Generation Marketing 

Generation Y Marketing describes a technique that promotes a brand’s products and services to consumers who were generally born between the early 80’s and mid 90’s. Sometimes called Echo Boomers or Millennials, this socially conscious and technologically savvy consumer group accounts for one quarter of the total U.S. population. People belonging to Generation Y are the highest per capita spenders and receive more of their product information from the internet than anywhere else. Embracing technology and the use of both guerilla and viral marketing tactics are the best way to reach this group.

http://www.fusemarketing.com/Definition_Gen_Y_Or_Generation_Y_Marketing 

What Young Adults Care About Has Shifted!

Generation y are in a stage where things are completely different to that of those their parents would have experienced at the same age.

A study found that 46% of all 18-24 year olds who chose to have access to the internet rather than having a car. This shows that generation y are reliant upon technology. 

Also in 2002 CDs had a 95% market share of music sales however in 2010 this was reported to be less than half, due to the ability to now download music. 

With the London 2012 Olympics fast approaching generation y are at a prime age to enjoy and remember the event for the rest of their lives. The London 2012  Olympics will be a big event for the whole world but especially those generation y individuals who live in Britain. 

Generation y also covers the age ranges of the individuals that are to compete in the competition and therefore for many of the generation y this may be a lifelong goal of theirs if they are sport influenced. 

Grant and Stephen (2005) highlight generation ys spending habits are a result of distinct social trends like couples having established careers and fewer children. 

Grant and Stephen also emphasis the increasing number of divorce levels and households were parents have full time jobs leading them to indulge into buying their children things due to them feeling guilt. This has then lead generation y to be more self-indulgent and materialistic. 

Decision Making Process 

Gen Y is a free spending generation because of their economic clout. Further, an increased
presence of brand names has created brand awareness and preference among Gen Y at an
earlier age. Therefore, it is important to know how Gen Y forms attachments to brands. The
brand concept which refers to the image of a particular brand plays a crucial part in the
decision making process.

 Liu (2002) 
There are two common brand concepts, namely function-oriented brands and prestige-oriented brands. Function-oriented brands are associated with product performance like reliability and durability whereas a prestigeoriented brand concept is associated with luxury and status. Liu (2002) adds that brand concepts have an impact on how consumers evaluate the product as these concepts facilitate the formation of associations with brands. 

Taylor and Cosenza (2002)  
State that normative decision process starts with a stimulus which provokes need recognition. They state that this is then followed by information search, evaluating competing alternatives followed by a purchase decision. They report that demographic characteristics like education and income level have an impact on decision making. They alert that as a consumer grows older, information search and evaluation of product decreases.

Therefore, the Gen Y is crucial to marketers as it is important to capture this market and

establish brand loyalty before they move into their mid-twenties and beyond. Taylor and

Cosenza (2002) 
Explains that female Gen Y is more prone to buying on impulse, ignoring

information search as they seek instant gratification and therefore prefer branded apparel

as clothing brands give them an avenue to express themselves. 

Bakewell et al. (2006) 
Reveal that on the other hand Gen Y men have a “self-oriented” approach and focus on the functional benefits of clothing like warmth and durability which may include extended problem solving situations in their purchase decision. 

They explain that Gen Y females are “other-oriented” and clothes are used as symbolic value for achieving approval and acceptance from peers. 

Nevertheless, they conclude that Gen Y males, just like Gen Y females, are fashion conscious and have an understanding of fashion brands and their

desirability.


Generation y consumers are at the age were they are currently breaking away from childhood norms and starting to develop and establish their own identities. 
Generation y have a natural inclination to spend and embrace products that promote a lifestyle that they can associate with their peers. 
 Generation y are exposed to strong amonts of peer pressure and this therefore has a major effect upon buyer behaviour in the generation y consumer market. Peers influence an individuals buying behaviour due to individuals purchasing in order to 'fit in' and to be socially accepted by peers.

Brand Conscious Generation? 

Generation y choice of clothing has been hypothesised to be brand conscious. 

A study in America at a college in Klang Valley using students aged between 18-24 years old tested this hypothesis. 

They used survey questionnaires in which they obtained quantitative data from 100 respondants. 

They then conducted a statistical analysis and personal interviews were undertaken for qualitative implications. 

The findings of the study suggested that generation y are brand conscious as the right choice of clothing helps them to identify themselves and clothing helps them create the right image to make them an individual. 

Findings also highlighted that peer influence plays a vital role in brand choice as it aids their socialization process.  Celebrity endorsements are also found to influence brand choice as they promote certain attributes such as image, quality and status for a brand. 

In addition advertising in an important factor in establishing brand choices among generation y.

Gen Y are associating brans with quality, image, status and experience. Brands are seen by generation y individuals are classy, smart and can give an individual self-confidence when they are seen by others with branded clothing. 

