This study discusses the “Factors that influence the buying behavior of financial management students according to their weekly allowance. This paper started by defining the financial management and the meaning of buying behavior. It also tells the buying behavior of Asian and Filipino people and discusses the factors that will influence the buying behavior. The survey is all about the possible factors that can affect the buying behavior. At the next part of the study was the result of the conducted survey.
By the end of this research, the conclusion is reached by the researchers that the result of the survey for the Financial Management students here in De La Salle Lipa. It seems that the Financial Management students know how to manage their allowance weekly. This problem is answered by the researchers and by the survey of the financial students.
The Bachelor of Science in Business Administration major in Financial Management (BSBA- FM) program is desired to provide student with knowledge and skills of the theories, concepts, and principles of finance and financial management. The program is credited to prepare students for careers in the competitive world of finance and business. Financial management students have a buying behavior that will act accordingly in their weekly allowance. The buying behavior can be defined as the way in which consumers or buyers of goods and services tend to react or behave when purchasing products that they like. Buyers tend to exhibit different types of buying behavior when they are in the process of purchasing goods (BMS M.U., n.d.) Buying behavior is the decision processes and acts of people involved in buying and using products. The factors that influencing the buying behavior of Financial Ma...
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...her, R. (1995, December). Normative influences on impulsive buying behavior. Journal of Consumer Research, Vol. 22, 305-313. Retrieved from: http://web.ebscohost.com Schutte, H. (n.d). Consumer Behavior in Asia. Retrieved from: http:// www.insead.edu/ facultyresearch/research/details papers.cfm?id=8596
State University. (n.d.). A Look at the Spending Habits of College Students. Retrieved from:http://www.stateuniversity.com/blog/permalink/The-Spending-Habits-of-College-Students.html Stollak, M., Vandenberg, A., Steiner, K., & Richards, J. (n.d.). Student budgeting and spending behaviors: a comparative study. Journal of Behavioral Studies in Business. Retrieved from: http://www.aabri.com/manuscripts/10670.pdf
The Wise Marketer. Key factors influencing student spending habits. (2007). Retrieved from: http://www.thewisemarketer.com/news/read.asp?lc=n26713hx2381zt
Research has shown that there appears to be a relationship between aspects of personality and financial management ability. The studies have focused on elements of personality ranging from openness to experience, sensation seeking (Troisi, Christopher, & Marek, 2006), locus of control (Buehner & Plunkett, 2007), materialism, and self-control (Baumeister, Vohs, & Tice, 2007). Researchers compared these measures to over-spending, willingness to spend money, their discount rates for future monetary outcomes, and amount of credit card debt. We assume these elements cover different aspects of financial management.
A portion of the students were placed in the class and a portion of students were not given any formal classroom financial literacy training. All students participated in the Junior Achievement Finance Park simulation in which they were placed in real-life situations and had to make financial decisions. Their decisions affected their personal income and lifestyle within the simulation. The educated group “showed profoundly greater understanding of the financial issues they faced. Their completion rates were higher, they saved more, and they spent less on immediate gratification items such as clothing. These items were consistent with the lessons offered in the curriculum they received” (Carlin & Robinson, 2012). Also, the classroom students were more likely to use available resources, known as decision supports, to help them better understand their potential decisions. An example of a decision support includes additional information provided by a business to further explain their product or its features (i.e. explaining premium options on a health insurance plan). The study believes that “timely decision support and financial literacy training are complements, not substitutes” (Carlin & Robinson,
Furthermore, I will explain the application of theory relating to me and my purchase. I will also review the marketing activity of the organization where I purchased from. This is to explain how the two theories have been used in the marketing strategy. In addition, recommendations regarding how the marketing strategy could have been improved by applying the 2 buyer behaviour theories are given.
Students do not have the education needed to use credit cards responsibly. Nellie Mae (August 2007) states that 93% percent of students would have liked more information on financial management topics before they started school and want financial management education made available to them now. This is proof that students crave the education before getting into debt. Allowing credit companies to market their product on campus is too much of a temptation ...
From buying a hamburger to buying a house people use a process in order to make a decision on what to buy. (book cite) describes this as the consumer decision process (pg.175). Utilizing a consumer decision process model, marketers are able to better understand how consumers are purchasing products and services. The five step consumer decision process model includes need recognition, information search, alternative evaluation, purchase, and post purchase. Not all purchases require following all five steps to a T, but consumers, whether they know it or not, follow a version of this model when making a purchase. Companies also use this model in order to effectively market their products and services. A company
“Horace Mann firmly believed in the utility of education to improve society and humanity” (Groen, 2008). Horace Mann said "Education prevents being poor”. As true as this quote may be, there is also a strong relationship between our debt to income ratio from the amount of loans we accrue while educating ourselves and the income we earn to repay the debt. Taking steps to educate before the problem gets worse is very important. Financial Management programs should be just as important as the other curriculums that are a required for graduation. Every high school students should be taught financial education regardless of sex, gender, color or race. One of the greatest barriers to financial literacy is overcoming student’s fear of borrowing. They should be taught how to make responsible choices financially. Some students are afraid to get into too much debt; therefore they prefer not to pursue higher education. Others worry about credit cards without the proper knowledge on how it works. This program will help relieve those fears and teach the proper ways to utilize money respon...
Consumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision process.
As they are growing up, the personal financial for high school students programs will enable them to make decisions that are suitable for them.”we talk about building budgets,expenses,investing money”. Some students will refuse to take or some students can’t get a understand about what’s going
Consumers make choices every day that affect the economy we live in, and in return these choices impact one’s personal finances. Take for instance, buying clothing at retail establishment that is trending,
Through the use of Daily Spending Diary we are able track how we are spending our money. It also allows us to manage short and long term goals. Tracking what your spending your money will let you see if your spending money on unnecessary object. For example if you’re spending less money eating at home then eating outside you can consider eating at home more than eating out side. Money management referred in the book is the day-to-day financial activities necessary to manage current personal economic resources while working toward long term financial security. Thus a Sending Diary allows us to be in track of one day being financially secured. When we are keeping track of what we are spending there is bound to have some extra money lest so in that case we might want to invest money on something beneficial like a stock. Therefore with the help of Daily Spending Diary it can result in starting an investment plan.
There is a lot of research work going on in this particular field, more so since the crisis of 2008. The purpose of this article was to make readers aware of the subject .Behavioral finance is an interesting mix of logics, psychology and economics. Budding investors and management students should look into this in more detail so that they are better equipped to make financial decisions.
The Role of the Financial Manager This paper will discuss the role of the financial manager and how that particular role, in the area of corporate expertise, differs from that of the shareholder and of the employee. The discussion the paper provides will help determine how the financial manager maximizes shareholder value in today's financial market. Lastly, the viewpoint of the financial manager will be compared to that of the shareholder and employee. What is a Financial Manager?
In today’s competitive world where organizations looking for high profitability and market share, consumers have very important role. Companies are looking for capture consumers in order to get larger market share. For this reason organization developed a number of techniques and tools. One of such tools is consumer behavior which has been come from economic theory. Consumer behavior is mainly studying the factors and situations that can affect purchase decisions of consumers. Consumer behavior is being very important discipline of management sciences which help out to understand of customers’ decision making.
There can be many things that might factor into the want to buy something. There are many steps that a customer takes before actually buying a product.