As the generation changes so does the promoting techniques for example, Tweens will love products such as a YOYO but a year after it will not be so cool. This is soley because of the generation change, although it is only a year on, as the tweens grow up so do there needs of certain products.
Generational Marketing consists of the following,
a. Tweens
b. Pester power
c. Generation Y
d. Generation X
e. Baby boomers
f. Over 50s
All six areas play a big role in the target market of a business for example, there are certain businessess that only cater to certain age groups such as over 50's. This age groups needs will be totally different to that of a tween. Tweens are considered the real next generation. A company will target tweens in a way that when they grow up the tween will be a loyal customer to that particular business. This is a great way for a business to have future customers. It will be easier for a busieness to build up a customer profile and keep that customer for a long time rather than attract new customers every year. Although every business plans to attract new customers it is also vital to keep previous customers.
Baby Boomers."Baby Boomers is the name given to people who were born in a "baby boom" following World War II. The Boomers were born between 1944 and 1964. The oldest wave of the Baby Boomers is currently considering retirement options and looking at ways to make their elder years meaningful"
(about.com, 2010)
This age group is very unique in its own way as the people within the age group are looking for that one thing that will keep them occupied. For some it may be a holiday home and for others it may be activities to do with there grandchildren. It is up to a business to provide the 'Baby Boomers' with a product or service they can not refuse.
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Generation X'The generation of people born between 1963 and 1981 who entered the workplace from the 1980s onward, bringing new attitudes to working life that run contrary to traditional corporate expectations'.
(BNET UK, 2010)
This is the time when new employees where being recruited and there was a different way in which people worked for example, due to the culture back then working life was a lot diferent to that in todays world. In those days people would go to work, come home and rest and then do the same thing the next day.
Generation Y
'A label attributed to people born during the 1980s and early 1990s. Members of Generation Y are often referred to as “echo boomers” because they are the children of parents born during the baby boom'.
(Business dictionary, 2010)
This is where the new generation has taken over. This generation requires a lot more attention. Along with the extra attention, this age group requires a lot more technology orientated work place.