Write article from newspaper analyses 3 pages ( Washington post) which is relevance to conceptual business, economic or finance
Manufacturing firms are responding to the aging of baby boomers by redesigning
household appliances to meet their aging challenges.
Their wares are on display in this
year’s National Retail Federation convention holding in New York.
Both designers and
marketers are no longer satisfied with manufacturing.
They go further to consider the
ease of usage as well as marketing and or promotional strategies that avoid the “age” or
Major household appliance manufacturers are keeping up with the changing life
stages of baby-boomers.
As this age group reaches 60 years, some age-related health challenges, such as
arthritis, affect their capacity to use some household items, such as hammers, laundry
machines, and shower-stall grabs.
Patrick Conroy of Deloitte & Touche, USA notes that retailers are becoming aware
that today’s 60-year-olds are unique and are adapting to their uniqueness.
Consumers that are 50 years and older account for almost half of the total consumer
spending in the United States.
In a Deloitte study entitled “Wealth with Wisdom: Serving the Needs of Aging
” The boomers’ spending power is estimated at $1.
Earlier reluctance to address the needs of 60-plus consumers is giving way to the new
For the generation that got marketers to pay attention to youth market, retailers failed
to keep up with their transition until now.
The strategy to reach this group is further made more difficult by finding ways not to
get them accept that aging is upon them.
Aging boomers do not want to be addressed as “senior citizens,” riding motorcycles
Companies such as Good Grips, Fila, Gap, Inc.
, Moen, and Whirlpool have each
found ways to be retooling to the boomers’ needs and mindset.
Home builders are offering two master bedrooms to accommodate older couples
“who sleep separately because of restlessness, achiness or snoring.
Another survey by Deloitte found that “a third of people ages 55 to 64” have online
The entertainment industry is making room for the music tastes of boomers with
selections by the Beach Boys, David Bowie, and the Rolling Stones.
Microsoft, Intel Corporation, and others are making continuing effort to meet the
progressive needs of aging baby-boomers.
Matt Thornhill, President of the Boomer Project, had these comments on this
phenomenon: “They are the first generation to hit 50 and now age 60 with a high
degree of confidence that they’re going to live another 35 to 40 years.
they’re not going to get old until the very end.
RELEVANCE TO ECONOMICS AND BUSINESS MANAGEMENT
This newspaper article underscores the “contemporary” nature of our economic
Economics is not about the past but about the present.
While we take advantage
of past economic history, businesses, government and individuals respond to current
Managing a business and economic decisions are not about the
It is about the present and the future.
While it is important to know how successful
strategies of the past worked, it is even more important for individuals, business
managers and marketers to keep up with the growing needs of consumers and clients
along developmental stages.
As it is emphasized in contemporary news sources and economic textbooks, needs
and wants change.
Keeping up with the needs of your patrons, customers, and clients is
the only way to stay profitable in any business.
Purchases and services are aimed at
solving current problems.
This article illustrates the fact that, in order for today’s business investments to
succeed, economic decisions of what to produce and what to market are made based on
current economic trends.
In order for the salesperson to offer a customer appropriate
items, such would have been designed and formatted by the Research & Development,
Manufacturing, and Shipping departments, according to current needs and requirements.
Those designing and those selling are collaborators in the singular effort of meeting the
Customer satisfaction is the only winning formula in achieving
business success in the 21st century.
The article makes clear the need to keep up with demographic trends and
developments among segments of the consuming public.
While it may serve any
manager’s emotional needs to produce what they think the consumer needs, the only way
to be sure is to collect their (customers’) responses and see what makes sense.
been illustrated in our textbook and many other economic textbooks, there is a whole lot
of work in today’s economic success: namely, necessarily offering goods and services in
demand to remain profitable.
While it may be open to debate, it may be necessary to say
that if a business organization, or any organization for that matter, is not successful in
forecasting economic trends and customer preferences, that organization may be doomed.
“If there is no marketing or exchange, there is no profit.
” Without profit making or
breaking even (or cost recovery), there is no future for an organization.
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