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GEN Z - Consumers of Tommorow

GEN Z - Consumers of Tommorow

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Published by Satyabrata Sahu

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Published by: Satyabrata Sahu on Sep 03, 2012
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09/03/2012

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Generation Z
 – 
Consumers of Tomorrow
 
What is the first thing that would strike our mind as soon as we listen to the word
‘Marketing’ that has become the buzz of today’s business world? Philip Kotler? 4P’s of Marketing? Brand? Or most probably ‘Consumer’?
Have we ever tried tothink beyond the existing or the apparent? Have we ever conceptualized ourthinking to look into a world of marketing that is going to be in the near future?The world is changing very fast and this volatile nature of the market andconsumer is leading the marketers to plan their branding strategies that wouldmake the right fit into the world we are expected to be exposed to in the recentfuture. This idea of looking into the future marketing scenario needs to study theones who are going to be the
Consumers of Tomorrow 
– 
 
‘Generation
-
 Z’.
 
What is Generation
– 
Z? 
 
“They do
 
Nintendo’ 
, they utter on
Twitter’ 
 
and the only “Face” they book is
when they come visible on
“Facebook” 
unless they find it obligatory to do so.Nevertheless, they do lots of e-read, e-mail, e-file, e-fax,
cloud 
and surf. They may
not have a wristwatch but they would have a smartphone to see the time.”
 
Generation
 –
 
Z refers to the ‘
 people who are born between the mid 1990sand 2010
’ and are popularly known as ‘
Digital Natives
’ or ‘
Net Generation
or
iGeneration
’. We focus our attention towards the Generation Z. One of the maindifferences between Generation Y and Generation Z is that Gen Y’ers rememberlife before the proliferation of mass technology, while Gen Z’ers
are born with fullmass technology already in existence .This makes them both comfortable anddependent on technology such as communication tools, internet cell phones, MP3players, I-pods undeniably. Generation Z are the
forerunners of Generation Alpha
,those to be born in the decade of 2010 and are very much in line with the digitalfuture.
Today, the Generation Z makes up for nearly 18 percent of the world’s
population which is a large pool of consumers to be considered by marketers forthe coming tomorrow.
 
What makes Generation
– 
Z different? 
 
 
Each Generation is characterised by different experiences that make & shapetheir perspective. Though the types of influences that shape each Generation aresimilar in many ways, the characteristics and qualities of the Generation Z are
 
completely different from the others which can be analysed on the followingpoints:
 
Online
 – 
Generation
: The internet has experienced a phenomenal growth anddevelopment - in terms of penetration, technology, applications and adoptionduring Generation
 –
Z. A research shows that 91% of this group is active onlineand have developed very different communication styles and preferences to theirparents. Due to the huge influence digital technology has had in their short lives,these children have experienced radically different childhood experiences thanother generations had. The figure below shows some developments that played acrucial role in shaping their perspective towards technology.
 
Advancement & Speed of Technology
: Every Generation has seen the emergence
 
of a ‘disruptive’ technology that rendered the then existing technologies
irrelevant. Now, the time span between the emergences of new technologies has
reduced and ‘innovation leaps’ are increa
singly becoming smaller. The newtechnologies continue to emerge faster than ever leading to a stronger
‘connection’ between newer Generations.
 
Increasing overlap between Generations
: The connections between the
 
generations are becoming stronger which leads to the shorter span of technological innovations. The increasing overlap between the generations ismainly due to the ever-increasing pace of technological development andadvancement in digital media and communication tools.
 
Relationship with parents
: Generation Z experiences a tighter connection with
 
their parents on a number of dimensions. Generation X is raising Generation Zwith a high involvement parenting style. Some of the illustrations which show itare:
 
a.
 
Common Technology 
: Generation Z has grown up with the technologies that
 
their parents have always been using and feel very comfortable with such asmobile phones, laptops, video games, online networks, etc
 
b.
 
Brand Experiences
: Generation Z and their parents are developing an affinity for
 
and purchasing the same brands.
 
c.
 
Taste Commonality 
: They share their taste of recreation, entertainment,
 
hanging around with their parents e.g. they watch the same entertainment
 
channels that their parents watch. Many gaming companies are catering tofamily gaming segment.
 
d.
 
Family Values & Ethics
: Generation X saw a social trend of divorces and thus, is
 
expected to instil stronger family values, along with old notions such as workethics, etiquette and resilience. This, along with a better education, will helpGeneration Z become more tolerant, respectful, and responsible.
 
What makes Generation-Z lucrative to marketers? 
 
Long gone are the days when marketers used to rely on a captive audience. Theownership of the communications is increasing getting shifted from the provider
to the customers. Today’s teenagers do not respond to marketing in the same
way as previous Generations. In the five years this Generation Z will be working,earning and consuming. Understanding the different behaviours, interests andpreferences of this group can help marketers to craft their strategies. Thefollowing points present a complete and clear picture of the traits of theGeneration
 –
Z kids and the marketing implications which they provide to themarketers:
 
Web presence
: Generation Z spends maximum of their time online and has a
 
strong preference for the interactive media. And, social networks play animportant role in making a strong influence on the consumer decision. Accordingto a global survey of children, 50% of all
tweens
(8
 –
12years) globally are onlinedaily and 25% interact daily with peers in other countries. To effectively market toGeneration Z, companies will need to have a strong presence online: Profiles onnetworking portals, Virtual world based marketing, detailed product informationand the ability to easily make purchases.
 
Awareness & Education
: Generation Z has a wide exposure to large and variedinformation sources and activities which is expected to make them smarter,
flexible, and more responsible. Today’s kids are very knowledgeable and are able
to understand and relate the various aspects of a problem because of theincreased exposure and bend towards conceptualized learning and thinking. Forinstance,
75% of teenagers consider global warming to be ‘a serious concern’ and
rate it even higher threatening than drugs, violence or war. A more informed andsmarter Generation Z is expected to evaluate product in terms of their attributes,utility, brand name, trends etc. Companies will need to take a proactive stance

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