Annie Referral Consuming Fashion - Essay Example

Annie Referral Consuming Fashion Table of Contents Introduction 3 The Demographics & Psychographics of the Gen Y Group 4 Demographic Characteristics 4 Psychographic Characteristics 5 The Lifestyle Behaviour of Gen Y Consumer Group 5 The Key Motivations and Buying Behaviour 7 Future Opportunities and Challenges from a Marketing and Promotional Aspect to Your Consumers 9 Conclusion 11 References 12 Introduction Generation Y or Gen Y, which is also noted as the Millennial, indicates the group that is presently inclined towards changing the form of globalisation with innovative ideas and modern technologies. Generally, Gen Y group comprises of those people who were born in or after 1974. It is also observed that the children of Gen Y are quite familiar in accessing the new technologies such as mobile phones and computers among others. This behaviour of the Gen Y has made the companies to adopt innovative strategies related to technologically advanced performances in order to satisfy the demand of the market (NAS Recruitment Communications, 2006). Furthermore, Gen Y can be also be identified as the group of those people who believe in continuous education in order to see themselves as a successful professional in the desired sector, whether corporate or social. Rather, this particular group is learnt to focus more on their professional life and functions (Taylor & Keeter, 2010). Based on these assumptions, the discussion henceforth intends to state the demographic and psychographic characteristics of Gen Y as the niche customer group taking into account the group’s various lifestyle behaviours. It also aims at understanding the motivation and buying behaviours of the group along with identifying the opportunities and challenges faced by the marketers while targeting Gen Y in relation to the various promotional aspects. The Demographics & Psychographics of the Gen Y Group Demographic Characteristics From a generalised perspective, it can be affirmed that the demographic and psychographic characteristics behaviour imposes strong influences over the currently prevailing market trends from various dimensions, such as demand for products and promotional needs which further acts as the determining factors towards the accomplishment of the desired objectives. With reference to the context, it can be assumed that to a certain extent, companies in the market attempt to target a particular Gen before launching the intended products which again tend to have a significant impression on the efficiencies of the planned strategies as observed in the case of Gen Y (Zhang & Harden, 2012). The demographic characteristics are the information which states about the locales including their number, age, sex and socio-cultural values within a specific area according to which, the nation and the organisation attempts to consider planning actions and functions responding to the preferences of the individuals and groups (University of Wisconsin, 2007). With reference to the demographic characteristics of Gen Y it can be stated that the increasing number of Millennial is continuously acquiring a major proportion of the world population in the current scenario. The rising nature of Gen Y population also demands for education and employment opportunities, therefore facilitating globalisation by a large extent. As a result, governmental bodies and other professionals should think about the rising circumstances, in order to serve the Gen Y customers with their requirements (Mitsis & Foley, 2011). Psychographic Characteristics The psychographic characteristics can be further defined as the process of using the demographic information in order to study and determine the attitudes, values, lifestyles and buying behaviours of individuals and groups as a whole. These characteristics of individuals and groups are also measured through the feedbacks obtained from the customers end by the companies. Consequentially, the company could be able to design its products in order to satisfy the consumers’ demand (Holladay, n.d.). However, the psychographic characteristics of Gen Y state that the populace possess lower degree of uncertainty avoidance and high task completion attributes along with deciphering creative styles of learning. From this point of view, it can be stated that Gen Y desires to enjoy the virtues of a steadily developing market in respect of innovative products and/or services, rather than frequent changes, even though the group has been signified to act as risk takers. Moreover, Gen Y also attempts to adopt creative learning styles on a continuous basis, which can be identified as the process of learning through practical experiences (Mitsis & Foley, 2011). The Lifestyle Behaviour of Gen Y Consumer Group Lifestyle behaviour can be defined as the regular performances of day to day activities, interests, demands and opinions by an individual. It is in this context that lifestyle is regarded as the process of transacting and coping with the physical and psychological environment on a daily basis (Wright, 2006). The lifestyle characteristics of Gen Y can be examined with reference to various components of the individuals’ personal lifestyle. For instance, the core value commonly considered by the population of Gen Y can be identified in terms of their belief in realism, their matured confidence level and their desirability of enjoying life with extreme fun considering and maintaining the social factors. Moreover, it is observed in the recent times that Gen Y people possess high degree of favourableness to stay and spend times with their family and friends