the construct (Hair et al. (2017))”. For our study, the conceptual
model consists of the reflective measurement model which deals with both the
construct and the indicators.
2.1 Measurement Model Analysis
The evaluation of the measurement model analysis involves the outer loadings,
Composite Reliability (CR), the Internal Consistency (Cronbach’s Alpha), the
convergent Validity (individual Indicator Reliability) and Average Variance
Extracted.

84
Source: Smart PLS Software
Digital E-Trust E-WOM Enrolment Online Perceived
Brand Intention Learning Price
Image
Digital 0.875
Image Q1
Digital 0.849
Image Q2
Digital 0.784
Image Q3
Digital 0.822
Image Q4
Learning 0.881
Q1
E-Learning 0.922
Q2
E-Learning 0.894
Q3
E-Learning 0.866
Q4
E-WOM Q1 0.770
E-WOM Q2 0.866
E-WOM Q3 0.850
E-WOM 0.620
Q4
E-WOM Q5 0.524
E-Trust Q1 0.785
E-Trust Q2 0.777
E-Trust Q3 0.899
E-Trust Q4 0.908
Intention 0.928
Q1
Intention 0.941
Q2

85
Intention 0.897
Q3
Perceived -0.409
Price Q1
Perceived -0.171
Price Q2
Perceived 0.628
Price Q3
Perceived 0.860
Price Q4
Perceived 0.857
Price Q5
Table 9. Outer Loadings of Algorithm 1
The results of the outer loadings of the reflective constructs indicated in the table
above shows that the majority of the items are having more than 0.7.
As the rule of thumb, the outer loadings should be at least 0.7 or more.
“The Indicator Reliability that is the square value of Outer Loadings of the items,
and which is providing the minimum value as 0.50 that will cover the 50% of the
value as the variance extracted from the item (Hair et al. (2017)”.
The indicators specifying the poor Indicator Reliability (<0.50) or Outer loadings
(<0.7) were dropped. These indicators can be summarized into the following list
(E-WOm Q4 = 0.620: E-WOM Q5 = 0.524: Perceived Price Q1 = -0.409; Perceived Price
Q2 = -0.171; Perceived Price Q3= 0,628).
As shown below in the figure of the conceptual framework after conducting the
first algorithm that demonstrates the variables as well as the indicator values of
their items to decide which should be eliminated or approved.

86
Figure 17. Conceptual Framework after the first Algorithm
As a rule of thumb, the values of both the Cronbach’s Alpha and Composite
Reliability must be greater than 0.7 while the value of the AVE must be higher than
0.50.The results of Cronbach’s Alpha (CR), Composite Reliability and Average
Variance Extracted (AVE) showing in the table below have reached up to the
required standard except for the variable of perceived price.

Cronbach’s rho_A Composite Average Variance
Alpha Reliability Extracted (AVE)
Enrolment 0.912 0.917 0.945 0.850

Intention
Online 0.913 0.914 0.939 0.794

Learning
E-Trust 0.866 0.893 0.908 0.713

87
Digital Brand 0.854 0.864 0.901 0.695
Image
E-WOM 0.789 0.843 0.853 0.545
Perceived 0.314 0.783 0.536 0.427

Price
Table 10. Construct Reliability and Validity of Algorithm 1
For the results of Cronbach’s Alpha, the value of the perceived price variable is 0.314
which is less than 0.7, which means that this variable could not be taken as a
reliable construct for our study.
The same conclusion goes for the Composite Reliability value for the perceived
price variable which is 0.536, less than 0.7. Thus this value cannot be taken into
consideration.
Finally, for the Average Variance Extracted (AVE), we also have the perceived price
value that is 0.427 which is lower than 0.5 and hence is not reliable.
After running the first algorithm and eliminating the items that were considered
unreliable, a second algorithm is then built that only shows the variables with their
adequate indicators as it is introduced in the outer loadings of Algorithm 2 table
below.

