The paper 'Consumer Decision-Making - Internal Factors" is a great example of business coursework. The consumer is the eventual user of the product that is being placed in the market. Indeed, the customer is the person at the final end of the production and beyond which the process of production only continues in the form of feedback to the persons in the channel of production. The consumer thus constitutes of persons both in contact and those that are not in contact with the initial producer of raw materials (Michael, 2009).
The consumer is always placed in a position to make decisions on the product to use in the event two or more of the same products are in the market. The customer may also be placed in a position to choose between products that are not similar but have the same use. In all these situations, the customer’ s decision is paramount to the amount that is eventually consumed (Landsburg, 2010). Theorists have tried to analyze the decisions that are made by the consumer and the behavior patterns that are taken by the consumer.
Among the theorists, the works of Nicholas Bernoulli, John von Neumann, Oskar Morgenstern, Herbert Simon and, Daniel Kahneman have had their opinions on the behavior and the strategy that the consumer uses being most debated across the years (Bray, 2008). The theorists rotate their schools of thought on the utility, the value they gain and the proximity of the product to argue their point. The arguments that are held by the said theorists are more progressive than contradictive. The theories are each based on the argument already presented by the former theory (Michael, 2009). For the purpose of the analysis of the customer decision making, I focus on the rental apartments that are provided by either landlords or the rental agencies.
Rental apartments or houses that are meant for use by persons other than the original owners at a fee. The products are offered and available around the globe (Wright, 2006). Internal factors that influence consumer decision making Factors that influence consumer decision-making reference to the elements that the consumer considers before purchasing A instead of B. There are internal and external factors that are considered by the consumer.
The internal factors are factors that are more affiliated with the taste and preference and the ability of the consumer (Michael, 2009). The internal factors are also limited by the knowledge of the consumer on the worthiness of a certain product. Some of the internal factors that affect decision making by a consumer include taste, preference, monetary ability, knowledge about products in the market, consistent with trends that the consumer has had in the past and the pride of the consumer (Landsburg, 2010). The ability to balance between the usefulness of the products and the value of the product also lies within the internal factors of the decision making process. The theories that are discussed in this paper are mainly internal factors as they are presented by different schools of thought.
However, where necessary, the paper focuses on external factors like distance and security. Where this is done, the authorship does so with an emphasis on the internal factors.
Michael, R., (2009). Consumer Decision-Making Models, Strategies, and Theories. New York: Wiley
Landsburg, S., (2010). Price Theory and Applications. New York: Cengage Brain
Wright, R., (2006). Consumer Behavior. London: ICI
Nutt, P., & Wilson, D., (2010). Handbook of Decision Making. Florida: Willey
Bray, J., (2008). Review of decision making models. New jersey: SAGE