Buyer Behavior and Sales Promotion

Buyer Behavior and Sales Promotion

MARKETING TO GENERATION Y

Generation Y refers to all the youth born in the 80s and 90s. However some include those born in the late 70s i.e. 1978 onwards to date. Mostly Generation Y refers to the people who are born between 1977 and 1994. There has been no official consensus on the matter of dates and who all to include and who to exclude from the definition of Generation Y or as at times knows as "Generation Why" or the Echo Boomer generation (Wikipedia). The previous generation, known as Generation X was much different types of consumers as compared to Generation Y, whose ideology is purely to buy. They exhibit a culture of consumerism and their behavior and nature is much different than the previous generations. Hence marketing to Generation Y includes the analysis of their choices and marketing for products in an appealing way to ensure maximum consumerism.

The buyer behavior has changed considerably with Generation Y and image is not the top priority with them these days. They are highly influenced by rock bands, rappers, celebrities and sports figures. Teens that are highly conscious about the new trend make full use of the media including the internet to get an insight of what's new and what's in. They check for the latest fashions, services and products and aim to get them as soon as possible. Being influenced by sports celebrities, many advertisers have used these figures in the promotion of their products. "Over the years, advertisers have paid famous athletes millions of dollars to endorse their products" (Alan J. Bush et al., p.108). Although Generation Y does shop online, they however prefer going to stores and buying products from there. They expect honesty and verification therefore one cannot introduce them to a product without backing it up with evidence of its performance. Their obsessions should be learnt about and their interests should be known. They are trend setters and opt for the best that is available.

The positioning in the mass is highly important if the product is to be sold to the Generation Y "Positioning is a perceptual location. It's where your product or service fits into the marketplace. Effective positioning puts you first in line in the minds of potential customers" (Jan Welborn-Nichols). The environment in which Generation Y have grown up in has been a media oriented one and thus they can detect ploys right away. This would ruin the organization's reputation and positioning in their sights and they will avoid their products always. Generation Y will opt for products that have a standing and positioning. They do not want out dated products or products by companies who are not known, or have a bad reputation as far as their product line is concerned. Therefore it is important for organizations to have a positive review regarding their products in the media and it is essential for them to back up their claims. "Marketing to Generation Y is not simply selling them what they are buying today; it is about establishing your brand so that they will buy tomorrow" (Jim Meskauskas).

It is also vital for an organization to segment each market and analyze and profile to pursue the market targets that would be most profitable. 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.