The current trend in higher education is more towards management. And more number of students is aspiring for management education. As per the changes of time, the B-Schools imparting management education is expected to be student centric. How the students in the aforesaid institutions have to be treated is the focus of the study. In this context, four dimensions viz; students as customers, products, partners and stakeholders have been considered. Based on this, the student's preferences & perceptions have been studied. Firstly, the study reveals that there is a significant difference between the student's preferences and perceptions. Secondly, the students should be treated more as a product, followed by stakeholder, partner and customer.