Discuss Tweens, Gen Y and Gen X Overall description of the group : Demographics:

Question

Discuss Tweens, Gen Y and Gen X

Overall description of the group : Demographics: inclulsive years, education, income, marriage, etc.

Attitudes of this group.

Spending amount annually by cohort as a group; saving patterns of this age group, etc.

Product development for this age cohort: what product(s) would you recommend be created for this group

Marketing (advertising and sales promotion) approaches to be used when targeting this customer.- include media choices and an idea of the message you want to deliver

Citations in-text need to be used when necessary (this is important!).

References correctly presented

approximately 4-5 page single-spaced

Explanation / Answer

Tween is a new word that describes youths who are roughly ages 8-14, who are “between” childhood and the teenage years. Tweens in fact have a different view of the world from younger children in many significant ways. Typically, theirs is a more realistic view of life than the intense, fantasy-oriented world of earliest childhood. Preadolescents have more mature, sensible, realistic thoughts and actions: 'the most "sensible" stage of development...the child is a much less emotional being now. Marketing to Tweens needs to focus on long term retention power to newly entrants as tweens are likely to adapt new changes. They are having changing behaviour while trying to new things and gadgets. They are learning fast and marketers need to use dynamic while advertising and product development. They are fashionable and uses different outfits at different occasions. So marketers needs to reach for diffrerent occasions and develop products and services suited for those occasions.

Generational marketing is a marketing approach that uses generational segmentation in marketing communication. According to Wikipedia, a generation is defined as "a cohort of people born within a similar span of time (15 years at the upper end) who share a comparable age and life stage and who were shaped by a particular span of time (events, trends and developments)."

Generation X or Baby Boomers is the demographic cohort following the post–World War II baby boom, representing a generational change from the baby boomers. Generation X is a relatively smaller demographic cohort "sandwiched" between two larger demographic cohorts, the Baby Boomers and the Millennials. Because they have many needs and greater financial restraints, they often shop at value-oriented retailers. They can be unsure of themselves and often need reassurance that their choices are sound. Marketers can help them plan for the future and balance work, family, and personal life. They like initiatives that will make things more useful and practical. Give them a lot of stimuli, a challenging environment, and flexibility without long-term commitment. Give them opportunities to learn, grow, and improve. For example, ask them to volunteer on entrepreneurial projects. They demand trust to the extent that if your organization does not follow through once, then you are likely to lose them. Treat them like family. On the other hand, they have a reputation of being incredibly disloyal to brands and companies. The Boomers are the most likely to misunderstand Facebook remarketing ads clogging up their Newsfeeds but still be receptive to direct marketing/sales tactics; they like to talk to real people. Boomers have the highest value as consumers in the market today! They spend the most money on each shopping trip, and as they are hitting retirement, they are more likely to splurge on items that aren’t on the grocery list. Surprisingly, this generation even spends the most on technology—everything from premium cable to the latest smartphone.

Generation X needs to buy products and services to set up households and for young children. They account for the largest share of the nation’s parents and many of them were new home buyers caught in the housing bubble. In the early 1990s they were sometimes characterized as slackers, cynical and disaffected. Some of the cultural influences on Gen X youth were the musical genres of grunge and hip hop music, and indie films. In midlife, research describes them as active, happy, and achieving a work–life balance. The cohort has been credited with entrepreneurial tendencies.

Generation Y or Millennials is the demographic cohort following Generation X. Demographers and researchers typically use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years.Millennials are sometimes referred to as "Echo Boomers" due to a major surge in birth rates in the 1980s and 1990s, and because Millennials are often the children of the Baby boomers. The generation is generally marked by an increased use and familiarity with communications, media, and digital technologies. Millennials came of age in a time where the entertainment industry began to be affected by the Internet.Along with being educated, Millennials also tend to upbeat.Millennials being the most ethnically and racially diverse compared to the generations older than they are, they are also on pace to be the most formally educated. Millennials are reshaping the way that goods and services are being marketed by staying unresponsive to traditional marketing tactics. This generation decides where to eat based on Instagram pictures, chooses hair stylists from Facebook and has their groceries delivered to their door.To try and harness the power of a millennial on social media, add incentives to your marketing plan. According to Yahoo, 63% of millennials would be more likely to “check-in” to a business on social channels if it meant they’d receive a coupon or discount; 20% off is enough of an incentive to prompt 50% of respondents to visit a retail location. That’s huge!

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