The reason we are targeting millennials is that companies
today have come to the realization that in the market place they cannot be of
interest or allure to all consumers. Buyers vary and are diverse in their needs
and purchasing habits. Instead
of using the “shotgun” tactic and wasting their efforts companies in recent
years have started using market segmentation and targeting. What is more, is
that’s what we are proposing on doing for F1. In order for our company to develop the right connection
with the millennials we need to devise a strategy, by identify the parts of the
market that we can serve best and that are cost-effective. (Kotler and
Armstrong, 2006, pg.194) A target market comprises of a set of purchasers who
share similar characteristics. Moreover, they tend to have mutual and
collective needs that the company decides to pursue (Kotler and
Armstrong, 2006, pg.210). In our case we are trying to find what make
Generation X tick.