A SHORT GLIMPSE OF CONSUMER GROUPS BY GENERATION

PRINCIPLES OF MARKETING

Based on the given information and my own personal experience, the Baby Boomer or
Boomers are the generally chill era. They are the ones who teach people proper manners like that
lovable grandmas who always have a snack, love and affection ready for you. Boomers are the
ones who many joke are incapable of accepting technological change or just change in the
society in general. I believe that this mass mindset or belief is brought on by the fact that the
Boomers lived in a period of consistency for a good majority of their lives, the 40s-60s era was a
steady innovative period but not as drastic when you compare the 90s-00s jumpstart. They were
used to their usual ways of life and society but just because they can barely let go of their old
pace in life doesn’t mean that they are the least marketable segment. Boomers make up the good
majority of the economy and the market especially since they are within the retirement and
pension period. These individuals have money to spend and they can splurge because it is their
money and they have a semi-constant flow of it.

Looking at the Boomers from an economic standpoint, this generation reflects a critical
open door opportunity for retailers and marketers. Many Baby Boomers who have become void
nesters or resigned have the extra cash to spend and are spending it on themselves. Age is an
excessively shortsighted approach to see this age because the Boomers are not interchangeable
customers. Indeed, in an ongoing report by SeniorMarketing.com, practically half of Boomers
felt they had been unjustifiably treated as "old" and 72% said they knew somebody who had
been – regardless of whether that is from in-store promoting or advertisement crusades.
Marketers should direct their marketing tactics on age right out as a marketing tactic as instead of
appealing to the mass consumers they are actually repelling the very consumers they had
intended to keep.

Marketers should learn how to properly target the Boomer generation as they are the
wealthiest by far and the ones who are most likely to overspend. As stated previously, Boomers
do not receive change with a welcoming smile but rather they tend to turn away from it; the same
can be said about certain products or services.

Brand loyalty was basically invented by this generation. Despite the warning against
directly using age as a marketing strategy, marketers should always keep in mind that it is a big
factor in consumer behavior and spending habits. Scientifically, the older one gets the more he or
she insists on using the same products or the same businesses because it is a habit that the brain
has made them think is a necessity for their daily lives. Take for example, when a particular
business plans to make a change in the formula of their hygiene product. Many individuals who
are young at heart will rush to purchase an everlasting stock because he or she has gotten used to
the concept that nothing can be or will be better.

Boomers tend to gravitate towards products or services that will make their lives easier
and more entertaining; age is still a major factor in this. The Boomers have lived through the post
war era where they did not have the privilege of a proper childhood as one would call it. Now in
their golden years, they are making up for all the wonder and joy they had missed back when life
was simpler but not as fulfilling. Back then, they were forced to take on multiple jobs at a young
age to help feed their war-stricken families as the economy was rebuilding. Giving usual
products with add-ons or up-sells is great way to provide the Boomers with an additional
purchase reward as your profits grow alongside it. Adding on a products is relatively cheaper and
statistically more profitable as the percentage of selling a new product to new customers is
considerably low when compared to selling products with up-sells to an already existing
segment.

Personal marketing is most effective when it comes to this generation. Admittedly, they
are the most susceptible to the traditional marketing tactics and strategies even in this day and
age of progressive marketing. Going back to one of the main reasons why this is so, Boomers
tend to not appreciate change in any form especially in terms of product placements. They are
used to the traditional newspaper and television advertisement and door to door salesman or
saleswoman as compared to online Facebook advertisements that only confuse them more.

Generation X is the underrated segment of consumerism. Most would believe that the
entire generation is broke and unwilling to overspend at any cost; they are basically the heavily
guarded customers. Due to the decrease in generally economy, this segment of consumers are
more concerned with being able to keep up with rent or having enough for a week’s worth of
groceries. They are usually unwilling to spend more than what they need because unlike the
Boomers but admittedly they are also prone to being the most to overspend. Generation X are
still working people who need to have a financial game plan that enables them to satisfy the
basic human needs while having enough to pay off bills and or student loans. It's a segment of
society frequently disregarded by advertisers for the more youthful Millennials and the more
seasoned Boomers. Not exclusively is Gen X a significant extension between two exceptionally
progressive generations, they have a higher-than-normal household income and an impressive
spending intensity of $2.4 trillion. They're ending up being a long ways from the slackers they
were called in their childhood. Truth be told, Generation X is frequently dealing with developing
kids and maturing guardians, while overseeing demanding careers and bills.

