The Decision Process of the Russian Real Estate Purchase - Essay Example

Decision process of the Russian Real E Purchase 3.0 Methodology 3 Overview of research design Initially, in order to frame the factors impacting the purchase decision making process the decision making theory model is employed. Next, when the major elements impacting on the decision are outlined, they are extended as well as analyzed in connection to Russian Real Estate purchase (investment). This analysis is according to an overview of the literature in the subject area (Yousuf, 2007, pp. 1-12), analytical reports, articles, real estate firm’s publications, and various sources available on Google Scholar. Lastly, because of the problems with relevance, reliability of the information collected from secondary sources, the paper cannot be based solely on review of the previously published information in the subject area. In order to research the questions profoundly, extend the literature overview and obtain first hand information, interview with directors, company personnel and customers at CIC was conducted. The kind of interview conducted was semi-structured one. There was prepared scheme of suggested issues that was done; nonetheless, interviewer had a chance to answer in most appropriate way for him and come up with their own thoughts. If the question is regarded as private, respondents had an alternative to answer or diverge from the question. 3.2. Qualitative method The method employed is this paper is deductive which implies review and analysis of former theory and study. Qualitative method is employed to understand and disclose an individual’s behavior and experience (Ghauri, Gronhaug, 2010, pp. 42-43). The reasons and process for decision making are defined via qualitative approach. Taking into account the nature of the study question it was more appropriate to carry out a qualitative method because the decision making process and promoting factors must be evaluated and described as well. The qualitative approach also proposed whenever the research covers an issue that is influenced by globalization. Moreover, the research is strongly encouraged and strengthened through some qualitative secondary data such as recent and historical market reviews and reports. 3.3. Choice of data Selection of the secondary information offers better understanding and explains particular aspects of the study, nonetheless is not the bottom-line for the study answer. Therefore, secondary information review begins with the theoretic segment where selected journal articles, books, and academic publications were gathered and evaluated for the study purpose. In an attempt to achieve a clear understanding of the purchase decision making process both decision and purchase theories are taken into account. Decision theory is more or less divided on descriptive and normative, where the first one relates to describing what people will really do and the second tries to identify the best decision to apply (Hansson, 2005, pp. 36-40). Two main theories together with effective market hypothesis entail the explanations of how and why particular decisions are arrived at. Primary data offered more particular answer to study questions via interviews carried out with director and sales team at CIC Gletcher together with frequent customers for the same company who contribute to the decision making and the purchase strategies in the Russian real estate market. The main disadvantage of this technique is that interviewees did not describe accurately their decision making process. Moreover, the question is how subjective their view about the market. Nonetheless, the decision making processes is always subjective and in this regard or any research, it is not expected that it could cover each aspect. 3.4. Interviews with CIC group and their customers For additional and more detailed research of the Russian Real estate purchase it was decided to obtain information from the director, sales team, and customers of CIC Gletcher by interviewing them. The objective is to make out how individuals directly taking part in the process arrived at their decisions. The major advantage here is that interview offer a chance to get first hand information, which could be concealed from the third parties, who do not take part in the process directly. As a result, new perspectives and issues could emerge at the time of the conversation. There is likelihood to ask extra questions so as to investigate unclear argument or details. As mentioned above, the kind of interview is regarded to be semi-structured. The questions were prepared in advance. Nonetheless, the discussion with the entire selected CIC group and customers were more extended than it hypothesized by prepared list of questions. The CIC interviewees shared their experiences and ideas and the entire more information got via interview were indirectly employed as a background for the topic analysis as well as for more information collection. The particular sphere of the issue imposed constraints on the interview process. First, because of social and cultural situations a number of people evade disclosure of their income and regard this information as very confidential. Next, owning or purchasing a property in Russia involves committing large sums of money; therefore, it is treated as not the eventual factor that leads to purchase. Generally, Conducted interviews, carry a lot of notes, nonetheless no recordings as this market is very specific and clients refuse to be recorded. Also, a few people volunteered, as a result, to participate in the interview. Interviews were carried out in person, in an atmosphere of utmost confidentiality. Respondents were guaranteed that their names will be kept anonymous and outcomes will be used for academic reasons. The interview was carried out to select CIC Gletchers and its customers. The first interviewee was a director who has been in the real estate business for some time and has vast experience on purchase decision making process. This set of respondents must permit complete coverage of the purchase process and research the process in dynamics. It is notable that the thinking way of the director (investor), sales team, and the customer, changes over time throughout the purchase process and it could be captured through interviewing the respondents at different process stages. The interviews were organized with help of one large company, the Construction and Investment Company Gletcher Ltd, which deals in construction of gated communities, elites and business classes; each one of them is being built with the unique concept, employing environmentally friendly materials and as per the high infrastructure requirements. More about the company is explained in the introduction. However, it should be noted that the company has over 15 years of successful experience on the market. Its customers get a top quality property with the maintenance following the purchase. It has a perfect image and because of the importance of that aspect to buyers it is successful. The interview took circa one and half hours and was carried out in the office and other convenient places of this company. The interviews were recorded by means of handwriting. Nevertheless, recordings of the company workers have been captured in Russian. Reference list Hansson, Sven Ove. 2005. ‘Decision Theory, Department of Philosophy’, Uppsala University, Sweden. Pp. 36-40. Yousuf, Muhammad Imran. 2007. Using Experts’ Opinions through Delphi Technique. Practical Assessment Research & Evaluation, 12(4), 1-15. Ghauri, Pervez. and Gronhaug, Kjell. 2010. Research Methods in Business Studies, 4th edition. London: Financial Times Prentice Hall. Pp. 42-43. Read More