Image
Digital 0.876
Image Q1
Digital 0.849
Image Q2
Digital 0.784
Image Q3
Digital 0.822
Image Q4
Learning 0.881
Q1
E-Learning 0.922
Q2

88
E-Learning 0.894
Q3
E-Learning 0.866
Q4
E-WOM Q1 0.820
E-WOM Q2 0.890
E-WOM Q3 0.867
E-Trust Q1 0.785
E-Trust Q2 0.777
E-Trust Q3 0.898
E-Trust Q4 0.907
Intention 0.928
Q1
Intention 0.941
Q2
Intention 0.897
Q3
Perceived 0.936
Price Q4
Perceived 0.886
Price Q5
Table 11. Outer Loadings of Algorithm 2
As mentioned above and based on the rule of thumb, the outer loadings should be
at least 0.7 or more. After dropping the items that were considered inadequate, the
results of the outer loadings of the reflective constructs shown in the table above
indicates that all of the items are having more than 0.7. Thus, to conclude, it is now
safe to say that all indicators are considered as reliable to measure the latent
variables.
The second figure below of the conceptual framework after running the second
Algorithm is presenting in a clear way the results of outer loadings showing only
the qualified and valid items’ indicators.

89
Figure 18. Conceptual Framework after the second Algorithm
After having evaluated the validity and reliability of the latent variables essential to
the examination of the structural model. Finding below a table of reliability and
validity of the construct of Algorithm 2 since its four indicators must be rechecked.
Composite reliability (CR), internal consistency reliability (Cronbach's alpha),
convergent validity (Individual indicator reliability) and Average Variance Extracted.

Cronbach’s rho_A Composite Average Variance
Alpha Reliability Extracted (AVE)
Enrolment 0.912 0.917 0.945 0.850

Intention
Online 0.913 0.914 0.939 0.794

Learning
E-Trust 0.866 0.892 0.908 0.713

90
Digital Brand 0.854 0.864 0.901 0.695
Image
E-WOM 0.823 0.8282 0.894 0.738
Perceived 0.800 0.844 0.907 0.831

Price
Table 12. Construct Reliability and Validity of Algorithm 2
Cronbach's alpha provides a conservative measure in PLS-SEM. Measuring the

reliability of the test. Cronbach's alpha will help indicate whether the test design
correctly measures the variables of interest. Composite reliability is also used to
measure the reliability of internal consistency. Fornell and amp; Larcker (1981)
describe it as an “indicator of the shared variance between the observed variables
used as an indicator of a latent construct”.
After dropping the unreliable items, we can notice the huge difference between
the first results and these ones shown in the table above. As a rule of thumb, the
values of both the Cronbach’s Alpha and Composite Reliability must be greater
than 0.7.
As presented, both the variables value of Cronbach’s Alpha and Composite
Reliability are greater than 0.7 which leads to conclude the validity, the reliability of
the test as well as the internal consistency reliability.
Regarding the Average Variance Extracted (AVE) which is "a measure of the
amount of variance that is captured by a construct relative to the amount of
variance due to measurement error". (Fornell & amp; Larcker, 1981). Each latent
variable is evaluated to check its convergent validity. As a rule of thumb, this
indicates that the AVE value must be greater than 0.50 All AVE values were
greater than 0.50 for the variables latent accounts explain more than half of the
variance of their indicators.
According to Statistics How To source: “The coefficient of determination, R2, is

similar to the correlation coefficient, R. The correlation coefficient formula will tell
you the strength of a linear relationship between two variables. What adjusted R
square does is calculate R square from only those variables whose additions in the
model are important and outstanding.”

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R Square R Square Adjusted
E-Trust 0.722 0.710
Enrolment Intention 0.584 0.579
Table 13. R Square of Algorithm 2
So as mentioned in the statement above, and based on our data, R² of enrollment

intention is equal to 0.584, thus 58% of enrollment intention is explained by the
online trust of prospective students as well as the contribution of the other
variables.
Hence, prospective students online trust with the percentage of 72% contribute to
the overall enrollment intention of interested students. The figure below presents
more clearly the variables' significance addition to our model.
Figure 19. R Square of Algorithm 2

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2.2 Structural model analysis
The hypotheses were verified by the structural path modeling. After examining the
moderation hypotheses, the direct effects were tested. The statistical significance
of the relationship was evaluated by bootstrap with a volume of 5000 subsamples.
“PLS is based on a non-parametric bootstrap which involves repeated random
sampling with a replacement from the original sample so that a bootstrap sample
can be created. Therefore, standard errors can be obtained for hypothesis testing.
(Capelli et al. 2011, 148.) ".

