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Assignment for Consumer Behavior.

Extracts from this document...

Introduction

The University of Glamorgan Assignment for Consumer Behavior Student number: 02074036 Year: 2nd year Submitted to: Mr. Blythe Introduction UK is getting old. Europe is getting old. This is one of the most significant trends shaping future demand, yet many of our clients are confused as to its real significance to their business. Unless there is a sudden dramatic increase in the birth rate, or a surge in immigration, this shift towards a sizeable majority of middle-aged and elderly consumers will continue. There seems to be great confusion around what constitutes the 'grey market' within many industry sectors. Some still start with the over-55s, others start at 65. Different generations are lumped together uncritically in a way that would be unthinkable with the youth market as though in these later stage of life we begin to lose our distinguishing characteristics, and blur into a general haze of 'the retired', and then 'the elderly'. On more than one occasion, I have discussed with my grand father who fined it hard to accept that the over-65s matter: he always says that "I've heard a lot about the grey pound, but I can't see any evidence of it myself - where is it?" The answer, of course, is that it's all around us. The assumption seems to be that he will suddenly see an upsurge in spending on stair lifts, pipes and slippers, tweed skirts and anti-macassers. Yet of recent work in this area indicates that the majority of pensioners are heavy consumers of ready meals, increasingly comfortable with online channels and extremely interested in trying new things. Indeed, with 25% of the over-60s taking three or more holidays a year, a significant part of the 'grey' leisure pound is being spent outside the UK. I believe that traditional socio-demographics are less and less helpful in predicting current and future consumer needs. As life expectancy increases, and our population ages, people are increasingly refusing to 'act their age'. ...read more.

Middle

Although it is erroneous to assume that baby boomers are homogeneous in their buying patterns, common sense suggests that offering products or services aligned with some basic marketing principles will go a long way to attracting this complex segment: - Make sure what you offer is perceived as good value for the money. As baby boomers get older, they are making sure that what they buy is priced reasonably. And the existing retired population is faced with getting the most from their fixed incomes. Witness the recent growth in discount stores such as Ross Dress for Less, Home Depot and Wal-Mart. - Products should be well designed with broad applicability. The key to success is to produce products flexible enough to be useful for older people and those with disabilities as well as the general population, resulting in products with wide appeal. - Don't assume that 50-plus customers are recalcitrant and brand loyal. All the studies indicate that mature consumers are as likely, if not more likely, to switch for value. - Get 50-plus consumers involved in your sales and marketing. Have them sell, do customer service, and provide insights on how best to appeal to this diverse group. Keep in mind that the generation that said "don't trust anyone over 30" is now saying "don't trust anyone less than 30" and may very well soon be saying "don't trust anyone under 50." No matter what you are selling, keep the following guidelines in mind when communicating with the 50-plus market: Sell experience, not age. Talk about experiences, not getting older, to attract this audience of individuals who are used to getting what they want and are not interested in growing old gracefully. If your ad touts your product as being specifically designed for older people, it will probably not be well-received. Instead, emphasize that the people who will most benefit from your product are those with "experience in..." ...read more.

Conclusion

* Obtaining a random sample requires random digit dialing. * You cannot present any visual materials to solicit responses to product style, design, etc. * Cannot see respondents to observe nonverbal communication. PERSONAL INTERVIEW Advantages: * Face-to-face contact makes this the most reliable survey method. * Can usually select a representative sample. * Complex questions can be explained. * Can use visual materials. * Fairly fast data-collection method. * Can observe nonverbal communication. Disadvantages: * Most expensive method. * Interviewer bias may affect responses. * Expensive and time-consuming to train interviewers. * Poorly trained interviewers can negatively affect responses. * May have difficulty scheduling some key respondents. * Asking sensitive questions is difficult. * If you cannot afford to directly collect your data, there are several sources of secondary data (from other sources which may provide you the above information). Questionnaire Construction Designed to elicit information that meets the studies requirements. Questions should be: o Clear o Easy to understand o Directed towards meeting an objective. Need to define objectives before designing the questionnaire. Must maintain impartiality and be very careful with personal data. Four basic types of questions are: o Open ended o Dichotomous o Multiple choice. o Scaled (lickert) Time frame must be stipulated so that it does not drag on. Only ask needed questions...keep it short!! Demographic questions at the end!!...Always!! Always attach an explanatory cover letter!! Observation Methods Record overt behavior, note physical conditions and events. "How long does a McDonald's customer have to wait in line". Can be combined with interviews, IE get demographic variables. To avoid bias must avoid being seen. Mechanical observation devices, IE cameras, eye movement recorders, scanner technology, Nielsen techniques for media. Observation avoids the central problem of survey methods, motivating respondents to state their true feelings or opinions. If this is the only method, then there is no data indicating the causal relationships. 3. Find a Solution The best alternative that has been identified to solve the problem. 4. Evaluate the results Coke, do the results make sense, don't always accept them at face value. ...read more.

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