Marketing Strategy for Millennial Buyers Assessment 2022

Running head: MARKETING STRATEGY FOR MILLENNIAL BUYERS
MARKETING STRATEGY FOR MILLENNIAL BUYERS
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Table of Contents
1. Introduction..................................................................................................................................2
1.1. Background...........................................................................................................................2
1.2. Baby boomers buying behavior............................................................................................3
1.3. Change in behavior throughout the years.............................................................................4
2.Analysis........................................................................................................................................5
2.1.Factor influencers..................................................................................................................5
2.2. Changes undertaken by the businesses correlating to buying behavior of the customers....8
2.3. Influence of Social Media, Websites reviews, blogging, word-of-mouth on buying
behavior.....................................................................................................................................11
3. Literature review........................................................................................................................13
4. Literature gap.............................................................................................................................17
5. Conclusion and recommendations.............................................................................................18
5.1.Conclusion...........................................................................................................................18
5.2. Recommendations...............................................................................................................18
References......................................................................................................................................20

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Topic: Marketing strategy for millennial buyers
1. Introduction
1.1. Background
The marketing activities in an organization are specifically grounded on the different
changes in the technological environment and the buying preferences of the customers. The vivid
modifications in an organization’s marketing initiatives are reliant on the assessment of the
changing needs of the customers. According to Suntornpithug and King (2018), the modification
in the marketing operations of an organization is based on the efficient functioning of the
different systems while referring to the demand of the customers. Olga et al. (2018) stated that
marketing and promotional activities of an organization supports the same in drawing the
attention of the potential customers towards their offerings while contributing to the
enhancement of their sales volume. The increased sales volume contribute to the revenue stream
of an organization. Moreover, Hendriyani and Chan (2018) stated that apart from making the
potential customers aware, marketing communication techniques assists an organization in
gathering feedbacks on the propositions from the customers.
Therefore, the marketing communication and promotional techniques that are selected by
an organization depends on the assessment of the target audience and the manner in which the
same might be engaged in the practices. The research will take the initiative of identifying the
different changes in the buying behavior of the customers ranging from GenX to GenY and the
marketing initiatives that are undertaken by the organizations for attracting their attention
effectively. In this connection, the research will also take the initiative of analyzing the
influencers, that play a major role in shaping the decision making process of the buyers,
empowering the incremental sales target for businesses.

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1.2. Baby boomers buying behavior
Baby Boomers are the generation that were born between the years 1946 and 1966. In
Australia, the baby boomers or the GenX were born mostly in the period of post-war economic
boom (Kapferer and Michaut-Denizeau 2019). The era mostly encountered rising rates of female
participation in the educational and the workforce, resulting to the genesis of two-income
households (SanMiguel, Guercini and Sádaba 2018). Therefore, it supported their economic
stability while empowering their affordability. The higher amount of disposable income of the
baby boomers, even more than the millennial population, is specifically based on the two-income
households. However, it has been noted that the baby boomers have an inclination towards a
convenient shopping attitude which is mostly influenced by in- store shopping experiences.
Inkaew and Huang (2019) reflected on a research stated that around 84% of the baby boomers
prefer to buy from in- store facilities rather than opting for online buying platforms. The buying
preference of the GenX community largely influenced the growth of the multi- channeled
distribution systems.
Moreover, it has been noted that the GenX population prefers support and assistance from
the sales and customer support executives while making a buy of a commodity rather than going
through the online reviews. The highest amount of disposable income of the GenX contributed to
the enhancement of affordability while making purchase of utility based commodities. On the
other hand, Naumovska (2017) argued that as the first wave of baby boomers in Australia, whose
age ranged between 48 and 67 years, are nearing retirement which again affected their careless
buying behavior. The GenX population have minimal knowledge on the use of technologies and
social media platforms for identifying the suitability of the commodities while making purchase

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decisions. Therefore, the GenX population mostly depends on the experience that are shared by
their friends and relatives as their influencers for backing their purchase decisions.
However, a research conducted by Perera and Perera (2016) reflected that 12% of the
baby boomers make their purchase intent on recommendations made by friends or relatives.
Therefore, it might be stated that the buying behavior of the baby boomer communities in
Australia are mainly dependent on the convenient shopping experience and the legitimacy of the
price. The layout of the store and the convenient finding options for the commodities attract the
attention of the GenX population. In this relation, the baby boomers expect extensive assistance
from the sales assistants and customer care executives. Silvia (2019) stated that more than 62%
of the GenX population expects a convenient shopping experience and only 37% of the GenX
population likes to go around a store for supporting their purchase intents. Therefore, it might be
noted that the GenX population prefers to select their commodities from the in- store facilities
while expecting convenient buying options.
1.3. Change in behavior throughout the years
The change in the buying behavior of the consumers from the GenX to the Millennial or
GenY population specifically rested on the improvements in different technologies. The
development of the IT (Information Technology) systems and the IoT (Internet of Things)
created an ambience for the tech savvy population. Moreover, the changing lifestyle of the
millennial population made a huge contribution to the change in the buying preferences.
According to Sheikh, Shahzad and Ishak (2016), around 40.7% of the millennial population
prefers buying from different online buying platforms at least once a week. The fast paced
lifestyle of the people resulted to an imbalance in the work- life balance. It restricted the
capability of the population in taking time to shop their required commodities from the stores.

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Moreover, the development of the e- commerce also influenced the online buying
behavior among the people. The major point of difference between the GenX and GenY
population is based on their preferences of the commodities and the use of social and different
other digital media platforms. The GenX population mostly preferred elegance based products
that would help them in showing off their social status (Berger 2018). However, the transition in
the buying behavior of the customers from GenX to GenY is based on the changed preference to
towards the experience based propositions. On the other hand, the development of the social
media platforms along with e- commerce backed the buyer’s decision making, specifically the
GenY communities.
The fast paced lifestyle of the people specifically backed the convenient shopping
behavior of the GenY customers. It has been noted that around 36.8% of the GenY population
shops through a mobile phone at least once in a week (Min et al. 2019). Therefore, it might be
noted that the inclination of the millennial population towards the use of technologies for making
a buy of the commodities and the transition from the choice of eloquence based propositions to
the experience based offerings influenced the change in the buying patterns over the years.
Moreover, the fast paced lifestyle of the people and the technological innovations mostly
influenced the transition of buying patterns of the customers.
2.Analysis
2.1.Factor influencers
The changes in the buying preferences of the customers, over the years, critically
administered the different modifications in the organizational operations. The key changes in the
organizational operations are based on the assessment of the current needs of the customers.
Chaney, Touzani and Ben Slimane (2017) opined that there are influencers that might affect the