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It is important to know and understand Generation Y otherwise a product which does not appeal to their requirements would not be popular amongst them and thus not be sold. "All too often marketers pick up on new segments of the youth market, but there is a tendency to overdo it and get caught in the hype. Some of these segments are important, but often segmenting young adults by lifestage is more appropriate than lifestyle and attitude-based segmentations,' said Piers Berezai, Datamonitor consumer markets analyst and author of the report" (Anonymous).
Organizations need to know their consumers and with the buying behavior of Generation Y, they need to appeal to their senses and give them what they need. If organizations do fail to do so, they will face failure. Generation Y constitutes a wide majority of the population of the United States and it is their needs which should be addressed to. With the rise of internet, and globalization, the competition has increased and Generation Y would waste no time in rejecting a locally produced good and opt for a higher quality and cheaper good presented to them by foreign competitors. Attending to their needs is one of the best ways for an organization to get success presently. With time, in the future the buying behavior would become stricter and the consumers would filter and purchase only the best. Hence marketing to Generation Y should be done with a careful analysis. They want the latest technologies incorporated in what they use and this should be provided to them. Once the name of an organization is established among Generation Y today, and it wins their trust, their sales in the future would also be on the rise, provided the quality does not fall below standards. Right marketing tactics should be used and the senses of this generation should be tingled. It is important to establish your name with them so that they also trust you tomorrow. Their buying behavior should be analyzed and products should be introduced to them accordingly. Latest technologies should be used and to gain their trust, the claims should be backed up with considerable evidence. Generation Y is the need for organizations today and they can drive a name all the way to success because of their purchasing habits. If ignored, organizations would soon fail in the future especially when the next generation becomes the consumers.
References
1) Wikipedia - Generation Y [Online website] Available at http://en.wikipedia.org/wiki/Generation_Y[Accessed on 22/9/2005]
2) Alan J. Bush, Craig A. Martin, and Victoria D. Bush - Article Title: Sports Celebrity Influence on the Behavioral Intentions of Generation Y Journal Title: Journal of Advertising Research. Volume: 44. Issue: 1. Publication Year: 2004. Page Number: 108+.
3) Jan Welborn-Nichols - "Market Positioning." [Online website] Available at http://www.zeromillion.com/marketing/ten/marketing-positioning.html[Accessed on 22/9/2005]
4) Jim Meskauskas - Millennials Surfing: Generation Y Online. October 15, 2003. [Online website] Available at http://www.imediaconnection.com/content/2027.asp[Accessed on 22/9/2005]
5) Anonymous - Tackling 'Generation Y'. 24/03/2003. [Online website] Available at http://www.foodnavigator.com/news/news-ng.asp?id=46375-tackling-generation-y[Accessed on 22/9/2005]
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