Image
Digital 0.318
Brand
Image
E-Trust 0.764
E-WOM 0.361
Enrolment
Intention
Online 0.135
Learning
Perceived 0.249
Price
Table 14. Path Coefficients of Algorithm 2
The path coefficients provide information on the size and sign of the relationships
in the structural model. They can be used to examine the possible causal
relationship between statistical variables in the structural equation modeling
approach.
Direct effects of the path coefficients (β, [1, 1]) present the relationships between the
factors (Hair et al. 2011). Multiple motivations were found to have a significant effect
on students’ enrollment intention. For our case, the overall path coefficient
presented in our database are positive, hence, the strongest and most positive
linkage is between E-Trust and enrollment intention (β = 0.764, p <0.01), following
by the linkage between E-WOM and E-Trust (β = 0.361, p < 0.01), the correlation

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between digital brand image and E-Trust (β = 0.318, p < 0.01) is also strong and quite
valuable and the positive correlation between perceived price and E-Trust (β =
0.249, p < 0.01. Lastly only the correlation between online learning and E-Trust is
showing a weak yet positive value (β = 0.135, p < 0.01), thus, it is a significant
relationship as it is presented in the Path Coefficients figure below.
Figure 20. Path Coefficients
As for the T statistic, when T is greater than the critical value (1.65, 1, 96 and 2.57), the
coefficient is significant for a certain probability of error (respectively 10%; 5%, 1%)
(Hair et al., 2014). Based on this statement and on the results of our analysis, all of
our T statistic values are greater than 1.96. Thus all of our hypotheses are confirmed
and their coefficients are significant to a 5% probability of error. Except for the T
statistics value of online learning and E-Trust which is (t=1,863< 1, 96) and so this
hypothesis is not supported and automatically dropped.
The T statistics value of E-Trust and enrollment intention path coefficient is

(t=13.421>1, 96), so as mentioned above the coefficient is significant to a 5%
probability of error. The same goes for the T statistics value of both the E-WOM and
E-Trust path coefficient that is (t=3.876>1.96), the T statistics value of digital brand
image and E-trust path coefficient (t=3.658>1.96) as well as the T statistics value of
the perceived price and E-Trust path coefficient which is (t=3.710> 1.96).
The higher the T, the more evidence you have that your results are significantly
concrete and have a lower probability of error. This is exactly what is shown in our
results.

94
Now, for the p-value, it is compared to the desired significance level of our test and
the smaller it is, the more significant the result would be. That is, when the null
hypothesis is rejected at a 5% significance level, it would be reported as “p < 0.05.
“Having a small p-value suggests that the null hypothesis is unlikely to be true.
As conducted in our database, the p-value of all the path coefficients analyzed are
less than 0.05 which suggests that the null hypothesis is unlikely to be true except
for the p-value of online learning and E-Trust path coefficient which is 0,062> 0.05,
meaning that in this case, the null hypothesis is likely to be true.

Original Sample Standard T Statistics P Values
Sample (O) Mean (M) Deviation (|O/STDEV|)
(STDEV)
Digital Brand 0.318 0.319 0.087 3.658 0.000

Image ->
E-Trust
E-Trust -> 0.764 0.761 0.057 13.421 0.000

Enrolment
Intention
E-WOM -> 0.361 0.356 0.093 3.876 0.000

E-Trust
Online 0.135 0.139 0.072 1.863 0.062

Learning ->
E-Trust
Perceived 0.249 0.249 0.067 3.710 0.000

Price ->
E-Trust
Table 15. Path Coefficients bootstrapping

95
2.3 Moderating effects
When moderation is present, the level of strength or even the direction of a

relationship between two constructs depends on a third variable. In other words,
the nature of the relationship differs depending on the values of the third variable.
Moderation describes a situation in which the relationship between two constructs

is not constant but depends on the values of a third variable, called the moderating
variable. Further analysis will be performed to see if our two moderating (or
constructs) variables change the strength or even the direction of a relationship
between two constructs in the model.
2.3.1 Perceived Benefits of COVID-19 social distancing moderating effect
As strongly suggested by Henseler & Fassott (2010, 721), moderating effects were
studied through the variable term approach. Meaning that, the direct effect of
perceived benefits of COVID-19 social distancing on online learning is
encompassed in the research model at this stage of the study since the previous
chapter already concerned the hypothesis related to the direct impact.
Figure 21. Model bootstrapping moderation without perceived benefits of

COVID-19 social distancing

96
As shown in the figure above and the table below , the bootstrapping without the
perceived benefits of COVID-19 social distancing moderation resulted to T Statistics
of online learning and E-Trust Path coefficient equal to (t=9.121) and P Values equal
to (p=0,000)

