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This research examines the impact of social media on consumer behavior, focusing on how consumer behavior and habits change after the use of social media by German and Chinese young consumers. A comparison of the differences between the two groups is also conducted. The study was conducted based on theoretical background and terminology, followed by six hypotheses. Then this research determined the scope, target population, and sample size before using focus groups and online questionnaires as survey methods. While analyzing the questionnaire data, the research tested the hypotheses and demonstrated the effects between the variables. The results indicated partial agreement with existing studies. Browsing time positively correlates with the purchase journey. The duration of online discounts negatively correlates with transaction speed. Young consumers' demand increases with the amount of time they spend browsing product advertisements. However, some findings ran counter to previous investigations. The impact of SMM on young consumers has no adverse effect on the time spent browsing products. Moreover, only in some cases, young consumers' purchase intentions are positively correlated with demand.
Keywords: Young consumers, Social media marketing, Consumer behavior, Purchase journey, Purchase intention, Online time-limited discounts, Demand
With the advent of a worldwide internationalization and globalization companies around the globe have been looking to increase their market shares abroad (K Aiginger, H Handler, 2017).
For the German automotive industry in particular and therefore the German tool industry respectively, the Chinese market has become a very lucrative and important marketplace in recent years (A Fraß, 2016).
This thesis is presenting a case study for the German family-run business Hufschmied Zerspanungssysteme GmbH. It is meant as a foundation and guideline for any future business endeavors in the Chinese market for Hufschmied Zerspanungssysteme GmbH. This thesis consequently examines the current market situation for the tool industry in China and analyses Hufschmied´s competitiveness of its current product portfolio.
The German machine tool industry is supplying different branches in China, for this case study a closer look at the aviation industry and automotive industry will be taken.
The Chinese market has been exhibiting a large growth over the last few years, but current events such as the implementation of tariffs (UN, 2020) and the recent outbreak of the Covid-19 Virus (SM Iacus et al., 2020) might mitigate the attractiveness of the market. Without a doubt there are both Challenges and Opportunities for the German machine tool industry in the Chinese market.
Accordingly, the thesis will with the combination of empirical research data and a market analysis of the Chinese market draw a conclusion to which degree the Chinese market offers challenges and opportunities for the German machine tool industry. Additionally, a PEST-Analysis of the Chinese market will provide further insights regarding the market situation in the target market.
This thesis will employ qualitative research methods, the needed data is going to be acquired from primary and secondary sources. As for primary sources, observations and interviews will be used, secondary sources will consist of articles as well as related literature.