This generation is described as having the following attitudes and beliefs, they are tech-savvy: prefers media based communication, family centric: prioritize family over work, achievement oriented: confident and ambitious, team oriented: loyal, committed, involved, inclusive, and attention craving: seeks feedback, guidance, and mentoring (Kane, n. d. ). The manner in which Generation Y views their world has a significant impact on the psychology behind their purchasing decisions.
In being able to define the wants and needs of this generation, marketers will enhance their profit. Generation Y teenagers form a significant consumer group more than ever in todays society. This teen group has become one of the fastest growing markets and they are greatly influenced by their social setting and environment. This generation was born into the cutting and competition edge of technology. Therefore, technological innovations systems keep Generation Y immersed in an insatiable state of want and need for social interaction and communication, information, and stimulus.
In todays economy, these teenagers are an easily identifiable market, they are eager to buy, able to spend, are easily reached (Schiffman, Kanuk & Wisenblit, 2010). From the teenagers perspective cost is a non-issue given that their parents purchase the items they need, there is no discretionary on purchasing as do their parents. Research and marketing teams identify that teenagers more often than not, spend money more on want than what they need.
Another factor is that this is the no child left behind generation which strengthens the need for popularity, inclusion, and acceptance; these are defining elements to identifying their consumer needs. Teenagers are impressionable and are subject to positive and negative peer pressure. The need to fit in and be accepted as part of the group reveals how their purchases define these desires. An example of this would be Nike clothing and footwear. Nike is the winged Greek goddess of victory. The Nike Company is widely associated with athletic achievement and promotes challenging slogans on their apparel such as, Just Do It.
Further, Nike reports from their own research that they catch the consumers attention through product quality, color and design and connect with potential consumer through aggressive media messaging and positive public relations imaging and professional sport sponsorship. These combining factors create an ideal product for Generation Y teenagers because Nike appeals to all aspects of their needs and wants. Another example of specific and successful marketing for this age group is through technological devices, such as with Apple. According to Buzz Marketings Tina Wells told Forbes, Teens are telling us Apple is done.
Apple has done a great job of embracing Gen X and older but I dont think they are connecting with millennial kids. (Matyszczyk , 2013). Further, Wells states that everything moves in cycles and you cant rest on your past glory. Youve got to evolve to maintain relevance. Apple needs to focus on innovation and teens will come back (2013). Another interesting twist on this is that teens may now view Apple products as having become too popular and have therefore suffered the disapproval of this same teenaged group of consumers.
This is a great example of how rapidly the attitudes and beliefs of this population can change and require a sense of balance in their marketing. From these examples, it seems that Apple, Inc. will be forced to redesign their marketing strategies to successfully compete with Samsung and Android. Conclusion Marketers will have to anticipate the ever changing and rapid trends of the Generation Y pathway. Given that this generation of teenagers is so innovatively advanced, they will continue to spend a vast amount of their time and effort involved with modern technology and devices whether to
receive information, communicate to peers, to shop online for products, or to download their favorite music. It will remain of utmost importance for marketers to understanding the underlying influences which impact teenagers and as well as their behavioral processes within the social context of their culture, their peer groups, and their lifestyles choices. Knowing this will enhance a marketers process and will enable the proper promotional messages that will provide their business with a potentially lucrative lifetime of profit returns.