...homepage: www.elsevier.com/locate/jretconser Generation Y vs. Baby Boomers: Shopping behavior, buyer involvement and implications for retailing Anders Parment Stockholm University School of Business, Stockholm University, Department of Marketing, S-106 91 Stockholm, Sweden a r t i c l e i n f o Available online 29 January 2013 Keywords: Generational cohorts Generational marketing Market segmentation Generation Y Baby Boomers Consumer behavior Purchase involvement Retail strategies abstract This paper presents some significant empirical findings about generational cohorts and their shopping behavior. Marketing has long relied on the use of market segmentation. While birth age has been a useful way to create groups, it describes segments but does not help to understand segment motivations. However, environmental events experienced during one’s coming of age create values that remain relatively unchanged throughout one’s life. Such values provide a common bond for those in that age group, or generational cohort. Segmenting by ‘coming of age’ age provides a richer segmentation approach than birth age. This study compares two significant cohorts: Baby Boomers and Generation Y, with respect to their shopping behavior and purchase involvement for food, clothing and automobiles. For the three types of products, Baby Boomers value the retail experience and in-store service higher than Generation Y. For Baby Boomers, the purchase process starts with a retailer the consumer trusts, who...
Words: 9940 - Pages: 40
...Ambition, Altruism, Affiliation and Anxiety in the workplace: A review of generational differences in work attitudes. Madeleine Fogarty Melbourne University Abstract Popular books and articles claim that there are significant differences between the generations in attitudes to work. However, there are relatively few empirical studies that support this claim. This review examines the reasons for the dearth of empirical work, reports on the US and Australasian findings published in the past decade, and suggests a taxonomy of ambition, altruism, affiliation and anxiety to synthesise the diversity of previous research and reach a coherent conclusion: all are on the rise for Gen Y. Directions for future research and recommendations for organisations are discussed. News articles regularly demand that we pay attention to the different needs of the next generation and their attitudes towards work. Last week the Sydney Morning Herald claimed that “Generation Y . . . has high expectations of their employers, seek out new challenges, are not afraid to question authority, value teamwork, seek the affirmation of others, crave attention and want to be included and involved” (Zavos, 2010). Other stereotypes of Gen Y, including Myers & Sadaghiani (2010), pitch them as self-centred, unmotivated, disrespectful and disloyal. There have been many articles and books in “popular literature” that describe differences between the generations, including Strauss & Howe (1991),...
Words: 5105 - Pages: 21
...1. Marketing- An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customers relationships in ways that benefit the organization and it stakeholders. 2. Marketing Plan- A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements. 3. Exchange- The trade of things of value between the buyer and the seller so that each is better off as a result 4. Marketing Mix- Product, price, place, and promotion- the controllable set of activities that a firm uses to respond to the wants of its target markets. 5. Goods- Items that can be physically touched 6. Services- Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer 7. Ideas – Intellectual concepts- thoughts, opinions, and philosophies 8. Value- Reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives 9. B2C marketing- The process in which businesses sell to consumers 10. C2C marketing- The process in which consumers sell to other consumers 11. Market-oriented era- From the 1960s onwards...
Words: 934 - Pages: 4
...programs is influenced by the diversity of its workforce, and has implications on the growth and success of an organization. Finally, this case can be used to provide an example of the evolving need for change faced by global companies in their efforts to remain competitive. This case can be used to 1) Identify specific value changes precipitated by globalization in recent years 2) Increase awareness of the managerial implications of cultural as well as demographic changes for developing appropriate HR strategies and programs 3) Understand the concept of generational identities in a fast-changing economy, such as South Korea 4) Expand understanding of generational cohorts, by comparing and contrasting South Korea and the U.S. 5) Appreciate the critical importance of an organizational culture in laying the foundation of a robust HRD philosophy 6) Learn to develop solutions and HRD strategies based on a thorough analysis of an organization's environment 7) Appreciate that even strong organizational cultures need to adapt when faced with changing demographics and specific challenges This case can be taught at an advanced undergraduate or graduate-level course in human resources management, organization change and/ or international management. It presents a discussion opportunity to evaluate the mutuality of an organizational culture and an HRD Centre. It is evident that development of HR philosophy and programs is influenced by the diversity of its workforce, and has...
