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Consumer Decision Making Process for Purchasing Property in Spain

Extracts from this document...

Introduction

BSc (Hons) Marketing and Supply Chain Management Consumer Decision Making Process for Purchasing Property in Spain Claire Duff Abstract This study has investigated the decision process of consumers purchasing property in Spain. The report focused on the underlying reasons for purchasing a property in Spain, the methods used by the purchaser to gather information and the overall satisfaction with the purchase process. The intention of the report was to link current theories on consumer purchasing behaviour to the purchase of property abroad. The methodology used was deductive research using a survey approach. The questionnaire was analysed by a means of Chi square and variable comparisons. The results were collected using a postal and an email questionnaire. The investigation revealed a clear link between the level of satisfaction of the purchase process and the level of information and advice sought. The report concluded that the majority of respondents from the questionnaire purchased their property abroad as a holiday home and purchased from an estate agent. The gathering of information and the seeking of advice was prevalent among most respondents; this was reflected in satisfaction levels and the overall purchase experience. The majority of consumers were overall, satisfied with their purchase. However, if given the opportunity to repeat the purchase, most stated they would change something about the process they followed. Many stated they would not use a Spanish agent again due to experiencing communication problems. This area gives scope for future research in order to establish why communication weaknesses are present in the supply of Spanish properties to British citizens. Contents ABSTRACT I CONTENTS III LIST OF TABLES V LIST OF FIGURES VI LIST OF APPENDICES VII ACKNOWLEDGEMENTS VIII 1. INTRODUCTION 1 1.1 ASPECTS AND FOUNDATION OF THE RESEARCH 1 1.2 AIM OF THE RESEARCH 5 1.3 OBJECTIVES OF THE RESEARCH 6 1.4 HYPOTHESIS 7 2. LITERATURE REVIEW 9 2.1 CONSUMER BEHAVIOUR 9 2.2 THE CONSUMER DECISION PROCESS 15 2.3 PROBLEM RECOGNITION 17 2.4 INFORMATION SEARCH 18 2.4.1 DO CONSUMERS ALWAYS SEARCH RATIONALLY? ...read more.

Middle

3.4 Method The data for this study was collected using a self-completion survey. There are various other means of data collection, such as observation studies and interviews. Observation data collection was not adopted for this research as it is more concerned with what people do and how often they do it rather than gathering opinions. Interviews were not employed for this study due to timing and financial constraints. Research can often be enhanced with a multi-method approach. This could be the use of a questionnaire, which is used to discover consumers' attitudes towards purchasing property abroad, combined with in-depth interviews to explore and to understand these attitudes. Due to research constraints, it was impractical for this study to follow a multi method approach. The questionnaire was designed with the intention that each question flowed in a logical form, filter questions were used where appropriate to guide respondents to the correct question that was applicable to them. Questions which were deemed complex were placed in the centre of the questionnaire, by this stage most respondents would feel confident about completing the survey and would not be bored of the questioning. Personal questions, such as age and gender were placed at the end of the questionnaire as some respondents may find them too sensitive to answer; by placing them at the end of the questionnaire, if the respondent refuses to answer them, the bulk of the data has already been collected. The final question in the survey relates to age categories. Table 7 conveys the age parameters that will be applied to this research. It has to be recognised that not all respondents will fall into these categories, therefore the age life stages will only be used as a guide and not as a rule Table 7. Life Stages of Respondents 18>28 Pre family life stage 29>39 Members in this group consist of adults, possibly with one or more children under the age of 16 still living at home. ...read more.

Conclusion

It is concluded that females are generally more satisfied than males of the purchase process (see appendix XI), therefore, male property purchasers must endeavour to conduct more efficient information searches and seek advice that is more reliable in order to have a better purchase experience. Consumers need to be aware of who and what they are dealing with. Using a reputable company, with an excellent company profile will go some way to ensure a satisfactory purchase experience. 7. Recommendations and Further Research In order to satisfy consumer needs it is recommended that British estate agents team up with Spanish experts to match clients with the ideal properties. British agents should deal with companies that are meticulously familiar with Spanish law and who are able to match the client with a selection of suitable properties. Once a client has recognised their "want" for a Spanish property and has expressed their interest to the British company, they will contact their Spanish counter parts and will then monitor the whole process to ensure the client is satisfied with the treatment they are receiving from the pre purchase process through to the post purchase phase. It is a difficult area for estate agents to ensure that consumers will be happy with their purchase, with effective communication, monitoring, and the reduction in 'hard and quick sale' strategies the situation should be made easier, for both purchaser and vendor. Consumers need a company that will advice them properly and tell them they must conduct their own external information searches in order to be conversant with the subject area. This study has revealed that a vast number of consumers are attending and purchasing properties from foreign exhibitions (see appendix XIV). This area provides scope for further marketing research in order to match company image with consumer profiles and typologies. It may also prove useful to conduct similar research across different countries to provide a basis for comparative analysis of foreign property purchase. 8. ...read more.

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