...Generational Buying Behaviors How Baby Boomers and Millennials Differ in Making a Purchase MKTG 310-50 February 16, 2015 Introduction In the marketing world, finding groups or segments of consumers that have strong similarities are almost rare to find. When such similarities exist, marketers can offer related product, service, distribution, and communications to a very large number of potential or existing customers that will respond in a consistent way. This is the ideal way to approach a situation but it doesn’t always work so smoothly. Ever since the 1950s, marketers have pursued certain markets that are internally consistent on some common ground, but externally different from other market segments. Marketers have been effective and efficient through the act of segmentation. Baby Boomers (born 1946-1964) have been the most powerful generation historically. These Baby Boomers are known to be optimistic, team oriented, and often strive for personal gratification. Millennials (born 1981-2000) are a very close second in the generational race to be the most influential generation in history. Millennials are also quite optimistic about the future. They possess a lot of confidence and are very careful about their status level. Even though these two generations have similar traits, they are very different at the same time. Baby Boomers and Millennials will be examined on how and why they make a purchase in the market. Generation...
Words: 1989 - Pages: 8
...Generational Diversity in the Workplace Managerial Communications 10/14/2011 Today, the workplace environment is comprised of people, both males and females from all different cultures and generations. For the first time in U.S. history there are four different generations out in the workforce. A generation can be defined as a group of individuals born within a term years having similar ideas, goals, attitudes and experiences. It can also be defined as the average period between the birth of parents and the birth of their children. Resources differ as to when some generations start and end; a generation is usually around 20 years long. generational differences are based on broad variations in values that develop based on the contrasting environment and social dynamics each generation experiences as they come of age. In the workplace, these differences seem to be generating clashes around work-life balance, employee loyalty, authority, and other important issues.Generational differences are based on broad variations in values that develop based on the contrasting environment and social dynamics each generation experiences as they come of age. In the workplace, these differences seem to be generating clashes around work-life balance, employee loyalty, authority, interpersonal relationships and other important issues (Notter, 2007). Sometimes contradictions and problems arise when identifying the characteristics of a generation. Some studies in the 1980’s described...
Words: 1445 - Pages: 6
...Hershey’s Sweet Mission HRM 500 – Human Resource Management Foundations Leslie Medlock Dr. James Ziegler April 27, 2011 Recommend the redesign of Hershey’s performance management system to appeal to the diverse groups that it employs: In answering the above question my recommendations of the redesign of Hersey’s performance management system to appeal to the diverse group that they employee would be to keep their current designed performance management system. Their redesign system caters to two specific generations, the baby boomers and the younger generation. Hershey has a system in place in which the baby boomers train/mentor the new “millennial” worker (employees in their twenties) due to, “the baby boomers tend to be interested in leaving a legacy, making the world better, so they generally are enthusiastic about mentoring their younger colleagues” (Noe, Hollenbeck, Gerhart, Wright, 2011). The baby boomers are role models, coaches, and advocates for Hershey. Mentoring gives them opportunities to utilize their abilities, experience, and wisdom both to their own benefit and that of Hersey’s to guide the younger generation employed with the company. Hershey has redesigned its performance management system appealing to the younger generations’ eagerness for challenge, autonomy, and results, the redesign was a bottom-up effort, in which people throughout the company set goals and track progress on projects. The system measures not only business results...
Words: 465 - Pages: 2
...Defining Millennials So how do you define the term Millennials? The term Millennials is usually considered to apply to individuals who reached adulthood around the turn of the 21st century. The precise delineation varies from one source to another; however, Neil Howe and William Strauss authors of the 1991 book Generations: The History of America’s Future, 1584 to 2069, are credited with coining the term. Howe and Strauss define the Millennial cohort as consisting of individuals born between 1982 and 2004. Overall, the earliest proposed birthdate for Millennials is 1976 and the latest 2004. Given that a familial generation in developed nations lies somewhere between 25 and 30 years, we might reasonably consider those the start and end points (techtarget.com). Millennials grew up in an electronics-filled, increasingly online, and socially networked world. They are the generation that has received the most marketing attention. As the most ethnically diverse generation, Millennials tend to be tolerant of difference. Having been raised under the mantra "follow your dreams" and being told they were special, they tend to be confident. While largely a positive trait, the Millennial generation’s confidence has been argued to spill over into the realms of entitlement and narcissism. They are often seen as slightly more optimistic about the future of America as other generations -- despite the fact that they are the first generation since the Silent Generation that is expected to be...
