Submitted by: Submitted by marcosorio
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Words: 1879
Pages: 8
Category: Business and Industry
Date Submitted: 02/10/2011 07:47 AM
Individual Assignment – “Meeting Customer Changing Needs”
Key Words: Demographics, Trends, Opportunities, Globalization, Demographic Shifts, Needs, Wants, Customer Value, Value Capture, Challenges, Baby-boomers, Generation Y, Customer-Driven Strategy, Competitive advantage, Loyalty, Glocal, Change, Speed, Segmentation, Targeting, Positioning, Ageing, Ethnic, Multicultural, Medical Nutrition. Abstract: In this assignment, I used research, in websites, Books, and academic papers. References are displayed along the assignment. This research has focused on the challenges that demographic shifts have brought to Marketing, and how successful Companies, with their brands have seized and transformed massive demographic shifts into opportunities, towards “meeting customer changing needs”. This could be done, because companies understood that due to scientific advances and globalisation, new needs and wants needs to be fulfilled, but, instead of trying to “shoot everywhere”, they clearly stated the segments they wanted to be in. They also understood that in order to achieve success, they have to use a “customer centric” strategy, tailoring and delivering products to specific people. But most of all, speed and change must be a constant in marketing planning, because people make up markets. Change is the constant. Only by incorporating this, a company can achieve and sustain competitive advantage. Later on, I give examples of companies that are ahead of the curve, in terms of fulfilling customer needs.
Why have been demographics so important to marketing over time? Demographics are just one of the forces that shape opportunities and pose threats to the company. Those six forces are Demographic, Economic, Natural, Technological, Political, and Cultural. [1]. So what’s the deal with Demographics? They involve the study of the human population in some terms, involve directly people, and we know people make up markets. Demographic variables are broader and most of the times,...