Do you know Danica from the Philippines, Peter from London, Nargis from India, M

Question

  Do you know Danica from the Philippines, Peter from London, Nargis from India, Marina from Russia, Chieko from Japan, or Miran from the United States? These are some of the babies whose parents claimed they were the 7th billion human born into the world. The world population continues to grow, even though women are having fewer children than before. Markets are made up of people, and to stay competitive, marketers must know where populations are located and where they are going. The fertility rate in the United States is declining and the population is aging, creating opportunities as well as threats for marketers. That is why tracking and predicting demographic trends are so important in marketing. Marketers must plan to capitalize on opportunities and deal with the threats before it is too late. Develop a presentation on a specific demographic trend in the United States.  Explain the reasons behind this trend and discuss the implications for marketers (1 page maximum).

Explanation / Answer

Marketing managers must stay focused and get information of technology trends so that they can be part of next big thing, rather than becoming outdated and suffering from the financial crises. For this marketing manager must watch factors in micro as well as macro level.

micro environment refers to the forces that are close to the company and affects its ability to serve customers such as company itself, its suppliers , marketing intermediaries, customer markets, competitors, and publics were as Major environment are external and uncontrollable factors that influence an organization's decision making, and affect its performance and strategies. These factors include the economic, demographics, legal, political, and social conditions, technological changes, and natural forces.

For example, you can look at past data and see that millennials were interested in things like YOLO, Snapchat, tiny houses, or craft beer and invest more in brand-building connected to those trends. Or you can look at the broader personality trait

Corporate researchers will bring more of their studies in-house, as they will be expected to leverage the results of their programs to champion change across their organizations. Researchers who rise to the occasion, integrate themselves into the business, and become advocates will thrive, while others will be relegated to obscurity. Similarly, research vendors who understand the nature of their clients’ businesses and are focused first and foremost on helping them solve business issues will be successful, while others will become commoditized outsourcing centers.

“I think in 2016, and this isn’t necessarily a new trend, but more and more research will be done on mobile devices — but not simply because of their proliferation in market and share of usage vs. desktop computers, but because of the ability to intercept respondents while they are in the middle of certain actions or at certain locations is becoming more achievable and accurate. In addition, I think in 2016 marketers will continue to use big data to better understand consumer behavior, but market researchers will begin to use the same data to help understand the ‘why’ behind this behavior, and how they can help marketers develop strategies to impact these behaviors.”

The biggest trend for the next few years is likely to be automation, and we’ll start to see more and more of it in 2016.

Companies seeking both a better understanding of consumer motivations and a surer way of forging emotional connections will appreciate the additional insights derived from neuromarketing research — and from related behavioral economics and cognitive science studies.

For the first time in history, the average daily time that people spend consuming digital content has now surpassed the average time spent watching TV. Therefore, market research providers need to be utilizing electronic surveys, video conferencing for interviews with thought leaders, and other technological tools to conduct research. Market research techniques and tools have also grown exponentially over the past two to three years, so market research firms should now be using multiple inputs required to confirm key findings. It is no longer acceptable to make a trend statement based on a single data point. Finally, social analytics are becoming critical to assess, in addition to traditional analytics, because nearly the entire population is now engaging with online tools,

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