Words: 1905 - Pages: 8
...Generational differences in work values: A study of hospitality management. Evgeny Strokov Glion Institute of Higher Education, Switzerland Success Strategies for the Hospitality and Service Industries (MGMT - M900 - 201360 - 1) Wednesday, 12 June 2013 Word Count: 1519 ------------------------------------------------- ------------------------------------------------- Statement of Authorship ------------------------------------------------- ------------------------------------------------- I certify that this assignment is my own work and contains no material which has been accepted for the award of any degree or diploma in any institute, college or university. Moreover, to the best of my knowledge and belief, it contains no material previously published or written by another person, except where due reference is made in the text of the work. I also understand that under no circumstances should any part of this assignment be published, including on the internet, or publicly displayed without receiving written permission from the University. ------------------------------------------------- ------------------------------------------------- Signed ------------------------------------------------- ------------------------------------------------- Student number E00032823 Name: Evgeny Strokov ------------------------------------------------- * Generational differences in work values This essay is based on the extensive...
Words: 2175 - Pages: 9
...CSGB6101 Human Capital Management MANAGING GENERATIONAL DIFFERENCES IN THE WORKPLACE CASE STUDY OF FELDA Prepared by GROUP 3 : Name | Matrix No. | Phone. No. | E.Mail Address | Khadijah Mohamad Radzi | CGA130056 | 019-6795231 | khadijah.fahim@gmail.com | Nasira Banu Rahim Khan | CGA130106 | 019-3612038 | nasira@bnm.gov.my | Yu Kong Cing | CGA120010 | 012-6842818 | kcyu@fella.com.my | Prepared for DR. MOHAMMAD NAZRI BIN MOHD. NOR Submission Date: 15 May 2014 Due Date: 19 May 2014 Word Count: 3859 Content | Page | 1.0 Executive Summary | 1 | 2.0 Background of Study | 2-6 | 3.0 Problem Statement | 6-8 | 4.0 Research Question | 8 | 5.0 Objectives of Study | 8 | 6.0 Literature Review | 8-9 | 7.0 Discussion | 9-12 | 8.0 Recommendation | 12-15 | 9.0 Conclusion | 15 | 10.0 References | 16 | 11.0 Appendix 1 – Organizational Chart | | 1.0 Executive Summary The purpose of this paper is to study the differences and similarities of four generations of FELDA workers and the implication of it to the organization’s competitiveness. FELDA has been chosen for the study because it is a unique organization involved widely in business as well as community development in 319 Felda Settlements. With a total employee of 3,990 people working locally and overseas...
Words: 4130 - Pages: 17
...2009 Robert D. Lawsson 215 IDENTIFYING AND MANAGING DIVERSITY OF WORKFORCE Robert D. Lawsson (MSc) Abstract The objective of this work is to complete a research proposal on the comparison of work values for gaining of knowledge for management of the multi-generation workforce. The specific focus is upon Generation ‘X’ and the Millennium Generation which are the two primary groups comprising the new workforce. Lawsson R.D. - Identifying and Managing Diversity of Workforce 216 Business Intelligence Journal January OBJECTIVE The objective of this work is to complete a research proposal on the comparison of work values for gaining of knowledge for management of the multigeneration workforce. The specific focus is upon Generation ‘X’ and the Millennium Generation which are the two primary groups comprising the new workforce. INTRODUCTION The generation that a person is born within has some impact upon that individual in terms of work styles, work values and self-image. The demographic profile of the workforce is undergoing quite a change insofar as the representation of generations and the result is that organizations are experiencing a necessity to make changes as well. The workforce will become increasingly more diverse in the future and this greatly affects the organization in its capacity of hiring and retaining employees. The literature reviewed within this study illustrates the fact that the expectations of employees differ within the generations...
