Conclusions and Recommendations
5.2 Research Objectives
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Chapter Five
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5.2.2 How Social Media Browsing leads to Purchasing by Consumers in the Youth Market
Factor analysis was conducted in order to establish how social media browsing leads to purchasing by consumers in the youth market and three factors were identified which were arbitrarily labelled by the researcher as: Important Marketing and Communications Channel, Better Product and Brand Choice, and Spending Power. Factor one emerged as the dominant factor, explaining 61 percent of the total variance explained of 74.490. This indicated that factors were unequally distributed. The results from the factor analysis indicated that majority of the respondents engaged in purchasing behaviour through social media platforms because it is an important marketing and communications channel. Hence, social media platforms that are positioned in the minds of consumers as important marketing and communication channels significantly influence the purchasing behaviour of consumers Furthermore, the descriptive statistics of frequency distribution tests indicated that six other factors surfaced as playing a significant role in influencing the purchasing behaviour of respondents who browse social media platforms. These factors were: the influence of availability of shopping information on social media platforms on purchasing behaviour, the impact of information and advice on products found on social media platforms on purchasing behaviour, the influence of social media platforms that provide useful and meaningful product information on purchasing behaviour, the influence of friends on purchases on social media platforms, the influence of referrals from friends on purchasing behaviour on social media platforms and the influence of a striking brand or company on purchasing behaviour.
In summation, there are nine factors that have emerged from the factor analysis and the descriptive statistics that are responsible for social media browsing leading to the purchasing behaviour of consumers in the youth market.
5.2.3 Why does this Target Market Purchase using Information obtained on Social Media Platforms?
The results of this study indicate that respondents make purchases using information obtained on social media platforms because it is reliable. This is consistent with Mabry (2008) who suggested that consumers make purchases using information obtained on social media platforms because it is honest, transparent and up to date information. In addition, research conducted by Copyright Company (2008) revealed that two thirds of consumers in the study agreed that information on social media platforms are valuable, credible and could influence their perceptions and purchasing behaviour.
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Other significant reasons included: less time wastage, convenience and sufficient shopping information. This is consistent with the findings of Treadaway and Smith (2010), and Razorfish (2008). Given that respondents are University students with busy lifestyles who access social media platforms frequently to search for information on various matters, it seems reasonable to assume that these individuals value a low buying effort and thus highly value convenience, reliable information and shorter interactions on these social media platforms.
In addition, the respondents are fairly computer literate individuals who have daily and unlimited access to the Internet at University. Hence, they can easily access social media platforms in order to search for information which increases the potential of respondents as potential buyers over social media platforms. This may be equally true of most youth who tend to make use of social media such as Facebook.
5.2.4 The Usage Patterns of Social Media Platforms by the Youth
It became evident that the respondents are investing a great amount of time on social media platforms, since all 145 respondents indicated that they make use of social networks, 97 percent of the time, whilst over 62 percent of respondents spent over 21 hours on social media platforms in the past weeks. The growing usage of social media indicates a rich interactive platform for marketers to capitalize on as a marketing and communication tool in order to encourage and increase purchasing behaviour of consumers.
This will create several new possibilities and opportunities for marketers since the growth in social media usage will result in it becoming a major source of traffic for marketers, influencing and increasing the purchasing behaviour of consumers through social media platforms.
5.2.5 The Potential Value of Social Media as a Promotional Tool for Targeting the Youth Market
Through cluster analysis, two clusters emerged, each differentiated by the degree of importance and potential value they place on social media platforms as a promotional tool.
Cluster one was the dominant and significantly larger cluster, comprising of 123 respondents who value social media as a promotional tool for targeting the youth market. Cluster two, the smaller cluster, comprising of 22 respondents are respondents who are sceptical and doubtful of the potential of social media as a promotional tool.
Thus, this study revealed that there is significant potential for social media as a promotional tool as more and more consumers are inclined towards purchasing through social media
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platforms. This indicates the potential that this segment of shopping has on the market and the fundamental nature of social media as a promotional tool.
In addition, the findings from the study are supported by researchers such as Goldsborough (2009) who suggested that an increase in social media usage is what is required in order to create new and innovative ways of reaching consumers. Furthermore, according to the Social Media Marketing Industry Report, 88 percent of marketers are making use of some social media platform for marketing purposes, 64 percent of marketers are making use of social media for five hours or more each week and 39 percent of marketers for ten or more hours weekly (Stelzner, 2009). A study by Forrester Research also indicated that social media marketing will show the greatest percentage increase in the next five years (Kichatov
& Mihajlovski, 2010).
5.2.6 Market Segments found within the Youth Market
Eight factors emerged as market segments found within the youth market which were labelled by the researcher. Factor one (Commercial Enthusiasts) which accounted for 46 percent of the 78 percent total variance explained, a relatively high percentage, indicating that respondents in this study primarily took on the role of commercial enthusiasts. Factor two (Network Commercial Information) accounted for only 8 percent, factor three (Network Risk Takers) only 6 percent and factor four (Network Risk Avoiders) only 6 percent of the total variance explained. However, factor five (Network Promotional Tools), factor six (Network Information Influencers), factor seven (Passing Trend) and factor eight (Social Media’s Future) explained less than 5 percent of the total variance explained. Hence, factors 5, 6, 7 and 8 are less significant than factors 1, 2, 3 and 4 in identifying market segments found within the youth market. This indicates that a very small percentage of respondents represent market segments 5, 6, 7 and 8.
5.2.7 The Impact of Age on the Purchasing Behaviour of Consumers in the Youth Market
In line with previous research, Hargittai (2007), there was no significant relationship between age and the purchasing behaviour of respondents in the youth market.
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5.2.8 The Impact of Demographics such as Age and Gender on Social Media Browsing
There was no significant relationship between ‘age’ and ‘actively seeking out brand pages on social media platforms’. Hence age does not influence social media browsing in the youth market.
However it was ascertained that there is a significant relationship between gender and social media browsing in the youth market which is consistent with the findings of Hargittai (2007).
Minimal academic research has been conducted with regard to the effect that demographics have on social media browsing and thus little comparison could be drawn between past and present studies.