Consuming and Fashion - Essay Example

Consuming Fashion Introduction The definition of what marketing is varies as between individuals and professionals alike. However, most theorists agree that such a definition is dependent on the nature and scope of marketing. To this end, marketing is presented as a social science and an art. As a social science, marketing can be defined as the study of how individual and group perceptions and behavior can be influenced and sustained. As an art, marketing regards the methods and techniques of influencing the society’s attitudes and perception regarding a firm and/or its products and services; and subsequently how their purchasing behavior is influenced through deliberate actions by the firm. More often than not, marketing is viewed from the direction of the second decision. The ever increasing tastes and preferences alongside the increased product differentiation and the global practice of trade have meant that the role of marketing within any business entity is very integral; certainly the most crucial. Marketing encompasses the processes of analysis of the target population (market segmentation) to identify trends in consumer needs and wants; new product research and development; product distribution and promotion effort; and the feedback mechanism. The changes in consumers’ tastes and preferences mean that there is a trend in which products and services are in demand at a given time and which are not. This has a direct relation to the sales volume and profitability of an organization. Therefore, fashion in this regard, refers to the popularity in demand for a given product or service at a given point in time i.e. trends in consumption behavior. Fashion styles differ between individuals, and can be reflected in a large group at any given point in time as a measure of both social identification, and distinction (Illomen, 2011). However, this definition has devolved into a limited sense to mean exclusively trendy clothing and other body accessories such as jewelry. Perhaps this is attributable to the huge marketing efforts that are visibly expended into this particular segment of the economy. The mechanics of such a transfer of meaning is a subject not addressed by this report and perhaps can be an area for further research by marketing scholars and professionals alike. The report focuses on consuming fashion with particular emphasis on marketing within the generation Z market segment. Fashion shall be discussed through this report in reference to trendy products regardless of the exclusivity generated in reference to clothing and accessories (as identified above). It adopts a holistic definition of fashion as the trend in consumer behavior inclusive of all visual elements that in themselves induce a “perception of fashion.” Amongst other things, the report will highlight the centrality of a consumer approach in identifying and designing marketing strategies. It will look at how this translates to a boost in sales volume as well as profitability margins; and distinguish between the various groups within the Z generation in terms of characteristics, consumptions behavior and indicate how a firm can respond appropriately in light of these variations in its market. A consumer research, which employs a mix of qualitative and quantitative mechanisms, can be used to identify the traits and trends within the Z generation. A comparative analysis of the numerical data can be done as between years and industry to highlight trends and emerging markets. The quantitative methods will bring to focus demographics in the generation influencing consumption behavior. Z generational characteristics Generation Z broadly refers to children born in the periods between 1990s and 2005. The generation is commonly referred to as the digital natives owing to their exposure and knowledge of only the world digital technologies and electronic gadgets. The Z generation is approximated over the same period to be 65 million in the United States alone (Ehret, 2011). This generation is characterized by: 1. Proficiency and dependency on technology This generation has a hunger for faster ways of communication and the use of technology is central in most elements of their daily operations. With this regard, they are excellent at multi-tasking; certainly better at it than other preceding generations like X (also known as Latchkey kids) and Y (called Millennia generation). 73% use the internet. 2. Organization into communities Z geners are brought up in (and are constantly in contact with) the social communities of the web. Most interactions are done using social websites like Facebook and Orkut. 97% has created or share content online (Grail Research, 2011). 3. Learning is done via open books commonly referred to as “the Kindle.” Such books pay lesser attention to privacy. Z geners view the concept of personal information as private only where money is concerned. 4. They are not brand loyal. The Z generation is infamously known as the most disruptive generation in modern time; they do not simply but due to carefully designed marketing adverts and campaigns. Instead, they are tastemakers who strongly oppose the concept of waiting for ideas to trickle down through the prior generations. Z geners quickly sample ideas in their infancy, evaluate and make rapid decisions on them to the effect of fundamentally deciding whether such ideas live on or are extinguished at this early stage. 