The Millennial is, by definition, a person who is reaching young adulthood around the year of 2000. You may also recognize the generation as "Generation Y". There are many characteristics that are very apparent in most Millennials and some that are stereotypical for the group. As a Millennial I can say that I am very determined, open-minded, and adaptable. Other age groups seem to have their own distinctions that set them apart but the Millennials are drawing more and more attention from the government, producers, and social/economic organizations that fuel our America. They have formed their own opinions and observations in order to develop consumer behavior analysis, but most importantly marketing and advertising strategies.
"This group includes several age cohorts: tweens (aged 9–12), teens (13–18), and young adults (19–32). With total purchasing power of more than $733 billion, the Millennials make up a huge and attractive market." (Marketing: An Introduction Page 73) It is become very clear the most producers look at the Millennial group as their biggest demographic. They are always looking for innovations to remain current and keep them interested. Although there are plenty of other generations trying to understand the newest trends it seems that most of the attention is pushed towards us Millennials. "Some experts warn that marketers need to be careful about turning off one generation each time they craft a product or message that appeals effectively to another." (Marketing: An Introduction Page 74) Companies should be well aware that there are other demographics to serve but the interest may be coming from how intrigued the producer is with the Millennial generation's diversity. "Many Millennials are immigrants or the children of immigrants who arrived in the United States as part of an upsurge in immigration that began in the 1940s. The share of people age 20 to 34 who were born in a foreign country is now around 15 percent – much higher than it was in 1950 and near the peak of almost 20 percent seen in 1910 during the last great wave of immigration to the United States." (Millennials Report Page 5)
Demographics have so much affect on production and marketing that without them there would no purpose for selling. It is always important to understand the target demographic and keep an open mind. Millennials have opened doors that other generations never spoke about. For example, "...many major companies have recently begun to explicitly target gay and lesbian consumers. According to PlanetOut Inc., a leading global media and entertainment company that exclusively serves the lesbian, gay, bisexual, and transgender (LGBT) community, the U.S. gay and lesbian segment has buying power of $690 billion." (Marketing: An Introduction Page 77) When a generation like the Millennials create milestones like Gay Marriage Equality, Freeing the Nipple, and legalizing Marijuana other generations may look at these accomplishments distastefully. They do not realize how many opportunities this creates for others around them and future generations.
Despite all of the opportunities and successes Millennials have created you may still be wondering what an "average Millennial" may look like or act like. In this case looks are not as important because there are so many cultures and ethnicities that make up Gen Y but you can definitely tell them apart based on personality difference and moral beliefs. According to MindTickle.com Millennials have the following traits and/or habits:
1.) Millennials are motivated by "Meaning"
*Share Gifts
*Make an Impact
*Live Your Desired Quality of Life
-As A Millennial I completely agree with being motivated by these 3 points. I always feel like it is my job as a human being to be kind and make an impact on someone's life at least once a week.
2.) Challenge Hierarchical Structures
* Not being afraid to question authority and form different opinions.
-I can also agree with this point because I do not feel the need to back down in situations just because someone may hold a higher position than me.
3.)Want A Relationship With Their Boss
* Feeling comfortable in asking questions and taking in feedback. This is important in order for a Millennial to enjoy their job.
-It is important to me and co-workers that we get along with our bosses on a friendly level so we feel comfortable in our work environment.
4.)Tech Savvy
*Understanding New Technologies and being able to adapt to new electronic devices and concepts.
- Many Millennials are confident using new technology and software. I have had several technological updates and have not had to read instructions.
5.) Open To Change
-I am extremely open to change and often use this as a strength of mine when filling out resumes.
6.)Task Oriented
*Tasks are important because they believe in productivity, not necessarily the amount spent doing something, but whether it gets done or not.
-I also agree with this point due to the fact that I feel comfortable completing tasks and accomplishing small goals.
7.) Hunger For Learning
*Learning as much as possible in all aspects of life.
-Learning is on of the most important tools we can use to better our lives. I believe there are endless opportunities to learn something new and develop skills.
8.) Desire Constant Feedback
* Feedback is vital for a Millennials improvement and goals.
-I love feedback myself and feel that it is better to understand what you are doing right and what you need to work on in order to evolve and grow in any area.
9.) Recognition
*They do not need to be awarded but at least want to feel recognized for their work and achievements.
-Recognition is really important to me because it gives me the opportunity to create a credible source of my accomplishments. It also boosts my self-esteem and mood.
