...Future demographic change in the UK will include growth in the overall population and further increase in the population aged over 55. To what extent does demographic change in the UK represent more of an opportunity than a threat to UK businesses? Justify your answer with reference to organisations and / or industries that you know. (40 marks) Demographic change can be defined as understanding how the population changes by investigating such demographic components e.g. gender, age, ethnicity, home ownership, mobility, disabilities, language knowledge, employment status and location. These elements and how they change constitute vital information about the population of a given location and its culture. The UK economy is constantly changing for various reasons such as improvement in medicine and increased globalisation leading to people living longer and the UK economy becoming more diverse culturally. Whether or not it provides an opportunity or a threat to a business will largely depend upon how the management of the business decides to attempt to change because of the change of the demographics. The largest change to the UK demographics would be the overall increase in the average age of the country, because of the innovation in medicine keeping people alive for longer and people not getting sick for long. This could provide many opportunities for a firm in the UK, either in sales or the management of the firm. A firm could change the demographics of its target audience to...
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...Demographic Paper: Baby Boomers Impact Your name HCS/490 Teacher name When it comes to the Baby Boomers Impact towards the Health Care Systems, there is only one that may wonder how they will as Baby Boomers population and their demographics impact health care systems in future generations. The subject of this reading will address this question and focus on the Baby Boomers population demographics, and explain the changes these demographics will have on health care systems in regard to patient’s needs and services. Along with explain the way demographic data informs companies the way services or products can successfully be marketed to Baby Boomers and how communities and the society needs to work together to correct demographic challenges Baby Boomers will encounter as they age. Population Demographics Most individuals tend to relate to the phrase Baby Boomers to oneself, father, mother, aunt, and uncle or even a grandfather or grandmother. According to the Unites States Census Bureau (2009), describes Baby Boomers as individuals born between 1946 and 1968 and as of 2009 there were 77,329,698 Baby Boomers living in the United States. The American elderly population based on the United States Census Bureau is rapidly growing therefore so will the impact on changing demographics. Impact of Changing Demographics on the Health Care Market According to the Bureau of Labor Statistics (2007), the impact that Baby Boomer changing demographics will have...
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...Church March 18, 2012 Data Memo MJB MARKETING INC. MEMO To: Kudler Fine Foods Management Team From: Robin Horton Date: 03/18/2012 Re: The Importance of Demographic/Psychographic Information within the Marketing Strategy Over the next few weeks the marketing executive of MJB Marketing Incorporation will be assisting Kudler Fine Foods in the process of evaluating the opportune times to implement psychographic, demographic, behavioral, and geographic segmentation into their marketing assessments. It is imperative that Kudler Fine Foods realizes the magnitude of demographic and psychographic data and the pertinent information these data’s convey about their current and possible future consumers. MJB Marketing Corporation will devise a positioning strategy for Kudler Fine Foods while contemplating the possible arrays of segmentation to assess the various competitors within the market. During all phases of the project MJB Marketing Incorporation will provide clear concise reasoning’s for the recommendations. Kudler Fine Foods must estimate the demographic characteristics such as age, occupation, gender, income, education, and other like values to properly proceed to expanding their stores. In order to create the best location and store attributes it will be necessary to pinpoint geographic, demographic, psychographic, and behavioral segmentation. These variables must be accounted for to create the ideal marketing mix. Kudler will need to determine the answers to certain...
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...Demographic Paper Your name Course # Date Instructor Name The aging population and the Baby Boomers are becoming a dominant demographic in the United States. The Baby Boomer generation is the biggest generation in American history. There are approximately 75 million people in America. The average life span and the age of retirement has increased, the need for medications for a longer period , and chronic illnesses are examples of how the aging population and the Baby Boomer generation will contribute to changes in the health care field. “Future and current demographics play an important role in determining the supply and demand of health care workers” (HRS, p. 3). Projected demographics that will affect health care include the increased life span of the aging population, and geographic location of the population. The rise in the population percentage of the elderly over the next decade will cause a n increase in the demand for more health care workers, and medications. Concerns that the demands for health care professionals will not be met because of the financial stress placed on Medicaid, Medicare, private insurance companies, and the patients out of pocket expenses. Many physicians are in the same demographic as the aging population. These physicians may retire around the same time. The healthcare for the elderly population will increase will less physicians to care for them. Positive changes to the health...
