Before taking a rent of house, consumers have to take a major consumption decision. This particular study has focused to provide an in-depth market analysis regarding the purchasing behavior of consumers while renting a house. In order to get an effective response regarding the different rental choices of different consumers, an effective survey has been conducted by involving the five respondents. This particular survey has aimed to choose first three respondents in accordingly in order to evaluate their purchasing behavior as per personality as well as demographics.
After evaluating the consuming behavior of respondents 1, it has been observed that this particular lady belonging to the age of 20 is a University student associated with a grocery shop as an employee. Therefore, as per the consuming behavior of that particular person option 1 would be the lowest. $1,580 rent per week with 4 bed rooms, 2 kitchens and 3 bathrooms will be luxury for a university student. Therefore, this individual has ranted this option as 1 (very poor). As per the chronological rank this individual has given option A in the last rank (6). As per the personality and mental ability of a University student option 3 has received maximum priority that consists of 3 sharing bed room, one bathroom and 1 kitchen. In addition, $230 per week would be very much suitable for this particular consumer.
As per the concept of humanistic theory of personality an individual likes to behave or react not as per the eyes of observation but as per the eyes of human approach and possibility (Kaufmann, Panni & Orphanidou, 2012). This particular theory is very much relevant to the personality of this consumer. Among the three consecutive options of rental proprieties, option 1 seems to be most luxurious. Therefore, the individual could have chosen this option; but as per the humanistic theory of personality visual pleasure or observation is not sufficient for making an effective decision (Moshrefjavadi et al., 2012). The individual before consuming the rent has thought her level of efficiency. She knows option one would be difficult for a university student to afford. Therefore, the respondent has chosen option 3 as the rental property.
As per the concept of theory of market segmentation in demographics the target market of consumers has been selected as per the age group, income status and gender (Li, Li & Kambele, 2012). After collecting necessary data from respondent 1, it has been observed that the person belonging to 20 years, having $27,000 annual income would not be able to purchase option 1 rental property due to its over expense. Therefore, the purchaser has selected option 3 as the suitable rental house. Therefore, based on the concept of this specific theory it can be evaluated that purchasing behavior is highly depend on the income status of an individual buyer.
After evaluating necessary data and information from respondent 2 it can be analyzed that this particular individual is an efficient bank employee belonging to Australia. This particular person is possessed with 54 ages. As a result, he has given maximum priority on distance of the house from the city (25). Therefore, while selecting the rental propriety this individual has chosen option 4 as the most preferable option as this property is possessed with only 2.3 KM away from the main city. As per the concept of behavioral theory an individual personality tends to behave as per the situation that the individual has to face in forward. This kind of situation is a part of learning process based on which the individual tends to make own decision (Lin & Huang, 2012). In this specific case the bank manager is more than middle aged. As per the behavioral concept the individual has deiced to purchase that house which is not very much far from the main city. Therefore, among the six options, option 4 is most prominent for this specific purchaser (Wesley et al., 2012). On the other hand, $990 is very much affordable for this individual due to the flexibility of his occupation.
As per the demographic segmentation it has been observed that this consumer belongs to 54 age group having $198,000 income status per year. As per the age group of this individual, the consumer would like to select that particular house which would not be very much far from the city. On the other hand, the income status of this consumer is sufficient enough to afford $990 in every week. From the evaluation it has been observed that option 4 is endowed with 3 bed rooms, 2 car space, 1 kitchen and modern renovation. Therefore, the individual would not have to face any kind of difficulty in staying in that house (Andrews & Bianchi, 2013). After gathering the demographic data it has been observed that this person leads his single life after being divorced. Therefore, features of this rental propriety of option 4 would be sufficient for him to lead a single life. In the age of 54 walking distance is one of the most significant factors. Therefore, from every perspective, this particular rental propriety would be suitable for this consumer.
After collecting necessary data and information from respondent 3, it has been analyzed that rental fees is important for a house wife rather than luxury. This specific consumer is a married house-wife having children. In this kind of situation, this individual needs a secured place and average rent fee. By nature this women is systematic and open minded. Therefore, she can get necessary co-operation from her neighbor due to her flexible personality. This individual has chosen that rental property which she can afford. Necessity has been given most priority rather than luxury. As per the concept of trait theory human behavior is highly dependent on some of the major traits and human instincts such as habitual pattern of behavior, thought and emotion (Kim & Ko, 2012). After gathering data it has been observed that this specific individual is married possessed with her children as well. In this kind of situation, the house wife needs to have a rent that can be affordable for her. After bringing up her children and maintaining regular lifestyle this woman would not be able to select option 1. Distance does not matter to that individual (Lin & Huang, 2012). As per the human trait and emotion she decides to choose option 6 as the selected rental propriety.
As per the demographic segmentation of respondent three, it has been observed that the woman is possessed with 48 years age group having $114,300 income status per year. Therefore, before purchasing a particular rental property the women would like to look at the fees. She has to bring up her children. As a result, the rent of option one would be very much expensive for that individual. Therefore, walking distance has got least priority for the individual. Option 6 is 51km far from the main city. Despite the large distance from the maintain city the house wife has decided to purchase this house. For this consumer rent fee is more important than the distance from city center (Liu, Pieniak & Verbeke, 2013). Therefore, as per the annual income of this housewife that is $114,300, $ 380 would be very much affordable for the organization. With the distinct age group, family status and income level and other features of an individual the purchasing behavior is highly dependent (Cherian & Jacob, 2012).
Based on the purchasing behavior of three respondents in terms of demographic or personality an effective recommendation has been provided. Recommendation will be given to the marketers of rental property option. In this specific part the necessary recommendations would be provided to the marketer of option 1.
$1,580 rent per week is not very much flexible for the average cost of customers. On the other hand, this particular property is 16 km away from the city. As a result, premium customers would like to show their reluctance to consume this property. Therefore, it can be recommended that the price range of this property can be reduced to some extend so that people having medium level income status can afford this rent. On the other hand, one more way can be suggested to the marketers so that they can draw the attention of premium customers. In order to grab the attention of customers from different geographical markets the marketing executives of this rental property can invest more money for the promotional activities in the make the customers aware of necessary facilities and benefits. As a result, people belonging to different cultural attitudes and psychological backgrounds would show their interest in purchasing this specific rental property. Therefore, the business owner in same price rent can get innumerable target group to purchase their property.
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