...Generational Buying Behaviors How Baby Boomers and Millennials Differ in Making a Purchase MKTG 310-50 February 16, 2015 Introduction In the marketing world, finding groups or segments of consumers that have strong similarities are almost rare to find. When such similarities exist, marketers can offer related product, service, distribution, and communications to a very large number of potential or existing customers that will respond in a consistent way. This is the ideal way to approach a situation but it doesn’t always work so smoothly. Ever since the 1950s, marketers have pursued certain markets that are internally consistent on some common ground, but externally different from other market segments. Marketers have been effective and efficient through the act of segmentation. Baby Boomers (born 1946-1964) have been the most powerful generation historically. These Baby Boomers are known to be optimistic, team oriented, and often strive for personal gratification. Millennials (born 1981-2000) are a very close second in the generational race to be the most influential generation in history. Millennials are also quite optimistic about the future. They possess a lot of confidence and are very careful about their status level. Even though these two generations have similar traits, they are very different at the same time. Baby Boomers and Millennials will be examined on how and why they make a purchase in the market. Generation...
Words: 1989 - Pages: 8
...Funding a Business Kimberly Waite AIU Online Abstract This paper will describe the different types of funding available to begin a business. These include borrowing money, selling stock, and technology licensing. This paper will discuss the meaning, function and importance of the stock market, investment banking, financial management, and risk financing. This paper continues with a scenario with a future business owner and the decision making of how to fund his business. This paper concludes with a decision on what type of funding he should chose for his business and the advantages and disadvantages behind that decision. Funding a Business Every business needs cash to function (Ebert & Griffin, 2011). Deciding how to raise that cash can be a difficult decision. There are many options to raising money; borrowing from a bank, selling bonds, or soliciting cash from outside investors (Ebert & Griffin, 2011). For every option, there multiple platforms. Each option should be carefully considered based on needs. For our entrepaneur in the scenario, I recommend that he consider selling stock to raise capital for his funding needs. Stocks, bonds, and mutual funds are otherwise known as securities. They represent secured, or a financial claim on the part of investors (Ebert & Griffin, 2011). Our businessman could consult with an Investment Banker on this idea. The role of the investment bank(er) is to help issue and sell new securities. They advise...
Words: 1076 - Pages: 5
...Business University of South Carolina Columbia, SC 29208 Table of Contents Section 1……………………………….. Introduction Page 3 Section 2……………………………….. Analysis Pages 4-7 Section 3……………………………….. Results Pages 4-7 Section 4……………………………….. Conclusions Page 8 Section 5……………………………….. References Page 9 E-commerce is becoming increasingly more popular with each passing day as the technology around us continues to advance. Technology has advanced so rapidly just over the past ten years that basically every business has had to adopt some form of e-commerce just to stay in business. The use of different forms of technology by basically everyone on a day to day basis has greatly increased the importance and benefits of e-commerce as a whole. Companies can use technologies like our smart phones and the internet to reach customers with multiple forms of advertisement, customized to meet each individual customer’s preferences. “Internet technology has changed the supply chain by improving collaboration and efficiency, and adding value to products and firms” (Astuti, 2014). Internet technology has improved the supply chain because it has helped business know the amount of supplies it needs to produce to satisfy the amount of customers they have. This is different than in the past when a business would just produce an estimated amount of products and just hope they all sell. Now with the advancements in technology and e-commerce a business...
Words: 2341 - Pages: 10
...East Asia engine manufacturer, devising green vehicles and obtaining capital plus skills from a European manufacturer. Step 2 Mind Map of Problems 1. Declining sales and profit Change in consumer preferences Insufficient advertising Low demand 1. Decreased reliability Increase in number of broken cars Substantial increase in production 2. O utdated design Change in demographics Younger generation Market wants more modern models 2. Losing mar ket share Rising competition Declining brand loyalty Uncompetitive prices 3. Insufficient mar ket Only 60 million people in United Kingdom Small market of English sports car collectors Only sold locally 3. No service after sales Consumers need to fork over their own money after buying Higher overall cost for consumers Consumers are not educated on the protection...
