Consumer Knowledge and Competency of Gen Y

Muhammad Syahiran Bin Shaarani 182771Khoo Gee Yong 183025Rema bt Mohd Taib 183656Pou Geok Eng183992Juliana bt Mattalam 183808

Introduction

Who are they?

The Characteristics of They 

Who are they? The people born after Gen.X

That is various authors have labeled Generation Y as Baby Boom Echo, Millennials, Necters and the Nexus Generation. (Barned et al 1998))

There are many debates about the age range of Generation Y

—-born between 1978 and 1994 (Chistine, 2000)

—born between 1980 to 1994. (McCrindle)

—born between 1980 and 1995 (Foot, D. K., & Stoffman, D. 1998. )

THEY CHARACTERITICS OF THEY They are tech-savvy (Kumar & Lim, 2008)

---They are the first generation that grows up with using technology ---They are highly dependent and perfectly comfortable with technology

They have higher purchasing power (Ang, 2009)

--Almost 31% of e-commerce consumers are belonging to generation Y

They are low brand loyalty (Greene, 2004)

--The current market have various choices--They need to compared goods and services and choose the one can enhance their QOL

CONSUMER KNOWLEDGE

What is Consumer Knowledge

is an important factor in consumer’s behavior,

it will influence their purchase decision

Refers to understanding

your consumer’s wants, needs and their aim Deepak Sharman (2013)

the organization have the collection about

the view and information of the consumer Deepak Sharman (2013)

CONSUMER KNOWLEDGEThe measurements of consumer knowledge

1. Between product-related experience and product knowledge.

— Product knowledge is the acknowledge representation of product-related experience in a consumer’s memory

— product experience will only exert an indirect influence on consumer behavioral

2. Between subjective and objective product knowledge— between individuals’ perceptions of how much they know and the amount, type, or organization of what they have stored in their memory

— high subjective knowledge may increase an individual’s confidence

— High levels of objective product knowledge mean both more information stored in the memory

The measurements of consumer knowledge3. between general product class knowledge and

specific brand familiarity—While general product class knowledge may facilitate the use of any extrinsic

product information cue, direct experience with a particular brand is likely to facilitate the use of brand name specifically as a choice criterion and may thus decrease the use of any other cues.

4. between product class knowledge and country knowledge

—A measure that taps product class knowledge as it relates to countries of origin

—Product knowledge in relation to countries of origin is called product-country knowledge hereafter

CONSUMER KNOWLEDGE

CONSUMER KNOWLEDGE

Types of consumer knowledg

e

1. Knowledge of product’s existence

2. Knowledge of product’s

attributes and associations

3. Purchase knowledge

4. Consumption

and usage knowledge

5. Persuasion knowledge

CONSUMER KNOWLEDGE

1. Knowledge of product’s existence

> There are two types of assessing awareness:

top-of-the –mind, how many brands can be recalled from memory which awareness of the brand positioning.

> recognition, identifying known brands from a list.

> Recalled-based measures are more conservative than recognition-based.

CONSUMER KNOWLEDGE2. Knowledge of product’s attributes and associations

>Attributes include size, color, functionality, components and features that effect the product’s appeal or acceptance in the market the product’s appeal or acceptance in the market

> Products within awareness set are likely to have associations between them and information from memory.

> Product image is defined by entire array of associations

> Image analysis involves examining what consumers know about a product’s attributes and associations

> Assess strength of association with examine what an association represents in the consumer’s psyche

3. Purchase knowledge> Encompasses the various pieces of information

consumers possess about buying products> Includes information about the product’s price, where

it can be purchased, and whether it can be purchased less expensively later

CONSUMER KNOWLEDGE

How much does it cost?

Knowledge about typical range of prices for a product helps consumer evaluate fairness of the price of a particular brand. Image analysis includes what consumers know about absolute price and relative price.

When to buy?

Knowledge about when a product is typically goes on sale may delay purchase. Many consumers do not purchase new innovations when introduced because they believe the price will drop over time.

Where to buy?

Knowledge about where to buy a product guides purchase decision. Where product is located in the store- when consumers are unfamiliar with store layout, they rely more on in-store information.

4. Consumption and usage knowledge

> Encompasses the information in memory about how a product can be consumed and what is required to use it

>Consumers are unlikely to buy a product when they lack information about use.

> Sometimes consumers have incomplete information about different ways a product can be consumed

CONSUMER KNOWLEDGE

5. Persuasion knowledge

> Information about what consumers know about the goals and tactics of those trying to persuade them

> Persuasion knowledge influences how consumers respond to persuasion attempts

> Knowledge about a particular tactic may eliminate its effectiveness

CONSUMER KNOWLEDGE

CONSUMER KNOWLEDGE

Importance of consumer knowledge

—is an importance factor that can

influence in consumer

behavior and consumption

—help the employees to increase their

selling

— their competitive will become more

effectively

What is competency?

A competency is the capability to apply or use a set of related knowledge, skills, and abilities required to successfully perform "critical work functions" or tasks in a defined work setting. Competencies often serve as the basis for skill standards that specify the level of knowledge, skills, and abilities required for success in the workplace as well as potential measurement criteria for assessing competency attainment.

> The ability to meet up with a subject.It also can be known as the “sufficiency of qualification”(The oxford English)

> “Sufficiency of means for the necessities and as a facilities of life or make us be more easy in any situation”.“having enough and complete knowledge” to begins and make able any actions needed.(Merriam Webster)

CONSUMER Competency

CONSUMER Competency

Skill competency

Something you know and learn also something ‘tangible’.Skill are the nuts and bolts of what a person does in their roles within an organization.

The effective application of skills.  

Something learned in order to be able to carry out one or more job functions

May incorporate a skill but are more than the skill,they include abilities and behaviours ,as well as knowledge that is fundamental to the use of a skill

Difference between “skill” and “competency”

 What competencies are needed in working?

> Intentional communicationSignaling behavior in which the sender is aware a prior of the effect that a signal will have on his listener.We should respond and reinforce any attempt of intentional communication that a child attempts.

> IntegrityQuality of being honest and having strong moral principles.

> CharacterMental and moral qualities distinctive to an individual.The complex of mental and ethical traits marking a person.

> Emotional intelligenceThe ability to perceive,control and evaluate emotions.It can be learned and strengthened.

CONSUMER Competency

Types of competency

CONSUMER Competency

Types of competenci

es

Information competencies

Organization competencies

Communication

competencies

Job competencies

Leadership competencies

CONSUMER Competency

The Multidimensiona

l Concept Composed Of Competence

1. Cognitive

2. Affective

3. Behavior

The Multidimensional Concept Composed Of Competence

1. Cognitive

> Generation Y are more receptive to any given task or work with their own style.

> Assigned tasks to be processed by a different way compared to other generations.

> Easier self-reliant, independent and loves freedom.

CONSUMER Competency

The Multidimensional Concept Composed Of Competence

2. Affective

> In a world employment generation Y is the most recent.

> Attitudes and values are different from other generations.

> Generation Y has to be able to produce work that affective.

CONSUMER

Competency

The Multidimensional Concept Composed Of Competence

3. Behavior

> Gen y has a positive attitude.

> Gen Y is more focus on something comfortable environment.

> Has a very high technology skills

CONSUMER Competency

CONCLUSION