STRATEGIC PLANNING FOR CONSUMER BEHAVIOR

QUESTION

Postgraduate education has become increasingly popular across the world. However, choosing postgraduate education can be a really complicated decision, subject to many competing influences. Would you study a Master of Management at CQU or USQ? Would you go to INSEAD or LBS to study an MBA? Would you do a PhD in Finance at MIT or Stanford? Is the postgraduate program reputable? Is the course available by distance education? How long does it take to get the degree? How is the job prospect? Are you able to afford the tuition fees? Do you need to relocate? Can you maintain your relationship with your partner? ……  What is it that affects this decision and makes it different for everyone? This assignment requires you to look at the postgraduate education choices of three (3) people – you can include yourself in this analysis if you wish.

Firstly, develop a list of 6 different postgraduate education options. Try to include some that aren’t options YOU would like to take but that you know appeal to other people. You might want to refer to websites of different universities or programs while developing this list.  Be specific – studying a 2-year-long part-time Master of Management (Marketing) at CQU by distance education (rather than just saying studying a master in general). You may wish to include indicative tuition fees or entry requirements of the postgraduate education options you have chosen to include.

Develop a second list of at least 6 evaluative criteria (Chp 5 of your text) that people might consider when making decisions for postgraduate education– for example, tuition fees, entry requirements, duration, program reputation, level of interest in the study area, distance from home/work, etc. There are many possible reasons underlying postgraduate education decisions.

Place these two lists in a decision matrix (example in textbook).

Show this decision matrix to 3 people (one can be yourself if you need).

–          Ask them to rank the evaluative criteria – how important is each criterion in determining THEIR choice of postgraduate education?  (For example you might allocate 100 points in total to the evaluative criteria depending on the relative importance of each criterion).

–          Ask them to rate each postgraduate education option on your list against each of the criteria (for example, using a scale of 1 – 5, option one might score well on criterion one and get a 5 while it is poor on criterion two and gets a 1. The numbering you use is up to you.)

–          Using the compensatory decision rule calculate which postgraduate education option your respondent is most likely to choose based on the matrix. Is this the one they would have actually chosen? If there is a difference, please provide a brief explanation – for example, the matrix might suggest Adam is most likely to choose the full-time INSEAD MBA in France but in reality he can’t quit his job in Brisbane and chooses to study the part-time MBA at QUT.

Secondly, conduct an analysis of Personal Characteristics leading to postgraduate education choices.

Analyse the choices made by your respondents. Why are their rankings of evaluative criteria different?  Why are their choices different?

Using the theoretical areas below, analyse and explain the behaviour of your respondents. Try to explain their choices AND the differences between them using theory from:

–          Demographics (age, gender, family situation, income, ethnicity etc)

–          Personality (choose a couple of traits that are apparent to you from knowing this person, you do not have to subject them to a personality test!)

You MUST use theory to support your analysis. This section of your report requires support from a minimum of 10 journal article references.

Note: For example, if you are suggesting that gender has a role to play in the decision, you need a journal article reference that indicates different genders have different preferences, same for age. If personality is an issue – suggest the personality trait at work and support that with a reference – perhaps the extrovert chooses to study an MBA in Marketing while the introvert chooses to do a PhD in Mathematics.

SOLUTION

Executive Summary

The report indicates an integrated study about the consumer behaviour while opting for any prior decision. I have taken into consideration the aspects for the postgraduate course consideration as the career prospective in life. In each and every decision making we all need to face various of issues and challenges with number of questions arising in our perception, such as whether we should go for it or not? I have made a right decision or not? And many more question come in our minds before going for any option and even after opting for any option too. We cannot stop our mind to think about these aspects but we can only put our best knowledge to opt for the best suitable and available options with our knowledge and skills.

Here in this study we will be having the same kind of phenomenon with reference to the Postgraduate course consideration. Post graduate course is one of the most critical aspect and need a lot of study and research before opting for it. So we all need to do a prior study and full research before going for any postgraduate course.

This research study will make us more comfortable in answering many questions if this kind of phenomenon comes to us.

I have tried to put most of the aspects and included them while preparing the report.

