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Compensatory Decision Rule according to the survey

Discuss about the Consumer Behaviour Goods And Services For Personal Consumption.

Consumer behaviour is about the actions and the decision methods of the people who buy goods and services for personal consumption and it signifies. Consumer depends on the age, gender, social position and occupation (Hoyer, MacInnis & Pieters, 2016). It also depends on the country and its ethnicity (Starc, 2014). It also depends on lifestyle, which normally includes the activities, opinions and hobbies. This report mainly contains the compensatory decision rule selecting the rental property of the three people of different background.  There is also elucidation of the other factors related to   demography, gender, ethnicity, nationality and country.  Finally, there is a suggestion of any of the marketer of the rental property.

Compensatory  decision  rules is  about  the  methods when  a consumer   is assessing  product and service  alternatives, bargaining one characteristics  or another, so that the good  features compensate for  the bad one (Mullen, & Johnson, 2013).  .  For example if    a person wants to buy a yoghurt at certain amount of price. But  when  he  observes  a brand  of  yoghurt yoghurt  has  certain  benefits  like natural and  organic  value  and calories   which  surpass  another  brand  of yoghurt  which  is  comparatively  inexpensive (Kardes,  Cronley & Cline, 2014).  When  he  selects  the  brand  of yoghurt  which  is  superior  in quality  and  also more  expensive  than  the  other  one  it  is known as  the  compensatory  decision  making process (Mathews  et al., 2014) . There are three different surveys, which sort out the compensatory decision in relation to rental property.   There is a scope of six rental properties with different features and different amenities. The first  rental property is $1,580, the second one is $420,  the third  one is $230,  the  fourth  one is the $990,  the  fifth one is $195 and  the  sixth  and the  last  one is $380.  According to the   decision of the first respondent, she has chosen the third option amongst all the option for buying the property.  This rental property has facility of sharing a three-bedroom single-storey house with a nurse and a journalist. The house is with primary renovation and fully furnished.   There is one personal bed and one kitchen and one bathroom have to share with the housemates.   There is also availability of off street parking. The first respondent have selected this option most  probably  because  she  has  to share rooms with  the  nurse who will be  helpful for  any medical  emergency . Moreover the price of this rental property is much lesser than the other ones. The second  respondent is  a  male who has  chosen the fourth  option  which  is priced  for $990 . His rental property consists of   three -bedroom apartment, with one kitchen, two bathrooms, two secured car spaces, with modern facilities but no furniture.   The third respondent is a homemaker she has mainly chosen the sixth option for buying the rental property. It has three bedroom single-storey house, with one kitchen, one bathroom,  two garages, and modern renovation  and  also semi furnished  with  some  necessary  furniture.  It can be considered that in reality the second respondent  has  not  brought  the  same rental  property  because as  he  is  a divorcee with  an  daughter may be  he has  not  brought  a new rental  property without no  furnishing and  no other  people  sharing the  property.

Analysis of the Behaviour of the Respondents

The  first  respondent  is  a  single  woman  who is  studying    bachelor  degree  course  at the  university (Campbell, 2016). She earns money by working as a part time in a grocery store.   She  earns  less  money that is $27,000 from  the  other  two respondents  and  her  family’s  income  is  comparatively lower.  Therefore, in that case it is normal to choose the rental property, which is amounted to $230.  It  can be seen that in  the  evaluative  criterion she has  given  more points for the  option  one  but  she has  not  selected it  mainly due to the  price of the rental property  which  is far expensive than the chosen one.  Moreover she has no problem in sharing the apartment because she is extrovert in nature and also careful and efficient in nature which will enable her to learn something from the journalist.  The second respondent is a man of 54 years old who is a well-established person and resides in Austria.  His family income is quite good which amounts to $198,000.  His daughter deals with the issue of rental property because he is  not  so extrovert  and open  to everyone.   Though  in  the  evaluative  criterion they  have also  given  more  points to option one  but  may  be they  have  also rejected  due  to  its price. Therefore, in this case   it can be seen that an   expense also plays an important role in selecting the rental property. The third respondent is a 48 years old homemaker.  She has no income of her own and the family income is $114,300.  Though  she is extrovert  but she  is not careful and  efficient  for which  the decision  of the  rental property  is  done  by children and husband.  They  have  wished  for the the  option six for  buying  the  rental property  which  is quite  reasonable  in context to price (Huck, Lünser & Tyran ,2016). In  evaluative  criterion  the three  respondents  have  given more value to all the features like bedroom, Bathroom and kitchen, parking, renovation and  furnishing, and distance  from  the city centre. But they have not  selected  it  due to its  expense.

