General View Of Consumer Trends

The potential consumer target markets fall into two categories; the segments will be referred to as “Suburban Select” and “Young & Active”.

First, let’s defined age, Age plays an integral role in how companies promote their products online and offline. Segmenting your market by age often involves diversifying pricing and color options, and adjusting features to fit the anticipated needs and expectations of each age group. A bookstore releasing a new decade-specific book written about growing up in the

Today’s marketer must take into consideration many generational differences when considering a marketing strategy for a product. Most products are intended for a massive audience, requiring the marketer to utilize an integrated marketing scheme to encompass all generations.

One specific competitive advantage Macy 's holds over Nordstrom 's is its target demographic. While Nordstrom 's focuses mainly on career moms between the ages of 35 and 50, Macy 's recently launched "Millennial strategy" states that its merchandise areas primarily serve ages 19-30. The millennial generation (ages 13-30) is now America 's largest and most diverse generation, spending an estimated $65 billion each year for the type of merchandise sold at Macy 's. A much larger demographic gives Macy 's a competitive advantage.

We are all University Students that currently live in Halifax Nova Scotia, but have all grown up in various places. Two of our members are from Ontario and the remaining members from various parts of China. Given this geographical separation, our group has some obvious diversity in our individual consumer profiles. This is partly due to our different cultures and values. Our families also greatly influence our contrasting consumer profile - with our differing ethnical backgrounds, different social classes and varying religions. Conversely, we all fit into the age bracket of 18-25 so share some similar purchasing behaviour as millennial consumers (Kardes et la., 2011, pg 38). We have all been apart of many of the same world changes, such as 911 and global warming. This greatly sways our prespective on which products we can identify with and our preferences. Likewise, we all are at the same life stage (Kardes et la., 2011, pg 8). We are all young adults, finishing up university and starting our independent lives with limited disposible incomes. We tend to make most of our purchases online, allowing us to find the best deals in the least amount of time. Most of us find that food is our number one expense and value the bonds people make while sharing a meal. Many of us find it difficult balancing our busy lifestyles and school, but work to covercome these challenges. All of these inflencers guide our purchasing habits.

Shifting demographics: Millennials have emerged as the most populous generation in the United States. As this group’s disposable income rises, industry operators will increasingly cater their services to attract these individuals. Millennials are

One such demographic is the elderly. Market researchers have learned repeatedly that older consumers are not a homogeneous group (Schiffman & Wisenblit, 2014). Part of the issue that the term elderly is a catch all for adults that are 65 or older (Schiffman & Wisenblit, 2014). With people living longer, the elderly segment tries to covers a range of more than twenty years of age. One

This paper is the formal Integrated Marketing Plan for The Home Depot- the world’s largest home improvement specialty retailer. This plan will develop a one-year, $20 million campaign aimed at achieving a series of campaign objectives. These objectives will target both men and women ages 25-35, who have a college degree, a permanent job and are either renting a place to live or own their own home. External and Internal research has been conducted to get the best understanding of The Home Depot’s strengths, weaknesses, opportunities, and threats. Understanding these aspects gives further insight into the potential new target market, for which this plan was constructed towards, millennials. This plan with execute how to reach this new target

To market to this audience, one should focus on mobile marketing. 85% of millennials in the U.S. own smartphones (http://www.nielsen.com/us/en/insights/news/2014/mobile-millennials-over-85-percent-of-generation-y-owns-smartphones.html) and by creating pages on social media platforms one can target this audience with deals, events, and information. This will also allow one

Imagine money draining out of your bank account and into advertisers’ wallets. This is a reality, and marketers know how to make intelligent moves, and spend large quantities of money, to persuade you into thinking that you ‘need’ a product. $15 billion, to be precise, spent on advertising in just one age group (Linn). Did you know that this age division of eight to twenty-four year olds increases the amount of total money spent on advertising? This is because tweens are the ‘Big Spenders.” Therefore, advertisers specifically target younger audiences in order to continually increase their profits.

Marketers definitely learn from teens and their interest so it is not surprise that it is in fact the teenagers who technically come up with what is the trend or the brands to like. With this information, marketers are able to advertise accurately and grasp teenager’s attention more precisely. The correlation between the three of these components will only evolve during this era of heavy technology usage adding billions of value to companies and helping young people get into the marketing business as well. Although the consumer and marketer may not be completely proportional in terms of salary, both parties benefit in this

Blades’ article discusses how Aflac took a survey of millennials in Atlanta and the result they got was astonishing. Every generation before millennials describes millennials

According to the Nielsen report, Multicultural Millennials: The Multiplier Effect, “Spending more than $65 billion each year and influencing upward of $1 trillion in total consumer spending, multicultural Millennials are bridging the gaps between their birth culture, their own children, and mainstream society” (Nielsen 2017). This millennial demographic is controlling the market with their high spending power. In addition, Courtney Jones, the Vice President of multicultural growth and strategy at Nielsen, stated, “In addition to the influence they command on their more non-Hispanic white peers, there is another reason marketers and advertisers should be interested in multicultural Millennials: many of them are first generation professionals who are in prime acquisition mode. A growing disposable income among multicultural Millennials is a ripe opportunity for companies that court them and make an effort to cultivate and earn their business” (Nielsen 2017). With the diversity there is amongst millennials, there is an opportunity for

The millennial generation has become known as the most technologically able group based on their connectivity with the digital world. This causes businesses to take different approaches on marketing to them. Millennials cannot be marketed the same way other generations could due to how differently they perceive technology. Millennials also have a different perception of marketing, wanting to be involved in the process of a product. Theorists including Michael Serazio, Don Tapscott, and Katherine Taken Smith believe millennials are changing the way products are made because of their involvement. However, there are others such as Trebor Scholz and Tiziana Terranova who believe that this is an example of free labor in the digital world. As a result, Businesses in the commercial market must understand who millennials are and how important interaction is to them in order to keep them as customers.

Culture is the first socio-demographic factor that would affect the decision to purchase. Socio-demographic factors (Mac Carthy and Perreault, 1990, p79-81) are the dimensions that affect the consumer act of purchase in a specific consumption context. The typical ways to segment and define consumers are presented in the exhibit 1: the socio-demographic factors.