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Sec 346

Essay by   •  February 12, 2019  •  Coursework  •  495 Words (2 Pages)  •  39 Views

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Dominic DeBona

SEC 346

Assignment #1

  1. Mens Wearhouse sells clothing and other minor accessories related to Mens clothing. This company does have a specialty in Suits and a monopoly on the suit market. There are very few companies still with storefronts that are not owned by The Mens Wearhouse. Being that the main product sold is rather common, the average age of the customers will vary.
  2. The main clients based on the four groups are GenXs (born 1961 to 1980) and Millennials aka GenYs (born 1981-2000). The reason these are the two most popular age groups is because this is the main core age of the current work force that may require wearing a suit to work on a regular basis.
  3. For Millennials, they are the first true digital age group. Based on that a lot of marketers are focused on reaching them through digital aspects. However it is not all about online shopping. According to Donnelly and Scaff (2019) “To give some idea of the stakes involved: There are roughly 80 million Millennials in the United States alone, and each year they spend approximately $600 billion. While originally typecast as financially dependent teens, today’s Millennials include young adults in their 20s and 30s. Many have careers, are raising kids and live in their own homes. While Millennials are already a potent force, they will truly come into their own by 2020, when we project their spending in the United States will grow to $1.4 trillion annually and represent 30 percent of total retail sales. Millennials will have a major economic impact in other markets our research covered as well.” (Donnelly and Scaff 2019) With GenX this is the age group with 40 and 50 year olds where dressing well even for non work functions tends to be more of a norm where as in millennials the fashion sense has changed dramatically over the last 10 years or so. GenX also tends to hold a lot of stake in reliability where as in millennials that may not be the main point. According to Wroblewsk (2018) “Since Gen X consumers can be “both cynical and sophisticated about products, ads and shopping,” it doesn't take much to shake their confidence, Williams and Page say. To maintain their credibility, the onus is on small business owners to demonstrate follow-through and consistency. Gen X consumers “demand trust to the extent that if your organization does not follow through once, then you are likely to lose them,” the researchers say. “Treat them like family.”” (Wroblewsk 2018)
  4. Based on personal experience and being a millennial I have noticed that we as an age group focus more on how something may seem over how it actually is. I have also noticed a majority of GenX prefer quality over look. Millennials seem to prefer fit or how they are perceived based on look. Millennials definitely shop more online compared to GenX. GenX prefer to touch and feel a product before making a purchase.

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