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Impact of Changing Demographics - Research Paper Example

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Running Head: Impact of Changing Demographics Impact of Changing Demographics Abstract The study intended to have a wide-ranging analysis about the impact of changing demographics on the marketing strategies of the organizations…
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Impact of Changing Demographics
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Download file to see previous pages The major themes that include economical, technological and societal or cultural impact have come under study later in the report, with the declaration about the marketing role in such changes. However, the conclusion elucidates the information that has come under presentation in the thesis. Table of Contents Table of Contents 3 Introduction 4 The Major Trends of Changing Demographics 6 Aging Population 6 Rise of Working Women 7 Increased Ethnic Diversity 8 The Economic Impact of Changing Demographics 9 The Technological Impact on Changing Demographics 10 The Societal and Cultural Impact on Changing Demographics 11 Conclusion 12 References 14 Introduction As the world and its inhabitants have entered into the twenty first century, it is coming across numerous changes and revolutions with the advancement and innovations in various sectors. Globalization is one of the leading changes that have brought the world on one global platform. This has changed the working ways and thinking of the organizations throughout the world. Demographics are one of the variables that enlighten the organizations’ marketing department about who are the current and potential customers present in the market; where they are and what is the ratio of the customers that are probable to buy the product the marketer is selling. In other words, the marketers study the statistics of the populace with reference to size, density, location, age, gender, race, occupation, and several other socio-economic factors when they want to identify the demographic feature for a particular product or service (Griffin, 2010). However, according to the dictionary.com, demographics can come under reference as “The characteristics of human populations and population segments, especially when used to identify consumer markets” (Griffin, pp. 132, 2010). To put it briefly, demographics play a substantial role for the advertisers in order to identify the target market for their products and services. Marketing strategies on the other hand is the development of actions where the marketers select their target markets on their statistical variables, and create and maintain appropriate marketing mix accordingly (Hooley & Graham, 2008). Marketing strategy of any organization comes under formulation after the organization has defined the mission statement, goals and objectives and conducted the SWOT analysis of the product. The environmental analysis is also one of the imperative steps for development of marketing strategies. However, translating the product information, advertising message and most prominently the marketing strategies that the consumers can understand and respond provide the enterprise with a clear-cut benefit over the competitors (Hooley & Graham, 2008). Rapid, dramatic, and turbulent changes are some of the characteristics that govern the new epoch in which the organizations are standing. Additionally, this elevated rate of change has twisted and metamorphosed the ways of working in the diverse enterprises. In fact, transformation has become an integral part of the organizational culture and life beyond doubt. Several emerging and changing trends are creating a deep impact on to the working of the organizations. Out of these rising and shifting trends, demographics are one of the facets that have leaded the corporations to reconsider and mull over their marketing strategies another time. These changes not only present opportunities and ...Download file to see next pagesRead More
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