Marketing Research About Theory Of Consumer Behaviour

Theory of Consumer Behavior
Name
Institution
Theory of Consumer Behavior
Currently, compensation has evolved to include benefits that years back were far-fetched and unheard of. The workplace has also undergone tremendous change, and people nowadays are being paid without ever stepping into their offices. The world is progressing at a great speed, and everything in it seems to want to follow suit including people’s needs and wants. The latter has had a great effect on organizations or employers who have been forced to institute flexible compensation packages to attract, retain, and also motivate top talents. Employees, currently, seem to hold more power than their employers and depending on how productive or profitable one is, they can leave the negotiation table smiling to the bank or their preferred vacation destination. However, it is essential to note that employees negotiate differently and while some might be good and highly valuable to an organization, their compensation or benefits packages may not look the part. While negotiating, having the right information is essential and can help one to close an important deal for themselves. The above, therefore, brings us to the theory of consumer behavior. The theory of consumer behavior seeks to explain how and why consumers make certain decisions being fully aware of their options as well as their income.
In the scenario presented, all of the included benefit packages seem relevant and of great value. As a consumer, it is always in my best interest to seek to understand all my options first before I make any decision. The benefits packages presented are the type that almost every employee would jump at the opportunity to have. However, it is always wise to consider every option available while also factoring fundamentals such as age, health background, the number of dependents, etc. For me, health always comes first, and there would be no debate on whether I will agree to the medical coverage of $1500 (deductible). A majority of young people reportedly prefer higher wages to great medical cover benefits. In his analysis, Aon Hewitt (2014) reported that millennials seem to “place a lower priority on medical care than other generations.” His sentiments were echoed by Michelle Andrews (2016) who said: “the growing willingness to trade health benefits for wages may be linked to some degree to the millennial generation’s growing share of the workforce.” However, I have always seen more value in insuring my health over getting a higher pay. I believe that to maintain my productivity at a higher level for long, I will need to be healthy and have a good health coverage. Therefore, from the menu provided, the first i...