with the intention to maintain balance within their work-life and personal obligations. Further, the lifestyle choices of Gen Y indicate their preferences for faster communication process acquiring the virtues of internet, mobile phones and other satellite gadgets. Gen Y population have often been criticised by the elderly group that the sole intention of the populace to earn money is to expend and invest, rather than saving which was common among the baby boomers (Hammill, 2005). Furthermore, understanding regarding the working or professional lifestyle characteristics of Gen Y can be extracted through the work place components in terms of work ethics and values considered while executing the assigned tasks. With respect to these components, it can be assumed that Gen Y attempts to perceive a futuristic concern while deciding upon present strategies. Gen Y people have also been observed to commonly deal with multiple tasks at a given point of time being highly goal-oriented and possessing entrepreneurial qualities by a considerable extent. Moreover, Gen Y considers working through a systematic process of fulfilling their primary goals which can be achieved after completing or ending up the assigned tasks. In appearing for the task or work, Gen Y people prefer to decipher a supportive leadership style rather than exhibiting commanding leadership traits (Wallace, 2007). The Key Motivations and Buying Behaviour Motivation can be defined as the characteristics possessed by an individual or a group in common which further attempt to influence other individuals or groups to perform and participate for a specific task from a similar perspective (Wicker, 2009). There are certain types of motivation behaviours generally perceived by human beings, among which, the classification of internal motivation and external motivation have been considered to apparently exhibit the characteristics of Gen Y. Internal motivation can be defined as those personal factors which influence a person to take part in certain specified tasks (Wallace, 2007). In the similar context, external motivation can be defined as the process of motivating an individual or a group through the implementation of controllable and planned influencing factors. Where on one hand, the internal motivational factors relating to the Gen Y group can be identified in terms of their rapidly altering needs and preferences; on the other hand, the external motivational factors can be signified in terms of the socio-economic values rendered by the offered products and/or services (Culture Coach International, 2009). Buying behaviour refers to the type of products and/or services bought by the individuals in lieu of their preferences which are again strongly influenced by their personality traits. The products and services that individuals and groups consume for their livelihood are mostly related to their household requirements, fashion and style requirements in terms of dresses, cars and sport equipments along with entertainment facilities. However, in the current market scenario, it can be observed that Gen Y possess certain unique buying characteristics and are often classified as being sophisticated customers possessing a higher degree of brand awareness. Furthermore, Gen Y customers are identified to be much more inclined towards consuming products and/or services which are healthy and nutritious offering lesser significance to the price. Moreover, it is also observed that Gen Y people tend to adhere to certain decisions made by their parents while consuming any products and/or services. The consumer behaviour of Gen Y reveals that the millennial populaces also consider their personality traits signified in accordance to their cultural values, perceptions, requirements and lifestyle, by a large extent, prior to decide upon their consumption. With references to the context, it has often been assumed that Gen Y customers attempt to purchase commodities according to their distinct choices offering the challenge for continuous innovation and wide distinctiveness amid the product line. Furthermore, it can also be observed in this regard that even though Gen Y people possess wider knowledge of products and the market trends, they often decipher lesser loyalty towards brands and are largely motivated with the uniqueness of the features attributed. The consumer buying behaviour deciphered by the population of Gen Y also depict that the consumers of this group is highly influenced by the choices made by their friends and peers while consuming a similar good, thereby showcasing the positive effect of word-of-mouth promotion technique. With relation to the consumer behaviour of Gen Y, it is also presumed that the millennial population possess a shorter span of attention towards every aspect including brand equity and quality features which in turn tend to impose the responsibility of continuous innovation on the commodities’ marketers (Mehta, 2010). Future Opportunities and Challenges from a Marketing and Promotional Aspect to Your Consumers Gen Y lifestyle differs from other generation groups such as Gen X (comprising of the people born during the post-World War II situation). Consequentially, marketers and professionals should consider certain other effective measures to provide opportunities for the people of Gen Y owing to their distinct behavioural traits. For instance, the most apparent consumer behavioural traits possessed by the people of Gen Y dignifies them to be unique, proud, confident and realistic. According to the characteristics of Gen Y, their uniqueness can be affirmed in terms of their talents, skills and varied