Developing a Marketing Strategy

Today's lecture was about Generational marketing. The process of generational marketing consists of product development, CRM, communication and marketing. These factors are important in generational marketing as it recognises generations as "archetypes". The method of marketing towards a specific generation impacts on the way companies sell their products and services to the public. Each generation has its own characteristics, this enables the marketing target to categorize generations due to the way they act and speak. Marketers tend to market a specific generation as that generation impacts on the way marketers promote and sell their products to them.
Marketers tend to find it easier to reach out to this generation as this generation tends to see advertising as an entertainment purpose, therefore they tend pay attention to adverts that appeal to them. Marketers need to meet their customers needs and wants, therefore in order for them to be successful they need to let their customers know that they understand their values and their needs and wants.

The approach of generational marketing consists of four generation categorizes which are:

1) Boomers- people in the age range of 49-66 years old. These people are moving in to midlife and in to the early stages of elder hood, therefore this generation consists of people with experience of values and religion.

2) GenXers- people in the age range of 28-48 years old. These people are moving out of young adulthood and moving in to midlife, therefore this generation consists of people with experience of liberty, honor and survival.

3)Millennials known as Generation Y- people in the age range of 7-27 years old. These people are becoming young adults, therefore this generation consists of people with experience of community and technology.

4) Homeland Gen- people in the age range of 0-6 years old. These people are just arriving in the new generation, this generation relates to the Silent Gen as they both have similar traits. This generation consists of people with experience of due process and expertise.

In today's world I believe the generation which is most recognised is baby boomers and Millennials. The reason for this is due to the latest technology and trends followed by the people in these generations.
In order for businesses to promote their products to specific generations they will have to meet their customers needs and wants and attract their attention in order for the customers to recognise the products. Generational marketing impacts on social values and individuals lifestyles, therefore this influences on products and services.

The life cycle impacts on the generational marketing, as every generation passes through the same life cycle from childhood to old age. The marketing sector needs to understand that every generation fits in within the society, therefore the marketers need to build their brand loyalty in order to keep their regular and gain new customers.



Age sub-cultures is an important factor in generational marketing as well. Age sub-culture is about how a person's age impacts on his/her identity and often on spending patterns. Marketers tend to refer to generation's as potential marketers, therefore age cohorts are important, as they are groups of people of similar age who share similar experiences. This makes it easier for marketers to target a specific generation with similarities.
Teenagers are considered as Millennials, therefore marketing will impact them if their is high brand loyalty involved. This generations products and services will differ from Boomers as their the marketing that will impact them will be trendy products and stylish clothing, as they tend to keep up to date with the latest trends. This advert represents generation Y:



I will now be discussing one generation in more detail. I have chosen to discuss about Baby busters (Generation X):

This generation includes consumers within the age range of 19 to 29 year old. There is a majority of people in this age group. This generation is in the middle generation as these individuals are moving into adulthood. Therefore according to today's economic downfall they are mostly going to be affected as people in this age group want to get good jobs in order to make a secure future for themselves. This generation has already been affected by the economic downfall in the 1990's. Baby busters include individuals who are also in the education sector as many people may be studying in order to achieve a degree within this age group. Many people in this group tend to stay up to date with the latest technology and fashion, therefore as these two sectors are large within the marketing industry it is easier for fashion marketers to find their consumers for certain products.
People in this group tend to have minimum to low income as many of them do not work, are in education or live at home. However, in this group busters tend to spend mostly on products such as alcohol and cigarettes. As these products come into their social life are a regular usage by them.