5. Z geners are extreme curators. To this generation, both the platform and production value are insignificant. Each product, idea, content, or service is purely judged on its own merits. Their purchasing decisions are purely based on their own-curated perception of the world. 6. More socially responsible This is enhanced by their increased access to information and knowledge and spread across countries and cultures. This bears significantly on their decision-making processes. Discussion The marketing myopia theory postulates that marketers should first assess the market and identify market trends to adjust accordingly the company and the products or services, as opposed to giving priority to company needs. The Z generational market exhibits a challenging mix of demographic and psychographic trends. The generation is in their formative stages making it more challenging to define sufficiently considering the spillover effect of the Y gens. Such dynamics dictate that marketing initiatives must be conscious to the trends within the group. The oldest of the Z geners are in their tweens (8-14 years). Surprisingly, this generation is relatively conservative as compared to those prior to them (Williams, 2011). They are more self-conscious, upholding traditional virtues such as trust, respect, and restraint. This ability of internalizing their actions as opposed to being supervised enforces their purchasing behavior. Generation Z is high consumers of information spending a lot of time in exchanges within online social networks and text messaging. Grail research identifies that the influence of peers in decision making and sourcing for broader exposures to languages, ideas, and cultures of the world is very high. Girls acquire mobile phones at relatively younger ages each year. 65% of 12-year-old girls and 79% aged 13-15 have mobile phones of their own. 50% of tweens globally have been identified to be online daily with 25% encountering cross-country interactions. To this end, technology has provided new and radical approach to education including but not limited to distance learning and e-learning. This points to marketers the need for new marketing methods with an inclination to the internet and a constant adoption of new technologies to keep abreast with the “next big thing” within the generation. 46% were found to watch television alongside using other electronic devices and upon recommendations made via social networks. This means that the ability for multi-tasking is quite rampant and at relatively younger ages than in the other generations. Such an “addiction” to digital habits is so high that as much as 79% has exhibited distress symptoms when cast away from these gadgets. What this means to a marketer is that by targeting relatively younger consumers and keeping in line with technologies they consume allows firms to gain clientele for life ensuring an almost certain avenue for growth and expansion of the firm. In terms of gender, fashion consumption is found to be higher in females than in males within the group. This is identified by comparing the fashion fan ship as expressed through the consumption expenditures by the genders. Fashion fan ship refers to the passion; the extent of which is self-awareness about current fashion and effecting consumption of the same and resulting in increased spending. Parks et al. (2005) alluded to a positive relationship between consumer fan ship and behavior, which is influenced by hedonic consumption value. The Grail Research found that the savings culture was higher in females than in male tweens. This displayed a surprisingly high level of maturity amongst tweens generally for such a young age. Marketers are fully aware of the “kidfluence” and take advantages by having large discount windows around the festive seasons of Christmas and Easter. Tweens have $43B in purchasing power and influence an extra $600B of family expenditure. With this regard, girls spend heavily on merchandise relating to Disney Channel franchises such as Hanna Montana and High School Musical. The impact of peer influence with regard to consumption behavior is present. The tweens are more daring and confident as regards the haircuts, cosmetics, and type of dressing “appropriate” for that given age. Puberty begins earlier within this generation than ever before. A major contributive factor is the availability and increased access (in most developed countries) to better nutrition, and what were identified by Labi (2008) as “age compression.” He argued that the cramming of experiences younger and younger individuals created disconnect between the outer child and their inner persona. In a sense, generation Z highly values the notion of fitting. Premature secularization has led to surprising expenditures on beauty products, raunchy clothes, and contraceptives much earlier than earlier generations. Authenticity in the sense of realness is a core value amongst the Z generation. However, there lies a fine line between what is right or wrong amongst the generation, having themselves been brought up in a society essentially depraved of moral conscience (Williams, 2011). They are not mere consumers of products or follow blindly campaigns and strategies by marketers. Z geners are concerned about the sharing of best global brands and products; they evaluate such products with superb objectivity, and a result of this valuation is quickly shared across other Z geners especially via the internet. This has been the force behind the paradigm shift in global marketing by adopting a more consumer-centric approach. Z geners are a mix of sub-cultures with a fusion of different ideas and experiences. This close knit in both shopping and issue focus has led to adoption of a truly global perspective of the world. This global perspective is driven by a drive for new knowledge and information; and a stringent criterion for brand loyalty that is curved in the product’s performance. 