(STDEV)
Online 0.654 0.655 0.072 9.121 0.000

Learning ->
E-Trust
Table 16. Path Coefficients without perceived benefits of COVID-19

social distancing moderation
The following figure shows the conceptual model of a moderating relationship,

which only focuses on the perceived benefits of COVID-19 social distancing link
with online learning.
Figure 22. Model bootstrapping moderation without perceived benefits of

COVID-19 social distancing

97
After adding the perceived benefits of COVID-19 social distancing moderation, we
conducted a second bootstrapping to compare between the previous results
without and with the moderating effect on students' E-Trust.
As seen, the T Statistics of the moderating Effect 1 on E-Trust is equal to (t=4.331), as

for the P Values, it is equal to (p=0,000)

(STDEV)
Moderating -0.230 -0.227 0.053 4.331 0.000

Effect 1 ->
E-Trust
Online 0.405 0.411 0.072 5.661 0.000

Learning ->
E-Trust
Perceived 0.198 0.200 0.079 2.520 0.012

benefits of
COVID-19 social
distancing ->
E-Trust
Table 17. Path Coefficients with perceived benefits of COVID-19 social distancing
moderation
Based on the analysis, the moderation hypothesis between perceived benefits of

COVID-19 social distancing and E-Trust is rejected. As shown above in the table of
Path Coefficients without perceived benefits of COVID-19 social distancing
moderation, T1= 9.121 is higher than T2= 5.661 and as the rule states that if T1> T2:
The moderation hypothesis is then not supported, hence, perceived benefits of
COVID-19 social distancing is not a moderator variable. It does not strengthen or
neither reduce the intensity of the relationship between online learning and
E-Trust.
2.3.2 Brand credibility moderating effect
Potential moderating effect of brand credibility on the variable of enrollment

intention is further examined. Moderation analysis was performed using PLS
software - partial least squares. In this method, the compared subsamples are

98
exposed to separate bootstrap analysis. "The results of these bootstrap analyses
provide a basis for hypothesis testing and thus determine whether there is a strong
correlation between the two variables and therefore the effect of one on the other."
(Hair et al. 2011).
Figure 23. Model bootstrapping moderation without brand credibility
A first bootstrapping figure (figure 14) and table (table 27) without the attitude
moderation has resulted in a T Statistics equal to (t=1,556) and P Values equal to
(p=0,120).

(STDEV)
E-Trust -> 0.769 0.765 0.056 13.758 0.000

Enrolment
Intention
Table 18. Path Coefficients without brand credibility moderation
To illustrate the estimation of a moderating effect, we first need to extend the

original model by including the moderator variable. We focus on the impact of the
brand credibility on the students’ enrollment intention. Specifically, we introduce
brand credibility as a moderator variable that can be assumed to positively or
negatively influence the relationship between students’ E-Trust and their
enrollment intention.

99
Figure 24. Model bootstrapping moderation with brand credibility
In the next step, we made a second bootstrapping measure including the brand
credibility moderation to be able to compare between our results and hence,
confirm or reject the moderation hypothesis.
The table below of the Path coefficient with the brand credibility moderation has
presented the T Statistics of the Moderating Effect 1 on enrollment intention equal
to (t=2.208) and P Values equal to (p=O,027).
(STDEV)
Moderating -0.071 -0.068 0.031 2.280 0.023

Effect 1 ->
Enrolment
Intention
E-Trust -> 0.376 0.385 0.098 13.857 0.000

Enrolment
Intention
Brand 0.367 0.362 0.105 3.506 0.000

Credibility ->
Enrolment
Intention
Table 19. Path Coefficients with brand credibility moderation

100
The results of Path Coefficients without and with brand credibility moderation
tables are mainly consistent with the results of the brand credibility moderating
effect on the students’ enrollment intention variable. Moreover, as examined above
the hypothesis of the brand credibility effect on students’ E-Trust is accepted. T1 is
equal to 13,758 and T2 is equal to 13.857. Since T1 < T2 and if we apply the same rule
used previously, we conclude that the brand credibility does moderate the
students’ enrollment intention. Hence, the hypothesis is supported and the overall
brand credibility has an impact on students’ online trust in the Hult Prize
Certificate Program that will lead to the increase of their enrollment intention.

