When identifying target markets, it is easy to just identify a market by the generational cohort, but is this a good idea? Some marketers argue that generational cohort effects are critical, and that marketing programs must target based on the generation. Does where a person is in their own life cycle influence their purchase behavior or does when a person was born have more of an impact? Describe the importance of generational cohorts and the life cycle for companies when it comes to determining market segments.

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Both generational cohorts and life cycle stages play crucial roles in shaping consumer behavior and preferences making them essential considerations f... View the full answer