Table of Content

Executive Summary……………………………………………………………………………………..02

Introduction………………………………………………………………………………………………..04

Creation of Decision Matrix…………………………………………………………………………05

Application of Compensatory Decision Rules……………………………………………….07

Analysis…………………………………………………………………………………………………..09

Conclusion………………………………………………………………………………………………10

Reference List…………………………………………………………………………………………12

Introduction

Finding a problem is the most important concern for making any decision (Kotler, 1997). This is the most important and critical stage for any decision making process. It is about any shopping of product or any services. As soon as we find the problem, we should go for the information search, and then evaluation of the criteria and available resources, and finally we should analyse all these aspect and that will result in better output and relevant findings. To understand and effectively judge the people minds, the research and the response system is the best suitable criteria for the better and best suitable outcomes (Lord et al 1979). Emotions may raise some conflicts while responding to any research question but although these responses will have a greater strength and orientation towards the better and effective result findings (Loewenstein, 1999).

For any decision we cannot simply go for it. We need to make a strategic planning before going for any decision whether it is a small or huge. We can take an example of simple device like cell phone. Before buying a cell phone, we go for various research options like we ask to our friends about the particular device, we go to the website for the reviews and the blogs regarding the particular device, we go for the comparison of the device with the other device in the same range which are present in the market. These aspects give us satisfaction before making any decision. If we get satisfied then it is obvious that our decision will be more effective and optimized rather than just going and buying the particular product of services.

The same applies for the education, because it is also a kind of services, which we are availing or purchasing. So to make an effective and integrated research is very much essential for the integrated decision making for the course.

Here in this report, we are going to make an integrated research study that how to make an effective decision before going for any Post graduate course that will have an effect on our career and make us more strengthen and competitive to sustain and achieve the success in our life.

For a long run, we must invest our time before making any decision while opting for any course or any university. Now a day there are lots of fake and fraud universities are there in existence. So it is better to have a research prior before making any decision and spending lots of money. To make a strong and effective decision we must go through all the stages of the consumer decision making that will have a better result over our findings and the results. Based on those findings and results we can conclude some effective and optimal considerations rather than roaming here and there without any prior information and relevant orientations regarding the aspects and facts.

Decision Matrix

I have taken 6 Post Graduate Courses from the Murdoch University, and University of Technology, Australia. The University has an accreditation by the government and approved to provide the degree recognized by the government.

1. Postgraduate Diploma in Environmental Assessment and Management,
2. Postgraduate Diploma in Human Resource Management,
3. MBA in International Business,
4. Postgraduate Diploma in Journalism,
5. Master of Engineering, University of Technology, Sydney – UTS,
6. Professional Accounting, Postgraduate Diploma, Murdoch University.

These postgraduate courses are very much demanding by the students globally and also provide the most of the job options to take their career on top. All of these 6 courses are professional courses and have their own significance and advantages in their sector. As per the student requirement and interest they can opt for the particular course, apart from these courses these universities are also providing some other related courses for the better and integrated suitability of the student and to meet their expectations. Most of the courses mentioned above are full time for two year time period but as per the student convenience these may be completed externally in a part time basis.

So we can see the kind of flexibility in these programs for the student beneficiary and convenience. These aspects and flexibility in universities really attract and bounds the students towards these postgraduate programs from the universities.

The course fee is also very much competitive and if we talk about the qualification and the eligibility for these courses then again it is very much candidate friendly and as per the convenience of the student, so that they can get a better chance for their career and explore their career to the pick and achieve the success in their life with the help of these courses and gain the knowledge in an effective and integrated manner.

Evaluation Criteria:

Before opting for any of these courses, one must go through a thorough research regarding all the aspects of the courses offered such as the course contents, course fee, offered subjects, eligibility criteria, approvals, course duration and other important aspects. Without knowing and verifying these aspects, we should not opt for the postgraduate courses. We should take time and do the perfect research and analysis, because it is not for a single day, it will be deciding our career and whole life will be depending over these courses. So to make such decisions we must go for a thorough research and take time before making any decision and must compare all the aspects in a competitive manner. Here is some evaluation criteria, that may work while making the final decision, while opting for any Postgraduate couse,

1. The government and global approval and recognition of the course,
2. Eligibility criteria and the mode of admission,
3. Course type (Full time/Part time)
4. Course Duration,
5. Past performance of the students and the reputation of the particular university/college,
6. Future opportunities with the particular course.

These evaluation criteria are very much important and critical for making any decision and make us sure about our future aspects for a long term career and success in our life.

Decision Matrix

A decision matrix provides the effective and integrated evaluation criteria and decision making ability while performing a research study for the particular decision making (Wright, 1980). We will go through the decision matrix and also perform a research with 3 students who all are graduates from some prior university/college and looking to opt for a postgraduate course.

Student Response:

Tom- More interested in PGD in HRM, due to less fee structure as compared to the other courses and the other reasons are the relevant experience and skills that best suits this course.