Gen X are the people who you see bargaining in the market place for a piece of meat or
that one lady holding up the cashier line with her humongous book of printed coupons.
Generally, they are more family centric when compared to most segments because this group is
either starting a family or is in the middle of one; either way family holds a vital role in the way
they purchase items. This is the generation that cannot be easily bought over by simple and
traditional marketing tactics.

As stated beforehand, Gen X are the people that coupons are made for because even
though they have the highest amount of annual income, they are also the most financially secure
due to their affordable and practical choices in purchases. This segment has this hive mind
wherein the majority do not rely on their Social Security for their future needs and expenses so in
response to this they start early in allocating their funds properly while preserving the resources
that they have as of the current time. Giving Gen X a way to be able to save money for certain
products is helping them maximize their resources while giving back to the business in the long-
term run.

Garnering that the age range for Generation X is within 55 to 40, they do compose a large
portion of the society in general and most especially in the working class and political spectrum.
These people are the adults that many teenagers believe they are when they’re beyond 20 but that
belief is far off. Being an individual in this age range brings on many financial factors that they
take into consideration such as: needs and wants, housing, utilities and housekeeping, food,
healthcare and transportation as needs and apparel and personal care products, entertainment,
reading and education. This generation is less inclined to moving along the influxes of patterns in
the popular lifestyles; they're bound to purchase a service or product that may benefit and uphold
their own personal values and beliefs in accordance to their society and or environment. By
appealing to their want to help out in their society, marketers will be able to profit more from this
generation which is an incredibly good thing as even though they make up a small portion of the
population, they still have the highest income rate. Consequently, not only are there two parties
that are benefitting from this one purchase but there is a third party such as: charities, research,
organizations, movements and the like.

It was stated before-hand that Gen X is family centric which is true because of they are in
the age range by which they usually have a family to feed. Targeting this generation using
lifestyle options is a smart tactic as birthdays, anniversaries, reveal parties and etc. are quite
popular due to the fact that everyone has to have experienced one thing at least once in their life.
From household items to children’s toys, a lifestyle marketing strategy covers the mass majority
of the market which in turn raises the probability of having more consumers purchase and use a
business’ products.

Generation X are not easily persuaded by usual marketing which becomes a great loss in
possible income to many businesses that could have provided them with a product or service.
Due to a Gen X’ busy schedule they are unable to stop and take a deep breath; stimulating their
want and need to have a vacation will no doubt bring income because when these people take a
vacation they will bring their family with them. Hotels, airlines and general vacation spots
receive greater benefits from families with Gen X member as compared to Boomers and
Millennials because they bring their entire family on the trip which then racks up quite a bill
especially with younger children and extended family.

Prior to popular belief, Gen X is quite techno-flexible more so than Boomers. Their
ability to go along with the current trends like online shopping and direct emails is what makes
them the ideal customer. They have the money and the resources to purchase a product or a
service which they would need. Gen X realizes the more practical and liberating form of
reaching out to other people and buying products through online means as more convenient for
their given busy schedule which is why many businesses should be able to provide an online
platform to further broaden their potential customer range.
 The generation that many make fun of yet is the generation that is the most equipped to
take over the work force of the present economy. Millennials are the, “young adults” segment;
they’re not working class yet but a good majority of them are financially stable whether it’s from
family money or through jobs they get a stable income from. Another factor of the millennial
economic impact is their population; millennials are estimated to be 1.8 billion taking up almost
27% of the world’s population. In retrospect, they can be considered the main customers of the
market because not only are they able to purchase items but they also reflect the many needs of
the majority of the segments. Millennials are composed of different generations in contradiction
to the fact that they are one generation. Boomers are the grandparents, Gen X are the parents and
the Millennials are the children so as we can see through this rough demographic one can clearly
see the effect that two generations have on one.

Because of the wide range of influences, this generation is the passionately innovative
hearted customers. They want to use something new or create something new with the in
between being millennials who just go along with life as it comes. It is within this generation
wherein the market did a big change with many opting to use online websites as compared to in
real life stores and chic trendy restaurants that attract the attention of this massive demographic.

