The 4 P's of Generation Y

The 4 P's of Generation Y

The Baby Boomers era is soon gone, and now the generation that is entering the workforce and having more purchasing power is Generation Y. This generation makes up for seventy percent of the population and was born from 1977 to 1994 according to the article. They are diverse, independent and optimistic. For this reason they need to be targeted with different product, price, place, and promotion strategies than other generations.

A product that is being targeted to Generation Y should take into consideration all the characteristics and lifestyle of the members of this generation. This product should offer a line of different models and features to give an option to everyone of its diverse population. They range from different age, race and ethnical groups. A colorful, stylish, fashionable and eye-catching design is an important feature for them since it is an image-driven generation. A technologically advanced product would call their attention since they grew up in a technological environment. However, the product has to be very practical and self-explanatory because of their impatient nature. This generation needs a product that would offer them the empowerment of expressing their personality that not only the product would stand out from others, but would make them stand out as well.

In order to target everyone of Generation Y, there should be different models and features of the product with ranging prices. If it offers a more stylish, fashionable, and technological feature, it should cost more than the others with fewer features. This generation tends to research more about the product, and in consequence, the price should range depending on the quality of the product. Brand means quality and price in the eyes of the Millennials, which means that they would splurge on buying something they think, is a good quality brand. However free samples, online and mail coupons, sales and discounts call the attention of this generation since the majority of them are in college or only have a part time job.

The places where the Millennials purchase products vary from malls, shopping centers, and online stores. One of the things that Millennials like is to be