Marketing 334 Consumer Behavior Chapter 4 Demographics and Social Stratification Text: Consumer Behavior; Hawkins, Mothersbaugh and Best; 10th ed.
Can you guess which generation is the highest prescription drug use? Mature market Generation x Generation y Millenials Can you guess what percent in each generation is on at least one prescription drug?
Demographics and Social Stratification Population and Size Occupation Education Income Age
Understanding American Generations A Generation or age cohort is a group of persons who have experienced a common social, political, historical, and economic environment. Cohort analysis is the process of describing and explaining the attitudes, values and behaviors of an age group as well as predicting its future attitudes, values, and behaviors.
Understanding American Generations Pre-Depression Depression Baby Boom Generation X Generation Y Millennials Mature Market
Understanding American Generations How to Target the Mature Market Gerontographics has identified the following four segments of the mature market: - Healthy Indulgers (7 million, rapidly growing) - Ailing Outgoers (18 million) - Health Hermits (20 million) - Frail Recluses (18 million) 4-6
Understanding American Generations Baby Boom Generation: A Closer Look Compared to prior generations, Boomers are: Higher income, higher education More tech savvy Defining retirement differently Boomers also are: Strong market for “anti-aging” products, travel, and financial services Often alienated by overly “youth oriented” appeals in ads
Understanding American Generations Generation Xers: A Closer Look Beyond the stereotype: Stereotype – Xers as disenfranchised youth Reality 1– Xers are more highly educated than previous generations Reality 2– Xer women are more highly educated than Xer men Reality 3– Xers are getting married, having families and facing the time pressures associated with these events Reality 4– Reaching Xers requires special attention to media, particularly online
Understanding American Generations Generation Yers: A Closer Look Interesting Facts About Gen Y: Really Two Sub-Markets: Twenty-somethings and Teens Expected to have the highest education of previous generations with incomes to follow Very tech savvy with media options including Internet, cell phones, and video games A strong market for edgy and affordable products
Social Stratification Social Rank Social Class system
Social Structure in the United States Social Standing is Derived and Influences Behavior
American Social Classes Upper-Upper Class Lower Upper Class Upper Middle Class Middle Americans Middle Class Working Class Lower Americans Upper-Lower Class Lower-Lower Class
The Measurement of Social Class Two Basic Approaches: Single item Index Multi-item Index
Marketing Strategy Considerations Should the marketer use an overall measure of social status or a demographic variable? A product or brand may have different meanings for different social strata. Different purchase motivations for the same product may exist between social strata.