Millennials was the first generation to feel the impacts of access. Access enabled
Millennials to have alternate points of view, desires, and practices. Due to the change in
environment, the way the generation reacts and acts changes as well. As of the 2000s era up until
this point in time, the current time period is the most cutting edge, complex, and imaginative in
regards to mankind's previous time periods. Contrasted with other generations, Millennials –
those ages 22 to 37 as of 2018 – are deferring or foregoing marriage and have been to some
degree slower in shaping their own family units and households. They are additionally bound to
be inhabiting home with their parents, and for a longer term.

Their unwavering nonchalant response to traditional marketing strategies have helped

form the various and modern tactics we see on a daily basis through its biggest platform: social
media. Unlike the generations before them Millennials want to have or experience the next big
thing. They are the ones that follow alongside the latest trends because they are the generation
that wants to experience something new, something exciting in their lives. When they get
involved or invested in a product they are passionate about Millennials are automatically all in.
These solid, yet short, explosions of serious commitment portray the Millennials' confidence in
self-improvement in all aspects. Fundamentally, Millennials have a desire to be and do their best
in all areas necessary, product purchasing and even investing being one of the top priorities. For
this segment, being a well-rounded individual who can calculate his or her choices that adhere to
his or her desires and needs is a paramount for them. Focusing on what to improve to appeal is
the smart choice to make with this generation being one of the main sources of finances.

Because of their passionate and persevering nature, Millennials become confident in their
abilities to decipher which product, service or business is the absolute best. If it were not to fit to
his or her standards, they have the opportunity to review the unsatisfying service, product or
business. With the cutting edge development in technology comes the availability to directly
review an establishment or product though the use of the internet whether it is through an
establishment’s official website or through personal social media accounts such as Twitter,
Facebook and Instagram. Their usage of online means to locate restaurants to eat at serves as a
reflection on how meticulous Millennials are with gathering information about different things
based on the experiences of other people.

Millennials are well-known for their tech savvy ways so it comes to no surprise that
targeting them through social media is a strategy that many businesses opt to use because it is
convenient, easy to set up and is able to reach a wide range of potential customers and
consumers. This segment has become dependent on the availability of the internet and its many
uses most especially the shopping or the product purchasing portion. Instead of going to a store,
browsing for who knows how long and then waiting in line to have a product, many are opting to
use the more convenient and less physical methods which are online shopping; this also applies
to searching for places to eat or a hotel to stay at for a vacation. Providing an incentive such as a
5% off voucher for following a shopping profile on Shopee is one of the examples of social
media incentive because it encourages the user to support the profile by giving him or her a
discount which in turn may have them feel obligated to use said voucher. This generates talk
about a business or a product, this is basically free marketing whether it is through online
platforms or word of mouth either way the business is generating sales and helps the business
expand its marketing range.

The main problem being faced in this case is that marketers are not able to appropriately
market their products to the three main generations that make up their market demographic.
Although a few aspects of it have changed, the market remains as it is just with a few tweaks and
changes brought upon by the ever-changing times. By closely analyzing the problem I can
conclude that marketers are becoming more and more flexible when it comes to making their
product marketable to the Millennial generation as it is the current one that is rapidly
overthrowing the work force. Despite their changes to suit the more modern and youthful target
they have forsaken the two generations that had built them from the ground up: the Boomers and
the Generation X. Personally, I find this to be a grave mistake on the market’s part because they
are experiencing a great loss in revenue due to negligence. Now this wasn’t news to the market
however and they have come up with a multitude of way to be able to connect more with their
consumers. One way which I find to be the most superior is that fact that the market did its
research on the generations and the many ways to be able to suit their fancy. They incorporated
traditional and practical means to advertise to the Boomer generation because this segment were
more prone to spending for themselves but only if they know a product well; following a
sequence of traditional marketing tactics such as sell-ups and emphasizing brand loyalty. To
connect more with the Forgotten generation or the Gen X, they had adjusted their strategy to be
more family centric while having a communal benefit that makes Gen X more compelled to
spend on a product. For the Millennials, the market had actually already been shaped to go
alongside what this generation looks for in a certain product or service; a few minor tweaks on
practical consumerism and they are golden. Overall, it is within the given clear and substantial
evidences that broadening the scope of limitations for the market is the best solution to the
former millennial centralized marketing.