GENERATION Y

Targeting Generation Y

Abstract

The paper talks about generation Y. Discussion as per comprises of generation Y and what sort of importance do they have for financial companies. The concepts of marketing mix is discussed, their applicability as per HSBC UK is discussed. Challenges faced by financial firms in connecting with the younger lot are discussed. The products and the way HSBC engages with the generation y people is brought to the foray, suggestions as per how lasting relationships can be build with generation y can be made. Solutions as per what financial companies can do make better connection with the younger audience is given.

Table of Content

INTRODUCTION4

DISCUSSION4

Defining Generation Y4

Marketing Mix5

Product6

Price6

Place6

Promotion6

HSBC6

HSBC Marketing Mix7

Product7

Price7

Place7

Promotion8

Building Profitable relationships8

HSBC Targeting Generation Y9

Challenges faced by FSO11

Solutions12

Effectively Targeting Generation Y12

Ages 16-1812

Ages 19-2413

Use of Face book13

CONCLUSION14

REFERENCES15

Targeting Generation Y

Introduction

Generation X known as the baby boomers has been succeeded by Generation Y. The Generation Y is those people who have opened their eyes in the information world. They are highly resourceful and extremely comfortable with technology. Their needs are diverse and it's hard to satisfy them fully. The Bank that has been chosen for the purpose of analysis is HSBC UK. HSBC; a world renowned bank worldwide has had effective ways to deal with these target audience. The Bank has made good connection with these prospecting clients. Challenges faced by financial institutions comprises of not able to reach to the level of target audience and give simple and understandable solutions for the clients. HSBC Strategy in terms of marketing mix has been quite effective and useful. Financial institutions should make better use of social media and should focus on providing benefits to the generation y, in return them themselves will benefit as a result.

Discussion

Defining Generation Y

Generation Y are born in the period of intensive information era and since their early life have been exposed to computers, mobiles etc. Generation Y are extremely competent when it comes to technology, making using social media and entertainment to their advantage. They are extremely resourceful, street smart, creative and innovative to get their things done. They are referred to as a product of net generation (Cheese, 2008)

Generation Y have been widely referred to as Millennial. They have been the ones who have followed Generation X (Deresiewicz, 2011, pp. 1-4). There is no exact knowledge as per when did Generation Y emerged. There are views that they emerged in the late 1970s, yet others are of the view that their time started from the 1980s to the starting of 2000s. The young generation Y have been severely affected in recent past with the emergence of global financial crises, as many of the younger lot are deprived of employment.

Retrieved from http://www.marketingplan.net/marketing-mix/. [Accessed 2 Sep, 2012]

Marketing Mix

Marketing Mix is an integral component of marketing. It's of extreme importance when determining a products unique selling proposition. When a product is to be marketed, these are the factors of immense importance Brian, 2011 pp.201-202. If focus is laid on getting these four components right, then marketers can go a long way ...