Generation y are seeking clothing brands that are visible and brands that can be associate with success showing that generation y are a materialistic generation. 

Brands are now entering into the minds of generation y individuals influencing them to interpret brands as a way to define themselves, their lifestyles, their personalities and their values.  

For advertisers attracting consumers to their brand at an early age can lead to a long and loyal relationship between individuals and brands, therefore generation y are a vital target for marketers due to them being at the age at which the develop serious relationships. 

1) It is important for generation y indiviudals to feel comfortable with brands that have a clear and acceptable brand image. They tend to look for brand images that are appropriate and clearly relate to the brand itself and what they prodive generation y with. 

2) Repuation over time is also another key factor that influences generation ys brand choice. A brand with a well established positive reputation is much more likely to be chosen over a brand that has a bad or short reputation. Generation y tend to stick to what they know is reliable. 

3) Brands that play a part in everyday life are also popular among generation y as they are brands they know well after using them daily. A brand that is part of an individuals daily routine is likely  to stay within a daily routine for many years due to an individual being use to the brand. At the ages in generation y individuals are just establishing things they like and dont like therefore using a brand everyday is likely to lead to a long relationship between the individual and the brand. 

Targeting 'Third Place' 

There is home, school/ uni/ work and a third place were individuals in generation y meet friends and socialise. These places are called 'third places' which are connected with having fun and creating a positive mood among generation y individuals. Marketing in these types of areas is likley to lead to a more positive intrepretation of a brand and its image.

Cultural

For generation y they tend to not be as interested in exploring culture as much as previsous generations due to them being able to access everything they would need to know about a culture online and therefore can stop them in some cases actually exploring culture properly themselves as they can just take what they read of the internet. 

Cultural characteristics such as the use of internet are likley to influencing buyers behaviour as many of generation y now shop on the internet. Generation y have grown up in a culture that is exposed to the use of the internet and therefore rely on the internet daily. 

Social
For generation y their social life is one of the most important activities in their lives and their family, friends and peers are likley to be major influences in buyer behaviour. Generation y our in a social word were the same things tend to be seen among each group. Generation ys buying behaviour is likely to be influenced by social characteristics due to indiviudals purchasing things similar to those of their family or friends. This may be an attempt to fit in or simply because they like the same things but indiviudals tend to follow trends that are popular among similar individuals to themselves. 

Personal
For a generation y buyer their age and lifestyle is typically going to be a major influencial factor towards their buying behavior. As an individual age changes the things they like are likey to also change and theirfor their purchasing of products is likely to change in adaption to their age and preferences. 

Generation y are a generation that currently need an occupation to survive due to their current bad econmic situation in the country (recession). Having a job means that individuals in generation y are able to invest in the things that are currently popular, for example the latest clothes, or technology such as the Iphone4 of Ipad, etc. 

An occupation will also determine what an indiviudal in generation y can afford as they will only be able to purchase goods that they can afford. Therefore I am able to conclude that an indiviudal in generation ys buying behaviour is determined by their occupation and the amount of money they have to spend. 

Psychological 
in generation y and indiviuals perception of a product is likely to be influence by the belief shared by many of the simliar people to the individual. For example if a type of chocolate has a strong positive belief shared among similar individuals it is likely this will influence buyer behaviour as they all share the same view.

Family Life Cycle 

For generation y it is not uncommon for generation y individuals to live in a household that has only one parent. Generation y have been brought up in a society were divorces are very common and are therefore acceptable in our modern world. 

  

A major indulgence in many generation y life styles is a summer holiday with friends. Year after year many groups of friends plan their summers holidays to escape 'home' and enjoy themselves. 

Popular programmes such as The Inbetweeners highlight the types of events that stereotypically happen on a summer holiday of generation y. On holiday generation y tend to spend a week drinking alcohol, having fun with friends and drinking in order to have the confidence to social with others of the same age who are also enjoying a similar holiday. 

 Programmes such as Geordie Shore and Jersey Shore have become increasingly popular among the 18-24 generation. These programmes have become well known among the individuals of generation y and is watched regularly by many in this generation. These programmes both highlight the extents which people go to under the influence of alcohol and record their every move over a time period which when put together creates a very popular tv show among this generation.

This website highlights the stereotypical things that a generation y female life tends to evolve around. The website highlights that generation y life's are based around socializing and 'fitting in' amongst others.

Its clear that generation ys priorities tend to be based around material things which would should a huge difference compared to those priorities of other generations. Generation Y tend to be interested in things that money can buy as they are growing up in a society where money is seen to be needed in order to have 'fun'. 

being a consumer in the generation y market i can agree that my attention is short and my purchases are diverse. i tend to not think about being brand loyal but purchasing things that suit me best. in my generations world everything can be made to fit an individuals lifestyle and provide the things they want / need. 

generation ys shopping habits and lifestyle is generally what determines the majority of sales revenue in business industries due to  generation y being a large majority of the population, and is  likely to continue to affect for the next 10-15 years. 

