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Generation Y involves the number of population in a nation conceived somewhere around 1977 and 1994 and Its individuals are conceived amid the time when nations could without much of a stretch speak among each other, particularly with the increase in the ease of direct system for a very related similarity that are specially highlighted through an intense joining of realism. The Generation Y can be better separated through three sections, which are: grown-ups with ages between 18 to 27 years, the youngsters with ages between 13 to 17 years and children who have ages between 8 to 12 years (Martin and Turley). It is that the individuals are pictured as clever, reasonable, ecologically mindful as well as social. They are also open for new challenges. TV’s are not their thing and the Internet is their new addiction These Generation Y people are not readers of newspaper and are less inclined towards paper media. Also, they are by and large believed that the stores where their parents shop are not unique and have boring products. Some Generation Y people are utilized, while the rest maybe studying at school, or are taking professional training and maybe enrolled in universities and colleges. Financial stability is a major point among Gen Y consumers as most of them have the money for spending and are one of the leading contributors to the economy of the nation. The latest trends and styles are at their fingertips and their purchases are dependent upon their perception of style and latest trends.
The fundamental reason for Shopping is a topic that has gained a lot of attention for a long time and it is still a topic of study. The reasons that have been found to be the reason or determinant behind the urge for shopping, or better why people shop. The reasons have been produced through this study. It can be said that there are a variety of customers who have different reasons or motives for shopping and they have different styles of product selection too. There are customers who shop to fulfill the requirement they have. For this type of customers, they are usually brand loyal and have certain products in mind when they set out for shopping. For the other category of shoppers, they are recreational or casual shoppers. These people have little to no brand loyalty and are burdened by the over choice of products. Confused and having no such need of shopping these consumers are the ones who can get influenced by designs, styles, brand value, promotional material and more (Page, 2012). In this study we will evaluate and closely monitor the different stages seen in a shopping session. These stages are all passed by the shopper in order to complete a purchase. The stages of the shopping are the acknowledgement session where the consumer acknowledges a product. The other stage is the data seeking stage where the consumers seek data and are seeking product information about features, special services, benefits etc that they can attain for the purchase. The next stage would be the pre buy assessment stage where the customer seeks to investigate the product and assesses whether there is a need for the product or if the product meets all the requirements or will fulfill his requirements. Then the next stage is buying or consumption of the product where the consumer is satisfied by the product and buys it. Post buying it is the utilization part where the consumer utilizes the product as per his or her needs, following which the post utilization stage comes. In this stage the consumer decides whether the product provided him/her adequate satisfaction or worked as expected. The buying behaviors affecting consumers can be sorted into internal as well as an external sectors where the inner part consisted of traits like observing, being inspired by , learning, identifying with the product and one’s own perspective of life. Whereas the outer section consists of social aspects, culture as well as sub culture within the community, social foundation, impact of family on choice and many more (Xu, 2007). The study will inspect Seven components of the consumers and depending on the end results the consumers will be categorized into sections which are brand conscious purchasers, quality conscious, curious, those baffled by choice, steady customers, those who favors a certain brand, style conscious and many more sub sections. It is expected that the study will bring out many contrasts within the study and provide data that suggests that more than adults within the age 18- 27 years were more less likely to be confused by the large availability of brands than the 13-18 years counterparts. The younger generation can be influenced by marketing and other medium and by providing them with information about the latest products styles etc. It’s recommended that consumers provide data for the younger counterparts to help them decide. It has also been confirmed by similar projects that there is an inclination of the younger consumers to be more faithful towards a single brand. Likewise the consumers of 18-27 years age gap are less likely to stick to a particular brand. Also the gender of the consumer can be record as an important aspect in finding and computing the data. Many studies have shown that men are more likely to shop to express their ability to afford and that there was a man is usually more brand conscious (Singh, 2016). Decision making has also been characterized as a difficult part of shopping for men who are usually baffled by choice. Likewise it is also seen that some men are more inclined towards a similar brand. The study found that the dominant part of Generation Y pursues quality, knowing that quality might cost them more money. Now, more than ever young adults within 13-18 years are emphasizing on spending on branded products, even when they are to spend more money. The designs appearance, style magazines etc. may give included focal points as far as brand mindfulness (Caruso, 2015).
The accompanying target was defined for the study.
- The main role of the study was to assess the obtaining basic Shopping patterns and style of the Generation Y consumers in Sydney.
The item inclinations and buying patterns indicate that there is a change in how consumers buy and how retailer should target consumers through the use of marketing. It is now a requirement to make use of a far reaching learning of the consumer basic leadership process. The whole basic leadership procedure is given with a specific end goal to encourage examinations trying to discover shared belief. Whilst such boundaries or extension may not be comprehensive, they give parkways to discover bland stages in a consumer-choice procedure. It ought to be noticed that the buying procedure starts much sooner than the real purchase occurs. In the proposed study, the consumer basic leadership can take the course of five steps. These steps can be acknowledged as the decision making processes that occur at every purchase. Even after many studies being conducted there is a debate about the different aspects or factors that have an impact on the decisions taken by the consumer. The proper data collection and examination is hence required to assess and analyze the behavior of the consumers and the factors that affect the same. One thing that can be said is that promotion is and will be a determining factor in the sale of products throughout the globe and not only Sydney. With the Generation Y going online, they are more likely to use the internet to enquire and assess the factors that ultimately drive their shopping decisions. The study will highlight the needs felt by consumers and the factors that prove Generation Y with the need for shopping and the product choice they have.
