Decision Making Process - Essay Example

Comments (1) Cite this document
Summary
Application of the Consumer Decision Making Process to the Purchase of an Appropriate Mortgage Property in London (Name) (University) (Course) (Tutor) (Date) Introduction Consumer decision making process and consumer behaviour are issues that have elicited much debate and research in the recent times…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.2% of users find it useful
Decision Making Process
Read TextPreview

Extract of sample "Decision Making Process"

Download file to see previous pages Doing this entails a thorough understanding of the micro and macro environment that defines the given consumers that a firm needs to serve. The most important point to note is the fact that consumer buying choices and decisions making process are things that get influenced by external factors which need to be handled by internal processes that could take place through social interactions. Consumer decision-making process has more to do with the patterns of behaviour that are preceded by consumers, determining and making them follow certain decisions with the sole aim of satisfying their individual or group needs based on products and services (Wu-Chung & Tzung-Cheng, 2010, pp.3530-3540). The mortgage market is experiencing numerous changes and has grown more volatile following the current financial crisis that has been most of the times blamed on poor handling of mortgages by various firms and stakeholders. This paper looks at the consumer decision-making process for the purchase of an appropriate mortgage following acquisition of some sufficient capital sourced from an uncle. The transaction will thus be analysed based on this theory in order to establish what went on as far as my decision-making process was concerned regarding the mortgage transaction. ...
I happened to get enough information regarding the mortgage market, something that I do often before engaging myself into a purchasing process. First I sought credibility of this company as the dealer in mortgages. I then went to the industry analysis on the mortgages. I wanted also to take advantage of any incentives that would have come with choosing the best mortgage dealer. Many companies do provide mortgages but differ in various issues especially rates charged on these mortgages. There are repayment mortgages and interest only mortgages. I realized that interest on mortgages played a very important role in the choice of mortgage option. I also learnt of the mortgage regulation by the Financial Services Authority which sees to it that confidence in the financial system is maintained, public understanding is promoted, consumers are well protected and that financial crimes are avoided. There are also high interest rates on the mortgages placed by banks because of the need to cut on liquidity in the market (London & Country Mortgages, 2011). I then had to make my decision on the mortgage choice and payment. This is where things became hot! Decision-Making Process on Purchase of an Appropriate Mortgage Property in London A consumer undergoes various stages in his or her buying decision-making process which are comprised of motivation to buy the product or service, problem or need recognition that is to be addressed, search for information, evaluating alternatives that are available in the market, and making a final purchase based on the choice made. Rational decision theory indicates that consumers as decision-makers do make many strategies and tend to use some logical procedures aimed at solving ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Decision Making Process Essay Example | Topics and Well Written Essays - 2250 words - 1”, n.d.)
Decision Making Process Essay Example | Topics and Well Written Essays - 2250 words - 1. Retrieved from https://studentshare.org/marketing/1434882-1-assume-your-uncle-has-just-given-you-an-amount-of-money-that-can-sufficiently-be-used-as-a-deposit-for-a-mortgage-transaction
(Decision Making Process Essay Example | Topics and Well Written Essays - 2250 Words - 1)
Decision Making Process Essay Example | Topics and Well Written Essays - 2250 Words - 1. https://studentshare.org/marketing/1434882-1-assume-your-uncle-has-just-given-you-an-amount-of-money-that-can-sufficiently-be-used-as-a-deposit-for-a-mortgage-transaction.
“Decision Making Process Essay Example | Topics and Well Written Essays - 2250 Words - 1”, n.d. https://studentshare.org/marketing/1434882-1-assume-your-uncle-has-just-given-you-an-amount-of-money-that-can-sufficiently-be-used-as-a-deposit-for-a-mortgage-transaction.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
ja
jacobsmuriel added comment 6 months ago
Student rated this paper as
I never thought 2250 words essay could be written in such a free manner. I loved the background of this essay. Will definitely use it for my own work!