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...Demographics and Ethical Dilemma for Marketing Professional in a Connected and Diverse Society Jahangir M. Kabir Wilmington University What are the connections among demographics, marketing and ethics? Well, they are deep and potentially detrimental to society, if certain ethical standards are not met. According to Grewal and Levy (2011), firms use segmentation, targeting and positioning to develop marketing strategy and segments its customers in many ways and one of them is demographics (Grewal & Levy, p. 232). Demographic (age, gender, race, income, education etc.) segmentation puts consumers into groups according to easily measured objective characteristics such as age, gender, income and education (Grewal and Levy p. 232). Now lets look at some examples of the use of demographics to market products and services to consumers. I was never an Amazon fan until one day in 2011 I received an email with free Amazon Mom subscription for six months. I signed up immediately because it would make me eligible for free two-day shipping and 20% discount on diapers and baby formulas. Amazon targeted me solely because of my wife being nine months pregnant. Now, I am a loyal Amazon customer shopping for almost anything and everything. Grewal and Levy (2011) gives an excellent example of the use of gender as a marketing strategy to market products and service to men and women (p. 233). For example, TV viewing habits very significantly between men and women. Men tend to channel...
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...manager of Upper Cuts hair salon: “According to a nationwide demographic study, more and more people today are moving from suburbs to downtown areas. In order to boost sagging profits at UpperCuts, we should take advantage of this trend by relocating the salon from its current location in Apton’s suburban mall to downtown Aption while retaining the salon’s decidedly upscale ambiance. Besides, Hair-Dooz, our chief competitor at the mall, has just relocated downtown and is thriving at its new location, and the most prosperous hair salon in nearby Brainard is located in that city’s down town area. By emulating the locations of these two successful salons, UppperCuts is certain to attract more customers.” ANALYSIS Citing a general demographic trend and certain evidence about two other hair salons, the manager of UpperCuts (UC) concludes here that UC should relocate from suburban to downtown Apton in order to attract more customers and, in turn, improve its profitability. However, the manager’s argument relies on a series of unproven assumptions and is therefore unconvincing as it stands. To begin with, the argument assumes that Apton’s demographic trend reflects the national trend. Yet, the mere fact that one hair salon has moved downtown hardly suffices to infer any such trend in Apton; HairDooz might owe its success at its new location to factors unrelated to Apton’s demographics. Without better evidence of a demographic shift such trend in Apton. For that matter, the trend might...
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...Marketing Information Systems Marketing information systems have been defined as “people, procedures, and a software system used to collect, analyze, and assess market information so that decision makers can use it.”(Armstrong et al., 2009, p.184). Marketing information systems (MIS) are a set of unique marketing tools that assists corporations around the world to utilize information gained from marketing research to assess their products and formulate their plans for the future. Models of consumer behaviour can influence the development of their products and services , as well as impacting decisions such as; the appropriate locations for their businesses, and development of their marketing strategies. Once companies collect the information regarding consumer behaviours and their purchasing habits, it is analyzed in order to draw conclusions and make informed business choices. The objective is to utilize this information in order to generate the largest possible revenues (Buyer to consumer). Information is gathered through interviews, customer comment forms , consumer inquires and spending patterns gathered through loyalty cards. The information is gathered and the analysis provides insight into products and services being purchased by different demographic groups (i.e., age, gender, ethnicity, etc.), and in different locations. After this is achieved, organizations can then target their marketing and advertising of the right product to the appropriate customer...