101
Section 3: Discussion of major results
This final chapter is focused on the discussion of the empirical findings results
highlighted in the part that is related to the previous studies along with answers for
the research questions set at the beginning of the research. Managerial
implications are projected, therefore, limitations are discussed and
recommendations for future research are prearranged in this chapter.
The goal of this study is to observe the determinants that impact students’ E-Trust
and enrollment intention in Online Paid Hult Prize Certificate Program during the
Pandemic of COVID-19. The factors that were supported by the previous results
include digital brand image, E-WOM, perceived price and online learning, followed
by the direct impact of both perceived benefits of COVID-19 social distancing and
brand credibility as moderators.
Result 1: E-WOM has a significant positive influence on the Students’

Enrollment Intention
From the overall opinions of respondents, the correlation between the electronic
word of mouth and the students’ enrollment intention was verified. The outcome
proved that electronic word of mouth is positively and significantly influencing the
student when it comes to the intent of enrolling in the Hult Prize Certificate
Program. Electronic word of mouth is seen as a new form of communication for
delivering information to a large consumer base in a short period of time and is
seen as trustworthy and credible..
Thanks to the easy sharing of information and recommendations via social

networks, this effective tool has met with great success. There are various known
reasons why people like to share information online. First, they like to network and
express their experience in order to make it easier for others to find information.
Second, they like to be seen as someone who has significant knowledge and
experience about a product or brand and also to be seen as someone with a range
of connections. Therefore, E-WOM could be presented as a channel, individuals
share information, then customers share information with other peer customers,
etc.. This is how E-WOM could easily go viral. Additionally, 9 out of 10 times when
customers are looking for information to make a purchasing decision, they still rely
on information shared by other customers about the product or service they tend
to purchase. When consumers believe they have obtained the required information
that could influence their overall desire to purchase, especially when considering
purchasing durable or expensive products.
Therefore, E-WOM is more useful and impactful than the traditional one for the
reason that thanks to the Internet, brands can reach hundreds of people or even

102
thousands and also the benefit of a post or a review lifespan that can be forever on
the internet and it could easily be seen by anyone anytime.
Furthermore, this study reveals that E-WOM significantly affects the Students’
Online Trust toward the Hult Prize Certificate Program. Usually, E-WOM serves as
an informal form of advertising for online businesses. Successful and supportive
E-WOMs can influence customer decisions and boost the buying interest and
online trust of digital businesses.
Due to the growing number of For-Profit E-learning programs, the effective use of
E-WOM can support and encourage the growth of such programs. Therefore, it is
suggested that the promoters organize E-WOM to increase the program rate
experience of its products/services, which would ultimately affect the expectations
of potential students.
Result 2: Both Digital Brand Image and Price Perception has a significant
positive influence on the Students’ enrollment intention.
Digital Brand Image is shown to have a positive and significant relationship

towards Students’ Online Trust. The Hult Prize Foundation already has quite good
Brand Awareness from the prestigious programs it delivers. The data collected also
shows that the Hult Prize Certificate Program also has a good Brand Image as well.
The positive and meaningful relationship between Digital Brand Image and Brand
E-Trust is consistent with previous research conducted by (Alhaddad, 2015;
Chinomona, 2016). A positive brand image is important in building the trust of
prospective online students. Price perception has also been shown to have a
significant positive relationship with students' online trust.
Respondents perceive the fee of the Hult Prize Introduction to Pitching Course
online course quite differently; they believe that higher prices are associated with a
higher and better quality of the course provided. They also feel that a high-priced
online course gives them a sense of pride. Not to mention the respondents who
most sought out the benefits and incentives offered by the Hult Prize Certificate
program. The results are consistent with findings from similar previous research
where price is known to have a positive impact on customer trust (Suhaily &
Darmoyo, 2017). Similar research also shows that price sensitivity can influence trust
in brands (Sihite, Harun & Nugroho, 2015), showing that the pricing of e-learning
programs are important because they influence their online trust in the brand.
Individuals' E-trust in the brand has a positive and significant influence on
purchase intention. Respondents believe that trustworthy brands can help them
feel more credible when making a buying decision. As the subject of this research
is the Hult Prize Certificate program, this shows that its digital brand image is quite

103
favorable. The construction of this E-Trust of Online For-Profit program must be
properly designed to make students more confident in their final decision.
Brand image and price perception significantly influence purchase / enrollment

intention. These two variables must be properly maintained by the Hult Prize
Certificate Program to increase the likelihood of enrolling potential students.
Previous research also shows similar results, where Digital Brand image influences
purchase intention (Fianto et al., 2014; Wang & Tsai, 2014). The same is true for the
Perceived Price affecting purchase intention (Setiawan and Achyar, 2012; Lien et al.,
2015). Interestingly, the influence of Digital Brand Image and Price Perception is
much more influential than expected on students' enrollment intention.
Result 3: E-Trust has a significant positive influence on the Students’

