Age and it's relevance

A cohort is a group of people who share a common characteristic or experience within a defined period. 

• A consumer's age exerts a significant influence on his/her identity.
• Marketers target specific age cohorts in relation to their product or brand.
• Our possessions let us identify with others of a certain age stage.
• The 'youth' market often represents rebellion (against authority normally)
• Has roughly $100 billion in spending power.

Four basic conflicts common among all teens:

• Autonomy versus belonging
• Rebellion versus conformity
• Idealism versus pragmatism
• Narcissism versus intimacy

Getting to know Gen Y

• Echo Boomers = Millennials = Gen Y
• They make up one-third of U.S. population (So it is quite a large number)
• Spend $100-170 billion a year.
• First to grow up with computers in their homes as well as a 500-channel TV universe.

Four general rules of engagement when in contact with Gen Y

1. Don't talk down to them
2. Don't try to be something you aren't
3. Entertain them. Make it interactive and keep the sell short.
4. Show that you know what they're going through but keep it light.

The university market is generally a very attractive market as many students have extra cash and a lot of free time they also haven't developed a strong brand loyalty at this stage in life. While the market is attractive to marketers it is also a hard market to reach via conventional media methods. 

Some useful techniques are:

• Online advertising
• Sampler boxes
• Wall media
• Promotions

Some ways to research the youth market are:

• "Coolhunters" are kids who are developed in major markets that report to firms on the latest trends.
• Developing innovative ideas that will tap into the mind of a teenager.

Important things to note about the youth market is that they are simply "consumers-in-training" because their brand loyalty has a strong development through adolescence and they influence a majority of family purchase decisions.