Facebook Timeline 

For generation y Facebook has simply become a way of life and a way of sharing experiences with friends and family.  


Facebook have opened up the timeline page design to brands and companies so that they can  use the new layout to allow pages to be more visual and attractive. Generation y will be significantly effected by this as they are the generation who constantly use the social networking site. Using timeline means companies can highlight their brand/ image / products etc through creating an effective timeline. 


On March 30th Facebook automatically changed every business page to the new timeline layout in order to help benefit them and their marketing to their target audiences. 

GENERATION Y EVENT TIMELINE 

11th September 2001 - World Trade Center Attack (Twin Towers) 

On the morning of September 11th four terrorists hijacked planes and flew them into both towers leading to a death toll of over 3000 citizens. In the following weeks after the attack Osama Bin Laden was named the main suspect and the United States military declared war in the name of 'Enduring Freedom' and sent troops out to Afghanistan to fight him and terrorist group Al Qaeda. 

This attack has significantly changed generation y especially since British troops also now serve out in Afghanistan, many people now know someone who is in the army and is fighting for our country. Generation Y are also at the age in which many sign up to the army and therefore this is the deciding generation. 

February 2004 - Facebook was first launched 
With the use of Facebook generation y are able communicate to a significant number of people by just using the web, and this is this generations preferred way of communication. For marketers this is a great way to see what this generation like and don't like through things like the pages they like, groups they join or statuses they write. 


7th July 2005 - London Bombings (7/7)

Four suicide bombers struck central London killing 52 people and injuring over 700, the London Underground and a Double-Decker bus were struck in this attack. 


 Generation Y have grown up experiencing the effects of tragedies like the London Bombings, therefore are aware of the signification effects events like this have on the population. 




March 2006 - Twitter Created 
Twitter is a social networking site based upon text-based posts of up to 140 characters in which people post what they want. Twitter is significantly popular among the generation y market with on average 340 million tweets each day by 140 million active users. Twitter is teaching generation y ways of cutting down what they want to say into small characters so they are still able to get their point across. Being a social networking site Twitter is also encouraging members to express their feelings and thoughts online and gives them almost a confidence booster as what they are saying isnt actually being said by the person out loud. 


January 2009 - Recession Confirmed 
With high unemployment rates and people struggling financially Generation Y are those at a particular risk because of the recession. Generation Y are the generation that could suffer in the future because of the ongoing effects of the recession such as no money for investments into new businesses or money to support current businesses leading to pay cuts and job cuts. 

1) July 2008 - Apple Launch Iphone 3G                       

2) April 2010 - Apple Launch Ipad 
3) February 2011 - Apple Launch Iphone 4    
4) March 2011 - Apple Launch Ipad 2 
5) October 2011 - Apple Launch Iphone 4s 




Generation Y are experiencing the constant changes in technology such as those by Apple. As they are surrounded by technology they are the generation that can significantly benefit through the use of technology and can strive off the advantages it brings. 

they see advertising as a form of entertainment but are turned off by advertisements that are over commercialized. they are turned off by advertisements that contain lots of hype or take life too seriously.

MTV Marketing Vice President - 'you must let them know you know who they are, that you understand their life experiences. you want them to feel like you are directly talking to them'.

GENERATION Y - 

http://www.guardian.co.uk/money/2008/may/25/workandcareers.worklifebalance  

'THEY DONT LIVE TO WORK ....... THEY WORK TO LIVE'

generation y have grown up with technology and therefore they depend upon it during their everyday tasks. generation y also prefer to communicate through technology such as text messaging and emailing, meaning traditional face-to-face contact isn't as common among this generation.

in the workplace generation y are described as confident, ambitious and achievement-orientated. generation y have high expectations of their employees and are not afraid to question authority.

generation y are also team orientated due to being brought up around team sports, play groups and other group activities.

generation y are less brand loyal and the speed of the Internet has led the cohort to be similarly flexible and changing in its fashion, style consciousness and where and how it is communicated with.






generation y members are much more racially and ethnically diverse and they are much more segmented as an audience aided by the rapid expansion in Cable TV channels, satellite radio, the Internet, e-zines, etc.




http://www.socialmarketing.org/newsletter/features/generation3.htm

the generation y population are much more technology wise, sophisticated and immune to most traditional marketing and pitch sales. they are immune because they have been brought up around it constantly and therefore have been exposed to marketing from a very early age.

generation y (baby busters) include people whose tastes and priorities are based around fashion, popular culture, politics and marketing.

in europe generation y accounts for over 30million individuals.

as we grow older our needs and preferences change and these are often in unison with others who are at similar ages as ourselves.

this meaning an individuals age significantly influences there perception.


i am choosing to explore 'generation y' which includes consumers aged between 18-26.