Research Paper Homework: Generational Marketing
Generational Marketing is market to a specific generation of people based on the preferences, attitudes and upbringings that distinguish them from other groups. It's about making the switch from sending mass marketing messages to tailoring and customizing messages for specific age groups. By speaking to each customer in the way they feel most comfortable you gain a competitive advantage because your customers see that you're meeting and understanding their individual needs.
In order to cast the widest net and reach the largest percentage of your customer base, it's essential to tailor your marketing campaign to individual age demographics. You won't succeed by trying to appeal to everyone. You succeed by appealing to the right people in the right way.
By understanding the different mindsets and tendencies of different generations, you can make your marketing efforts go farther and build relationships with people of all ages.
In the marketing world, the living generations have been divided up into the following 5 categories:
List One
1) Silent Generation - born between 1927 and 1945
2) Baby Boomers - born between 1946 and 1964
List Two
1) Generation X - born between 1965 and 1980
2) Generation Y/Millennials - born between 1981 and 2000
3) Generation Z - born after 2001
Instructions:
1) Pick one generation from each list and describe the characteristics and needs of the two generations you chose.
2) Compare and contrast the two generations.
3) Describe the channels of communication that would be appropriate for that generation.
4) How tech-savvy are the people in the generations you chose.
5) What marketing strategies do you feel should be used to sell a product to the generations you chose?
6) How would you market a product differently to a younger generation when they become older and need the same product? Will the characteristics of the generation factor into the marketing strategies? (example-medical care could be accomplished through facetime instead of visiting the doctor's office.)
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.