Dealing with real estate purchase are considered high involvement goods that require complex decision-making. However, in order to understand consumers’ cognitive structures and to extract the deeper motives behind an individual behaviour in buying houses using Means end Chain model and laddering helped us to understand the why and how products are important in an individual’s life. The means end chain interview sample size was 10 and the respondents were couples, all aged between 24 - 45. During one to one in-depth interviews, questions posed to the consumer was mostly about why they think these attributes are important when buying a house from a real estate agency and by this sequence of in-depth probes, thus identifies one or more ladders for each consumer by revealing what those attributes mean to the them in terms of consequences and values. After analysing the results by reducing data originated from interviews, we conceived almost each and every possible attributes which consumers could relate to the benefits and values which they are expecting to achieve. The table below shows the content analysis results of consumer’s main concern towards estate agencies when buying a house.
Consumers’ Attitudes Towards Real Estate Agencies
Concrete Attributes| Abstract Attributes| Functional Conseq.| Infrastructure| Reputation| No hustle|
Management| Brand image| Time Saving|
Fee/Cost| Services| Convenient|
Publications| Large Database for Selection| |
| | |
Psychosocial Conseq.| Instrumental Value| Terminal Value| Piece of mind| Reliable| Self Esteem|
Product Assurance| Happiness| |
Feeling of intelligence| Security| |
| | |
As we know attributes of products are assumed to lead to various consequences of product use or consumption which in turn satisfy consumers’ values. Such connections can be identified using the laddering technique, an interviewing method that aims at explaining consumer choices through the identification of the network of links among product attributes, the tangible positive outcomes associated to these (functional consequences), personal outcomes which pertain to the individual psychological realm or relationships with other people (psychosocial consequences) and, ultimately, values, an in-depth interview was conducted. A graphical presentation of all the most frequently mentioned attributes, consequences, and values, consisting of a series of nodes, connected by lines; represent the aggregate of the respondents’ ladders.
Feeling of Intelligence
Piece of Mind
As we have already learned the motive behind each individual behaviour which takes them to the end state of mean end chain process, now we need to find out what is the consumers perception of Foxtons( Real Estate Agency) as compared to other estate agencies. With the help of this model, Foxtons would be able to perceive its market position according to consumers thinking and also in which areas does it need to exert effort on. Method
In order to reveal consumers insight of real estate agencies, we designed ‘Attribute Rating Chart for Real Estate Agencies’. This survey comprises of two questionnaires, the first one asks about general vital attributes which consumer considered while evaluating company’s potential. They could rate these attributes from +3 to -3 which reflect whether the attribute is important or not. The second one specifically asks consumer to give points from 1 to 10 to each attribute which shows the competency of every estate agencies where 10 is considered to be the highest and 1 is lowest. (See Appendices) Data and Competitors Analysis...