Words: 18925 - Pages: 76
...has redesigned its performance management system to appeal to their diverse group of employees, specifically the “millennials”, by implementing a “bottom up” style of performance management. Millennial generation employees are defined by their birthdate. A millennial refers to someone who was born after 1980. Currently, this group comprises one-third of the American workforce and will soon become the majority as they come of age. Millennials have expressed a desire to pursue work that is personally meaningful; they resist corporate hierarchy, are eager for challenge, desire autonomy, and are accustomed to getting work done in a variety of environments. When corporations like Hershey understand what motivates employees, like the millennials, they are better able to set mutual expectations for success. This is what Hershey has embraced with the bottom up performance management system. This bottom up approach allows employees to set their own goals and track progress on projects throughout the year. (Noe 2011, pg. 56) In order for the bottom up system to be effective the employee must understand the company’s goals and the strategy for achieving those goals. Employees must also understand what role they play within the company in order to be successful in setting their personal objectives. The bottom up performance management system appeals to the millennials in that they are engaged in their own development, they have an opportunity to set goals for themselves that will...
Words: 590 - Pages: 3
...VOCABULARY: W-2 WAGE AND TAX STATEMENT: SOCIAL SECURITY: JUBILACION SUBSIDIO: GOBIERNO ESTRATEGIA: EISENHOWER: PENSAMIENTO ESTRATEGICO: HABILIDAD PARA PENSAR A EL LARGO PLAZO. AMENAZAS Y OPORTUNIDADES, DEBILIDADES (disminuir o elimina), FORTALEZAS (las utiliza para disminuir las amenazas y aprovechar las oportunidades. CONTRAPONES EL FODA- SWOT PATTON PENSAMIENTO TACTICO: HABILIDAD PARA PENSAR EN EL PRESENTE. 60 % (INCENTIVE COMPENSATION) ON FINANCIAL INDICATORS: Return on capital, profitability, cash flow, operating cost. 40% (INCENTIVE COMPENSATION) ON CUSTOMER SATISFACTION INDICATORS: Dealer satisfaction, employee satisfaction and environmental responsibilities. MARKETSHARE: The percentage of sales of a particular product achieved by a single company in a specific period of time. BALANCE SCORE CARD: Strategic performance management tool, cuadro de mando integrado para implementar la estrategia. PSYCHOLOGICAL EMPLOYMENT CONTRACT: HIGH LABOR COSTS: EFFICENCY: Eficiencia EFICENT: eficiente EFFECTIVENESS: Eficacia OUTSORCING: OFFSHORING: PROFITS REVENUE STAKEHOLDERS: Los interesados: Employees, government, customers, suppliers, investors, owners, unions, community SHAREHOLDERS: los que tienen ganancias en base a los ingresos de la empresa. ENTREPRENUER: ROI JOB DESCRIPTION: TDRs JOB SPECIFICATION KSAOs JOB DESIGN: is the process of defining how work will be performed and the task that will be...
Words: 714 - Pages: 3
...superstars, despite experiencing massive successes with solo careers, have all opted to regroup, so to speak, hooking up with former band-mates to recreate music magic that is as worthy and sellable today as it was back in its heyday. Yes, EDM, hip-hop, rap and auto-tuned pop dominate the airwaves and I-Tunes playlists, and these genres generate massive record sales and concert and radio advertising revenues. But thanks to video games like Rock Band and Guitar Hero, plus a generation of parents who drove their kids to school and selected the in-car musical entertainment, boomer-parented children not only recognize names like Boston, Steely Dan, Foreigner and Deep Purple, they know the lyrics and the melodies and will gladly attend concerts by such retro acts - with their parents! “Oldies” have been re-birthed! I’m Much too Young to Feel this Damn Old Here’s a startling fact: the last of the baby-boomers turn 50 in 2014, and the implications of that fact hold significance...
Words: 2521 - Pages: 11
...How to Improve Employee Performance, Professionalism and Effectiveness Make the Most of the Generational Mix and Lead the Charge in Successful Employee Development Employee Development Systems, Inc 7308 South Alton Way, Suite 2J Centennial, Colorado 80112 800-282-3374 www.employeedevelopmentsystems.com Table of Contents Introduction Four Generations under One Roof o Generations, Their Technology and World View o Employee Development across the Generations How Learning Really Takes Place o 4 Ways to Maximize Learning Effectiveness o Integrating Flexible Technology and Learning Tools Employee Development Redefined o Activities Contributing to Learning Effectiveness o Employee Development Overhaul Level the Playing Field by Building Professional Competence o How to Help Employees Match Your Organization’s Culture o Business, Personal and Strategic Competencies Customize Performance Management o Meet the Needs of a Diverse Workforce Increase Personal Effectiveness o Understanding the Importance of Behavioral Style Conclusion Executive Summary How do you address the behavior, traits and learning styles of four generations in one workplace? Does your organization take into account the increasingly important role of informal learning in improving the overall effectiveness of your employees? Today’s effective training and development organizations offer programs and learning reinforcement tools that are well-suited to a variety of generations. They take into account...
