How should Ford Motor company market differently to Generation Y, Generation X, and baby boomers?
Each generation has its own characteristics, attitudes and lifestyle. Understanding their needs, wants and buying behaviors is essential to be able to connect with them. Efficient communication to convey the message will help gain their trust. Once gained, with their attention captivated, it will be easy to position the brand in their minds.
Ford Motor Company should be prepared to serve people from all segments of the population, providing products that meet the demands and expectations of each generational group.
GENERATION Y was born during 1979-1994 and are in the 18–33 age range. They are in the age where they are able to buy a
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They have specific qualities they search for in cars, like affordability, quality and durability. They are vey conscious about safety and low price, and don’t have brand loyalty.
Gen X is turned off by hype. Marketing to them is a very difficult process. They trust themselves and friend’s opinions rather than advertising. Yet, understanding their needs and wants can likely gain their trust. They don’t like being grouped. A good way to reach this generation is individually, emphasizing communication through the Internet. Email messages with their names makes them feel important.
BABY BOOMERS were born during 1946-1964 and are in the 48-65 age range. Health, energy and wellness are major goals for them. Family values are very important to this generation. Many are becoming Empty Nesters since their children are leaving home. The necessity of having a family vehicle is not essential anymore.
Boomers put a priority on good value for the money and on comfortable attributes like ride and handling. They are environmentally conscious and supportive of green products. Baby Boomers like to show off their personal style, so they tend to look for cars that increases their social status.
Since boomers grew up with TV, this medium is a major route to approach this generation. Yet, as they are jaded of ads and promises, baby boomers look for word-of-mouth promotion. When it comes time to
Another thing about this particular generation is that they are technology savvy. While things like the internet were not around when they were little, the older they got, the more technology as a whole grew. The internet came along as well as television. They have become starving for information. Therefore, when it comes to marketing, the best place to do this is on the internet and also on television advertisements. They do also enjoy reading the newspaper, so taking out portions of those would be beneficial. Making sure that there is as much information as possible about a particular service or product available is vital. If there is something that they see or want, they will do their research on it
Throughout the lives of baby boomers and even today the market is constantly changing the age of its target audience to focus on the boomers because they make up the majority of consumers. Without the Baby Boom business' growth and development would not be where it is today. The economy continues to appeal to the aging baby boomers as they near retirement just as it did right from when they were first born.
People of Generation X are very easy to be reached through many different strategies. On the Avalon Peninsula, there are many different places to buy toothpaste like grocery stores, retail stores, and convenience stores. For example, in the Bay Roberts- Carbonear area, there is three Powell’s Supermarkets, two Dominions, two Foodlands, two Shopper’s Drug Marts and one Wal-Mart. Hence, there are lots of consumer opportunities to buy toothpaste. They can also be reached by advertisements, the use of email, appealing to their financial responsibility, and appealing to their values. (“Stuck in the Middle: Marketing to Generation X”, 2015)
There are ways that baby boomers are a great asset to the health world. In the health care industry, the average 70-year-old takes about three times more medication than the typical 40-year-old. By the time they are done, 78 million baby boomers will have outlived millions of hip replacements and heart transplants, swallowed tons of Advil and Viagra, and consumed billions of boxes of brand. Which cause for a whole lot of health care spending. Baby boomers are also great when it comes to the traveling industry. In their younger days, boomers were extremely adventurous. Thanks to the baby boomers who in the 1960s and '70s made random student trips to Europe and also to single resort scene to the apotheosis in the 1970s. Especially the posh room
Generation Y are less brand loyal and the speed of the Internet has helped with the flexibility to change in its fashion, style consciousness and where and how it is communicated with. Lastly, Generation Y whichranges from 1995-2012. According to Generational Kinetics there are currently over 23 million Gen Z in the United States. Gen Z members are still largely kids and adolescents but have earlyindications of being increasingly self-aware, self-reliant, innovative and goal-oriented.One key difference from Millennials and Gen Z is that they don’t remember a time before social media. As a result, they tend to live much more of their entire lives from interacting with friends and family to making major purchases online and via their smartphones. Therefore, Gen Z kids will grow up with a highly sophisticated media and computer environment and will be more Internet savvy and expert than their Gen Y
With the help of improved medicine and nutrition research, Boomers are expected to live longer than their parents, and they anticipate better health in their golden years. Understanding this is at the core of knowing how to market to Boomers--and to deciding what products or services you want to offer them.