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...paper will give a brief description and analysis of the impact of three market forces on a product. It will also touch upon strategies to overcome these threats, as well as different ways to capitalize on the opportunities. Market Forces Introduction Varying forces can serve to derail a marketing plan if you are not prepared for them. Just knowing and researching what they are can change an outcome. Discover how a few simple ideas or changes to the current plan can change the outcome of three of the five marketing forces. Market Force 1: Economic forces There are many reasons why a consumer might choose a product. Economic inflation, cost of living compared to income, and type of employment and how it is affected by seasons or economic trends are all economic factors. (Kerin, 2012). An establishment can have a wonderful reputation for great food, great service and great ambience but if the consumer doesn’t have the finances to go to that establishment, they will not go. In other words, a consumer’s finances are important in determining how often they might be willing to frequent your establishment. These factors can definitely affect a restaurant like Jamaica Jamaica Cuisine. Market Force 2: Social forces The varying age groups, economic backgrounds, religious beliefs, dietary cultures can have a very strong impact on whether a product succeeds or fails. (Kerin, 2012). The demographics of San Antonio, Texas and its surrounding areas are very interesting...
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...opened up at the rate of 3 week per week. The company is aggressive about its strategy and is gambling big bucks on their assumptions and understanding of the US food retail market. Success will result in returns of hedge-fund proportions, given the high margins that exist in the fresh and prepared foods and the organic growth that will result from developing a consumer niche of their own. A lot of players in the grocery retail industry including big names like Whole Foods and Trader Joe’s as well as smaller convenience store chains are watching Tesco’s actions closely. Since Tesco is developing an original format that doesn’t directly align with anything else anyone is currently doing on this scale, no one is certain how much of a market-share threat this is. I don’t believe any single channel will get the brunt of market-share loss from Tesco’s success in the US, more likely it will carve a little out of all channels. There are some industry experts that call Tesco’s strategy unwise given the maturity of this industry and there are those experts that acknowledge the respectable track record this company has racked up and the business acumen of its leaders. ‘No guts no glory’ seems to be the motto at Tesco, given their past history of doing the unexpected and succeeding at it. I don’t think organic market-entry (as against entry by acquisition) is an easy task in a mature industry, but there is the possibility that Tesco has really found a lucrative corner of the grocery retail...
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...greater than attempting to guess. When shareholders invest in a company each want to know that the organization is using that money to produce a profit such that they can return dividends and increased share value. If an organization fails to deliver on their promise to shareholders, then the shareholders leave, the stock tanks and the company’s future likely does the same. One of the biggest advantages to business over the last decade is an increase in the ability to map data. Data can then be collected and analyzed and turned into actionable information. Maps provide a number of factual components about people and places. Everything from the topology and altitude of a region, the weather, populations and virtually every type of demographic from age to political affiliation. These maps are what businesses use to target consumers. Targeting consumers insures the organization is placing their investments in the place where they likely have the best chance of returning a profit. If a company wants to invest they will likely want to do so in an area that has a lot of consumers who might be interested in their product. The ability to use map information varies with some basic components such as weather driving some marketing decisions. If most people in Minnesota for instance don’t have central air conditioning in their home then it probably wouldn’t be the best decision to sell the devices in...
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...Demographics The Aging Population Michele R. Morris HCS/490 July 17, 2011 Jennifer Pharr The Aging Population The aging population does not seem like anything other than people just receiving older. Referred to as the Baby Boomers this demographic of people are those ages 65 and older. People may think the demographics of our population have no affect on health care or our economy. This paper will include the information that proves our countries demographics do impact health care and the economy. For example, information was gathered about the target area, the aging population, and the general impact that demographic group has on the health care market. This information will also include how the aging population will increase the nation’s health care costs and prescription drug costs. This paper will include information about how a chronic disease wellness program may affect the cost for the aging population and how these issues can be addressed. Statistics Because of this proposed “baby boom” generation rapidly increasing, there has been an increased health care cost. The health care cost per person for people over age 65 is three to five times greater than that of people under the age of 65 (United states census bureau, 2003). This increased cost along with other factors such as long-term care and advancements in technology could increase health care cost even higher. More than 50 million of these Baby Boomers are sparking a demand for...
