After reading Lecture 8 doAssignment 4 – answer the following questionsFamilyHow do families differ? Compare two families that differ (age, social status, wealth)?Generational MarketSelect a generational group and select a product of interest, give demographic and psychographic factors of this consumer.EXAMPLE:Family1.How do families differ? Compare two families that differ (age, social status, wealth)?Families differ by family structure whichhas changed dramatically over the last 50 years.And several variations on family have been created. There are six specific types of family structures identified by society today.Two types of different families: 1)The nuclear family- is the traditional type of family structure. This family type consists of two parents and children. The nuclear family was long held in esteem by society as being the ideal in which to raise children. 2)Single parent family-Links to an external site. consists of one parent raising one or more children on his own. This family may include a single mother with her children, a single dad with his kids, or a single person with their kids. The single parent family is the biggest change society has seen in terms of the changes in family structures.Family #1Parents-at 42(father) and 39(Mother); two kids at age 12 and 7Wealth: Medium ClassSocial status: Father is small business owner and Mother is general fashion industry employee.Family #2Single divorced Mom at age 30 with one kid at age 5Wealth: Low income classSocial status: hard working waitressGenerational MarketSelect a generational group and select a product of interest, give demographic and psychographic factors of this consumer.Generation X 39-54-do-good brands have seen an upsurge—organic, ethically produced products are in high demand. The same can be said for marketing to Generation X. This generation is less prone to moving in the waves of trends, and is more likely to buy a service or product that somehow benefits society or the environment. Toms is a good example of this—though not the most attractive type of shoe, their simple message of “one for one” bolstered this brand to success. A good way to push this branding is through Pinterest and Facebook!Demographic:The neglected middle child. Gen X is the smallest generation, born between 1965 and 1980 and often referred to as the bridge between Millennials and Baby Boomers. Gen Xers are now juggling child care, homeownership, and reaching the peak of their careers.Psychographic : Gen Xers are less distinctive than other generations. They’re savvy, skeptical and self-reliant; they’re not into preening or pampering, and they just might not give much of a hoot what others think of them. Or whether others think of them at all.
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