Targeting the children's market in Singapore

• Main Authors: Aik, Sing Yeow, Loh, Yuan Ching, Wan, Karen Mei Li
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/58585
• Institution: Nanyang Technological University

This study attempts to highlight that Singaporean children today constitute a growmg market segment whose needs and wants warrant special marketing considerations The three main objectives of this study are to: 1) explore the potential of the children's market in Singapore, 2) study the childhood consumer socialisation process of Singaporean children, and 3) obtain insights into the various marketing strategies employed by retailers in targeting the children's market in Singapore. The children's market in Singapore is estimated to be at least S$200 million for children's clothes, toys, books and stationery This figure consists of the discretionary income of children and the amount that parents are willing to spend on their children. Children are often influenced by their families, peers and the media when making purchase decisions. The degree of influence asserted by each party however, varies between ages and the type of product category purchased. Children also exhibit certain differences in media habits according to age and gender. In addition, their response towards various promotional strategies differ as well .Distinct marketing strategies are actually being used by retailers in targeting the children's market in Singapore. Retailers can be classified into several strategic groups where retailers within a group pursue a common strategy. A survey was conducted on children aged 7 to 12 years old and also parents with children falling in that age group in order to obtain the information needed to conclude the study. A total of 196 children and 100 parents were surveyed. Interviews were also held with several retailers for their views and opinions regarding the children's market. Marketing to children can be both rewarding as well as challenging. Retailers have to understand the dynamics of consumer behaviour exhibited by their children customers and the external factors that influence such behaviour.