Citizen Will Influence The Market Strategy Marketing Essay
Age factor become attention in Malaysia Country due to age rise where that is older will become many. Malaysia is likely to reach an aging nation status by 2035 with the number of people above the age 60 reaching 15% of the population, an official said, citing a United Nations’ figure. Welfare Department deputy director general (operations) Halijah Yahaya said statistics showed that the percentage of aging people in Malaysia was on the increase (The Star, 2010). With increase of age will give effects to businesses in a number of ways. Firstly a company have to understand old fellows need and how the market action old fellows on market. Business today has followed age group need now with developing new products or renew with what already have. With increasingly old fellows, this will laid more power purchasing to this group, with the demand on product and service according to their need suitability and their lifestyle. Although many marketers takes step awake guard, many among them confident that they should concentrate market to old user group.
As the global increasingly intense, there is a growing recognition of the pivotal role of technology in achieving market success in developing countries. When focus on 60 year old group in the year 2035. This could give a opportunity and lead to success factor on the market.
Consumer behaviour are very important for marketing. It was true in the past, it is important today, and will become more important in the future. Consumer understanding is required in order to meet consumer needs in the future developments. With understand consumer behaviour knowledge, this study will be able to improve understanding why and how consumers choose products and services.
Usually market segmentation used in marketing strategy. It involves subdivision on market for product or service to market that is smaller. With grouping customers comprising other segments. With assumption according to market segmentation, marketers can design different products and services according to specific segment.
This study was made to identify the other factors around the company and to know the mature market.
The research question is the researcher wants to find, this research question will be solve the through problem.
How the age of the citizen will influence the market strategy?
How consumer behaviour makes the success factor of new product in mature market?
This research is to understand what factor of consumer form the product success.
The Objectives of this research are:
To identify New Product success factor in mature market.
To analyze the success factor of new product in mature market.
Scope, Limitation, Key assumptions of the project
This study addresses the current problem of the important good market analysis researched and emphasized, in other words identifying about market will help in identifying factors that can give the impact to the market. This study will help marketer on how they can strategize and how to ensure that their product success in this new market segment, so this can rise purchasing power in generation Y.
These reports explain the information that has be getting around the Malacca town. The researcher methods are interviewing social respondents from the all ages.
Importance of the project
The outcome from this study can help a company to identify what consumer behaviour needs and how the consumers make the decision in buying a product. Other than that, this research also can guide consumers to make decisions in buying a product. So that, customer know the product they buy and satisfy with their purchasing. When know the consumers behaviour, in directly a company knows the right strategy to make a product better and how to make a success factor in marketing.
Customer understanding is critically important for marketing. In marketing, consumers will have some motivation as they have knowledge, the capacity and opportunity to make decision that are in their best interest. However, in the reality shows that the ideal, rational consumers is difficult to find. Obviously, consumers do make purchase decisions.
Generally, this chapter will indicate the definitions of the main parameters that are will be going to discuss about. This study have used various reference materials as a guide such as journals, books, newspaper, magazine, thesis, mass media and etc. These substances can be used to this study to understand and conceptualized research framework. In addition, this section will describe the approach and findings of previous studies, either from within or outside the country associated with this study.
Definition of Consumer Behaviour
Consumer behaviour is defined as the behaviour that consumers display in searching for purchasing, using, evaluating and disposing of product and services that they expect will satisfy their needed. Consumer behaviour focuses on how individuals make decision to spend their available resources (time, money, effort) on consumption – related items. That includes what they buy, why they buy, when they buy it, where they buy it, how often they buy it, how they evaluate it after the purchase and impact of such evaluations on future purchases, and how they dispose of it.
In business today, a company need to understand consumer first, so that the product or service they provide can be accepted by market. In the long term this cause market viability product or services. Recent research (Theo B.C.Poiesz and W. Fred van Raaij, 2007), state that psychological concept can be one of success factor in mature market.
(Theo B.C.Poiesz and W. Fred van Raaij, 2007) state that have seven factors that influenced consumer behaviour:
Information and information processi
Lifestyle – is a mode of living as reflected in consumers. A unique patterns of attitudes, interests and opinions. It is important because consumer will spend their time and what they think of various elements of their environment.
Loyalty – from the past purchased consumer will do not reconsider because consumer believe the product are goods and have positive feeling about the product or service.
Needs and personal values – usually consumer will get needs and personal values first for survive. Obviously this applies such as food product and health.
Satisfaction and well-being – satisfaction is important for consumer when purchase a product or service. Consumer want a benefit from what they are purchase.
Identity and transformation
Due to changes in the market environment, consumer will start to behave differently. With understand this process, this study will know how consumers make decisions. The psychological field explain the internal influences that will affect consumers decision making process.
2.3 Aging Factor in Malaysia
The 2010 population by Census Malaysia was the fifth in every ten years to be conducted since 1963 when formation of Malaysia. The past censuses were conducted in 1970, 1980, 1991 and 2000.
Number of population by sex and age group, Malaysia, 2000 and 2010
Population rate in Malaysia for age below 15 years decrease to 27.6 % compares in the year 2000 with 33.3 %. Population rate for working age population (15 to 64 years) increases to 67.3 % from 62.8 %. The population rate for aged 65 years and over also increased to 5.1 % as compared with 3.9% in 2000. The trend of these indicators is in with the transition of age structure towards aging population of Malaysia. With the population rate, this will help to understand consumer behaviour that will be effect the success factor in market in the future. This study start by exploring several specific age such as:
2.3.1 Generation Y(or ‘N’) (16 – 33 year olds in 2010)
Those born between 1997 and 1994 have been knowing Generation Yor the Millennial Generation (Adam Smith Institute, 1998). Sometimes this group is labelled the ‘N-Gen’ after ‘the net’ and the ‘information revolution’ which has been such a major impact on their development (Schewe and Meredith, 2004). Many in this category have been found to be materialists, brand oriented, risk takers, keen on business.
2.4 Success Factor
Price – price plays a part in lives,
Technology – Technology are having important effects to consumer
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