The Changing Media Environment: Impact on Australian Gen Y's Shopping Behaviour
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This case study discusses the impact of changing media environment on the shopping behaviour of Australian Gen Y. It also highlights the challenges and opportunities for marketers in this scenario.
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Name: Case study 2: The changing media environment University: Lucie Ozanne, University of Canterbury
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Table of Contents Introduction……………………………………………………………………………… ………………………. 3 The way, the Internet has changed Australian Gen Y’s shopping behaviour...........5 Examples for illustrating the discussion……………………………………………………………….6 Challenges and opportunities that are posed to marketers by this changing media environment……………………………………………………………………………… ……………………….7 Conclusion…………………………………………………………………………………
Introduction ●Here,discussion shall be carried out regarding the Generation Y of Australia and keep trail of their buying behaviour and subtle changes in them. ●Examples related to the discussion shall be given to support the discussion. ●It shall also explain the challenges and opportunities that are posed to marketers by this changing media environment.
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The way, theInternet has changed Australian Gen Y’s shopping behaviour ●People belonging from the age group 22 years to 36 years are considered to be the Gen Y of Australia. ●These people are the main wealth accumulators and comprise around 22% of the total population of Australia (5.22 million out of total population). ●On an average the Gen Y of Australia spends around $600 billion a year and around $85 each day. ●The average spending per person on consumable good per person has increased to a great amount over two decades (www.landingdeloitte.com, 2018). ●Due to this, consumers are growing increasingly cautious and choosy about the things they are buying. ●They less rely upon the branded content on traditional formats of promotion. ●They make use of social media and chatbots in order to know about different products and services and interact with the companies and different kind of customers. ●The Gen Y people demands the more disclosure of any information related to any product. ●They also want to compare between various of the process and the features that are offered by a kind of products (Women, 2018). ●They want advertisements that are more creative and have interesting content and
Examples for illustrating the discussion ●The number of online and offline Gen Y Gamers have increased as youngsters are buying a game after checking its online reviews at different gaming and developer sites. ●Consumers are watching different kind of TV series and episodes at a time with the help of online subscription apps and sites such as Youtube. ●From 2016 to 2017, there has been a rise in the watching hours from 17.2 to 17.5 (Women, 2018). ●The subscription for a serial are done by them based on the reviews that are posted on behalf of each TV series by a group of daily viewers or followers. ●49% people of Australia have agreed that they have interacted with various brands over social media while buying something. ●63% found that social media interactions with companies and other buyers was more useful for them (www.landingdeloitte.com, 2018). ●69% agreed that social media interactions could more quickly cater to their demand for information while making a purchase decision (www.landingdeloitte.com, 2018). ●90%oftheAustraliansin2017werefoundmuchreluctanttopayforandbuy newspapers (www.landingdeloitte.com, 2018). ●56% were ready to pay for online newspapers, magazines and journals if there shall be present more in depth analysis of the news theme (www.landingdeloitte.com, 2018). ●Most of the buying behaviour was directed by social media interactions with people,
What challenges and opportunities that are posed to marketers by this changing media environment? ●With the social media advertisement coming into picture, the companies have to spend less amount of money to create and post ads. ●Printing or broadcasting ads on the traditional advertisements mediums have become a rare occasion for these business houses. ●They have to be very cautious regarding what they are shown in the ads and promising to the customers (Rezaei,2015. ●They are vulnerable to high criticism by customers over social media platforms if any of their products or services turns out to be faulty or unpromising. ●Marketers applying social media through selling and purchasing do not need to set up big establishment in order to carry on with their business and attract customers. ●Brands which are technologically backwards and have poor website maintenance cannot stand out in this competition (Kitchen and Proctor, 2015). ●They need to supply detailed data to the customers before they are buying anything which requires time and cost for the business houses. ●It has also become somewhat easy for them to reach out to individual customers to know about their demands and issues and in that way, they can design their products and services to meet the ends.
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Conclusion ●Thestudyhasgivenabackdropanddetailedimpressionregardingtheoverall aftermath of internet on the consumer behaviour in Australia. ●The examples have helped to get a better understanding of ways in which internet has affected the behaviour of buyers. ●The challenges and opportunities faced by marketers due to this change in the media environmentgivesadetailedaccountofsurroundingfactorsofconsumerchoice, demand and consumption behaviour.
References ●Landing.deloitte.com.au. (2018).Media Consumer Survey, 2017. [online] Available at: http://landing.deloitte.com.au/rs/761-IBL-328/images/tmt-media-consumer-survey-final- report.pdf [Accessed 16 Oct. 2018]. ●Women, Y. (2018).Generation Face-Off: Comparing Gen X, Y And Z Shopping Behaviors. [online] Forbes. Available at: https://www.forbes.com/sites/yec/2018/05/17/generation- face-off-comparing-gen-x-y-and-z-shopping-behaviors/#166f3fa1631d[Accessed16 Oct. 2018]. ●Rezaei,S.,2015.Segmentingconsumerdecision-makingstyles(CDMS)toward marketing practice: A partial least squares (PLS) path modeling approach.Journal of Retailing and Consumer Services,22, pp.1-15. ●Kitchen, P.J. and Proctor, T., 2015. Marketing communications in a post-modern world. Journal of business strategy,36(5), pp.34-42.