Consumer’s behavior while they are choosing products or having a certain perspective about a brand is important for a retailer. Consumers have a tendency to use their senses like touch, smell, hearing, taste and sight to examine the product and decide their buying process.
Brand inclination is also an important aspect in the Generation Y’s perception and shopping habits. As more and more people are coming online, the online retailers are having the problem of retaining customers. Earlier brand loyalty was easily attained but it is scarce now-a-days with so many choices consumers are open to selection and purchase.
There are also discrepancies which suggest that there are problems with the stages experienced by the consumers, as many studies have provided different results. It can be agreed that earlier similar studies have been done and most of the time the results were varied, which sometimes depended on the demography of the students as well the other internal and external factors.
It can be said that the results would provide adequate data and insights into how the nonexclusive stages in a consumer-choice procedure matter. It has three noteworthy segments: info, process and yield. The model is intended to unite a considerable lot of the thoughts on consumer basic leadership and utilization behavior in the business sector. Consumer basic leadership process and Information and Situational components are depicted with a specific end goal to improve a comprehension of the stages consumers experience in the buying procedure (Schroeder, 2012).
A sum of 230 understudies from various ethnic foundations would be met and gave distinctive arrangement of survey which will assess their spending patterns and the amount they spend and what their assessment of Gen Y consumers perceptions of item brand name and cost in Sydney. Brand name and brand cognizance of understudies will be assessed. The over decision of brands and items will be assessed from the gathered data. The spending patterns of the understudies will be assessed too (Heider, 2016). The collected data would provide an adequate set of answers for the major questions raised in this assessment. The buying patterns and the frequencies of purchase are all important aspects of the study since both the product and the frequency matter in case of a purchase. The major determinant of the consumers will be decided and the application of major theories would be possible following the qualitative and quantitative assessment of the data. The collected data will be assessed and how much product specifications, product quality, price, availability, brand perception, promotion etc have impact on customers will also be assessed. The data would be presented through tabular and graphical methods for usage in different industries and by different businesses.
The discoveries may increase the value of the retailers in Sydney by helping them to better comprehend the Generation Y basic leadership styles and their qualities. Thusly, retail chiefs might have the capacity to build up the advertising methodologies speaking to the Generation Y consumers in this district .The seven typologies of basic leadership can be used by store directors and advertisers to better comprehend this portion of the business sector and utilize these measurements to fragment showcases and create tailor-made correspondence systems. The related measurements that portray consumer basic purchasing and leading style of the latest Generation, the Generation Y is seen to be associated with the study. The brand quality will be seen as a matter that determines the consumer choice, The brand value , fan following, brand loyalty, fashion, latest designs as well as marketing will be finalized as important factors for the consumer choices Generation Y makes for a purchaser. The producers therefore should be considering the different determinants of the consumers, creating products that meet latest trends and consumer expectations is a must. The Gen Y consumer is already baffled by the choice of products and with the introduction of latest brands and styles, the consumers are finding it hard to select products that will fulfill their needs, moreover their desire. Since today, not every purchase is made against a need, today Generation Y shops because they enjoy the activity of shopping. Through the study the final idea would be to explore methods and techniques that have not been studied and explored earlier to track the current desire and needs of the consumer and how to use those data into the production of consumer friendly products and services.
The Gantt chart for the project is given below:
Caruso, S., 2015. Factors Related to Generation Y’s Perception of Value and Purchase Intention for Online Music , s.l.: RMIT University.
Heider, B., 2016. Uber versus taxi. Generation Y ?s perception of taxi and Uber services in Lisbon. s.l.:GRIN Verlag.
Hussein, Z., 2016. Evaluating Mobile Shopping Purchase Intention Amongst Gen Y: Evidence From Malaysia. International Conference on Education, Social Sciences and Humanities, 5(8), pp. 23-25 .
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Meier, J., 2015. Generation Y in the Workforce: Managerial Challenges, s.l.: Austin State University.
Page, R. A., 2012. Marketing to the Generations. Journal of Behavioral Studies in Business, 5(8), pp. 1-17.
Petra, K. K., 2012. Generation Y Attitudes towards Shopping: A Comparison of the Czech Republic and Slovakia. JEL , 5(4), pp. 8-9.
Phanthong, R., 2011. Differences of Consumers’ Perception and Attitude towards Marketing Communication through media: Comparison Generation X, Y, and Z in Thailand, s.l.: Sustainable Development of Society and Technology.
Schroeder, C., 2012. Creating Customer Value for Generation Y. s.l.:GRIN Verlag.
Singh, U., 2016. Handbook of Research on Promotional Strategies and Consumer Influence in the Service Sector. s.l.:IGI Global.
Westberg, K., 2012. Factors Related to Generation Y’s Perception , s.l.: RMIT University.
Xu, Y., 2007. Impact of Store Environment on Adult Generation Y Consumers’ Impulse Buying. Journal of Shopping Center Research, 14(1), pp. 39-56.
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