10.) Love Fun Environments
*Even the workplace should be a fun atmosphere!
-Fun is one of the number one things I look for in a person, job, or event. Having fun doesn't mean slacking off but it means that you are enjoying what you are doing despite the circumstances.
(http://www.mindtickle.com/blog/10-millennial-personality-traits-hr-managers-cant-ignore/)
I really believe that as a Millennial I identify with most of the characteristics that are given to Millennials. Although there have been negative images made by other generations or those who do not understand the Millennial mind I think it is correct when I say Millennials are outgoing, motivated, and energetic beings full of moxy and ambition. We do not let our obstacles get in the way of making our dreams a reality and pushing the envelope even when it is sealed. We are more than a bunch of young individuals who are seeking the fullest potential of happiness in life, we are the kids/adults of the future.
Fundamentals of Marketing
Showing posts with label Week 3. Show all posts
Showing posts with label Week 3. Show all posts
Thursday, February 4, 2016
Friday, January 29, 2016
Week 3 EOC Making Money For Good
We all have school supplies we use from Kindergarten to High School graduation and even our college educations. Bright colors and a toucan bird are not all that company Yoobi represents. This company represents charity and a bright future for those working towards their education. Their mission is very similar to TOMS which is to donate a product of theirs each time that one is purchased. "Many kids in the U.S. don’t have access to basic school supplies, unless teachers pay for them out of their own pocket. We don’t think that’s right and we bet you don’t either!"-Yoobi.com
I have actually purchased products from Yoobi and never knew that they were a charitable organization. When I did some research on them I found out some really interesting facts and more importantly more about their mission. Did you know that 99.5% of all teachers buy essential classroom materials out of their own pocket which amounts to $485 as a n average per year? This is $1.6 Billion being spent for K-12 teaching per year.
For each product purchased, which can range from pens to notebooks, Yoobi donates an item to a Yoobi Class Pack. Yoobi Class Packs are a number of collected products that are necessary in the class room and consist of 12 Yoobi Products. Once the pack is ready to be taken to a school the Kids In Need Foundation partner up with Yoobi and help distribute these supplies in schools across the United States. They exclusively work with Elementary Schools but have products that anyone can use.
It is really interesting to see how a company that is so simple can accomplish something so great and helpful. School supplies are one of the most important tools a child needs in order to get the education the deserve. There is still much that Yoobi could do to really capitalize on giving back. Their products are only sold on their website and at Target stores. If they moved to other department stores and increased their marketing they would accomplish even more if their consumers were more aware of their mission.
Marketing and advertising can make all of the difference in the success of a company and what they do. "To create value for customers and to build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want. Companies use such customer insights to develop competitive advantage." (Marketing Information and Customer Insights Page 101) Although companies that do charitable things do not need to necessarily compete for profit they need to compete in making their consumers want to become a part of what they are doing. Charity is important and can really be spread if the right attention and awareness are brought to it through marketing and advertising strategies.
I have actually purchased products from Yoobi and never knew that they were a charitable organization. When I did some research on them I found out some really interesting facts and more importantly more about their mission. Did you know that 99.5% of all teachers buy essential classroom materials out of their own pocket which amounts to $485 as a n average per year? This is $1.6 Billion being spent for K-12 teaching per year.
For each product purchased, which can range from pens to notebooks, Yoobi donates an item to a Yoobi Class Pack. Yoobi Class Packs are a number of collected products that are necessary in the class room and consist of 12 Yoobi Products. Once the pack is ready to be taken to a school the Kids In Need Foundation partner up with Yoobi and help distribute these supplies in schools across the United States. They exclusively work with Elementary Schools but have products that anyone can use.
It is really interesting to see how a company that is so simple can accomplish something so great and helpful. School supplies are one of the most important tools a child needs in order to get the education the deserve. There is still much that Yoobi could do to really capitalize on giving back. Their products are only sold on their website and at Target stores. If they moved to other department stores and increased their marketing they would accomplish even more if their consumers were more aware of their mission.
Marketing and advertising can make all of the difference in the success of a company and what they do. "To create value for customers and to build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want. Companies use such customer insights to develop competitive advantage." (Marketing Information and Customer Insights Page 101) Although companies that do charitable things do not need to necessarily compete for profit they need to compete in making their consumers want to become a part of what they are doing. Charity is important and can really be spread if the right attention and awareness are brought to it through marketing and advertising strategies.
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