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Showing posts with the label services

How Millennials Will Change The Market?

Millennials may just change the nature of business and what type of products and services are likely to be rewarded in the market. Millennials are significantly different than Baby Boomers and have been one of the hardest hit by the recession making them more focused on different aspects of life. This different focus impacts their perception of what they are looking for in the market and what they are likely to spend their money on.  Millennials communicate differently than previous generations and use technology to talk to each other ( 1 ). This means that information spreads quickly among this population and they stay in touch with each other through posting on Facebook, Twitter, and other methods. They are fairly transparent in their communication patterns and how they view particular issues.  According to a study conducted by Harstad Strategic Research, inc. Millenials want things like affordable college, retirement, social equality, healthcare, environmental policy,

Bonding in Online Communities

Group attachment is an important aspect of retaining and maintaining customers. As groups begin to identify and interact with new members, they build additional identities with the service or product. Research by Yuquing Ren, et. al (2012), focuses on communication and the understanding of identity, bond, and community identity in online forums. Their study helps highlight how different types of attachment strengthen online interaction and customer retention.  The far majority of business that seeks to build online communities fail to attract a critical mass of customers even when over a million dollars have been spent (Worthen, 2008).   The primary problem is that they have not been able to create and develop a level of attachment among members. Customers simply come and disappear after a few posts.  Understanding that there is identity attachment, bond attachment and community attachment can help in fostering the right type of activities that create positive identity w