Teenagers and Young Adults Are Changing Marketing Practices Literature review

Teenagers and Young Adults Are Changing Marketing Practices - Literature review Example The world has said to be entered in the era of globalization as there are no real boundaries and distances are contracted because of the free flow of information and knowledge. Indeed, the advancements in information and communication technology (ICT), especially the arrival of the internet, have facilitated networking and information sharing among people worldwide. For instance, this has not only benefited the trade and commerce but also provided new business and investment opportunities to entrepreneurs across the globe. Also, this has resulted in intense competition among the firms because new people/ investors/firms regularly enter the corporate world, which ultimately benefits consumers in terms of greater variety and availability of choice. However, it is worthwhile to mention that this competition also put greater strain on marketing personnel, since they have been bombarded with various new responsibilities and duties to ensure survival, growth and sustainability of an enterp rise. (Chan & Fang, 2007) Marketers have realized the fact that teenagers (under age bracket of 12 – 16 years) and young adults (16 + years) could be the most attractive and lucrative market segments; since they have relatively better purchasing power as well as inclination to acquire innovated products and accept ideas. Nevertheless, Spero and Stone (2004) argued that this segment was not provided sufficient channels, which they could use to express and share their ideas, values, aspirations and opinions with the general public.