Learning and  memory  theory  in consumer behaviour  is  not  learning  from the  book. This theory  is something  for example  if  a person  has gone  to a store where  the behaviour of the store manager is  nice from the other  store manager (Lantos,2015). .  Then the person  keeps in mind this fact and in the next time he goes to this store to buy things.  In this case  the  marketer  of the first option  which is  four bed room two storey,  with two kitchens one  in the upstair,  three bathrooms two upstairs and  one at the downstair, two  garages, and high-end renovation; fully furnished with top appliances and luxurious furniture.   The distance from the main city centre is 16 km.  It  can b e said  in  the evaluative  criterion  all the  three respondents has  given  good points  in overall structure  but they has only  given less value in the cost of the  rental property (Laoviwat,  Suppapanya & Yousapronpaiboon, 2014).It can be said that the marketer  of this rental property while convincing  the  customers  must  explain  the  long term  benefit  of the rental property  and  the  marketer  can reduce  the cost  of  the rental property  to a extent  the  profit amount is  not  altered much.  Finally, the behaviour of the marketer has to be very nice so that it he or she can influence the buyer (Vitell, 2015). If all these strategies  are  used by the  marketer  then  definitely  the consumer  will  be influenced by all these facts  then the  consumer can  buy the  property Hence  this  is the application of the theory of the learning and memory.

Conclusion

Finally,  in conclusion it can be said that the  main  component  which  rules  the  consumer  behaviour  is  occupation and income.  Definitely, the products and services also matters in taking decision for buying them but in most of the cases the expense matters. Another thing is it also depends on the person who is marketing and selling the product  and service has  to be  very patient and  convincing in nature. Finally, the personal quality and attitude also moderates the consumer  behaviour.

References

Campbell, J. Y. (2016). Richard T. Ely Lecture Restoring Rational Choice: The Challenge of Consumer Financial Regulation. The American Economic Review, 106(5), 1-30.

Hoyer, W. D., MacInnis, D. J., & Pieters, R. (2016). Consumer behavior. Nelson Education.

Huck, S., Lünser, G. K., & Tyran, J. R. (2016). Price competition and reputation in markets for experience goods: An experimental study. The RAND Journal of Economics, 47(1), 99-117.

Kardes, F., Cronley, M., & Cline, T. (2014). Consumer behavior. Cengage Learning.

Lantos, G. P. (2015). Consumer behavior in action: Real-life applications for marketing managers. Routledge.

Laoviwat, P., Suppapanya, P., & Yousapronpaiboon, K. (2014). A Study of Demographics Influencing on Consumer Behavior and Attitude towards Brand Equity of Optical Business in Thailand. International Journal of Trade, Economics and Finance, 5(4), 347.

Mathews, L. G., Carson, R., Baylor, R., Hamel, Z., & Giarrocco, K. (2014). Do Farmers Markets Change Consumer Behavior? Evidence from the Southern Appalachians.

Mullen, B., & Johnson, C. (2013). The psychology of consumer behavior. Psychology Press.

Starc, A. (2014). Insurer pricing and consumer welfare: Evidence from medigap. The RAND Journal of Economics, 45(1), 198-220.

Vitell, S. J. (2015). A case for consumer social responsibility (CnSR): Including a selected review of consumer ethics/social responsibility research. Journal of Business Ethics, 130(4), 767-774.

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