Ford Motor Company (F): 2015 Ford Trend Report
In the most recent 2015 Ford Motor Company (NYSE:F), Ford Trend Report, the company explores the influence that Generation Z will have on the marketplace. This generation, which refers to people born after 1993, has not been widely discussed. While Baby Boomers, Generation X and Generation Y, the latter also known as Millenials, have been thoroughly analyzed by marketers and sociologists alike, the impact of Generation Z is starting to be felt. This is a population of more than two billion young people, many of whom are just about to enter into adulthood. This Ford Trend report examines some of the most notable characteristics of Generation Z.
- Influence of Technology -Technological changes have been occurring at ever faster rates. This has a profound impact on the way young people are brought up. What is significant about Generation Y is that they are the first generation to grow up in a culture completely immersed in mobile phones and the internet. These are children and teenagers who have never known a world without such gadgets. This makes them the most technologically savvy generation in the history of the world. When it comes to reaching such people, whether as voters, consumers or concerned citizens, it is therefore essential to have a high degree of technological sophistication.
- A Global Generation -Generation Z has also been identified as the first truly global generation. Members of this generation have grown up being able to talk to people all over the world via text messaging, Skype, video conferencing and other technologies. This has resulted in a more global and cosmopolitan perspective, one that is less focused on traditional borders and boundaries. It is even changing the idea of family, as definitions of family and community are rapidly evolving. Finally, this generation is more global in the sense of being physically mobile. Young people today are more likely to travel and relocate frequently than previous generations.
- Social Awareness -Another key characteristic of Generation Z is a concern with social issues such as the environment and political issues. This makes it essential for companies to consider the social ramifications of their products and policies.
- Willing to Take Risks -Growing up in an age of rapid change has created a generation of risk takers who do not fear failure. Failure is increasingly seen as part of the learning process. This has many implications, such as the likelihood that a high percentage of these young people will grow up to be entrepreneurs or people who change careers frequently.
How Generation Z Will Influence Ford
Ford recognizes that Generation Z is poised to play a major role in society. These are people who will soon become adult consumers, and their values and behavior will help to drive future market trends. Ford will therefore consider this generation’s unique characteristics in its products and marketing strategies. It remains to be seen exactly what Generation Z’s influence will be on the world, but their impact will surely be felt very soon as they reach maturity.
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