Consumers Attitude Toward Apartment in Bangladesh Essay

All the actions devote a motivational component that led him towards an action or behavior. A person needs, wants, interests and motives be changing and consumers behaviors atomic number 18 directed accordingly. Most of the businesses atomic number 18 on the principle of profit maximization and on the other manus consumers goals argon to maximize their utility and satisfaction. As uttermost flatbed is concerned developers want their profit maximization and utility and satisfaction from consumers point of view. put up or shelter is a physiological need for e precise compassionate being.Purpose of the write up This report is one of the requirements of our consumer behavior course. Despite this, we tested to evaluate and examine those factors that motivated them to undertake a buying determination and their perception and strength towards flat tire. Objectives of the report Identify and analyze the motivational factors that bakshis to consumers to buy an apartment, the ir perception nearly the apartment and market condition and impulsion in Real Estate Business. Scope of the report The report is a product of existing practices in the market.We were encouraged to reveal the current fellowship in the real kingdom business. In our report we examined the consumer behavior and larn (knowledge & information) towards leting an apartment. For our report we have active a questionnaire and asked people hold in an apartment and potential buyers as well as people who atomic number 18 willing to rent an apartment. The other side of the coin that is developers is not antiphonal as far as cost profit and promotions are concerned. They are responsive to reply the questions of segment, target market and potentiality of the attention.Limitation of the report Time was the prime factor that dictates us to lower our precedent size. ab initio we tried to conduct 25 people (both living in an apartment and potential buyers) and 5 developers but in reality we conducted 15 (both living in an apartment and potential buyers) and three developers. Companys counseling was not so much cooperative and provided inadequate information, which had a material, affect. We didnt find any institution that formally gather information about real estate business and the structure of the industry.We found only BIDC that undertook a research on real estate in 1991. notwithstanding afterward searching different newspaper offices we found some secondary information. We didnt find any journal in our library as far apartment as well as real estate industry is concerned. Consumers were not homogeneous in determining the factors that persuade them to own an apartment. The scatteredness of the consumer poses limitation in comparison between factors influencing and persuading the decision making process.MethodologyAt first we tried to gather secondary information and secondary data. But the volume of the secondary information was not adequate as a result we co nducted a survey. Regarding the collection of the primary data we have prepared a questionnaire and in some extend we interviewed personally (Depth interview). So we whitethorn title our report as a combination of quantitative as well as qualitative research. We attached some news bare of real estate that whitethorn help to visualize the current position. Our sample is composed of 15 consumers and 5 developers.We covered only Dhaka city and selected area namely Gulshan, Bananni, Dhanmondi and Moghbazar. The variables used in our report are income, price, age, occupation, brotherly status, employment and preferences. We followed finding analysis technique to come to a conclusion, which may or may not support our objectives. Background (inception) of the Industry The notion of apartment is not very old. In Dhaka city, The real estate business, especially apartment projects, started in the late 1970s and early eighties.In Dhaka City, the Ispahani Group was the pioneer in this fiel d. In the early 1980s with the inception of Eastern Housing LTD, the business started flourishing. The industry growth say is about 15%. More than 57 real state developers are now operating in this business and it is a booming sector of the economy. From the traditional perspective, people used to live in own house or as rental basis. After the independence, population of Bangladesh had risen very sharply in an alarming population growth rate.Due to this priming coat the demand of living facilities of huge population became a crucial and gainsay problem to optimize the land, which will allow to accommodate a whopping number of people in relatively small land, the apartment judgment had been created to meet the objective. As far Dhaka city is concerned the apartment can provide shelter for the large number of people. This situation welcomed the apartment business to flourish. However, at first the culture and traditional life personal manner became the constraints to adopt this way of living. As time passed people modify their beliefs, attitude and perception.People became interested about the issue while the demand to own an apartment began to rise. Since the late 1980s to now on construction of apartments are increasing. Recently the competition among developers take an intense form that give more(prenominal) bargaining power of buyer over developers. Our report reveals that people are becoming more sensitive about the developers. They are searching for more information about the price, design, features and facilities of the apartment as well as the educational background of the developer. Many factors influence the consumer behavior and family life cycle.