BUS 330 Principles of Marketing
Instructor: Kristin Brocklesby
December 3rd, 2012
The world’s top consumer brands need new customers. The youth market is the key to growth. Demographics in Western Europe, North Asia and North America point to an aging population as the Baby Boom generation heads toward retirement, with fewer replacements coming behind due to decades of declining fertility rates. At the same time, many of these markets are just now seeing widespread penetration of the internet and social networks in societies where upwards of 60 percent of the population is under the age of 30. This combination of youth, technology and rising consumerism across the globe offers challenges and opportunities to companies across the globe. As the youth market continues to change, Marketers must use a range of different strategies to find success in today’s market. Emerging economies such as those in China, India and the U.S. represent the fastest-growing middle class consumer markets in the world. Nearly one billion potential customers are beginning to earn enough income to afford quality brands and quality consumer experiences, that’s the good news. The bad news for traditional marketers is that today’s global youth is coming of age in the same dynamic and unpredictable digital media culture that has disrupted old business models and old marketing strategies. A lot has changed since Cabbage Patch Kids were a must have collectible toy. Today's young consumers are tech savvy. As the first generation of true digital natives, they naturally take to interactive technologies and digital experiences to stay entertained and engaged. Young people in emerging nations are growing up as their buying power and future prospects continue to brighten. They are eager to move beyond old models and they are hungry for greater wealth and greater productivity. This rising young market, exposed to global media and global consumer culture...