Case Study Essay
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sample_team_pp_millennial.pptxNew Insights into Millennial
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Generation Cohorts
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The concept of "generation" is understanding differences between age groups. This concept is widespread in society today. Members of a generation are linked through shared life experiences which create a bond tying members together in what has been termed "cohorts".
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These common life experiences create cohesiveness in values, attitudes and beliefs that result in a social character distinct to each generational cohort that are formed through socialization and remain relatively stable throughout the cohort's lifetime.
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BABY BOOMERS
1946-1964
GENERATION X
1965-1981
Millennial
1982-2002
| Generation Cohorts |
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POST-WAR
1928 - 1945
WWII ERA
1922 - 1927
DEPRESSION ERA
1912 - 1921
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Organizations are finding that the generational cohorts in today's workplace, (i.e. veterans, baby boomers, generation X and generation Y) expect organizations to be committed to creating a workplace which facilitates the inclusion of different social categories and enables everyone to contribute in their own way to the business.
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HOW TO MARKET TO A MILLENNIAL ?
HOW TO MARKET TO A MILLENNIAL ?
Opening Quote: "The secret of success is the consistency to pursue." - Harry F. Banks
·There are roughly 80 million Millennials in the United States alone, and each year they spend approximately $600 billion on retails.
Today's Millennials include young adults in their 20s and 30s.
·Millennials have little to spend. They are just starting out in their jobs, and those jobs are hard to get in the post-recession era. Many are underemployed, if employed at all, and some estimates suggest that they face an astonishing average of $27,000 in student loan debts.
·Millennials are putting their money where it matters. With better interest rates on the rise, Millennials are opting to make more large-scale purchases like homes, cars and jewelry. This may not bode well for many retail stores unless they have a strong "value” play.
·Millennials want: good bargains, to be treated well and to have a seamless shopping experience.
·"They no longer want to be a walking billboard of a brand," said Michael Scheiner, an Abercrombie spokesman. "Individualism is important to them, having their own sense of style."
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POSITIONING
Define positioning, and describe how firms do it.
The “New Millennial” consumer has to be reached by smart marketing and positioning. Some companies or firms try positioning by using pictures or branding, however most “Firms position products and services based on different methods such as the value, proposition, salient attributes, symbols and competition (Grewal, D., Levey, M. p. 287)” digital and electronics are definitely the best way to reach the new millennial consumer.
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Define positioning, and describe how firms do it.
The goal in positioning for the “New Millennial” consumer is to be affordable, and attractive because their funds are limited. Offering deals that they can’t beat anywhere else will get the attention of the “New Millennial consumer.” Many firms do this by offering better or lower prices compared to the competitor. These are known as “firms that position their products and services according to value and salient attributes (Grewal, D., Levy, M. p. 287)”
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Define positioning, and describe how firms do it.
The “New Millennial” consumer, because of limited funds, love a sale or reduced price. Providing the “New Millennial” consumer with instant gratification by offering what they need, at a reasonable price in the store will get them every time, but the good marketer knows that the best way to reach this generation is through digital media sources first. Knowing how to use this form of communication effectively is instrumental in positioning with the “New Millennial” consumer. Positioning using perceptual mapping (displaying an item in two or more dimensions) is also great for this consumer especially when reaching out through digital media. They get to view the product, learn if they can afford it, and compare it to the competitor without ever leaving the comfort of their own home.
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Generate Wealth
First QuarterBABY BOOMER GENERATION X Millennial 10.0 7.0 6.5 Second Quarter
BABY BOOMER GENERATION X Millennial 20.0 15.0 8.0 Third quarter
BABY BOOMER GENERATION X Millennial 50.0 40.0 7.0
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How Marketing Firm Determine Whether A Segment is attractive
and
Therefore Worth Pursuing ?
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IDENTIFY
SUBSTANTIAL
Reachable
Responsive
Profitable
Identify: Firms should identify people in the market so they can direct their efforts appropriately Firms must be able to identify who is within their market to be able to design products/ services to meet their needs
Substantial: Must have a substantial population size. Once the firm has identified its potential target markets, it is it needs to measure its size. Must be able to support the marketing mix activities.
Reachable: Can the value be communicated and goods be distributed. Market must be reached through persuasive communication and product distribution despite the fact that the product or service is identifiable or substantial
Responsive: For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm’s offerings.
Profitable: Marketers must also focus their assessments on the potential profitability of each segment, both current and future. Key factors market growth, market competitiveness, and market access
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At the End of the Day
http://thecolbertreport.cc.com/videos/regxdh/millennial-generation-soup-campaign?xrs=share_copy_email
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Reference Page
Barkley (2013) Millennial I am a enigma retrieved May 1 from https ://video.search.yahoo.com/video/play ;_
Colbert Report (2012) Millennial Generation Soup Campaign retrieved May 6 2015 from http://thecolbertreport.cc.com/videos/regxdh/millennial-generation-soup-campaign?xrs=share_copy_email
Grawal and Levy 2013 Marketing Four Edition New York McGraw Hall
Microsoft Stock Picture retrieved May 1-5 2015 Microsoft .com
