Assignment:
Discussion
Discuss 'generational marketing'. What impact do different generations have on marketing for organizations? What are some of the differences between the generational groups and the approaches needed to market to them?
Sharika
Generational marketing falls under demographic environment as an influence on marketing. It is important because demography involves the study of people and people are what make the market. Generational marketing allows marketers to appeal to the mass based on common cultural and societal perspectives held by each generation. The biggest generation groups are: Baby Boomers, Generation X, and Generation Y
Baby Boomers: "continue to constitute a lucrative market for financial services, new housing and home remodeling, new cars, travel and entertainment, eating out, health and fitness products, and just about everything else."
Generation X: this generation is less materialistic and prize experience over materials and acquisition. They are more receptive to marketing pitches that make fun of traditional ways of doing things. Generation X
Generation Y (Millennials): Technology has become a way of life which allows them to interact with brands in a more social or mobile way.
Brian
Discuss 'generational marketing'. What impact do different generations have on marketing for organizations? What are some of the differences between the generational groups and the approaches needed to market to them?
Generational marketing is focusing advertising methods and products at members of a specific generation. Organizations that produce products for different generations need to tailor their approach in different manners. An example would be analyzing needs and wants of each age group. The needs/wants of baby boomers nearing retirement and going to be different than needs/wants of millenials who are starting careers or are buying property for the first time. As an example, the method of communicating the product will be different in terms of which communication medium will be most effective. Online marketing may be more effective for the younger generation as a larger portion of that group is involved with online activity. Magazines or television may be more useful in communicating products to the older generation. Further buying power and disposable income considerations need to be analyzed. Boomers nearning retirement will generally have more in savings (after a lifetime of working) and more to spend than a younger millenial who is trying to establish a career, climb the workforce ladder, and is facing heavy student loan debt. Marketing for boomers may also focus on nostalgia whereas marketing for millenials may look to new techologies. Generational marketing should analyze available income, needs/wants, practicality vs. frugality, and want products are important for the particular stage of life.