PROBLEMS OF THE GENERATIONAL MARKETING

Savica Dimitrieska () and Tanja Efremova ()
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Savica Dimitrieska: International Balkan University, Faculty of Economics and Administrative Sciences, Republic of North Macedonia
Tanja Efremova: National Bank of the Republic of North Macedonia, Statistics Department

Economics and Management, 2022, vol. 19, issue 2, 48-56

Abstract: In marketing theory, it is considered that an undifferentiated “one-product-fits-all” marketing strategy is not very effective because people are different and need various products and services. Companies, especially small and medium-sized enterprises as well as those companies with limited financial resources, are better off segmenting the market into smaller homogeneous groups with the same or similar needs. Market segmentation can be done according to a variety of variables, such as geographic, demographic, psychological, and behavioral. However, these variables should only be taken as a guide to where companies should direct their efforts, their products and services, marketing strategies, communications to satisfy consumers and make a profit. Age, as a demographic variable, divides people into different generational groups according to the time of their birth. Several generations are distinguished, such as G.I generation, Silent generation, Baby boomers, generation X, millennials, generation Z, generation Alpha. This paper describes generational marketing, but also points out the dangers if it is exclusively used as a variable for market segmentation. The paper concludes that as part of demographic variables, generation should be used in combination with other variables for better and more accurate market segmentation and targeting.

Keywords: undifferentiated marketing; segmentation; age; generation; demographic variables (search for similar items in EconPapers)
JEL-codes: M30 M31 M39 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:neo:journl:v:19:y:2022:i:2:p:48-56

DOI: 10.37708/em.swu.v19i2.6

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