Targeting Consumer in Term Paper
How will the purchase decision be made? Autocratic or syncratic?
Do we need to market solely toward the male user or also toward a female decision maker in the household? Who is the family financial officer? What heuristics and biases might be present in the decision process? Stimuli will be created to evoke emotions and develop attitudes; will these be aimed at a desired social status affiliation? Or to promote feelings of health safety and security? Involve use of restricted or elaborated codes? Would the product’s use be “trendy”—conspicuous consumption? We will need to obtain information on our potential market in order to answer these crucial questions.
Our text is a bit vague in defining Generational Cohorts, which identifies clear value differences between generations loosely classified by date of birth (or entrance into the workplace, depending upon how the information is used). This four-stage model attempts to capture the unique values of different cohorts or generations in markets because they have shared life experiences. The four-stage model of values should be helpful in understanding values, loyalty, and ethical behaviours. The most common generational groupings (giving descriptions applicable to the US and western markets) are identified and described as:
Veterans Also known as Greys. Born before 1946, this group entered the workforce in the 1950’s or early 1960’s. They value hard work, loyalty, conforming to policies, and tend to have conservative views. They may be less likely to voice disagreement, more cautious at debating. As a consumer, they may be more conservative and contemplative in decision-making; not quick to act.
Boomers (Baby Boomers) Born between 1946 and 1965, this group entered the workforce during the period from 1965-1985. They value success, achievement, and ambition.
Xers Also known as Generation X or Baby Busters. Born between 1966 and 1976, Xers just recently entered the workforce between 1985-2000. They value a work/life balance, are team-oriented, dislike rules, and are loyal to relationships.
Nexters Also known as Generation Y. Born after 1976, these folks just entered the workplace since 2000 and are our emerging consumers.
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