CHAPTER 1 : Consumer Behavior in Baby boomer, Generation X, and Generation Y
Author : Pornpimon S. (Me), 2017
Reference : Marketing to the generations. Journal of Behavioral Studies in Business. California State University, Stanislaus & Southern Connecticut State University. (Williams & Page, 2010)
Today is the first day of my second semester in Master life. I would like to distribute the knowledge that I got from reading the academic journals in the last semester…
CONSUMER BEHAVIOR IN EACH GENERATION
In each generation of people: Baby Boomers, Generation X, Generation Y, they have a lot of different characteristic. They are different in term of demographic, personality, lifestyle, values, attitudes and experiences. These differences affect the decision to purchase products and services of people in each generation. Moreover, in the the era of technology that called the digital age everything changes so fast including the way business run. More businesses turn to run on the Internet. This is one of the reasons that people in each generation have to adjust their behaviors to match with the recent environment. In term of marketers, they must know the consumer behavior in each generation that lead them to get their product’s satisfaction. When the customers feel satisfy on the products and services, they will be trust the company and more likely to become the loyal customer.
THE BABY BOOMER GENERATION
Baby boomer’s characteristics, lifestyles, and attitudes have determined by their careers and retirement life. This generation has knowledge about technology and innovation more than previous generations. For the marketing information of the Baby Boomer buyers, they want immediate service that accept a little change and prompt improvement. Sometimes, they like alternatives and flexibility. Moreover, they concern about the quality of the product more than the price. The interesting issues for this generation are health, energy, and wellness. These issues are major goals for them especially, health is a major concern for this generation. On the other hand, they do not like bureaucratic system because this system spends more time and do not give value to the person according to their ability.
THE GENERATION X
Generation X’s characteristics, lifestyles, and attitudes tend to be self-reliant and innovative which create a specific marketing information. They do not believe in destiny and vow that can help the to be advancement and success in the short time without feeling weary. They generally are individual worker, not teamwork. Moreover, they like creativity that make things more valuable and practical. Moreover, they like stimulant that lead them to challenging environment, flexible in short-term duty, growth opportunity, and future development. For the marketing information of Generation X, they needs to purchase products and households services for young children, cars, appliances, games and magazines. Furthermore, they want to know about the features and details of the product in order to make a purchase. Generation X is the most price conscious and has low price sensitivity because they want products that designed uniquely for their tasks and needs especially, the information and technology are important in their products and services. Therefore, these Xers’ preferences lead to analysis of marketers. The marketers can help them plan for the future and balance their works, family, and personal life completely.
THE GENERATION Y
Generation Y’s characteristics, lifestyles, and attitudes are mostly independent and autonomous, and they need suitable way of marketing to grab their attention. They learn with their strong senses. Moreover, they want to know the last results without showing the reason of results. They can represent their personalities and make other people remember, and lead to the peer and social acceptance. From these characteristics of generation Y, we can give the definition to them with these eight key values: choice, customization, scrutiny, integrity, collaboration, speed, entertainment, and innovation for supporting the marketer to use the suitable ways of marketing in order to make them satisfy. This generation expect the competitive pricing that they can negotiate and search other prices from the online store to compare before making decision to buy their products and services. An effective marketing for this generation is to promote new products and services for their new experience because they care about all of their experiences. Another important factor is the peer that has very influence on the decision making of this generation.
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