MK527_Task 2_CB & Motivation. Powerpoint_Paulina.Jaswiec
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This document discusses Generation Y (those born between 1980-2000). It describes them as approval seekers, motivators, digital experts, and community oriented. As consumers, they are responsive to digital/social media marketing. They value technology and community. Their priorities include mobile marketing, green marketing, and experiential strategies that provide truth and freedom. They had high expectations from employers but faced economic difficulties post-recession.
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MK527_Task 2_CB & Motivation. Powerpoint_Paulina.Jaswiec
- 1. Consumer Behavior MK 527 Paulina Jaswiec Generation Y American Millennial
- 2. Introduction Personal testimony The Fallen Star & the Domino Economic Effect, by Paulina Jaswiec
- 3. Background Millennia’s Generation Me Echo Boomers Trophy Kid Boomerang Generation Hero Generation Generation Next
- 4. Who they are Generation Y Generation Y, is from the years of 1980 to 2000. They are described as: • approval seekers • motivators • demand rewards • liberals • expressive • urban unit • entitled to all • digital experts • Diverse • community oriented
- 5. Political Stance Consumer Behavior • veto all governmental safety • economic difficulties • live with relatives • hold on the blossoming of adult • Obama to fix the problems, and when little change came about- they lost hope in the legislative powers.
- 6. Education Level Consumer Behavior • Most educated and driven generation then ever seen before • After freshly coming out of college graduates could not find jobs and decided to go back into school
- 7. Work Ethic & Religion Consumer Behavior • that found job had high expectations • Majority of this segment have two part time jobs but have a bad worth ethic • Non-religious just spiritualty
- 9. what they want technology community
- 10. Technology ▪ Digital Tech and Social Media crazy. ▪ Best multi-taskers ever in history ▪ Sleep with devices, or are constantly on them. ▪ 97% own computers, 94% own cell phones ▪ first generation to ever have computers at home ▪ They value all the profiles they have and use them as a self- expression forms- yelp, facebook, LinkedIn, dating online, twitter, jango, and blogs.
- 11. Community Values ▪ watch their parents spend 70% of their time at work or working- running to pay bills T ▪ they spent most their time raising their own siblings. ▪ being grown up, feeling they have already parented in their life- they prefer to not rush into marriage and kids ▪ They realize that they want to be the best parents one day and value parenthood ▪ grew up at a time where 30- 40% of other parents were divorced/ divorcing.
- 12. influences on consumer behavior *Responsive *Digital_Natives Results *Trend Hunter *Social Media Target *High Purchasing power Power
- 13. Consumer Behavior Opportunities Target topics for this segment: • mobile marketing • green marketing • inspirational strategy • experience and entertainment strategy • service programs, digital marketing • retail environment • price discrimination • sensory preferences • two way communication • social responsibility • 3 M’s (monitor, measure, manage) • promo’s • best channel marketing What they are looking for: truth, experience, freedom to make their own
- 14. References Goldstein, D. (2013). What is Customer Segmentation?”MindofMarketing.net, May 2007. New York, NY. Goldstein, D. (2013). Marketing & the 5 W's: why every marketer should take a journalism class. MindofMarketing.net, May 2007. New York, NY. Howe, N & Strauss, W. 1991. Generations: The History of America's Future, 1584 to 2069. Harper Perennial. ISBN-10: 0688119123 Lavendar, B & Parent, N. (2012- 2013) Bank of Canada Review, Internal Economics Analysis: “The US Recovery from the Great Recession: A Story of Debt & Deleveraging” http://www.bankofcanada.ca/wpcontent/uploads/2013/02/boc-review-winter-12-13- lavender.pdf Howe, N & Strauss, W. (2000). Millennials Rising: The Next Great Generation. New York, NY: Vintage Original. p. 370.ISBN 0-375-70719-0. Retrieved 13 November 2013. Pew Research Group. (2010, February). Millennials: A portrait of generation next. Confident. Connected. Open to change. Retrieved from google scholar. Retrieved from: (http://www.pewsocialtrends.org/files/2010/10/millennials-confident-connected-open-to-change.pdf Rampell, C. (2013). The New York Times, Magazine: “Boom, Bust, Flip” by Retrived from google November 12, 2013 http://www.nytimes.com/2013/10/06/magazine/ boom-bust- flip.html?ref=recessionanddepression&pagewanted=all
Notas do Editor
- There are many names associated with this specific market segment: ‘Millennial’s’, ‘Generation Me', ‘Echo Boomers,’ ‘Trophy Kid’, ‘Boomerang Generation,’ ‘Hero Generation’, and ‘Generation Next’ (Words are coined by 6 different authors).