Words: 3433 - Pages: 14
...Table of Contents INTRODUCTION 3 RECRUITMENT 4 Defining the role 4 Job analysis 4 Job Description 4 Job Specification 4 Attracting applications 5 Managing selection process 6 Application format 6 Dealing with applications 6 Selecting candidates 6 Making an appointment 6 Employment offer 7 TRAINING 8 Importance of training 8 Training options 9 Training content 10 RENUMERATION 11 Importance of remuneration 11 Remuneration package for sales staff 12 Remuneration package for technical staff 12 MOTIVATION 13 Motivation theories 13 Applicable theory 14 Practical strategies to motivate the manager 15 Practical strategies to motivate sales staff 15 Practical strategies to motivate technical staff 16 For all staff 16 Summary 18 References 19 Appendices 20 INTRODUCTION Elevate IT is a London-based technical solutions provider. The company specialises in supplying, installing and complete maintenance of computers, software, hardware, networks and cloud computing for small and medium Irish businesses across the country. The company has been in business since 2009 and has been steadily growing and expanding. The business employs 3 technical specialists who install and provide post-installation technical support and 6 sales consultants who provide professional advice to company’s potential and current clients on the most suitable and cost-effective solutions for their businesses. The company is now providing high-tech solutions to over a hundred businesses...
Words: 5730 - Pages: 23
...“Marketing is an activity. Marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products.” (Bellis, 2012) According to Perreault, Cannon, and McCarthy (2011), there are two definitions for marketing and it depends on if you are talking about micro-marketing or macro-marketing. Micro-marketing is a performance of activities to accomplish objectives of an organization by anticipating customer needs directing a flow of need-satisfying goods and services from producer to customer or client. Macro-marketing is a social process that directs an economy’s flow of goods and services from producers to consumers that effectively matches supply and demand and accomplishes objectives of society (Chapter Marketing's Value to Consumers, Firms, and Society). Based on the first definition the importance of marketing is to attract customers. The more attractive or appealing an organization can make their product or service it will attract more customers. Everyday millions of people are inundated with all kinds of marketing strategies that companies use to increase business and to attract a larger customer base. The second definition suggests that marketing is about using marketing strategies to produce products that suit consumer needs and to procure a profit by doing so. The third definition tells the reader that the importance of marketing is for the organization to have set objectives and in order...
Words: 833 - Pages: 4
...IMPORTANCE OF BUDGETING AND SAVING Importance of Budgeting and Saving Andrea N. Kirkwood GEN/200 22 March 2010 Mr. Otis Langford IMPORTANCE OF BUDGETING AND SAVING Importance of Budgeting and Saving Do you find yourself living from paycheck to paycheck, unable to pay your bills, struggling financially? If so, you are amongst the millions of people who suffer from these same issues everyday. One of the best ways for you to get on financial track is to establish a budget. What is a budget you ask? As defined by Merriam-Webster, a budget is “a plan for the coordination of resources and expenditures” or “the amount of money that is available for, required for, or assigned to a particular purpose” (Merriam-Webster). A budget will help you realize your true income, assess your debt, see how your money is really being spent, and should help you save on some of your unnecessary spending. Budgeting is one of the most important factors when it comes to financial stability. A budget is a precise way to help you live within your means and get your finances under control. Making an individual or a family budget will assist you in your planning when it comes to saving for the education expenses of you or your children, maintaining an emergency fund, planning vacations, buying a home and numerous other unexpected events that life may throw your way. IMPORTANCE OF BUDGETING AND SAVING Creating a budget should be a very simple process. You...
