Final answer:
A single branded product can indeed be tailored to appeal to multiple target markets such as Generation Y and baby boomers through careful product advertising and understanding each demographic's preferences. Synergistic advertising and brand loyalty are crucial to attract and maintain a diverse audience. In a market-oriented economy, providing differentiated products can benefit consumers and serve as a competitive strategy.
Step-by-step explanation:
Can one branded product be successfully positioned to be attractive to several different target markets? Yes, it is possible for a single branded product to appeal to diverse groups such as Generation Y and baby boomers simultaneously through product advertising strategies tailored to each demographic while maintaining a cohesive brand identity.
While synergistic advertising practices ensure a unified message across various platforms, as seen with the example of Miller beer's pervasive presence in stadiums, it is also essential to understand the nuances of each target market. Generation Y might be drawn to digital campaigns and social media interactions, while baby boomers could respond to traditional media and values of product reliability and brand loyalty.
In a market-oriented economy, firms benefit from offering differentiated products to meet the preferences of different consumer segments, as well as from the efficiencies of larger scale production. Despite the debate on optimal variety and the potential social wastefulness of excessive product differentiation and advertising, having a well-established brand and a sizable advertising budget can also act as a barrier to competition and help maintain a product's position across different target markets.