- The Fallen Star & the Domino Economic Effect, by Paulina Jaswiec America internally unravelled at the start of 2007 after years of reckless lending (insurance, home ownership, & business loans), and careless spending. This prolonged lavish lifestyle build on credit drew higher demand to things that normally would have sustained a glow growth naturally. Instead this expenditure was not taken seriously even though the economics results exposing a more healthier balance statement prior. The American populations were ignorant and uninterested to what was really lurking under the façade. But it wasn’t 100% the peoples fault. Cheap and available credit led to more home byers. It’s the law of demand and supply. The supply was offered so inevitably the demand grew. (Rampell, 2013) I worked in a firm as a loan processor during the fall for three months, and my experience with the subprime and grey territory loaning was getting out of control. I remember meeting many lenders, though being a face of the lending institution, were prospering on each deal. On the other side the Loan Officers and Brokers- stood hungry for the sale. So in my opinion, I also blame the loose monitored laws to lending. People will always look to their laws- so governments should protect them making them in parameters of past disaster experiences. Unfortunately the ratio of debt & assets stood completely out of balance, and the scale began to tip more. The reality of where America stood was exposed by its tragic figures: now RealGDP fell down to 4.7% (worse then Great Depression!), calculated loss of 8.5 million jobs leaving unemployment at a staggering 10% and 17% for part time, lastly 16% of American were now considered to be classified as poverty level. Today it is seen as the ‘longest and deepest recession,’ because of its extremely slow bounce back. People lost houses, cars, and even business. The housing market took a deeper hit. The middle class people had no net worth disposable income, due to spent savings on remodelling and even taking out a line of equity to cover extra costs. While investing into remodels, the less fortunate of the fellow Americans were slowly being layoff. With one partner out of work caused pressure on keeping up with bills since most middle class people had little to no savings due to taking out loans on a home that they should have not have qualified for. (Lavender, Parent, 2012- 2013) Banks refused to refinance leaving the only other option of foreclosure. Banks fought hard to attain any liquidity, as homes were auctioned to potential upper-class investors at extremely low prices. But slowly they could not keep up as they were hit by cities of foreclosures. The new renters (upper-class) raised rent validating the reason on a bad credit scores. Slowly the middle class slipped into poverty level as taxes also went up. Budget cuts left both the white-collar & blue-collar workers without a job. Meanwhile the one’s with jobs were informed the drop of all benefits: healthcare, bonus, etc. (Rampell, 2013) The elections began, and already the economy was hurting for money. Federal debt skyrocketed as the boxer in the ring took punch for punch for his throne. Inequality issues grew, but with a promise of the president they were hushed. Left with nothing but a promise the slipping middleclass desperately waited for the direction form their leader. Spending- what once bloomed the development.. now had almost come to stopping halt as the people waited. Consumerism quieted down and the economy took the third hit. Presidents cure was announced on TV as American listened quietly. His idea was to re-invest money we didn’t have and to borrow money from other countries to prevent this from internal collapse from the absence of liquidity. Bank bailouts were next in line. Second time around and with the fear of loosing more money (risk aversion), bankers and investors immediately, ‘froze all bank funds.’ So the banking system picked up as the rest continued to slip. New policy’s of recovery immerged, followed by the printing of money. As we know printing currency leads to inflation. The classes (upper and middle) that started so close to one another are hugely separated in distance. The upper-class benefited by this recession; taking land, jobs, and making profit. The hard reality of today is, America has little to no middle-class.
