The Future Of Marketing
To know what the United States will be like politically, culturally, and socially in 25 years from now is very hard to predict. The future of marketing, however, is not, since the demographics of the future population are already known. Demographic trends based on population projections will shape the world in the future. This deals with people’s statistics, such as age, race, location, and ethnicity. Many companies are preparing for tomorrow by setting up marketing strategies to market to future populations. On the other hand, there are many companies and corporations that are not looking into the future. Corporations that aren’t expecting a definite change in market segments will go out of business. Three growing market segments will be discussed. Corporations must adjust their marketing strategies to attract these segments in order to become successful.
The population of America is going to increase substantially from what it is now, similar to the increase after World War II when the soldiers returned home and created the Baby Boom. People are reproducing at steady rates, living longer, and dieing at slower rate. This serves as proof that the population is moving at increased rate. It will be very difficult for so called niche markets to be ascertained with a single market strategy. There will be many market segments. The current niche markets will be the new mass markets of the future and new niche markets will form. Corporations will need many new strategies for the new market segments in order to become successful. The new market segments will not only be segmented by nationality, but by nationality, spending urges and psychographic characteristics which will grow in leaps and bounds and vary. The number of senior citizens will double because life expectancy is increasing. Corporations will have to adapt to the new influx of elderly people, which will balance out the current domination of young people in the market. Many companies and...
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