21 May WHAT IS IT THAT AFFECTS THIS DECISION AND MAKES IT DIFFERENT FOR EACH OF US?
Overview
We make many decisions in our everyday lives; some are small and relatively unimportant (such as “should I buy that chocolate bar?”) while others are major, with a more profound impact on our lives (“should I buy that house?” “should I get a master’s degree?”). For all of these decisions we will go through the consumer decision process – from problem recognition through information search, evaluation of our alternatives, selection of our chosen option, purchase and post purchase behaviours. The length of time or effort that is allocated to the decision process will be affected by the type of decision involved, that is, whether it is a habitual, limited or extended decision making purchase problem. Our decisions are also impacted by a variety of internal influences (e.g., perception, learning, and motivation) and external influences (e.g., family and culture). As marketers we need to look at all of these influences on consumer decision making.
Part B – Major Decision Making: Individual Report 35% (Due Wednesday of Week 8)
Choosing accommodation can be a major decision in our lives, subject to many competing influences. Do I buy that 4 bedroom house that will take the next 30 years to pay off? Would I rent a 2 bedroom unit? Shall I share an apartment with my friends, or some strangers? Is the house in a safe suburb? Is it close to public transportation, shopping centres, childcare services, hospitals, gyms, cafes, or the university? Do I want this furniture? Is there mobile broadband coverage? …… What is it that affects this decision and makes it different for each of us? This assignment requires you to look at the accommodation choices of three (3) people – you can include yourself in this analysis if you wish.
Firstly, develop a list of 6 different accommodation options. Try to include some that aren’t options YOU would like to take but that you know appeal to other people. You might want to refer to real estate websites, newspaper classified ads, or campus message boards while developing this list. Be specific – renting a three bedroom ocean view apartment in Bondi in Sydney (rather than just saying renting an apartment in general); sharing a two bedroom townhouse with a TAFE student near the Brisbane CBD; buying a three bedroom bushland house under Mount Archer in Rockhampton. You may wish to include indicative renting/selling prices or pictures of the accommodation options you have chosen to include.
Develop a second list of at least 5 evaluative criteria (Chp 5 of your text) that people might consider when choosing their accommodation– for example, prices, distance from the university/workplace, accessibility to public transportation, safety/security, occupations/genders/ages of housemates etc. There are many possible reasons we choose the accommodation that we do.
Place these two lists in a decision matrix (example in textbook).
Show this decision matrix to 3 people (one can be yourself if you need).
– Ask them to rank the evaluative criteria – how important is each criterion in determining THEIR choice of accommodation? (for example a scale of 1 – 5 where a weight of 5 indicates it is very important).
– Ask them to rate each accommodation option on your list against each of the criteria (for example, using scaling again, accommodation one might score well on criterion one and get a 5 while it is poor on criterion two and gets a 1. The numbering you use is up to you.)
– Using the compensatory decision rule calculate which accommodation your respondent is most likely to choose based on the matrix. Is this the one they would have actually chosen? If there is a difference, please provide a brief explanation – for example, the matrix might suggest I was most likely to buy the bushland house in Rockhampton but in reality I have to share the townhouse in Brisbane as I am working in Brisbane at the moment.
Secondly, conduct an analysis of Personal Characteristics leading to accommodation choices.
Analyse the choices made by your respondents. Why are their rankings of evaluative criteria different? Why are their choices different?
Using the theoretical areas below, analyse and explain the behaviour of your respondents. Try to explain their choices AND the differences between them using theory from:
– Demographics (age, gender, family situation, income, ethnicity etc)
– Personality (choose a couple of traits that are apparent to you from knowing this person, you do not have to subject them to a personality test!)
You MUST use theory to support your analysis. This section of your report requires support from a minimum of 10 journal article references.
Note: For example, if you are suggesting that gender has a role to play in the decision, you need a journal reference that indicates different genders have different preferences, same for age. If personality is an issue – suggest the personality trait at work and support that with a reference – perhaps the extrovert chooses to share a two bedroom unit with a professional dancer while the introvert chooses to rent a studio on her/his own.
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