market segment

Topics: Generation Y, Generation X, Generation Z Pages: 5 (1567 words) Published: September 21, 2013
In order to determine which promotional medium to use in order to attract generation Y interest to use our product, our company had conducted a survey to understand the behavior of this unique market segment. The pilot survey was conducted among 30 students in Management & Science University (MSU) that portrays basic guidelines about the total markets our company target to serve. The findings of the survey are as follows:

Preferences in medium consumer will refer when buying recycle product: Family
Social Media
(Facebook & Twitter)
Media (Television & Radio)
Print Media (Newspaper & Magazine)
Website
5
18
3
3
1

Generation Y as known as Gen Y, Millennials, Echo Boomers, Why Generation and Net Generation was born during 1977-1994 and are in the 16-33 age range as of 2010. They are children of the original Baby Boomers and their numbers rival that of the Baby Boomers. They grew up in a time of immense and fast-paced change including virtually full employment opportunities for women, dual-income households as the standard, wide array of family types seen as normal, significant respect for ethnic and cultural diversity including a heightened social awareness, and computers in the home and schools. Gen Y individuals are well grounded and wise for their age. They were born into a technological, electronic, and wireless society with global boundaries becoming more transparent. They are accustomed to a diverse universe where anything seems possible. The characteristics, lifestyles, and attitudes of Gen Y include older teens and young adults. They are self-absorbed and self-reliant with a strong sense of independence and autonomy. They want results and are not as concerned with the why of it. They are image-driven and make personal statements with their image. They have a greater need for peer acceptance, connecting with their peers, fitting in, and social networking. Gen Y individuals are open-minded, optimistic, goal oriented, and highly motivated toward their perceptions of success. Eight key values have been described for Gen Y: choice, customization, scrutiny, integrity, collaboration, speed, entertainment, and Innovation. Efficient multi-tasking helps them be successful.

Marketing to the Generation Y segment can be improved by the following possibilities. The teen segment of this generation receives considerable marketing attention and is notoriously selfish, lives for today, and spends big. Gen Y individuals assist in household management and shopping with important preferences and tastes being developed during these teen years. Marketers want to attract this group early and earn its loyalty. Appeal to their belief that they can make the future better. Be sure that they know that your organization’s mission speaks to a purpose greater than the bottom line, e.g., globalization, global warming, and the advent of the “global citizen.” Feature your organization as an instrument of change. Give them systematic feedback because they value positive reinforcement at accelerated rates compared to previous generations and want more input into all things in which they participate. They are able to easily grasp new concepts and are very learning oriented. Many are in college or have entered the work force, and most are planning for lifelong learning experiences. However, traditional mass marketing approaches do not work well with younger consumers. Gen Y reacts strongly to real life examples, they favor the truth and what is real. In essence, Gen Y cares all about the experience. The portrayal of multiple racial and ethnic individuals in ads aimed at this generation is common, single-race ads would seem unnatural to this multi-ethnic generation. So, as a marketer, embrace diversity, one-third of the members of this generation are from a minority group and diversity in communications is attractive to them. Honesty, humor, uniqueness, and information appear to be important. Encourage them to explore new paths...
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