Words: 436 - Pages: 2
...Lifecycle, Generational, and Period Effect Change Ø Most people’s religious views and habits are formed fairly early in life. All of us tend to evolve in fairly predictable ways as we age, following what social scientists call life cycle patterns. These patterns produce a kind of life cycle escalator toward greater religiosity as an individual ages. Ø However, people born and raised in different eras get onto that escalator at different levels. People raised in a less religious era may never become as observant as people raised in a more observant time… Such a difference between people born and raised in different eras is termed by social scientists a generational effect. Ø Both generational and life cycle patterns involve change, but in pure form they produce very different patterns of change. In pure life cycle patterns, individuals change, but society does not change. Conversely in pure generational change...
Words: 4184 - Pages: 17
...Introduction and Background…………………………………………………… 2.1 Importance of the research…………………………………………………... 2.2 Scope of the report…………………………………………………………… 2.3 Research problem/question………………………………………………….. 2.4 Aims and objectives…………………………………………………………... 2.0 Method……………………………………………………………………………... 2.1 Methodological considerations and assumptions…………………………… 2.2 Sample considerations………………………………………………………… 2.3 Data collection and framework, and analytical considerations…………… 3.0 Ethical consideration……………………………………………………………… 4.0 Analysis……………………………………………………………………………. 5.5 Data cleaning and coding…………………………………………………….. 5.6 Descriptives…………………………………………………………………………... 5.7 Exploring the Data (t-Tests)………………………………………………………… 5.8 Correlation…………………………………………………………………………… 5.9 Multiple regression…………………………………………………………… 5.10.1 Gender………………………………………………………………………. 5.10.2 Generational cohort………………………………………………………… 5.10.3 Relationship status………………………………………………………….. 5.10.4 Social Desirability…………………………………………………………... 5.0 Findings and Recommendations…………………………………………………. 6.10 Interpretation of the data …………………………………………………… 6.11 What this means for managers and for the next stage of the research…… 6.0 Limitations………………………………………………………………………… 7.0 References…………………………………………………………………………. 8.0 Appendices……………………………………………………………………….... 9.12 Three completed surveys……………………………………………………. 9.13...
Words: 4551 - Pages: 19
...Introduction Persons that are born between 1980 and 1994 are classified as generation Y. They are latest members to join a multigenerational workforce, in fact they are the newest and the last members of the workforce. “Generation Y are likely to have high expectations of personal and financial success, feel that hard work pays off, and have a get-it-done result-producing attitude” (Breaux 2003,p52). Managers all over the world have been struggling with the challenge of attracting, managing and retaining Gen Y workers. Gen Y have different values and expectation of the companies they for compared to previous generations. Companies must learn how to manage Generation Y workers and cater to their needs if they want to retain Gen Y works. "Generation Y'ers are like X'ers on steroids. They are the most high-maintenance generation to ever enter the work force" (Breaux 2009,p95). As Gen Y has already started to enter the work force companies cannot afford to ignore the wants and need of Gen Y. Gen Y is just as big in numbers and will keep entering into the workforce at a rapid rate. The companies that don’t figure out how to attract and retain the growing Gen Y workers are likely to find themselves at a distinct disadvantage. After all, Generation Y is the next generation of workers who will ultimately be managing companies and determine if businesses succeed or fail. Article one “Understanding and managing generation differences in the workplace” Database: Emerald Group...
Words: 4210 - Pages: 17
...Southern Cross University ePublications@SCU Southern Cross Business School 2003 The generation gap and cultural influence: a Taiwan empirical investigation Huichun Yu Peter Miller Southern Cross University Publication details Post-print of: Yu, HC & Miller, P 2003, 'The generation gap and cultural influence: a Taiwan empirical investigation', Cross Cultural Management: An International Journal, vol.10, no. 3, pp. 23-41. Published version available from: http://dx.doi.org/10.1108/13527600310797621 ePublications@SCU is an electronic repository administered by Southern Cross University Library. Its goal is to capture and preserve the intellectual output of Southern Cross University authors and researchers, and to increase visibility and impact through open access to researchers around the world. For further information please contact epubs@scu.edu.au. Post-print of: Yu, HC & Miller, P 2003, 'The generation gap and cultural influence: a Taiwan empirical investigation', Cross Cultural Management: An International Journal, vol.10, no. 3, pp. 23-41. The authors Hui-Chun, Yu is a DBA (Doctor of Business Administration) candidate in the Graduate College of Management of Southern Cross University, New South Wales, Australia. Dr Peter Miller is a senior lecturer in the School of Social and Workplace Development at Southern Cross University, New South Wales, Australia. Contact details: Southern Cross University Division of Business PO Box 42 Tweed Heads NSW 2485...