- Generation Y, is from the years of 1980 to 2000. They are described as: approval seekers, motivators, demand rewards, liberals, expressive, urban unit, entitled to all, digital experts, diverse & community oriented (Pew Research Center, 2010).
- Political Stance: The senior population looks upon the millennial generation with shock and worry, as they veto all governmental safety nets (civil financial help, med-care, welfare), and fight for such things as equal rights (Howe & Strauss, 1991). But, I guess when looking at it through their point of view: the economic difficulties have led to dramatic increases in youth poverty, high debt for collage with no ability to find a well paying job. So this 'safety net' was not something that even existed for them, especially in the US. Through this crisis they are forced to live with relatives, which has put a hold on the blossoming of adult life; like development of serious relationships, or even having children. (Howe & Strauss, 1991) There was once a time the millennial counted on Obama to fix the problems, and when little change came about- they lost hope in the legislative powers.
- Education Level: Most educated and driven generation then ever seen before (Pew Research Center, 2010)! After freshly coming out of college graduates could not find jobs and decided to go back into school while they waited for the recession to finish since there was no future for them at that point.
- Work Ethic: The graduated that found job had high expectations, were deeply engaged and showed a high calibre or interconnection. Majority of this segment have two part time jobs but have a bad worth ethic due to low salary’s, respect, and empowerment. Holiday are hard to come by and if so only last a week. The trouble here is, if you have two jobs it’s difficult to get the same time off in both at the same time. This is one of the main reason millennial change jobs more frequently then the generations before. (Pew Research Center, 2010) Religious: Non- religious, only spiritual but not in institutions
- Technology: Digital Tech and Social Media crazy. Technology has made them the best multi-taskers ever in history (Strauss, Howe, Matson, 2000). Sleep with devices, or are constantly on them. 97% own computers, 94% own cell phones. In fact they were the first generation to ever have computers at home! They value all the profiles they have and use them as a self-expression forms- yelp, facebook, LinkedIn, dating online, twitter, jango, and blogs. (Pew Research Center, 2010)
- Community: This generation has watch their parents spend 70% of their time at work or working- running around to chasing money to pay bills. They spent most their time raising their own siblings. Now being grown up, feeling they have already parented in their life- they prefer to not rush into marriage and kids. They realize that they want to be the best parents one day and value parenthood. Also, generation Y grew up at a time where 30- 40% of other parents were divorced/ divorcing. This has also changed the way they precise marriage. Once again they would rather wait as long as it took, if it meant preventing divorce from happening. (Pew Research Center, 2010)
- Giving Hope: Since this generation has lost hope with political and religious aspects marketing can see this as an opportunity to introduce new hope/ give them something to believe in. (Although there are more there are two) One item you currently see more of is campaigns for: Eco friendly, going green, environmental, sustainability, recycled, and green products. Another one is quality of life campaigns for: learn- love- live, opportunity lives here, I feel like I am 30 again, feel sexy again, just do it, hope- that's what we sell, and it’s- me- nature + you. Education/ Knowledge level is high: Marketers must remember that these consumers will research everything from the quality of the product, price, channel is best sold in, to people’s opinion of it. Having a team of people that works on how to attract this generation- what makes this a good deal, will help sell your products. Generation Y want to know what your product, experience, or service, will do to make there life better. Technology Guru: Growing up with computers, and smart phones, milieus want to know what else you are developing to make there life’s easier. Digitally/ Socially staying ahead of your competitors will captivated the audience. Where are the muliti tasking behaviour will loose their attention if you don’t captivate it. (In this instance) Generation Y want to know what your product, experience, or service, will do to make there life easier (payment transactions, deposits, cancelations, accurate views, realistic numbers, customer service, relationship management, real-time scheduler, more options, better access or functionality). Target topics for this segment: mobile marketing, green marketing, inspirational strategy, experience and entertainment strategy, service programs, digital marketing, retail environment, price discrimination, sensory preferences, two way communication, social responsibility, 3 M’s (monitor, measure, manage), promo’s, and best channel marketing. What they are looking for: truth, experience, freedom to make their own