When selecting a higher education programme, what do students/ parents look for most? content, quality, recognition, employability or any other?

It depends on the student or parent, really.
Some are just in it to get a job.
Some are looking to get into graduate school beyond the bachelor's degree.
Other than the ones mentioned, affordability (price, scholarships, financial aid) also is a factor, at least in the U.S.
For traditional aged students (typical4-year students out of high school), the college experience as a whole is important.
Conducting market research with your prospective student pool is the best way to help identify any particular areas that are comparatively more important, and is a useful tool to help shape your high ed marketing messages.
The same can be done for parents.

In my experience, most look for employability whilst studying and affordability. Recognition is considered on the basis of affordability; therefore who can afford higher fees will look for recognition. 

Most students and parents don't inquire about content or quality for Bachelors, as long as they get the degree under a broad specialisation such as business, marketing or accounting. However the content and quality are of great importance for students keen on postgraduate programmes.