Understanding Generational Marketing

Session

Management, Business and Economics

Description

Market segmentation is one of the most important strategies that marketers use to better understand their customers. There are usually geographic, demographic, socioeconomic, psychographic, and behavioral variables that are used in market segmentation. The most common and simplest market segmentation is demographic segmentation, which divides the whole market into smaller parts based on different demographic factors such as gender, age, income, education, or occupation. This segmentation assumes that people with the same demographic characteristics have similar needs, wants, and preferences for products. Lately, besides these demographic variables, many marketers have started segmenting the market based on the different generations. Today, this strategy is known as generational marketing, and it means dividing the market based on the age group that forms a generation. A generation is considered a group of individuals that are born in the same period and therefore they grow up in similar economic and political conditions which makes them share similar values and preferences. Based on the literature review methodology the main objective of this paper is to offer a theoretical overview of what generational marketing is, what are the characteristics of each generation and how generations differ in their purchasing behavior. The paper will also provide future research directions.

Keywords:

Segmentation, Generational Marketing, Purchasing behavior

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-550-50-5

Location

UBT Kampus, Lipjan

Start Date

29-10-2022 12:00 AM

End Date

30-10-2022 12:00 AM

DOI

10.33107/ubt-ic.2022.403

This document is currently not available here.

Share

COinS
 
Oct 29th, 12:00 AM Oct 30th, 12:00 AM

Understanding Generational Marketing

UBT Kampus, Lipjan

Market segmentation is one of the most important strategies that marketers use to better understand their customers. There are usually geographic, demographic, socioeconomic, psychographic, and behavioral variables that are used in market segmentation. The most common and simplest market segmentation is demographic segmentation, which divides the whole market into smaller parts based on different demographic factors such as gender, age, income, education, or occupation. This segmentation assumes that people with the same demographic characteristics have similar needs, wants, and preferences for products. Lately, besides these demographic variables, many marketers have started segmenting the market based on the different generations. Today, this strategy is known as generational marketing, and it means dividing the market based on the age group that forms a generation. A generation is considered a group of individuals that are born in the same period and therefore they grow up in similar economic and political conditions which makes them share similar values and preferences. Based on the literature review methodology the main objective of this paper is to offer a theoretical overview of what generational marketing is, what are the characteristics of each generation and how generations differ in their purchasing behavior. The paper will also provide future research directions.