Buyer Behaviour - Analysis of The Ritz Hotel Assignment

Buyer Behaviour - Analysis of The Ritz Hotel - Assignment Example With reference to the Ritz Hotel this paper aims at evaluating how consumer motivation, perceptions, learning and attitude formation could influence purchasing. In order to attract the maximum number of customers, it is important for a business to have the knowledge of how rational consumers will make their decisions on consumptions. Consumers usually have specific desires and preferences that can always be represented by a numerical utility function. In the choices made by consumers, it can always be said that the they intend to solve an optimization problem. The optimization of choice usually has three components, namely: the object of choice, which refer to the specific thing being chosen; the objective function, which refers to the purpose the object is supposed to serve; and the constraints, which basically restrict a consumer’s choice of certain products (Foxall 2004, p. 92). In making choices, consumers are always inhibited by budget constraint. Budget constraint implies that consumers can only consume what they can afford. In relation budget constraint it can be said that the Ritz being a 5-star hotel and having the pricing policies is likely to be unattractive to low income earners. According to the Maslows hierarchy of needs, the choice of a consumer can also be affected by how much the product or service is of importance to their life(Tyagi & Kumar 2004, p. 111) However, Ritz Hotel is likely to be highly favored by user preference. In a situation where a consumer’s choice is not hindered by budget constraint they are likely to choose the services offered by the Ritz Hotel because of the high quality. For example, high minimum bets and entry fee for the casino have not hindered those who can afford it from visiting the casino. The preference will likely be as a result of the completeness and transitivity of the services