Baby Boomers' Feelings on the Relationship Between Price and Quality
This thesis will focus on the study of Baby Boomers and the impact their particular generation bas upon the type of products they purchase.
Marketing research has indicated that generational data can be very helpful. Generational factors provide a framework for understanding the marketplace. Many marketers who want to appeal to Baby Boomers attempt to recognize what interests Boomers. A fundamental truth is that marketers who take into account age group have an important competitive advantage over those who do not.
Research has also indicated that Baby Boomers show some loyalty to brand names. They look at quality as a status symbol, and purchase accordingly. Many Boomers have a large amount of disposable income and equity. They recognize that many quality products cost a premium and are willing and able to pay that extra cost.
The purpose of the present study is to investigate Baby Boomers and their responses on the relationship between a product's price and quality. Specifically, the survey instrument's purpose is to calculate, through data analysis, the possibility of a positive correlation between price and quality in the eyes of Baby Boomers.
Forty-nine persons of working age participated in the study. Among the survey respondents, fifty-five percent were male, and forty-five percent were female. The subjects were of all ages. Specifically, fifty-five percent of the respondents qualified as Baby Boomers. In order to prove or disprove the hypothesis, a survey instrument was administered on an anonymous level. The survey consisted of thirty questions, divided by product category. The data were analyzed using Pearson's Product-Moment Correlation Coefficient. It is the most popular technique in data analysis.
Results of the analysis produced evidence that the hypothesis could be supported. However, a positive correlation was also calculated for the other subjects, those not part of the Baby Boomer generation.