MRKT19031 - Consumer Behaviour Assignment Example | Topics and Well Written Essays - 3000 words

MRKT19031 - Consumer Behaviour - Assignment Example 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-bedr oom 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

Finance - Valid Contract Assignment Example | Topics and Well Written Essays - 750 words

Finance - Valid Contract - Assignment Example Before a contract becomes legally binding, there are some essentials that must be satisfied otherwise referred to as elements of a contract. Elements of a valid contract are: 1. Offer and acceptance In a contract, there are two parties: the offeror and the offerree. The offeror makes an offer that has to be accepted by the offered without alteration of the terms i.e. the offer must be accepted precisely (Burnett, 2010). The promise by one party to do or not to do something if the party accepts to do or not do something in return is referred to as an offer. Where the offered gives new terms in order to accept the contact, then this will be referred to as a counter offer. Both an offer and acceptance must be communicated (Burnett, 2010). Advertisement, preliminary negotiations or opinions does not constitute an offer but are considered an action to treat. 2. Intention to create a legal relation An agreement in itself does not constitute a contract unless the parties to the contract int end to be legally bound in their agreement hence an agreement between minors does not constitute a contract (Liuzzo, 2010). Proof of creating a legal binding agreement is therefore mandatory. 3. Consideration Consideration is the price paid in return of the promise of another party. The consideration must have value not necessarily money. An interest, a right, or benefit to the party making a promise. Furthermore, the consideration must not be something that is illegal e.g. committing a crime, as a price is not considered as a consideration. It should be noted that the adequacy or inadequacy of the consideration does not affect the validity of the contract (Burnett, 2010). One only needs to prove that there was consideration in the formation of the contract. 4. Capacity to contract Not everybody can enter into a contract because of legal limitation. Minors, people with mental impairment, prisoners and bankrupt individuals or corporation therefore lack the legal capacity to enter int o a valid contract. This is because the parties might lack the ability to understand fully the implication of the contracts (Liuzzo, 2010). Contracts with minors are also invalid because they might be compromised. However, contracts with minors are enforceable where the contact is of the supply of necessities e.g. supply of cloth, medicine, and food in some cases. 5. Consent willingly attained In entering a valid contract, the parties must have made the decision freely and willingly without any interference or coercion. A proof that either parties consent was not freely obtained will make the contract void. The factors that may affect proper consent include mistakes, duress, undue influence, or false statements. Mistakes will make contracts not binding if it relates to the very basis of the agreements e.g. mistake in signing of the agreement. False statements may be fraudulent, innocent, or negligent. Negligent and fraudulent false statements would normally result in rendering the c ontract void and therefore unenforceable. Undue influence on the other hand entails where one party takes advantage of the weaknesses of the other party to enter into a contract hence impairing voluntary consent to contract e.g. the contract between a teacher and student may be unduly influences. For duress, there must be some element of threat to a party hence making him/her contract unwillingly. 6. Legality of a contract In