Words: 7345 - Pages: 30
...therapy outcome. Psychotherapy and Older Adults Resource Guide Introduction Since about 1990, changes in the Medicare reimbursement system have allowed psychologists to provide services to older adults with Medicare coverage. These changes, in combination with managed care and market place changes have made older adult clients attractive as a client population to increasing numbers of psychologists and other mental health service providers. As the Baby Boomers become older adults over the next several years, one can expect both the need and the demand for mental health services to increase: Need is likely to change because Boomers have higher prevalence of depression and other mental disorders than do the GI Generation and Depression era cohorts; Demand may change because Boomers have typically been psychologically minded and relatively high consumers of mental health services. Key questions in thinking about working with older adults concern whether psychological interventions can be expected to work with older adults. If they work, are adaptations from work with younger adults necessary? In this resource page, research bearing on both of these questions is summarized. Does therapy work with older adults? Before turning to psychological interventions, which are the main focus of this resource guide, it should be noted that psychological assessment with older adults is more specialized than are interventions. The higher prevalence of the dementias in late life make some level...
Words: 1558 - Pages: 7
... | True or False? Marketers might wish to sell their products to everyone, but it is not practical. | | Selected Answer: | True | Answers: | True | | False | | Question 2 3 out of 3 points | | | True or False? The four Ps include product, promotion, planning, and place. | | | | | Selected Answer: | False | Answers: | True | | False | | | | | Question 3 3 out of 3 points | | | True or False? The group of firms that makes and delivers a given set of goods and/or services is called a supply chain. | | | | | Selected Answer: | True | Answers: | True | | False | | | | | Question 4 3 out of 3 points | | | True or False? Value is what you get for what you give. | | | | | Selected Answer: | True | Answers: | True | | False | | | | | Question 5 3 out of 3 points | | | True or False? When a car manufacturer sells trucks, cars, and car parts to the government or military, this is an example of B2C. | | | | | Selected Answer: | False | Answers: | True | | False | | | | | Question 6 3 out of 3 points | | | When a tee shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing? | | | | | Selected Answer: | Product-oriented | Answers: | Product-oriented | | Sales-oriented | | Market-oriented...
Words: 1569 - Pages: 7
...| The Learning Business Research Proposal | | Research & Decision-Making for Business/Business Research Methods | | The Learning Business Research Proposal | | Research & Decision-Making for Business/Business Research Methods | The Learning Business Research Proposal Research & Decision-Making for Business/Business Research Methods 1. Analyzing the Business Decision or Problem Businesses currently face a change in the consumer landscape as generation Y consumers (persons born between the years 1982 and 1994) have the capacity to dominate the economy. It is important for companies to recognise generation Y’s behaviours, attitudes, characteristics and influences in order to “create and develop new business opportunities to remain competitive and generate profits.” Sullivan, D. P. (2004). However, this is proving difficult for businesses as the incentives behind generation Y consumption practices and preferences remain obscure. The following proposal intends on focusing on this division by examining the consumption behaviour of generation Y individuals. The findings concluded that generation Y consumerism was driven by issues in conjunction with but not limited to social trends, personal preferences and digital media and technology. Key Concepts: Throughout the investigation various research articles presented themes that influenced Generation Y consumer decision-making styles including: • Freedom • Finding yourself • Blend in/stand...
