Table of Contents 1. Introduction 5 2. Creating decision matrix 5 2.1. Accommodation options 5 2.2. Evaluative criteria 6 2.3. Decision matrix 6 3. Application of compensatory decision rule 7 3.1.2. Rating each option against each of the criteria 8 3.1.3. Compensatory decision rule to calculate which option this respondent is most likely to choose 9 3.1.4 Calculation results and real choices. 9 3.2. Respondent 2 10 3.2.1. Ranking evaluative criteria (based on the allocation of 100 points importance score) 10 3.2.2. Rating each option against each of the criteria 10 3.2.3. Compensatory decision rule to calculate which option this respondent is most likely to choose 11 3.2.4 Calculation results and real choices. 11 3.3. Respondent 3 12 3.3.1. Ranking evaluative criteria (based on the allocation of 100 points importance score) 12 3.3.2. Rating each option against each of the criteria 12 3.3.3. Compensatory decision rule to calculate which option this respondent is most likely to choose 13 3.3.4 Calculation results and real choices. 14 4.1. Why are respondents' rankings of evaluative criteria different? 14 4.1.1. Demographic reasons 14 4.1.2. Personality reasons 15 4.2. Why are respondents' choices different? 16 4.2.1. Demographic reasons 16 4.2.2. Personality reasons 17 4.3. Recommendations for marketers of these accommodation options 17 5. Conclusion 18 References 19 Appendix I 21 1. Introduction There are as many opinions and preferences as there are people in the world. The goal of marketing, nevertheless, is to develop strategies and techniques that will make a particular product appealing to people. In order to achieve this goal it is necessary to, in the first place, know what people want or know how they choose what they buy. Therefore, the purpose of this paper is to analyse how people use different evaluative criteria in the process of making buying decisions, how demographic and personality reasons influence the importance of certain evaluative criteria, and why the results of empirical buying behaviour research might differ from real life consumer behaviour. For the purpose of accomplishing the set above goals a sample population of 3 people will be offered to evaluate six accommodation options selected for this study, as well as six evaluative criteria relative to the provided options. The compensatory decision rule will be used for evaluating the choices people make. Answers of the respondents will be analysed with the purpose of determining what particular factors had the greatest impact on their decision-making, so that it will be possible to provide the marketers with certain recommendations regarding practical applications of the gathered information. 2. Creating decision matrix 2.1. Accommodation options The listed below 6 accommodation options were chosen for the purpose of completing this task. Detailed descriptions and pictures are provided in Appendix I. 1. Buying a house in Barwon Heads for $695,000. 2. Buying a 2-bedroom and 1-bathroom apartment in Berridale Village for $129,000 3. Renting a fully furnished studio apartment for $230 per week in a suburb of Melbourne . 4. Buying a 2-bedroom and 2-bathroom apartment in Sydney for $680,000 (Unit 704/710-722 George Street, Sydney, NSW, 2000). 5. Sharing
Title page Executive summary Strategic marketing implies knowing how people make their buying decisions. For this purpose it is important to understand what particular demographic and personal characteristics of the target audience influence the buying behaviour…
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