Marketing To Gen Y
...also known as the echo baby boomers because birth rates in developed countries increased after the decline that defined Generation X. Most members of Gen Y are children of baby boomers and their sheer size makes it collectively worth more than Generation X. Furthermore, as baby boomers approach retirement age, a progressively larger portion of Gen Y is entering the workforce. They thus, possess even larger disposable incomes. Moreover, members of Gen Y are well-informed and significantly influence buying patterns of their families. As such, many companies are developing marketing strategies around Gen Y, hoping to tap into the potential of this generation.
Characteristics of Generation Y and their likes and dislikes
It is generally thought that people of the same age group would have similar behaviors and traits. However, the different generations, be it Gen Y or X or the baby boomers, have their own distinct characteristics, needs and personalities. Hence it is crucial that the marketing strategies used are different for each generation.
Due to the unlimited information flowing through the Internet, Gen Y has developed into the most well-informed consumer market and unfortunately, the most unresponsive to advertising as well. Brought up in a media-saturated and brand-conscious environment they react differently to advertisements. Gen Y generally reject advertising that they deem to be untruthful or as they say, "in-your-face" advertising . Aggressive marketing tactics may backfire on companies as Gen Yers generally dislike the feeling of being targeted or even cornered with this strategy. Rather, they prefer to buy products that have reached them through word of mouth. This can be adopted by companies to subtly, yet effectively advertise their product. Mountain Dew, a brand of Pepsi, for example, is solely targeted at Gen Y and its advertising campaign...
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