Generation Y attributes and Marketing Paper

Generation Y attributes
Generation Y Marketing
Generation Y represents one of the most lucrative markets today, and comprises approximatley100 million 20-year-olds across the country. These professionals are one of the fastest growing groups to enter the workforce, are college educated and grew up in a competitive environment in fun certain economic times. The size of this demographic and its high achieving potential make it one of the most sought after markets. In order to tap into this generation’s access to predominantly white-collar jobs and salaries, it is imperative that marketers understand its values and characteristics, which are quite distinct from other generations.
One of the principle characteristics of Generation Y is its technological savvy. These professionals were raised alongside the internet, make a point to obtain the latest technological gadgets and are continuously in contact with the world around them. Technology plays a large part of their lives, from daily communication to assistance in their personal and professional engagements. They are used to exceedingly high quantities of information provided by mobile devices. They are also well acquainted with multi-tasking, and frequently blur the line between work and pleasure as their plethora of Blackberries, smartphones and iPads keeps them in constant communication with professionals, families and friends alike.
The instant access and gratification provided by advanced technology has rendered this generation one of the more demanding and ambitious generations of its day. These professionals have high expectations for their jobs and expect short-term satisfaction ton par with the rapid rate of information they internalize and disseminate. As a result, Generation Y is more autonomous and cynical than other generations, and feels a sense of entitlement towards success — which they are willing to pay for.
Culturally, the effects of constant communication via technology and instant gratification present some highly significant values for this generation. Generation Y is characterized by a relatively low power distance due to popular social media and networking sites such as Facebook and Twitter. The effects of such media accounts for this generation’s perception of an equality of power that transcends money and its conventional trappings. In chat rooms, web sites, and the aforementioned social media outlets, virtually everyone is equal and equally accessible. Such communication technology allows this generation to have the sort of voice that allows for an egalitarian regard for and treatment of others — which is something these professionals expect in their personal and professional lives.
However, such an egalitarian viewpoint of the world gives Generation Y a low avoidance of uncertainty, which has both positive and negative consequences. Of the latter, the proclivity to challenge authority and to create a new status quo can create certain problems. The ubiquity of file sharing and copyright infringement that resulted in the shutdown of a number of popular websites such as Limewire, and complications for others such as Napster, was partly fuelled by Generation Y’s low tolerance for conventionality and need to sate its entertainment, music and movie needs expediently. As a result of this generation’s relatively low tolerance for regulation, it has displayed an elasticity that allows it to adopt to change frequently and seamlessly.
Another direct result of Generation Y’s low tolerance for uncertainty is its extreme individualism. In addition to assisting in fostering its sense of ambition and entitlement, the degree of individualism that categorizes this generation presents innate challenges to earning its loyalty. With an abundance of alternatives at its disposal due to a steady influx of information provided by technological applications, Generation Y has a decidedly short attention span and tolerance for things it disapproves of. Professionals would rather provide their own solutions to problems with a service or a product rather than endure dissatisfaction. Their propensity to multi-task and to network with others via social media and mobile communication devices makes it imperative that companies seeking their patronage stay abreast of their fluctuating attention.
In order to earn this generation’s loyalty, marketing executives must understand these cultural values of low power distance, low avoidance of uncertainty, and stark individualism. Doing so partly involves communicating and monitoring communication between these professionals on social media sites. This is the one eminent boon of this generation’s adherence to autonomy — their methods of communication allow for fairly instantaneous feedback about products and services marketed towards them. Due to the expedient rate of change that characterizes the needs of this generation, the monitoring of Twitter and Facebook accounts can raise the marketers’ awareness of ways to best access this generation. It can review points of dissatisfaction and future needs, as well as ascertain which forms of communication are most effective for reaching this target audience.

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