The "Baby Busters": the latter seems rather a generation between the Baby Boomers and Generation X, born between 1958 and 1968. Many lifestyle choices. Enter the labor market with some unique jobs. Concern for family values (despite the many divorces).
Generation X: consist of people born from 1965 to 1979, this group of people has accepted the higher education already and some of them work in a big company, earning higher salaries. Those people are in no rush to marry. For advertising companies, they should stress the advantage (eg. Credibility and naturalness of ingredients) of Paying TV services. The advertising company should attract these people since they like music, fashions and language.
Actually, Ford is aware of the needs and likes of the customers, so the company offers them a variety of vehicles from fuel gas to electrical systems with financial plans to afford them. Through its attainable mission and vision, Ford shows customers how solid it is in the business. The Ford Foundation really helps people to continue studying, in finding a cure for diabetes and breast cancer, and in initiatives to preserve American’ heritage, in order to improve their quality of life. It is important to highlight that to be a successful company doesn’t only mean to get a lot of profit in revenues, get innovation, and improve technology; it goes beyond that. It also includes taking into account people. Therefore, Ford started in the business with a strong background, clear objectives, a solid vision and a solid mission that have allowed it to position itself in the place where it is; thus, its products and services along with the nonprofit organization it supports make Ford Motor Company become
The market has changed and a new sizeable consumer has been revealed. These consumers belong to the Generation X and Generation Y (Millennial). This encompasses the age group between 18 and 30. The Generation X is individual’s born between the years of 1966-1976 and Y’s are born between the years of 1977-1994.
There are similar definitions of baby boomer generation in various organizations and scholars. Vincent and Velkof (2010) stated that the baby boomer generation consists of people born in 1946 to 1964 (aged 53 to 71 in 2017), which the period from the end of World War II. They also argued that the post-World War II baby boomers had stepped into the older population, result in a change the age structure of the worldwide. In addition, another scholar from Columbia University, Macunovich (2000) identified that the first-time description the phenomenon of baby boomer was in 1951 due to the birth rate was rapidly increased at that time, among the birth rate in American was enhanced 76 million within twenty years.
Rugged, stylish, comfortable, economic, and most of all, dependable. The Ford F-150 is the pickup truck that changed the nation. From its very beginning, the Ford truck has taken care of its owner’s necessities from hauling hay to visiting family and friends. Since its inception, the Ford Motor Company (FMC) has earned the loyalty of its customers. Most of all, the ford pickup truck has earned the respect of farmers, families, and businessmen alike. How did the FMC earn the loyalty of the people? By creating the highest value possible for its customers. Ford provided the most reliable and economical vehicle in its time.
When you hear “Baby Boom” you think about a lot of babies being born at once. That's exactly what happened from 1946 to 1966, a lot of babies were born. Once the war ended and men were coming back to Canada they decided that with peaceful times among them, it would be a perfect time to have children. Many of the men couldn't wait any longer to have children with their wives. As the Baby Boom children aged they changed society. Also, many Baby Boomers supported “drugs, sex and rock and roll”. They did drugs, and completely changed the social norm of leaving sex until after an individual got married. Lastly, the Baby Boomers had lots of opportunity to get an education and live lifestyles that came with lots of material success. The Baby Boom children left a huge imprint on their siblings the Baby Bust generation, which lead them (the Baby Bust generation) to struggle greatly.
Thereby, the Baby Boomers are the generation that strives for the equal rights and equal opportunities. They are characterized by their team orientation and concentration on personal growth. However, the Baby Boomers are the generation that lives the American Dream. Therefore, they could like the idea of TOMS Shoes business model, yet, they would be highly unlikely to buy a pair for themselves. The representatives of Generation X would have a different attitude to this idea. They grew up when
Ford has two unique ways to protect its market share. Ford has a renting car system which you can rent a car rather than buying a care. According to Penn Schoen Berland, an independent research company, one third of millennial has interest to rent a car rather than buy a car. In renting system, Ford adopts one way journey system which you “pay as you go” and “you pay how much miles you go.” Another unique system is Ford Credit which Ford offer credit card to customers. Ford Credit helps Youngers to rent a car or lease a car from Ford.