Words: 880 - Pages: 4
...expenditure exceed its costs (Parrino et al. 2014, p.339). Along with any valuation method for a capital project are associated advantages and disadvantages essential to determining its relevance when compared with other methods of analysis. The advantages of NPV include, but are not limited to: the inclusion and importance of the 'time value of money (Accounting-Management 2014),' consideration of cash flows before, during and after a business venture, consistency with financial management goals and the high priority of profitability and risk involved in capital investment (Accounting-Management 2014). The inclusion of the time value of money is the most notable advantage of NPV supported by the notion, 'a dollar today is worth more than a dollar in the future (Investopedia 2014).' Present currency holds more value due to three reasons, accruing interest on investments, future money is subject to inflation and finally there is always the risk of not receiving promised money (Investopedia 2014). An organisation is unlikely to want to invest in a project that does not create a positive return therefore knowledge of what the project is worth in the present holds great importance to managers. The disadvantages of NPV include: Its difficulty of use, assumptions of future cash flows and its nature being subject to economic fluctuations. The most notable disadvantage of NPV analysis is the assumptions needed to be...
Words: 681 - Pages: 3
...its decision makers to create intelligent decisions, these rules and regulations are defined Conceptual Framework – the professional and regulatory framework accounting that are concepts used in the preparation and presentation of financial reports. It covers the Concepts of Capital and Capital Maintenance, the Objective of Financial Statements, the Qualitative Characteristics of the Financial reports , (focusing on the manner of the report’s presentation and content) – or the qualities or attributes that make the reports useful to the users, and the Elements of the Financial Reports itself, the definition, recognition and measurement of financial statements. (Elerie Aranas, 2011) The Qualitative Characteristics is one of the principles making up the conceptual framework of accounting, established to ensure the report’s quality. Given these concepts pertaining to a report’s content (Relevance and Reliability) – which is the primary...
Words: 2809 - Pages: 12
...into the features, advantages, and benefits of entering the online sales arena in today’s retail market. October 2012 Assessment Code: RWT1 Date: October 21, 2012 Table of Contents Cover page…………….……………………………………………………………….….1 Table of contents……………………………………………………………………….….2 Executive Summary…………………………………………………………………….…3 Introduction…………………………………………………………………………….….4 Advantages and Disadvantages…………………………………………………………………………….5-6 Potential for Impact...………………………………………………………………….....7-9 Requirements……....………………………………………………………………....…..9-10 Recommendation…………………………………………………………………………11 Conclusion………………………………………………………………………………..12 References……………………………………………………………………………..…13 Executive Summary ABC Corporation is a retail establishment that has attained a stronghold in the United States through brick and mortar stores. Desiring to increase revenue and broaden its customer base, ABC is currently entertaining the idea of entering the online sales arena. Allison Enright, (2012) Editor of Internetretailer.com, states that,” U.S. e-commerce sales accounted 5.1% of total retail spending, according to an estimate released last month by the U.S. Department of Commerce. It is the first time that e-commerce as a percentage of total retail spending has topped 5%.” These figures suggest ABC’s desire to break into online markets is both timely and fiscally sound. With ever increasing...
Words: 3333 - Pages: 14
...Introduction This report will analyse the decision-making process that Sam, a 24-year-old male, undertook while seeking to purchase a new pair of running shoes. It will look at the underlying concepts and frameworks that may have influenced his recognition of the need for new running shoes as well as the different steps and procedures he took on the way to making his final decision. Sam lives out of home and studies full time, he likes to be healthy and believes by running he can obtain his ideal body figure, feel better about himself and project a positive self-image to others. Self-concept has been identified as one of the most important constructs in the social sciences and fundamental to psychological well-being (Craven & Marsh, 2008). Edwards et al. (2005) found that persons engaging in regular physical activity perceived themselves as having more autonomy, purpose in life, positive relations with others and self acceptance than non-exercisers. Achieving this body greatly boosts his happiness and confidence, especially with the opposite sex. Six months ago Sam purchased a new pair of Nike ‘Free Run’ shoes that had become very popular amongst his friends. Using Karen Horney’s ‘Neurotic Trends’ (Coolidge et al., 2001) we can assume that Sam is of a ‘compliant personality’, by which he displays attitudes and behaviour that cause him to move towards people; to consciously seek approval, affection and belongingness (Coolidge et al., 2001). This is evident by his use...