Words: 2765 - Pages: 12
...Christina Lee Analysis of Business Issues The George Washington University October 13, 2015 There are many organizations in the world today that are composed of four generations of employees with an age range spanning more than 60 years. Each generation is a distinct group, including the Silent Generation (1925-1942), Baby Boomers (1943-1960), Generation X (1961-1981), and Generation Y or Millennials, (1982-2005). These dates are given by Strauss and Howe (1991) to define each generational cohort. Each of the generational cohort brings varying beliefs, work ethics, values, attitudes, and expectations with it to an organization (Niemiec, 2000). Generation Y is the most recent and potentially largest generation to enter the workforce. Generation Y’s have a drastically different outlook on what they expect from their employment experience. Generation Y’s are well educated, skilled in technology, very self-confident, able to multi-task, and have plenty of energy. They have high expectations for themselves, and prefer to work in teams, rather than as individuals. Generation Y’s seek challenges, yet work life balance is of utmost importance to them. They do, however, realize that their need for social interaction, immediate results in their work, and desire for speedy advancement may be seen as weaknesses by older colleagues. In order to establish whether or not Generation Y is motivated by the same elements as the generations before them, we will compare what motivates...
Words: 2168 - Pages: 9
...Keywords China Á Generation Y Á Geographical mobility Á Globalization Introduction Nowadays, human resource managers and owners are becoming interested in how to recruit, manage, and work with people from different generations in the workplace. Understanding the attitudes of different generations will be H. Kwok Department of Sociology and Social Policy, Lingnan University, 8 Castle Peak Road, Tuen Mun, Hong Kong, China H. Kwok (&) Flat S, 11/F., Braemar Terrace, 1 Pak Fuk Road, North Point, Hong Kong, Hong Kong SAR, China e-mail: kwokhk@LN.edu.hk; drkwok2002@yahoo.com.hk a determining factor in the success of organizations in the future (Alas 2005). Managers have begun to realize that the Generation Y (demographic cohort born between the late 1970s and the late...
Words: 15632 - Pages: 63
...Experiential Analysis A Reflective Structured Essay Introduction A successful organisation is built on the communication that develops between its constituents (Dietz & Den Hartog 2006). Encouraging efficient communication within any organisation can prove a difficult task, especially when faced with the complexity of a diverse workforce. The organisation being considered is a small accounting company (‘The Company’) located in Zimbabwe, South Africa. Due to its ‘multiplicity of traditions and skin tones’ (Brand South Africa 2011), South Africa has been portrayed as a ‘Rainbow Nation’ since the end of the Apartheid era. When diversity is not managed and monitored carefully, differences can lead to highly counter-productive communication dilemmas. Two fundamental aspects of diversity will be discussed: Firstly, cultural differences are common throughout The Company and have proven to be an issue of emotional and economic importance. Five of Hofstede’s (1994) dimensions of culture can be used to explain the reluctance of employees from different countries to effortlessly integrate their personalities and ideas within The Company. Power distance, individualism, uncertainty avoidance, masculinity and long-term orientation will be analysed in terms of their affect on interpersonal communication between culturally diverse employees. Secondly, another feature of diversification within The Company is the range of conflicting generational profiles...
Words: 3237 - Pages: 13
... A member of the Boomer generation, she is based in Boston. The Leaders We Need Now Generation X will produce executives who bring a distinctive sense of realism to the modern corporation. by Tamara J. Erickson A NEW COHORT of leaders is poised to take senior executive roles and is bringing with it a whole new mind-set. Baby Boomers have been firmly in charge for the past few decades, and as a rule they have been willing to operate by a well-understood set of corporate practices and policies related to compensation, hierarchy, and expectations for the way work “works.” Generation Xers, born from 1961 through 1981, have different ideas. They’re more apt to reject status-quo definitions of success and seek their own paths. The differences can be traced to the times during which each group came of age and formed its attitudes toward work and society. Although it’s impossible to draw neat boundaries along generational lines and unproductive to overgeneralize, we are each, in part, a product of our time. The formative years of Xers looked very different from those of Boomers. For one thing, Baby Boomers grew up in a world that was fundamentally too small for them. The infrastructure couldn’t expand fast enough to accommodate the sudden growth of this cohort. Boomers went to high school in Quonset huts behind the actual schools because there weren’t enough rooms to hold them all. They’ve competed for everything A throughout their lives—from spots on high school...
Words: 2835 - Pages: 12
