– BMK501-Marketing Management
Case Study Analysis
I. EXECUTIVE SUMMARY
The shift in consumers’ behavior and attitudes today is attributed to a number of important global developments. Chief amongst those are the changing demographics as we head towards an increasingly aging population while at the same time we are witnessing the rise of a new consumer group - the “Generation Y” or the Millennials that threaten to dictate the new rules in buying and doing business.
Notably too is the impact of an increased level of wealth and affluence amongst consumers before they were crippled by the recessionary effects of the 2009 Global Financial Crisis. Globalization and the pervasive internet and digital technologies have become the two most powerful forces re-shaping our family lives and in redefining how they communicate, socialize and shop.
This analysis goes on to trace the causes of these global developments and the impact exerted by the Millennials and the “carer” role as required for our aging population. The other silent cause, the viral ability of social media tools comes under our scrutiny. At least five alternative solutions backed by their respective decision criteria packed our fourth section before we conclude with four recommended solutions, its implementation together with their justifications.
II. STATEMENT OF PROBLEM
As a result of recent global events, there is a dramatic shift in consumer attitudes and behaviors. Chief amongst these profound changes and impacts include the following:
a. Changing Global Demographics – these are sub-divided into three sub-categories:
i. Increasing Life Expectancy - life expectancy is forecasted to increase three and five-fold times for those in the 60 and 80 years old and more categories respectively. In absolute terms, we are getting ready for an aging population which is expected to increase from 606 million to 2 billion; and 69 million to 379 million for the respective age... [continues]
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