Enrollment intention.
The results of the questionnaire reveal that the majority of the respondents
consider the Hult Prize Certificate Program alumni who make recommendations
about the course are perceived to be more dependable. Independent reviews have
a major impact on prospective students' trust and thus, they will feel confident
enrolling in the Hult Prize Introduction to Pitching course recommended by an
alumni. Therefore, it makes more sense that credible reviews are much appreciated
by the students, as it can facilitate for them the enrolment decision in the course.
This research found that communicating with them represents a more important
factor for online trust.
This study also showed the belief of the majority of respondents in the Hult Prize
Certificate Program’s commitment to tell the truth about the benefits and
incentives it is promising to deliver. The results show that potential students' belief
in the Hult Prize’s honesty increases his/her confidence in enrolling in the
recommended course.
Not to mention, the fact that students want to make sure that the Hult Prize cares
about the students’ needs and does their best to satisfy them and meet their
expectations, including the fact that they are sincere and honest to fulfill their
promises.
Lastly, it was also concluded that individuals trust in a more particular way
programs who communicate and engage with them which will likely be a boost to
build their enrolling intention.

104
3.1 Moderators Effects
A previous analysis was made to test both the moderator effect of Perceived
Benefits of COVID 19 Social Distancing on Online Learning and the moderator
effect of Brand Credibility on Students E-Trust.
The study of the moderator effect was crucial to be able to differentiate between
the direct effects and the indirect effects on the students’ enrollment intention.
Between the Online Learning and Students’ E-Trust, Perceived Benefits of COVID 19
Social Distancing did not help to further boost the students online trust and
enhance the positive impact on their enrollment intention in the Hult Prize
Certificate Program.
The COVID-19 pandemic has turned upside down nearly every industry around the
world, and the education sector is no exception. Continuing education during the
pandemic, when the social distancing rule is the only solution to slow the spread,
has also been a serious concern for all educational institutions and students. Most
institutions have made the switch to online learning. Online learning is the best
alternative available for continuing education.
Students may feel frustrated by the social distancing, and sudden changes toward
online learning and the content of learning may be secondary to the quality of
learning. The content of the online learning platforms should be easy to navigate
and provide relevant information during the pandemic, as this is the only interface
between the student and the coach at the time of the pandemic. Relevant
information, teaching materials and ease of navigation will improve the quality of
online learning and improve students’ motivation and intent to enroll.
It has already been discovered that COVID-19 affects the social and daily life of
individuals as they are trying to protect themselves in various ways. This can be
understood as a kind of frustrating impact on individuals, who continually
experience trauma, fear and uncertainty resulting from the current COVID-19
pandemic.
However, Brand Credibility did play an important role as a moderator variable to

strengthen the Students’ E-Trust towards the dependent variable that is Students’
Enrollment Intention.
A positive and highly significant correlation between online trust and brand
credibility indicates that highly trusted organizations such as the Hult Prize
Foundation are building their credibility in the eyes of the students. This provides a
guideline for managers, which means they must adopt strategies that build on the
brand trustworthiness.

105
Advertisements and policies must incorporate the real perceptions and image of
the product, thereby increasing the credibility of the brand.
Therefore, the results of the study are consistent with previous studies by Erdem
and Swait (2004), which concluded that greater credibility will influence consumers
and increase the likelihood of a product being included in the formation of choice.
Wang and Yang (2010) also found that brand credibility has an impact on the
purchase intentions of consumers. Brand credibility plays an important role in
students’ enrolment intentions and found that it has a positive and strong effect.
The more credible a brand is the more there are chances that it will be included in
the choice options and will be selected (Erdem & Swait, 2004).
Prospective students while intending to enroll in the Hult Prize Introduction to

Pitching course exhibited strong positive answers towards the credibility of the
Hult Prize Certificate Program.
3.2 General conclusion
3.2.1 Managerial implications
The considerable shift in the world of learning and Impact education towards
online learning has been recognized as the new system in this era of internet
technology. Online learning is now considered as an interactive network for online
learning programs to communicate with their students, as well as receive insightful
and useful feedback that would consequently help them upgrade and improve
their courses.
In this research, it was found that Digital Brand Image, E-WOM, Perceived Price and
Students’ E-trust play important roles to interact and influence the students’
enrollment intention. The Hult Prize Certificate Program with effective Social Media
platforms should be concerned about the students while developing Digital Brand
Image and online Trust.
The rapid growth of Social Media may become the most important factor to
influence marketing in the coming years which could enable and improve the Hult
Prize Certificate Program practices to persuade future students. It may also help it
to connect with future students.
Digital brand image and online trust can play an extremely significant role in
improving digital marketing in today’s world. Thus it can be claimed that Digital
Brand Image and E-Trust can develop the ability to interact and influence students’
enrollment intention on a digital platform.

