Marketing : Consumer Behavior – Assignment Example
Marketing Strategy for the Generation Y The Generation Y are those born between 1977 and 1994 (NAS, 2006). In the US, they form 20% of the current population. They are characterized as multi-racial, extremely independent, optimistic and empowered. They are extremely independent due to the different family systems that they have grown from – divorced parents, single parents, day care and the like. Due to this, they are also empowered and know that they bring promise to a good future of the society. They are also technology savvy since they grew up and were aware of the time when computers and other technologies developed so fast and they themselves have been introduced to these at an early age. Right now, being those that are in the work force, they are the ones having their notebooks, palm pilots, blackberries, and other gadgets.
Given these characteristics, suffice it to say that it is difficult to please them with products endorsed by just any other kind of rapper or actor or model. They are very instinctive and doubting probably because of the conflicts, scams and exploitation (in the family, in the society, in their relationships) that they may have encountered or witnessed. Therefore, the most important marketing strategy for them is honesty. Tell them how the product works and how it delivers results and that is it. They are also blunt and expressive, such that this can be capitalized on in marketing. Allow products to reflect this characteristic of the Generation Y like providing more variations in a particular design or marketing something that can be very adaptable to the wants and desires of this generation. This also addresses their being multi-taskers, like 3 in 1 products or multi-functional jeans or shoes. Online marketing and podcasting is also effective for Generation Y since they are always online and very dependent on their ipods. More importantly, market the product in such a way that it would fit the active, independent and high-tech life of the generation Y (Millenial Marketer, 2008).
As such, the strategy I’m-famous-and-I’m-using-this-so-use-it-too is not very useful to the Gen Y. They need more information about the product especially on how they can make much out of this. That is why more in 1 products are very appealing to them for example, foundations (make-up) that can also be a pressed powder is more appealing than the stand alone product. Mobile phones that are very versatile are also attractive to them. Marketing these to them is very easy – just tell them what to do with the product and how it fits their busy lifestyle and they will buy it.
Millenial Marketer. (2008, July 10). Microsoft vs Apple: Competing for the Gen Y’s seamless lifestyle. Retrieved April 28, 2009 from http://www.millennialmarketer.com/microsoft-vs-apple-the-seamless-digital-lifestyle/
NAS Recruitment. (2006). Generation Y: The Millenials. Retrieved April 28, 2009 from http://www.nasrecruitment.com/TalentTips/NASinsights/GenerationY.pdf