Consumer Behaviour Goods And Services For Personal Consumption

Question: Discuss about the Consumer Behaviour Goods And Services For Personal Consumption. Answer: Introduction 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 Rule according to the survey 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 faci lities 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 familys 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 pr operty 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, Lnser 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. Recommendations to the marketer 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. 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