106
As the constant seeking for new online learning courses is the main driver of why
students reach Social Media platforms looking for useful information, alumni’
experiences and reviews, online recommendations before the commitment to any
course enrollment. The Hult Prize Certificate Program should use this valuable
opportunity of interaction and engagement with potential students on Social
Media platforms especially on Instagram since it is the most popular among them.
In the past, the majority of businesses were not reachable over the internet, but
now interactive Social Media pages are created and managed to increase brand
awareness and win the students’ online trust.
Not to mention that the growth of electronic word of mouth in the Internet era has
brought about a noticeable change in the interaction of people with each other
and thus has become the most solid basis for marketing strategies. The
effectiveness of electronic word of mouth is established when sending and
receiving the message by many respondents who would be shared virally on social
media platforms.
Creating discussion threads by posting posts on Social Media platforms has the
power to spread around the world and reach people in no time. The Hult Prize
Certificate Program must provide its community on Social Media platforms with a
reason to interact with their content for various reasons such as; the quality of its
courses, the access to High-Caliber of experts, the excellent student services, the
enriching personalized experiences and Alumni testimonials that prospective
students would be excited to hear about.
The privilege granted to future students will increase the discussions and the
opinions shared within the various circles of the community and consequently will
affect many others.
Thus, this will increase online trust and confidence in the Hult Prize Certificate
Program, which will ultimately lead to more students enrolling and intending to
re-enroll.
Furthermore, information searching was also shown to have a significant effect on

the students online trust. Following up on this result, the Hult Prize Certificate
Program should promote and update the information related to the courses they
offer online, so that customers can obtain complete information about the
available programs. To optimize the results of information searching activities, the
Hult Prize Certificate Program should use tools such as search engine optimization
(SEO) in order to obtain high rankings on search engines. Thus, when searching for
information on the Internet, prospective students will obtain official information
before they see information available on Social Media.

107
Additionally, it would be useful if the Hult Prize Certificate Program could equip
their official Website with communication features, for example, forums, chat, and
Social Media, in order to provide a place for prospective students to interact with
the Hult Prize Certificate Program community. These kinds of features will also help
the Hult Prize Certificate Program to oversee students’ interactions, which should
help them to anticipate and prevent negative word of mouth that could jeopardize
their reputation and eventually decrease students’ intention to enroll in their
courses. Further, these features could be an effective source of information for
two-way communication, as well as helping the Hult Prize Certificate Program to
resolve students’ complaints effectively and efficiently.
So to conclude, there are several ways to influence students' enrollment intentions

in the Hult Prize Certificate Program by focusing on the Digital Brand Image and
exposure, electronic word-of-mouth and students’ engagement.
3.2.2 Limitations
During this research, we noticed some limitations that need to be highlighted and
discussed. Even if they didn't divert the relevance of the results obtained, they may
be useful for future studies and therefore, we must take them into consideration.
Due to the observed limitation of the time frame for applying the quantitative
method which is carried out in the form of a questionnaire and in order to collect
the data necessary for our research which was processed in a short period of time.
These results were concluded upon 105 respondents from the entire sample
collected and it is true that this number is not sufficient to fairly represent the Hult
Prize community. However, we have gathered a good number of concrete and
honest answers to gather these results.
Therefore, the last limitation concerns the methodology. Due to limited time and
resources, the subject can only conduct quantitative research without qualitative
research to help build a better scale.
3.2.3 Future research suggestions
This study revealed that students perceive the Hult Prize Certificate Program in a
positive way as the Hult Prize Foundation has a name they can trust and has the
ability and committed to delivering on its claims.

