Marketing Strategy
1. Introduction and Literature Review (Secondary Data Analysis) This project focuses on the benefits and importance of capitalizing digital spending habits of the Millennial Generation, also known as Generation Y. It has been developed to assist firms in increasing online sales. The study begins with a situation analysis of the Millennial Generation. This includes the macroenvironment comprised of demographic, economic, sociocultural, political/legal, and technological trends that impact this generational cohort.
Also included is a discussion of market segmentation and SWOT analysis summarizing the internal strengths and weaknesses as well as the external opportunities and threats that may impact the success of a company when marketing to Millennials through the digital marketplace. The SWOT analysis influences the goals, objectives and expected outcomes of successfully marketing to Generation Y consumers. Next, a questionnaire is created based on the gaps found in the secondary data analysis
. Macroenvironment
1) Demographic
Generation Y accounts for over 70 million people in the United States. Born between 1977 and 1994, Generation Y, also known as the Millennial Generation, makes up approximately 30% of today’s population. The largest generation since the Baby Boomers, born between 1946 and 1964, and reaching more than three times the size of Generation X, born between 1965 and 1976, the Millennials are expected to have a huge social and economic impact (Koo, 2006). Millenials are considered to be the most ethnically and racially diverse cohort in the nation's history; 18.5% of Millennials are Hispanic, 14.2% are African American, 4.3% are Asian, 3.2% are mixed race or other and 59.8% are white. Millennials are on track to becoming the most educated generation in history, with 54% of Millennials having at least some college education, compared with 49% of Generation X and 36% of Baby Boomers when they were ages 18 to 28 (Keeter & Taylor, 2010). The
Also included is a discussion of market segmentation and SWOT analysis summarizing the internal strengths and weaknesses as well as the external opportunities and threats that may impact the success of a company when marketing to Millennials through the digital marketplace. The SWOT analysis influences the goals, objectives and expected outcomes of successfully marketing to Generation Y consumers. Next, a questionnaire is created based on the gaps found in the secondary data analysis
. Macroenvironment
1) Demographic
Generation Y accounts for over 70 million people in the United States. Born between 1977 and 1994, Generation Y, also known as the Millennial Generation, makes up approximately 30% of today’s population. The largest generation since the Baby Boomers, born between 1946 and 1964, and reaching more than three times the size of Generation X, born between 1965 and 1976, the Millennials are expected to have a huge social and economic impact (Koo, 2006). Millenials are considered to be the most ethnically and racially diverse cohort in the nation's history; 18.5% of Millennials are Hispanic, 14.2% are African American, 4.3% are Asian, 3.2% are mixed race or other and 59.8% are white. Millennials are on track to becoming the most educated generation in history, with 54% of Millennials having at least some college education, compared with 49% of Generation X and 36% of Baby Boomers when they were ages 18 to 28 (Keeter & Taylor, 2010). The