Words: 3198 - Pages: 13
...| 4 | Generation Y/The Millennial Generation | 5 | Why Generation Y is important | 5 | How to reach Millennials | 6 | Different Mediums to reach Millennials | 7 | Characteristics | 8-19 | Reference | 20 | What is a Brand Simply putting, a Brand is a promise to the consumers. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors, For example, if we take the case of Nike which represents athleticism, fun, good health, performance, strength etc. So it promises the consumers certain things like athleticism, fun, good health, performance, strength etc. The American Marketing Association defines a brand as: a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate from those of competitors. What is Branding Branding is the process involved in creating a unique name and image for a product in the consumers mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. Consistent, strategic branding leads to a strong brand equity, which means the added value brought to your company's products or services that allows you to charge more for your brand than what identical, unbranded products command. The most obvious example of this is Coke vs. a generic soda. Because...
Words: 2747 - Pages: 11
...Equality in Marriage for Gay and Lesbians. Growing support for same-sex marriage allowing same-sex couples the right to marry legally has been significant. Support for same-sex marriage has increased up to 70% from 51% back in 2003 with the millennial generation, according to the Pew Research Center March 13-17, 2013. There has been an increase with generation x and baby boomers. Reasons for the increase in the support of same-sex marriage can range from, knowing someone gay or a lesbian, and recognizing same-sex couples should be able to marry whoever he or she love regardless of sexual preference not to mention infringement of one’s civil rights. Homosexuality is as natural as heterosexuality, and there is not one societal benefit for denying same-sex unions. Seems the argument against same-sex marriage it is forbidden in the Bible and thinking of the act itself. Acceptance continues to increase among generations, marriage equality will be law and such unions will be recognized. Historically marriage is seen as a heterosexual privilege, not even interracial marriage was acceptable and many people continue to believe this, regardless of the many changes in today’s world. Times have changed and advocates argue same-sex couples deserve right to the same benefits of marriage appreciated by heterosexual couple, and by denying same sex marriage is unconstitutional discrimination. On the other hand the oppositions argues changing the acceptable definition of marriage...
Words: 671 - Pages: 3
...Demographic Changing age structure of the population Changing family structure The larger societal forces The forces close to the that affect the whole company that affect its ability to serve its customers: microenvironment: Political Company Economic Competitors Demographic Suppliers Cultural Marketing Intermediaries Technological Customers Natural Publics Increasing diversity Better-educated, more white-collar, more professional population Geographic shifts in population Macroenvironment: Demographic Demography: The study of human population in terms of size, density, location, age, gender, race, occupation and other statistics. Macroenvironment: Demographic Changing Age Structure of the Population Age Group: Baby Boomers Born between 1946 and 1964, people born post– World War II. 1/5 of Australian population. Cherish youth, convenience and individuality. Individualism has led to a personalised economy. Changing Age Structure of the...
Words: 1765 - Pages: 8
...Chapter 4: Values, Attitudes, and Work behavior * Values refer to a broad tendency to prefer certain states of affairs over others. * Generational differences in values: * Traditionalists (1922-1945) * Baby boomers (1946-1964) * Generation X (1965-1980) * Millennials, or Generation Y (1981-2000) * Cultural differences in values: * Work centrality: Extent to which people viewed work as a central life interest. * Power distance: Extent to which society members accept an unequal distribution of power. * Uncertainty avoidance: Extent to which people are uncomfortable with uncertain and ambiguous situations. * Masculinity/Femininity: More masculine cultures clearly differentiate gender roles. Support dominance of men. * Individualism vs Collectivism: Individualistic societies stress independence, individual initiative, & privacy. Collective cultures favor interdependence and loyalty to family. * Understanding cultural value differences can enable organizations to successfully import management practices by tailoring the practice to the home culture’s concern. * Appreciating global customers > essential to understanding needs and tastes of consumers around the world * Developing global employees > develop employees to have a much better appreciation of differences in cultural values and the implications of these differences for behavior in organizations. * Attitude is an evaluative tendency to...
Words: 603 - Pages: 3
