Family Life Cycle

Posted in Marketing and Strategy Terms, Total Reads: 5257
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Definition: Family Life Cycle

Family Life Cycle is a very important tool from marketing perspective as it gives marketers a clue or idea about buying strategies of families according to the stage of the families’ development.

Family life cycle gives the characteristics of evolutionary phases of families as the changing pattern determines these phases.

 

Family Life Cycle is comprised with 8 different stages:

  • The Bachelor Stage (singles)
  • Young Couple (with no children)
  • Full Nest 1 (couples with small children)
  • Parents with Children
  • Full Nest 2 (Middle aged Couples with dependent Children)
  • Empty Nest 1(Middle aged Couples with no Children living at home)
  • Older Couples with no children
  • Empty Nest 2 (Older, Widowed, Single, divorced and retired)

 

Each of these groups has their own buying patterns or behavioral skills on which marketers make their strategies.

Example:

Johnson & Johnson – They launch their products according to the family Life cycle. It has products ranging from Baby care, Skin care for young, Wound care for all age groups, etc.

 

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