108
The research reported a survey study on the impact of the Hult Prize Certificate
Program Digital Brand Image, E-WOM, the Perceived Price of the Hult Prize
Certificate Program Introduction to Pitching course and Online Learning on the
students’ online trust intent to enroll. The participants were coming from the Hult
Prize Foundation community.
Future research to generalize these findings could examine other people from
different countries as potential sources of variation in determinants of intention to
enroll in e-learning programs. More research is needed to determine if there is a
consistent model. For example, extensions of this research may use a more precise
approach to examine how individuals of different cultural backgrounds accept new
information technologies and pursue or intend to use e-learning systems or
engage in a range of activities with technology.
Researchers can study the cultural differences in online learning that emerge from
the design and development of potentially different online course environments
and, therefore, the interactions between the characteristics of the course
environment and the learning experiences, styles and beliefs of students.
Digital marketing these days is more about building brand awareness. This means
that creativity, innovation, ingenuity and uniqueness are very important factors for
e-learning programs today in order to maintain a notable position in the digital
society. Therefore, in order for them to benefit from this study, the reasons
mentioned above regarding students' enrollment intention should be considered
and well studied.
And finally, online learning programs need to work more on electronic word of
mouth strategies which have greater significance than traditional word of mouth.
Therefore, future studies should examine electronic word of mouth on Social Media
platforms. Furthermore, posting of word of mouth electronic messages must be
tested and differentiated to distinguish the known from the anonymous, hence its
impact on the receivers' perception of credibility and reliability of the recipients and
also towards the students’ enrollment intention.

109

Ghada Ferchichi - Hult Prize Certificate Program - Senior Project

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Ministry of Higher Education and Scientific Research

AVICENNE PRIVATE BUSINESS SCHOOL

A Graduation Project Elaboration Submitted for the

Determinants of Students E-Trust and Enrolment

Conducted by: Supervised by:

Ghada Ferchichi Dr. Amal Ben Cheikh

Academic year 2020/2021

Leading A Generation To Change The World

Moreover, to my professional advisor, Hamdi Ben El Elmi who invited me on this

To my professional advisor Callum Porter-Harris who was more than a guide to me

Leading A Generation To Change The World

Several research studies in different countries have emphasized the concept of

Leading A Generation To Change The World

1.1 Purpose of this study 10

Chapter1: Hult Prize Foundation General Background 11

5. 4 Hult+: Paid Online Education Everywhere: 14

5.4.1 Hult Prize Certificate Program Description 14.

5.4.2 Hult Prize Certificate Program Current Status 15

5.4.3 Hult Prize Certificate Program Methodology & Structure 15

5.4.4 Hult Prize Certificate Program Team Structure & Workstream 16

5.4.5 Hult Prize Certificate Program platforms 20

Section 1: Hult Prize Job Description 20

1.1 Context and Goals 21

1.2 Duties and Responsibilities 21

1.3 Learning Outcomes 22

Leading A Generation To Change The World

2.1 Hult Prize Certificate Program Content Marketing Strategy 23

2.2 Hult Prize Certificate Program Digital Advertising Plan 26

2.4 Hult Prize Certificate Program Social Media performance 31

Chapter2: Literature review 44

Section1: Theoretical Framework 44

1.1 Digital Brand Image 44

1.2 E-WOM (Electronic Word of Mouth) 45

1.3 Perceived Price 45

1.4 Online Learning 46

1.4.1 Online Interaction 48

1.4.2 Student Motivation 48

1.4.3 Course Structure 49

1.4.4 Instructor Knowledge and Facilitation 49

1.4 6. Online knowledge sharing 50

1.4.7 Real time feedback 50

1.6 Enrolment Intention 51

1.7.1 Perceived Benefits of COVID-19 social distancing 52

1.7.2 Brand Credibility 52

Section2: Conceptual Framework 53

2.1 Digital Brand Image and E-trust 53

2.2 Digital Brand Image and Intention 53

2.3 E-WOM and E-Trust 54

2.4 E-WOM and Intention 54

2.5 Perceived Price and E-Trust 55

Leading A Generation To Change The World

2.7 Online Learning and E-Trust 56

2.8 Online Learning and Intention 56

2.9 E-Trust and Intention 57

2.10.1 Perceived Benefits of COVID-19 social distancing and Online Learning 57

2.10.2 Brand Credibility and E-Trust 57

Chapter 3: Methodology and empirical findings

Section 1: Research Design and approach

1.1 Research Philosophy 59

1.2 Research Approach 60

1.3 The research epistemological choices 61

Section2: Sampling methods

2.1 Population and sampling 62