Consumer Behavior–Demographic Trends
Consumer behavior is the primary aspect for the marketers when determining market entry mode. Through the understanding of the behavior portrayed by the consumers, the marketers will be able to determine the marketing mix and strategies to use to reach the target market. This report evaluates demographic aspect, one of the critical attribute in influencing consumer behavior. The report analyzes the various trends such as long lifespan of the senior citizens, baby boomers generation, generation X and generation Y in relation to the gym, Pay Television and Eat out Restaurants industries. Alternatively, it looks at how other attributes such as income level, gender ethnicity and race affect the suggested industries: A PREVIEW–ORDER YOUR PAPER NOW
The goal of each company is to expand its market share by having as many customers as possible. However, for the firms to achieve this objective they have to understand the behavior portrayed by the consumers in relation to the various types of products or services (Durmaz & Taşdemir , 2014, p. 188). The understanding of the consumer behavior assist the companies in enhancing the marketing techniques by acquiring the comprehensive understanding of the several issues that affect the consumer purchasing process (Brosekhan & Velayutham, 2013, p. 10). For example, through study of the consumer behavior the marketer will be able to know the psychological nature of the consumer in regard to a particular product or brand. Again, the marketer can be able to identify the consumer behavior while shopping as well as how the consumer is motivated by the different brands of the products. These are just few scenarios on how the understanding of the consumer behavior can be very effective for the company when coming up with the marketing strategies. The core purpose of this report is to analyze and evaluate how the demographic aspect among the consumers can affect the purchasing power as well as the consumer buying decision and process.
In addition to age, there are also other factors that makes up the demography of the population. These factors include family size, marital status, income level, geographical location, occupation, education, race and sex. These factors plays very critical role in determining the marketing strategies and identifying market niche. However, demographic can also be used in playing other roles which are very vital for the marketers and companies at large. This report seeks to identify other alternative of demography in monitoring trends and changes in both social and cultural environments when searching for new market opportunities. For extensive and comprehensive discussion of this aspect the report uses case studies of industries such as Gym, Pay to watch televisions and eat out
Effects of Demographic Trends on Gym, Pay Television and Restaurant Industries
It has come out clearly that some of the demographic trends can have either negative or positive impacts on the marketing of the company industries. Some of the trends that the report discusses in relation to the mention industries are long lifespan of the senior citizens, Baby boomers generation, Generation X and current small families or single adult family normally referred to as generation Y: END OF PREVIEW–ORDER YOUR PAPER NOW
Sources
Morran, C., 2013. Fewer Younger Adults Eating Out While More Baby Boomers & Elderly Hit The Restaurants. [Online] Available at: https://consumerist.com/2013/01/16/fewer-young-adults-eating-out-while-more-baby-boomers-elderly-hit-the-restaurants/ [Accessed 16 September 2016].
Villarreal, P., 2012. How Are Baby Boomers Spending Their Money?. [Online] Available at: http://www.ncpa.org/pub/st341 [Accessed 16 September 2016].