78% of Z geners consider issues such as global warming and climate change to be more important than violence, drugs, and war. Their purchasing behavior has also undergone a metamorphosis to the direction of environmentally responsible products and companies. To this end, there has been a rapid incline in the number of teen forums, and associations within the United States, which are aimed at preaching the “green gospel.” Products that are not “sustainably” produced are snubbed for those that are whether it is in clothing, food, recreational or educational. The increased online presence and intense marketing within this media has had the effect of initiating the Z geners into “shop-until-you-drop” impulse buying mini –citizens. There are also concerns about their increasing connectivity on education and creativity. Tweens aged between 12-15 years in the United States is estimated to send and receive an average of 3330 texts monthly and watch twice as much mobile TV as any other generations. The primary concern to parents and academicians alike is whether the increased dependence on technology among Z geners will lead to breeding of a “zombie-like generation”? Do marketers have a social obligation in this respect? Conclusion and recommendations The Z generation presents a shift in marketing demographics. The future of marketing within this generation and unto the subsequent generation-identified as the Alpha generation-must change from a more company-focused approach to an increasingly customer-centric focus. The Z geners are a relatively infant generation with the oldest estimated to be 12-15 years; this has the translation (especially with cognizance to the rapidly ageing population in developed countries such as Canada, the US, and other European countries) of narrowing future markets for products and services to within this particular generation. The Z geners estimated at a population of 23 million and increasing is a mix of elements of the preceding Y generation and the pure Z geners. This generation is technologically savvy and exercises a high dependency on the same in daily operations especially the internet. The Z geners exhibit a rather objective behavior in consumption. They do not blindly follow fashion trends but instead are key in actively shaping perceptions about products and influencing how such products are consumed within the generation through online reviews and exchanges. The generation also places significant emphasis on global issues such as climate changes and sustainability in production. It is arguable that most consumption is geared towards electronic items. Four generational traits and trends stand out as a focus of concern for marketers: Firstly, How to compete for attention? Z geners belong to a rapidly evolving digital age and as such display a high proficiency with regard to trendy telecommunication gadgets and devices. Learning, playing, and social interactions is now done extraneously via online platforms such as chat rooms, emails, and multimedia texting. Marketers have to find new marketing and sales channels that are geared towards reaching and ‘capturing the market young’. Owing to their low brand loyalty patterns, a greater online presence by marketers and development of products, which are customer focused, is crucial for companies. Secondly, the design of products and services matters. Z geners are willing to pay a premium for products that provide multi-tasking benefit e.g. smart phone. Marketers must be awake to the fact that marketing strategies, which are company focused, do not appeal to this generation. They are active opinion makers in their own right and use subjective methodologies to evaluate consumer products and services which they then inform others within the online community. Thirdly, social responsibility in production of products and company operations lies close to heart for Z geners. Companies must take to producing ‘green’ products or take a more active role towards providing environmental sustainability e.g. recycling. Corporate communication about product features also actively influence consumer behavior alongside the product itself. Finally, Z geners rely on a constant connection (almost dependency) on the greater social community than the actual real world. The emotional attachment to digital habits is responsible for sustaining high online activity. Marketers of digital technology items must identify and incorporate these channels into their marketing strategies alongside a constant focus on emerging technologies and trends within the generation. References Ehret, J., 2011. Marketing to Gen Z–Teens. [Online] Available at: HYPERLINK "http://themarketingspot.com/2011/07/marketing-to-gen-zteens.html" http://themarketingspot.com/2011/07/marketing-to-gen-zteens.html [Accessed 17 March 2012]. Grail Research, 2011. Consumers of Tomorrow: Insights and Observations About Generation Z. Grail Research. Illomen, K., 2011. A Social and Economic Theory of Consumption. Palgrave Macmillan. Williams, K.C., 2011. Multi-Generational Marketing: Descrioptions, Characteristics, Lifestyles and Attitudes. Journal of Applied Business and economics vol. 11(2), pp.5-12. Read More