Words: 2376 - Pages: 10
...comparable information to users. 2. Critically evaluate the importance of discounted cash flow techniques in investment decisions. Illustrate your answer with your examples. 3. Discuss the relative importance profitability and liquidity for the survival of a business and explain how the working capital can be managed to minimise the risk of liquidity problems. Shahrzad Parhizgar Student Number: B0229JTJT1112 February 2013 Lecturer:PalanAmbikai Word Count: 2980 Financial Analysis & Management Assignments February 1, 2013 Table of Content LEGAL & PROFESSIONAL REGULATORY FRAMEWORKS ENSURING RELIABLE, RELEVANT, OBJECTIVE, AND COMPARABLE DATA ........................................................................................................................................ 3 INTRODUCTION ....................................................................................................................................................... 3 FINANCIAL INFORMATION USERS ................................................................................................................................ 3 LEGAL AND PROFESSIONAL REGULATORY FRAMEWORKS ................................................................................................. 4 FINANCIAL REPORTS CHARACTERISTICS ........................................................................................................................ 5 INVESTMENT DECISION MAKING ........................................................
Words: 4115 - Pages: 17
...|University of Sunderland | |Managing Financial Resources andDecisions | | | | | | | | | | | | | | | | | | | | ...
Words: 7169 - Pages: 29
...Message/Yield 15 (4) Source /Attention 16 Creative Strategy 17 Advertising Campaign Theme 17 Television and Radio Media 18 Magazine and Newspaper Media 19 Support Media 19 Media Objectives 20 Media Messages 21 Website 24 Sales Promotion 24 Campaign Research and Evaluation 25 Conclusion 26 Recommendations 27 References 28 Bibliography 29 Appendices 30 Introduction NAB Smart Everyday Accounts gives you access to your own money via NAB Visa Debit. Like a credit card, it enables you to make purchases online, over the phone, overseas, or wherever Visa is accepted, but all the time using your own money. The NAB Visa Debit card is the key to an evolving E-commerce world. The campaign is being developed to attract the new generation of 16-18 year olds, who don’t have a credit card and are wishing to make online purchases. It is important for pre-adolescent to feel independent of his or her own money. And for many 15-17 year olds who aren’t aware of the NAB Visa Debit card and wishing to make an online purchase, they have no choice but to borrow their parent’s credit card. To help solve this issue and have NAB evolving with trends, the marketing team has come up with an awareness campaign for the NAB Visa Debit Card that will run for just over a year across all...
Words: 4693 - Pages: 19
...Introduction: The development of the Internet has definitely had a significant impact on the way in which travel products and services are being marketed, distributed and sold. Due to their information-intensive nature, travel products are thought to be very suitable for sale on the Internet. These developments have changed travellers’ behaviour that now depends on the Internet to search for information, plan their travel, and purchase online. Different sources provide evidence that illustrate the importance of online travel shopping. Research Objectives: * To explore the relationship between the Internet and the travel industry, with a special emphasis on the impacts brought by the Internet; * To identify the factors affecting the online travel shopping behaviour of FEU students, with special emphasis on the influence of trust and culture * To explore internet usage for information searching and product purchasing for online travel products by FEU students. * To determine the positive and negative effects of online travel shopping to the behaviour of FEU students. Review of Related Literature NEW TECHNOLOGIES. They provide travellers with greater access to information, and facilitate the purchase of remote tourism products. (New Web-based and mobile technologies have become important drivers of change in travel behaviour. They provide travellers with greater access to information, and facilitate the purchase of remote tourism products.) (In the context...
Words: 1574 - Pages: 7
