New Service Ideas ( based upon changing Consumers and Markets) - Article Example

NEW SERVICE IDEAS (based upon changing Consumers and Markets) 25 pts- 2 to 2.5 pgs Go to the library (or internet- but sooner or later you will haveto go to the library) and find (and copy) TWO articles about changing culture or lifestyles or demographics or a Megatrend (think back to your intro to marketing days)- these should be TWO different trends (if both your articles were of one trend, get another on a new/different one). These can be articles on the growing changing family structure, values (multiculturalism, materialism) or demographics (aging consumers, growth in Hispanics, etc) or a significant marketplace trend (recession, greater numbers of poor, Environmentalism, growing numbers of obese folks, popularity of Hookah bars, etc.). Try to find articles that have a focus on consumers or consumer groups and how they are changing.

DON’T pick articles on new products or services- pick a broader consumer or environmental trend- make sure it is a major, not a minor trend- and that it is in the U.S. (we are not focusing on other countries for this assignment- it may be a Global trend- that’s OK, but must be ‘trending’ in the US too.) 1) Then read and quickly describe the TWO trends- (1/2 page)- 2) Then answer the question "HOW are these trends important to marketers of services?" How will they Impact some services?

(1/2 page). Focus on SERVICES, not products- and how this trend will impact Services in General- what unique elements of services will be impacted by this trend (like restaurants, or bars, or airlines, or hotels…etc)3) Finally, take a stab at developing TWO NEW (2) Services or Service Extensions (Wal-Mart having child-care; Target decorating college dorm rooms) that would capitalize and be successful because of this trend. Cool examples in past of new services: “Elder Universities” (for seniors); Airlines for adults only (no babies/ children); Nightclubs for older women (cougars); Cruise Lines for Disabled People; Spa for Asian Americans; Evangelical Christian Dating or Cruise Line, Vacations where you can take your dog….etc. (1/2 to 2/3 page for EACH service idea).

What is the Target Market for the new service or extension? How will these two new ideas capitalize on the trends? Turn in a copy of the two articles with your 2-2.5 page write-up (hint- good magazines/journals to look in are American Demographics, Advertising Age, Business Week/Forbes/ Fortune, and Wall Street Journal.EDIT- and PROOF your paper!! I will grade for writing QUALITY too!!Start the search by Tuesday (day classes only), so you can talk about trends you’ve identified in class.ARTICLE LINK FOR DAYCARE: http://www.

bellaonline.com/articles/art4365.aspLINK 2 for BI: http://www.cio.com/article/40296/Business_Intelligence_Definition_and_SolutionsOne of the major social trends that is developing in America is assimilation of immigrants and young generation adapting to cultures from different cultures. For instance, more kids of young generation are exploring new avenues of socializing and even dating. More than ever, groups of different nationalities and religions are intermixing, which is a huge progressive step from their older generations.

The new avenues of educational systems are a prime example of this as Muslims and Hindus are dating each other disregarding mainstream “norms” of religion and culture. This is a huge backlash from the conservation first generation groups that always preached arranged marriages.One of the most intriguing facts about the concept of arranged marriages is the fact that it associated both religious and cultural paradigms in India. Since India has been known to be mainly conservative, parents play a pivotal role in deciding the spousal partners for their kids.

In Hinduism, this is more prevalent as factors such as caste system are crucial.  This has given a new opportunity to markets to expand the role of diversity within the contexts of interracial relationships. Marketers will market products such as tea and spices specifically to target a broad audience such as Southeastern folks instead of a country. Another huge trend that is similar to this is the fact that older generations are becoming more tech-savvy. Instead of finding matrimonial advertisements in the newspaper, these same parents are using the internet.

With the advent of dating portals, organizations have created modern matrimonial websites that allows parents and children to find a spouse via online dating. Without a doubt, this is a revolutionary step for revenue and opportunities for new profit margins.One of the huge trends that is evolving right now is BI(Business Intelligence) or Big Data. Business Intelligence is one of the most prominent and critical field as Information Technology emerges in the 21st century. BI is pivotal in many organizations because it allows respective stakeholders to view and analyze data.

Before the advent of BI, information about customers and business were overwhelming. With BI, stakeholders can truly take this raw information and convert into data that can assist them in making real-time decisions. The challenge in many organizations is the fact that majority of decisions are made based on estimated guesses. One of the best elements of BI is the fact that it reduces any ‘guesswork’. Another huge aspect of BI is the collaboration aspect as it allows users to interact and use this data.

BI allows organizations to collect data, use that information, and obtain information into useful data. Since data is stored in big data marts, not all of them are equipped with BI. With the boom of e-commerce, this has become even more pivotal. Companies such as McDonald’s and Toyota have taken this to expand their business and understand their customer demographics. Another huge trend that is been occurring is daycare in gym facilities. As humanity advances to 21st century, it is becoming evident that society is becoming more health conscious.

Hence, we see the newest and other gyms expanding their facilities to accommodate all types of individuals. Families have activities such as rock climbing while providing a daycare facility. For women, a huge trend that is occurring is Zumba at the gyms. It is evident that this a huge opportunity for fitness clubs because they can utilize this to penetrate more customers. Gyms in the modern 21st century are not only allocated to athletes but now accommodate to every demographic base that wants to get into an active lifestyle.

Works CitedBusiness Intelligence Definition and Solutions. (n.d.). CIO. Retrieved February 15, 2014, from http://www.cio.com/article/40296/Business_Choosing a Gym with Childcare. (n.d.). - Early Childhood. Retrieved February 15, 2014, from http://www.bellaonline.com/articles/art4365.