Dik- As per the response over these aspects of evaluation criteria, Dik is more interested towards the MBA in International Business. He has all the relevant skills and degrees and meeting all the criteria for the same. Course structure and the fees are also very much relevant and within the schedule for him. He was also looking for the full time course and this course is available in full time 2 years duration.

Harry- As per Harry response, he is bit confused between two courses, PGD in Accounting and PGD in Environmental Management. As he has experience in some environmental background and his eligibility is meeting all the criteria of PGD in Accounting. So he can go for any of the two courses as per his interest and best suitability.

Application of Compensatory Decision Rule

Compensatory decision rule plays an important role while making any potential decision and mostly for the long term perspective (Wilkie, 1990)

We collect all the resources and then on the basis of their outcomes and significance & issues, we further proceed for making any prior decision. This is a kind of potential and long term decision making rule that makes us very much sure with some relevant approach and data facts that which decision is best suitable and optimal and for which option we should go for. After seeking and comparing all the possible and relevant outcomes and the considerations we need to make an analysis, on the basis of analysis, we can make our decision that will be based on the analysis and research of all the factors which will be very much effective for the long term perspective.

Compensatory Decision rule have various other applications and significance:

1. Decision based on the prior information and data facts: It provides us the detailed information and facts and based on those facts and information we can make an analysis for the long term perspective and finally this will helps us in making a relevant and effective decision.
2. Decision based on the relevant structure and considerations: For any decision it is very essential to gather all the relevant information and considerations. Here in this research we can see the kinds of relativism we are confirming before making any decision. We should give time before making any decision. We should not be in hurry. If may hamper our decision and may result in lacking of our effective decision.
3. Better approach of decision making: Compensatory decision rule is one of the best approaches of decision making based on the research and response. This supports our decision and also verifies our effectiveness before making any prior decision.
4. Relevant for the long term decision making perspective: It is very much relevant and useful for the long term decision making perspective. We cannot make our decision within a moment. We need to spend some time for these kinds of long term perspectives. This is the only way to make a better and effective decision for the long term perspective.
5. Effective and backed by a thorough research: Compensatory decision rule is effective and it is based upon a thorough research that is viable for the decision making and it also provides the integration and optimization in our decision for the better opportunities in future.

These aspects of compensatory decision rule help us in making a relevant and potential decision before making any prior decision. We should always go for the compensatory decision rule while making any comparative research.

Analysis of Choices

As we have already seen the kind of response of the three respondents and their response is directly indicating their choices that best suits to them as per their need and interest. We have made a scale of 1-5 measure, in which 1 indicates very poor and 5 indicate Best. The indicator is being provided with each option and the respondents have to choose one out of these kinds ratings and based on their interest and requirements they can freely opt for any ratings in the scale. This is a very effective and integrated kind of research tool that helps us in reaching an effective decision. The respondents have full freedom to opt for any of the response as per their knowledge, skills and requirements. These aspects are very much important for any decision making aspects. The same is happening in this report. Three students have to go for a post graduate course in Australia. They are very much confused with the number of courses and universities and their Ad campaign. They are not sure that how to go for the course and all. Consumer decision making research have an effective consideration for the long term perspective of decision that is based upon the research and the evaluation techniques (Stewart, 1990).

To provide those help and support, we have conducted this compensatory decision system. As a result we can see their clear response as per their best suitability and requirements, there is no chances or even very less chances of any kind of biasness and issues with these kinds of evaluation criteria. Because all the aspects are very much relevant and facts are clear to all the respondents and they just need to show themselves as per the need and eligibility and then make their decisions based on the response which is again provided by them only.

Based on the response, we further evaluate the outcomes and the respondent’s suitability based on the response provided by them. As per the result they can get surety about their findings and the decision made by them. This is a kinds of thorough research based on the empirical data and factors that will have a better decision making and considerations rather than going for just hit and trial method.

This is a kind of logical and skilful approach to make a prior decision based on some relevant data and factors which is quite practical and effective for the long run. If we are making any kind of long term decision then we should not make it in hurry that may result in inefficient result and may hinder our perfection in decision making. To make a perfect and optimal decision we should spend some time in research and then only go for any relevant and suitable decision.

To perform these kinds of evaluation research study is very much relevant and required for the verification of any decision and this will also provide a kind of self satisfaction within self. Then we can see the result of the decision, that is have a better kinds of result and make us more clear about the further decision making in any future aspects. So rather than skipping the stages of prior decision making, we should spend some time and make a try for the better approach that will have a long term orientation in our life and provide us a better opportunity for the long run.

