Business 1800 2day Essay Example | Topics and Well Written Essays - 1750 words

Business 1800 2day - Essay Example This paper will also highlight the lessons learned by the furniture retailers. The paper is broken down into introduction, body, conclusions, recommendations, references and recommendations. On the other hand, consumer behavior involves one’s decisions with respect to acquirement, consumption, and disposition of activities, goods and services, experiences and ideas, and people by decision-making elements (Hoyer, and Macinnis, 2008:3). In relation to consumer behavior, decision-making involves choosing to achieve the best good, service, activity, or experiences. Bradford family really had a hard moment in terms of decision-making. They wanted to get themselves the best home, with enough accommodation for their growing family future. They were highly challenged due to lack of capital and neither of them; either the husband or the wife was able to decide the best way to work out the problem. In my opinion, I feel the only way Mr. and Mrs. Bradford was to first postpone the purcha se of the new home in order to allow accumulation of enough capital just for several months or years, then purchase all what they needed in their new home after getting enough funds with them. This decision through delaying would result to realization of more accumulated funds, enough for the said purchase. Family decision-making Family decision-making involves a series of domestic discussions at family level, to achieve common ideas that are to do with whole-family life, in contrast to ideas concerned with individual family members. These decisions normally affect several people or members of the family (Butler, Robinson, and Scanlan, 2005: 8). In our case, the Bradford’s family intents to move from a two bedroom flat that has no garden, to a three-bedroom house, which possibly has a small garden. Bradford family's planned move was because they had a son and therefore they needed more space for their growing family. This being their first time to buy a home, Bradford visited IKEA to survey what they can afford. The decision implementation needed millions of dollars to be accomplished, but the budget does not allow Mr. and Mrs. Bradford to make rental payments, purchase furniture for their new home and more, the living area for entertaining their friends (visitors). This has actually created a decision-making. In my opinion, the Bradford postponed the purchase of the new home to first accumulate money for several months or years due to shortage of capital. Taking a tour in the theoretical foundations in decision-making, there are three typical risk measures on which consequent decision-making is based on. These risk measures include; individual risk, societal risk, and specific adverse risk (Kizine, 2004: 2). Each alternative in decision-making has an array of consequences and therefore, the decision maker runs to pick the best out of the set. One of the theories of decision-making, the â€Å"Gardenfors-Sahlin’s decision-making theory† urg es that the quantity and quality of decision-makers’ information relating to possible outcomes and states of the decision situation in most cases is a vital factor when making the decision. This is because the decision situation or state has different degrees of epistemic reliability. The