CHECK THESE SAMPLES OF Decision Making Process

Decision-Making Process Paper

...making model taught by the textbook. During my decision making I did not generate an official list of alternative solutions. My solutions were limited to staying or leaving. I did not make a deep analysis of my alternatives. In a way I was impulsive and I made the decision that felt right at the moment. The decision making model depicted in the textbook could have been very valuable for me when I made the decision. I did not identify the problem adequately. Identifying a problem is the critical first step in the problem solving process (Monash, 2012). Based on my emotions I choose to...
3 Pages(750 words)Essay

Ethical Decision Making Process

...ethical theory, in that it fulfills the need to achieve a successful outcome; it avoids all of the rules and regulatory restrictions that may deny someone control of the situation. He seems to, also, show high signs of motivist theory, as well. The motivist ethical theory are not based on any absolute values, they believe the intention of, or the reason that motivated, the act is what is paramount. ("Ethical theoretical systems," 2011) This ethical theory, also, leads to rationalizations of those decisions, which is a trademark of the character House. “Making good ethical decisions require sensitivity to ethical issues and practiced method for exploring the ethical aspects of a...
4 Pages(1000 words)Assignment

Consumer Decision Making Process

...Introduction Consumer behavior is a theoretical concept that addresses different stages a consumer would pass through before they make a particular purchase decision. To define, consumer behavior is “the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products and services, experiences or ideas to satisfy needs and the impacts that these processes have on the consumer and society” (Hawkins 1998, p.6). The concept of consumer behavior is important in the field of marketing because it is highly related to consumer decision making and consumer buying process....
8 Pages(2000 words)Assignment

Group Decision Making Process

...Group Decision Making Process The success of our group in resulted due to numerous factors that were considered when forming a group and working in it. When the circumstances shaped so that we had to form a group we didn't have time to develop lots of the phenomenon that unfortunately exist in many other groups, like groupthink and deindividuation. We just had a task to be completed in front of us, and it was all we cared for. We won't say that everything went perfectly, but, nevertheless, we got a very valuable experience in working in group and team decision making we would now like to share with you. As there weren't any defined hierarchical structure...
2 Pages(500 words)Essay

Business Decision Making Process

...Introduction Decision making is one of the most critical aspects of doing business because it involves complex chain of steps which one needs to follow in order to successfully perform the process of decision making. Organizations often follow a systematic process to make decisions and than take actions in order to implement such decisions. However, this systematic process of decision making involves complex web of activities and processes which one must need to undertake in order to make effective decision making. The effectiveness of an organization’s leadership qualities is often reflected by the quality of its decision making and as to how effective decisions are made. It is because of this reason that it is often important... for the...
10 Pages(2500 words)Essay

Decision-Making Process Paper

...ID Lecturer Decision-Making Process Paper My decision-making process depends greatly on what I want to achieve in essence. This is the reason why my decision-making is always well thought out. The decision-making process starts with the analysis of the different perspectives which have come to my reckoning. After this has been done, I find the reasoning for it so that my decision-making does not get affected by entirely alternate evidences which might be available at one point in time in the future. I want to be 100...
2 Pages(500 words)Essay

Ethical Decision Making Process

...Ethical Decision Making Process Hypothetical Jane Jones works for ABC Corporation, a U.S. based corporation and her work involves travelling internationally. In one of the travels, Jane experiences difficulties clearing with the customs. While she has all the documents, the inefficiencies and corruption within the customs means she will wait for another couple of hours and miss a scheduled company meeting. The main problem highlighted in the hypothetical case relates to ethical dilemma and conflict of interests as they relate to decision-making. There are various courses of action that Jane could take. On one hand, she could choose to pay the customs...
1 Pages(250 words)Essay

The Decision Making Process

...process is initiated according to the expectations and preferences of the decision maker for the purpose of eliminating possible uncertainties of the results of a preplanned future action. The process of decision making is not a simple action, because it is the key to the future perfections as the decider of an action has an unbreakable relationship with the implications of the results as well as the quality of the chosen output that comes as the end result. Therefore the course of deciding anything has to go through various stages. Firstly, the problem is identified and defined, then the trial for identifying the possible solutions to it. Next, the...
2 Pages(500 words)Essay

Decision Making Process Paper

...Management Decision-Making Process Decision-making is the act that involves choosing two or more s of action. It is crucial to note that it is not all the time that a person will be in a position to make the correct decisions based on the choices available for choosing. At times, people make decisions without considering the better choice or gathering enough information (Bateman & Snell, 2007). Therefore, a person has to make sure that there is a record of important decisions to make, or identify the right decision. The...
1 Pages(250 words)Essay

Consumer Decision Making Process

...Consumer Decision Making Process Consumer Decision Making Process Introduction and Analysis The interview began with a brief introduction of the interviewer and the intention of the interview to the interviewee who bought a 400 QR worth Samsung Galaxy phone. When asked what made him buy the Android phone, he answered that Android phones were trendy and stylish. This is probably because his peers had already had Android phones by then, and when he got an opportunity to buy a phone, it was not going to be an inferior one. When asked about the number of alternatives he had considered, if any, he affirmed indeed he had considered many...
4 Pages(1000 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Decision Making Process for FREE!

Contact Us