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gen·er·a·tion·al co·horts Attempts to define target behavior based on the defining characteristics and life values of different generations. Formative years mold core values – where they were between the ages of 10 and 20. source: “Beyond Rocking the Ages,” Bill Stoneman, American Demographics Bridgeworks Generational Workplace Survey
Understanding the Research Sociologists and Demographers approach generational cohorts from different perspectives – one looks at marketing opportunities the other at life perspectives. There is no “age box.” These cohorts are based on research and don’t represent the way you are or are supposed to be. Each cohort is a marketplace of its own! source: “Managing by Defining Moments,” Geoffrey E. Meredith and Charles D. Schewe
Baby Boomers Born 1946 – 1964 Current Age49 to 67 # Born79,907,084 Formative Years’50s/’60s/’70s/80’s
The Baby Boomers Defining Events & Trends –P–Prosperity, Television, Suburbia –C–Civil Rights and Women’s Movement –A–Assassinations & Vietnam Leading Edge Boomers - Save the World Revolutionaries – Came of Age ’60s & ’70s Trailing Edge Boomers - Career Climbers – Came of Age ’70s & ’80s 49 - 67 49 - 67
Boomer Nation - Perspectives Forever Young! –Aging is Mandatory – Growing Old is Not Baby Boomer turns 65 every 7 seconds Never Use the Terms: –Senior Citizen, Retirement, Aging, Golden Years, Silver Years Free spirited, boisterous Comfortable in the Spotlight Competitive – like to finish first! No Such Thing As Retirement By 2013 Boomer Grandparents will grow from 18 million to 37 million
Entrepreneurial Boomers Place a high value on the individual and youth. Work is an exciting adventure. Oriented toward the present tense rather than the future. Look for tangible, immediate outcomes. Work is FIRST. There is No Such Thing as Work – Life Balance Boomer idealism can be a disrupter at work and in politics!
Generation X Born 1965 – 1981 Current Age32 to 48 # Born58,582,000 Formative Years’70s to ’00s
Generation X (Baby Busters, Lost Generation) Defining Events & Trends –Fall of Berlin Wall, Challenger –Computers: WWW launch, Dot Com crash –Single Parents, Latchkey Kids –AIDS and MTV Generational Lifestyle –Reactive – “We won’t get it.” “Don’t lie to me” Risk taking skeptics Balance work and family Tend to be cynical Are the “least faithful” generation Financial Style –Resigned – “It’s hopeless.” 32 - 48 32 - 48
Generation X Coming of Age Events –A–Aids –C–Challenger explosion –S–Stock market crash 1987 –F–Fall of the Berlin Wall –F–First Gulf War
Entrepreneurial Gen X Have a Defined Work – Life Balance. Tend not to be “team focused.” Trends annoy them. They trust themselves and their friends, but almost never trust the media. Lead with who you are, what your business is, what you stand for, and the quality of your product. Want personal communication! Don’t like to be grouped!
Millennials – Entitlement Generation? Born 1982 – Present Current Age0 to 31 # Born79,000,000??? Formative Years’80s to ’00s
Millennials Coming of Age Events –S–September 11 attacks –T–The Internet –G–Great economic times –D–Dot com boom and bust –C–Columbine Shootings –O–Oklahoma City Bombing –P–Princess Di's Death –C–Clinton Impeachment –O–OJ Trial –F–Fall of Berlin Wall
Millennial Technology: Early Adopters – Digital Millennials (Born 1982 to 2000) The Internet, especially the World Wide Web (about 1995 onwards) PCs with modern operating systems and mouse-based point- and-click, requiring fewer keyboard skills. (late 1980's and onwards) Cellular Phones and Camera Phones (late '90s and onwards) DVDs (1997 and onwards) Digital Audio-I (2001 and onwards) Tivo and other DVR devices. (1999 and onwards) HDTV (2001 and onwards) Broadband Internet (early 2000's) Digital Camera (late '90s) Instant Messaging (late 90's and onwards)
Entrepreneurial Millennials Want to communicate instantly through multiple channels – Email Seems too slow This customer base is a community rather than a target Millennial consumers expect transparency Work – Life Blending – Work when they want “Fun” is a feature mentioned often in research