Essays on Major Decision Making and Implications for Marketers Term Paper

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The paper "Major Decision Making and Implications for Marketers" is a great example of a term paper on marketing. The objective of this report is to analyze the consumer decision-making behavior of three respondents in choosing accommodation options. The report is based on an analysis of the three respondent’ s ratings of five evaluative criteria often considered by consumers in making accommodation choices. The five criteria are security, price, distance, occupation, and proximity to public transportation. The report drew on theories in demographics and personality to analyze the choices of three respondents based on the compensatory decision rule.

The report established that: Consumer demographic characteristics affect the demand for housing and accommodation choices. Consumer personality dictates preferences for housing attributes The report also identifies two major implications for marketers. The implication for marketers is that in marketing products and services to consumers that require complex decision making, the marketing effort should guide the consumer to make a decision by emphasizing on the balancing or compensatory effect of strong attributes. Marketers should also reverse tailor their marketing effort to facilitate consumer decision making by specifically targeting demographics and personality types. Introduction Selecting the most appropriate or suitable accommodation option is a major decision for most consumers.

It normally includes consideration of many factors or influences which makes it a more complex process for consumers as compared to minor consumption activities such as purchasing a car, selecting a camera, a DVD player, book or an item of clothing. The objective of this report is to analyze the consumer decision-making behavior of three respondents in choosing accommodation options. The report is based on an analysis of the three respondent’ s ratings of five evaluative criteria often considered by consumers in making accommodation choices.

The five criteria are security, price, distance, occupation, and proximity to public transportation. Respondents were asked to evaluate these five criteria according to the importance and then rank or evaluate six different accommodation options according to their ranking of the evaluative criteria. The five accommodation options presented to the respondents were; To rent/share a two-bedroom apartment in Melbourne CBD To buy a two-bedroom apartment in Melbourne CBD To rent share a two-bedroom apartment in Flemington To buy a two-bedroom apartment in Flemington To rent share a three-bedroom ocean view house in St.

Kilda To buy a three-bedroom ocean view house in St. Kilda The respondent’ s ranking of these attributes will be placed in a decision matrix and the compensatory decision rule applied to determine the most likely accommodation choice by the three respondents.

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