Conclusion

We can see the kind of response and the result which we are getting by these responses of the respondents. These responses are helping a lot in making a crystal clear decision. We can see the effectiveness and the kinds of optimization the decision making process. We cannot skip the stages for such a critical and valuable decision that has an effect on our whole life and career. Before making a decision, we should spend some time and work out to get the real life scenario and the happenings in our environment and surroundings. We should go for the response of the persons who are currently facing the situation. This will provide us the more detailed explanation of the situation handling aspects and helps us in making a proactive decision making aspects.

At this competitive scenario, we cannot rely on any sources, the best suitable way is to go for the real life research and empirical study, then analyze the aspects and then only we should opt for any decision. Mostly for the decisions which have a long term orientation, we can not make just a roughly decision, that may affect our whole career and growth. So better to make a strategic research and then only opt for any decision based on the result and findings of the research.

With the help of the research we can see the ease of result and the kind of satisfaction while making any decision. This will provide all the possible information and have a better outcome surely before making any decision, whether we should go for the course or not. There will be no cases of neutrality like whether we should opt for the course or not. What will be the outcomes? and various other irrelevant and unwanted questions.

To avoid these kinds of indecisive situations, we should spend time and make an effective decision based on the findings and analysis of the research study.

Here in the case we can see the response of the respondents and as per their response it is very much obvious for each one that which course is best suitable for them. So this indicates that the long term decisions shall always have some backups and based upon some research and study. The strategic orientations and decision making process will always have a relevant and perfect approach for the best outcome.

References:

Roger D. Blackwell, and Paul W. Minard (1993), Consumer Behavior, 7^th ed., Fort Worth, Texas: Dryden Press.

Wilkie, William L. (1990), Consumer Behavior, 2^nd ed., New York, New York: John Wiley & Sons.

Hawkins, Del I., R. J. Best, and K. A. Coney (1983), Consumer Behavior: Implications for Marketing Strategy, Plano, Texas: Business Publications Inc.

Farris, Paul W. and John A. Quelch (1987), Advertising and Promotion Management: A Manager’s Guide to Theory & Practice, Malabar, Florida: R. E. Krueger Publishing Co.

Psychological status of the script concept.  American Psychologist 36 (7): 715, ASSAEL, H. 1989. Consumer behavior and marketing action, 3 rd ed.  Boston.  Kent.

Dhar, R.  1992.  To choose or not to choose: this is the question.  Advances in Consumer Research XIX:735-738. Twenty second Annual Conference. [sl]. Association for Consumer Research.

HARREL, GD.  1990.   A new perspective on choice.   Advances in Consumer Research XVII:737- 745.  Twentieth Annual Conference.  New Orleans.  Association for Consumer Research.

STEWART, DW.  1990.   A commentary on new theoretical  perspectives on consumer behavior.  Advances in Consumer Research XVII:750.  Twentieth Annual Conference. New Orleans.  Association for Consumer Research

OZANNE, JL.  1988.  Keyword recognition: A new methodology for the study of information seeking behaviour.  Advances in Consumer Research XV:574- 579.    Eighteenth Annual Conference.  [sl]. Association for Consumer Research

KASSARJIAN, HH.  1982.   The development of consumer behavior theory. Advances in Consumer Research IX:20-22. Twelfth Annual Conference. San Francisco.  Association for Consumer Research.

Bettman, J.R. (1979). An Information Processing Theory of Consumer Choice. Reading, MA: Addison-Wesley.

Engel, J.F., Blackwell, R.D., and Miniard, P.W. (1993). Consumer Behavior. Chicago: The Dryden Press.

Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Reading, MA: Addison-Wesley

Wright, P. and Rip, P. (1980). Retrospective reports on consumer decision processes. In J. Olson (Ed.) Advances in Consumer Research, 7, 146-147.

Course contents, Retrieved from the official website of Murdoch University, accessed on 26 th Apr 2012,

http://www.murdoch.edu.au/Courses/Postgraduate-Diploma-in-Environmental-Assessment-and-Management/

http://www.murdoch.edu.au/Courses/Postgraduate-Diploma-in-Human-Resource-Management/

http://www.murdoch.edu.au/Courses/Master-of-Business-Administration-in-International-Business/

http://www.murdoch.edu.au/Courses/Postgraduate-Diploma-in-Journalism/

http://datasearch2.uts.edu.au/feit/engineering/postgraduate/technical/detail.cfm?spk_cd=C04090&spk_ver_no=4

http://www.murdoch.edu.au/Courses/Postgraduate-Diploma-in-Professional-Accounting/

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