demands for frequent innovation. The people of Gen Y are also identified to be quite capable of relating themselves with the environment deciphering a greater degree of responsiveness than that exhibited by other generations. Another trait of confidence can be measured with regard to their performances and skills guided by their risk taking initiatives. The other characteristic features of the Gen Y people also signify that their motives are much realistic indicating a lowering impact of emotional values perceived within a group (Nemec, 2010). In serving the consumers belonging to the Gen Y group, marketers often have to face certain challenges owing to their distinct choices and perceptions from that perceived by other groups which are again observed to be continuously changing. To be precise, the rapidly altering behavioural aspects in the Gen Y customer segment further initiate the augmentation of demands for innovation. Furthermore, the continuous change in demand for better quality features and uniqueness along with a certain degree of price consciousness, amid the targeted Gen Y customer group, also impose a greater challenge for marketers in attaining competitive advantages in terms of customer loyalty. Additionally, the customers in the Gen Y group, being highly aware of the market trends concerning the offered products and/or services, increase the competition level among the marketers which further imposes the threat of homogeneity (White Paper, 2010). It is in this context that the consumers belonging to the Gen Y group are believed to behave in a more realistic, rational and materialistic manner than that deciphered by other generations. Therefore, the promotional strategies are becoming much more inclined towards featuring the economic and social value of the product in terms of their needs in the regular life of the Gen Y customers. Promotional strategies today also emphasise on taking into account the increasing usage of internet facilities and the continuously augmenting inclusion of audio-visual media while offering a commodity in the highly competitive market (Oracle, 2011). Conclusion Globalisation is believed to bring about certain changes in every aspect of the business environment. It is in this context that Gen Y deciphers those attributes which in turn showcase the apparent channelization of globalisation effects with increasingly homogeneous trends and demand for innovation in the various parts of the world. It is worth mentioning in this regard that consumer behaviour happens to impose strong impacts on the marketing strategies defining its direction and objectives. This particular notion of contemporary marketing can also be apparently observed in relation to Gen Y customers. For instance, the behavioural traits deciphered by this particular customer group signify the greater influence of quality features and uniqueness possessed by the offered product and/or services. The group also indicates towards their favouritism concerning continuous innovation which is again largely influenced by their rapidly altering preferences, choices and concerns. In addition, their high consciousness regarding the product’s/service’s features also tend to facilitate competition within the marketers by a large extent. Contextually, these features tend to give rise to both opportunities and challenges for the marketers. Where opportunities can be identified in terms of creating brand equity through continuous innovation, challenges can be recognised in relation to the rapidly and constantly altering preferences of the customer group which must be taken into account while deliberating on the marketing strategies. Therefore, it can be affirmed that the consumer behavioural traits possessed by the people belonging to Gen Y indicates a greater significance of consumer-centric marketing strategies in the current scenario. References Centers for Disease Control & Prevention, 2000. Review of Literature and Secondary Research on Generation Y. Oak Ridge Associated Universities, pp. 1-30. Culture Coach International, 2009. Managing Gen Y Motivation Module. Resources. [Online] Available at: http://www.culturecoach.biz/CCI%20Store/Resources/Gen%20Y%20Module_Motivation.pdf [Accessed August 05, 2012]. Hammill, G, 2005. Personal and Lifestyle Characteristics by Generation. Montana State University. [Online] Available at: http://www.msulocalgov.org/services/training/municipal/electeds/mayors/forum/Handouts/Personal%20&%20Lifestyle%20Characterics%20by%20Generation%20-%20Clark.pdf [Accessed August 05, 2012]. Holladay, J., No Date. Psychographics Defined. The Daniels Group. [Online] Available at: http://www.groupdaniels.com/wp-content/uploads/2011/08/Psychographics.pdf [Accessed August 05, 2012]. Mehta, P., 2010. Consumer Behaviour. Slide Share Inc. [Online] Available at: http://www.slideshare.net/prashantmehta371/consumer-behaviour-3561026 [Accessed August 05, 2012]. Mitsis, A. & Foley, P., 2011. Generation Y’s Antecedents to the Creative Learning Style. Australian and New Zealand, pp. 1-9. 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[Online] Available at: http://www.sldesignlounge.com/wp-content/uploads/2010/10/White-Paper-Gen-Y.pdf [Accessed August 05, 2012]. Wicker, D. D., 2009. Motivation: An Interactive Guide. Bloomington: Author House. Wright, M. R., 2006. Psychographic Characteristics of the Millennial Generation: Developing a Market Segmentation for Use in the Wine Industry. Eugene, pp. 1-54. Zhang, Y. & Harden, A., 2012. Fashion Attitudes and Buying Behaviours of Cross-Cultural College Students toward Apparel Products. Ball State University, pp. 1-81. Read More