Blog #3:Analyze market segments and their corresponding product, meeting or event needs
Assume you have to plan an event for Gen X/Y vs. Baby Boomers. What are the market segments for both, as well as the common demographics and psychographics. What type of event would you plan for both markets? To begin a task such as this, we must first define the demographics and psychographics of each of the generations.
Baby Boomers: is the generation who was born during the demographic Post–World War II baby boom between the years 1946 and 1964. They are risk-takers, idealistic, workaholics, confident, and visionaries.
Generation X: is the generation born after the Western Post–World War II baby boom. Demographers, historians and commentators use beginning birth dates from the early 1960s to the early 1980s. They are highly educated, active, balanced, happy and family oriented.
Generation Y: is the generation also known as the Millennials. are the demographic cohort following Generation X. Commentators use beginning birth years from the early 1980s to the early 2000s. This generation has a strong sense of community both local and global, and a marked increase in use and familiarity with communication, media, and digital technologies.
All generations are active, and have a sense of a good time in their own ideals. For a baby boomer event, a good evening for them would be an event to take them back in time to a sense of when they were young, confident, and simply having fun living life. With dancing, music, and backdrops of life when they were young, it would be a night to remember. For a Gen x event, a day event with activities for their family and friends with some good food and laughter would make for an event they would like to return to annually. And finally for a Gen Y event, something tangible and new and exciting for them to discover would be an ideal good time. Perhaps new technology in an innovative room.