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...Changing Demographic and Health Care HCS/490 05/27/2013 Professor J. Leff Changing Demographic and Health Care In the United States, the aging Baby Boom generation has caused recent concern over the future and the affordability of healthcare; what it cost in more than just money is a dilemma of national proportions. There is a quickly changing generation of ‘boomers’ whom are aging to the next great population of the elderly and retired in the United States; the older they get the more prone these health consumers are to acquiring a health related issue or disorder. Though the cost of health care currently is manageable the reality of the situation lies in the retirement years when employer benefits are no longer an option, and out of pocket, expenses increase due to the high demand of nothing but the best technology and an increasing gap in health providers. In a 2002 assessment report for the National Tour Association (NTA) a Baby Boomer is defined as anyone born in the twenty years period of 1946 to 1964 (The National Tour Association’s Research & Development Council presents a current assessment report for the Baby Boom Market, 2002); those in the leading edge currently range in the late sixties and those at the trailing edge are currently in their late forties. With all reaching the current retirement in just under a decade and a half the nation is hard pressed to recruit, teach, and train the appropriate amount of health care workers to compensate for the...
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...Case Study: STARBUCKS 1. Many of the same environmental factors, such as cultural factors, that operate in the domestic market also exist internationally. Discuss the key cultural factors Starbucks had to consider as it expanded into China. As Starbucks expanded into China, they had to consider such cultural factors as: how the vast population of tea drinkers would take to the “new” palate of coffee, what generation they were appealing to; the older generation who are more collective, or the younger generation who is more individualistic? Starbucks marketed themselves as “China’s new sophistication,” which to their benefit took off in great response. The younger generation gravitated towards Starbucks and its Western belief in individuality. It still gathers both generations because its popularity and function is a place outside of the house/school/work that people like to gather, hang out, and been seen. 2. Discuss the key political and legal factors Starbucks had to consider in the Chinese marketplace. What are the risks of entering a country with these factors? What changes have occurred in China’s political and legal structure to the advantage of foreign companies? Entering the Chinese market, Starbucks had to consider the political facts of the country being a one-party dictatorship. By China being dominate in its set ways, it was a prevalent risk and factor that could affect the business overnight and without warning. Before 2001 when Beijing entered the...
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...Lisa Aham manages a McDonald’s restaurant with a key customer demographic of senior citizens, and she faces a possible marketing opportunity if she encourages this group of customers to continue congregating at her store. While it is important to keep the “Baby Boomer” generation in mind when coming up with a marketing strategy, Aham should also reflect on the risk she takes, financially and as a segment of a mega-billion dollar corporation, by targeting this demographic of seniors. Aham has already identified an attractive opportunity instilled in her original marketing plan of offering a monthly breakfast special of low-priced meals and free coffee refills for her patrons aged 55 and older. This has encouraged dozens of seniors to come to her restaurant every fourth Monday of the month, and what’s more, they come on a daily basis to meet and get a cheap meal and bottomless coffee. Now she wonders, should she continue to market to this group in her marketing strategy planning and target this demographic, or have a more mass-market approach to appeal to all of her customers? In evaluating the risks of targeting senior citizens, Aham would like consider the fact that it might not jive with McDonald’s objective of appealing to the everyman, and it might become a drawback for her younger patrons. In fact, Aham may face additional problems if the seniors linger apart from simply putting off the younger patrons. For instance, if these seniors continue to linger in the restaurant and...
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...CHAP TER Market Segmenting, Targeting, and Positioning C O M P E T E N C Y O B J E C T I V E S F O R M A S T E R Y 1. Identify the role of market segmentation in developing a marketing strategy. 2. Identify criteria for market segmentation. 3. Identify common types of positioning strategies. 5 Suppose you’ve created a great new offering you hope will become a hot seller. Before you quit your day job to market it, you’ll need to ask yourself, “Who’s going to buy my product?” and “Will there be enough of these people to make it worth my while?” Certain people will be more interested in what you have to offer than others. Not everyone needs homeowners’ insurance, not everyone needs physical therapy services, and not every organization needs to purchase vertical lathes or CT scanners. Among those that do, some will buy a few, and a few will buy many. In other words, in terms of your potential buyers, not all of them are “created equal.” Some customers are more equal than others, however. A number of people might be interested in your product if it’s priced right. Other people might be interested if they simply are aware of the fact that your product exists. Your goal is to figure out who these people and organizations are. To do this you will need to divide them up into different categories. The process of breaking down all consumers into groups of potential buyers with similar characteristics is called market segmentation. The key question you have to ask yourself when segmenting...
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