BUAD301 Lecture Notes - Lecture 7: Target Market, Baby Boomers, Metrosexual

• School: University of Delaware
• Department: Business Administration
• Course: BUAD301
• Professor: Townsend Donald

Document Summary

Target marketing: select and enter a market. Market fragmentation: when diverse interests and backgrounds of individuals create greater diversity in needs and wants. Technological and cultural advances have fueled growing fragmentation of markets. Segmentation (identify/describe market segments): process of dividing a larger market into smaller pieces based on meaningful, shared characteristics. Useful in both consumer and b2b contexts. Segmenting by demographics: age and generational marketing. Generation z (post 1994); y (aka millennials 1979-1994) Generation x (1965-1978): has entrepreneurial reputation, views homes as an expression of individuality. Baby boomers (1946-1964): key segment due to their size and earnings, willing to invest money, time, and energy to maintain youthful image. Mature consumers: focus on lifestyle factors, such as mobility. Many products appeal to one sex or the other. Metrosexual: a straight, urban male who is keenly interested in fashion, home design, gourmet cooking, and personal care. Family needs and expenditures change over time.