Example research essay topic: Baby Boomers Common Knowledge - 1,922 words

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Contents Introduction 2 Why Baby Boomers? . 3 Knowledge of Customer is the Key to Success. 4 Conclusion. 6 This paper is about successful marketing to baby boomers. It covers the questions of why baby boomers are considered to be ideal consumers and why the majority of worlds greatest companies aim their markets at this very category of people. This essay gives the answer to the question of needs the generation of baby boomers has and gives explanation about what these certain needs are connected with. It also contains some handy pieces of advice on how it is best to organize a companys advertisement to make it a success and which ways of trading it is best to choose to come up to the baby boomers liking.

The essay suggests a number of decisions upon what services are preferable to introduce to fully meet the needs and desires of people who are referred to as representatives of the generation of baby boomers. At the end of the essay there is a conclusion which sums up the whole paper and clearly states the main ideas, problems and their solutions stated in the paper. How Can Companies Market Successfully to the Baby Boomers? Introduction Its common knowledge that each companys blue dream is to be a success. Naturally, there are some important issues, without which these dream cant come true. The company has to go up a long staircase and each step should be thought out really carefully.

Step 1. For a company to win world recognition it is first of all important to decide, which part or category of population it is going to aim at. This part of the path is the most responsible one because the future of the company, in fact, depends upon it. It is best if the category of people is very numerous. The thing is that the more people buy the product this or that company offers the more profits this company gets. In this aspect the choice of the category of people has something in common with the choice of the product or products the company is going to produce or sell.

Both of them depend on each other. If the chosen product is of first need, many people are likely to buy it, and vice versa. Step 2. After analyzing the consumer market and choosing the product it is reasonable to get to know about all the details this market has. First and foremost it is essential to find out about the prospective of growth of the population of the category of consumers the company has chosen. If this category's life expectancy is comparatively high, the companys profit is guaranteed.

This is because with the growth of population of this category of people new consumers appear. This fact opens a wide range of opportunities to the company. First of all, there is a possibility of widening of the range of proposed products. The reason for this is the fact that the newborn consumers have their own needs, which are a kind of a burden on the shoulders of their parents. Therefore, the parents are supposed to satisfy these needs. However, the needs children have are different from those of their parents.

Thats why they produce the demand for a larger variety of products. Step 3. One more important point of the program is featuring and analyzing the buying ability of the chosen category of people in connection with their needs. The best variant for the company is if the people are well educated.

This is because proper education is the basis for material well-being. Comfortably-off people can afford many products which are a luxury for the rest of population. Naturally, expensive products, which are being massively bought, provide really a high income to the company. In addition, successful marketing includes not only examining the soil.

A company which claims to be a successful should hire specialists which can make deep research and surveys to get to know exactly what the companys customer needs, when and where he needs it. This means that a successful company should put itself into the shoes of its customers. It should try to analyze which product the customer would prefer to the smallest details, including shape and color. This company should also be ready to any kinds of surprises their clients may make.

It is impossible to trace all the customers likes and dislikes. That is why a company should always be ready to change in favor of its customers. A good company should treat its customers according to the Bible principle: Treat others the way you yourself would like to be treated. In case the company follows this, its business will surely be a success as far as it will gain constant customers who would constantly consume the companys production and therefore provide constant income. Why Baby Boomers? Baby boomers are considered to be ideal consumers as far as the ideally coincide with all the criteria companies need: they are really widely spread, have high life expectancy and are very educated people.

Baby boomer generation represents people born after World War II, between 1946 and 1964, to be more exact. These people form the major part of the worlds work forces and are considered to be a constant wealth component and buying power. Its common knowledge that each strata of human society has its own peculiarities each has certain features which make this category different from all the other people. Its quite true about the generation of baby boomers. There is a great lot of differences between the lifestyle of baby boomers and ordinary people. They are different demographically, psycho graphically, geographically.

First of all, baby boomers are far more spread all around the globe than any other category of people. For example, their population in the United States equals 27. 7 % and runs up to 30 % in the following states: Alaska (33. 3 %), New Hampshire (32. 8 %), Vermont (32. 2 %), Maine (31. 8 %), Maryland (31. 6 %), Colorado (31. 4 %), Connecticut (31. 2 %), Virginia (31. 1 %), Wyoming (31. 0 %), Washington (30. 9 %), New Jersey (30. 8 %), Montana (30. 7 %), Massachusetts (30. 5 %), Minnesota (30. 3 %), Oregon (30. 2 %), West Virginia (30. 0 %), Wisconsin (30. 0 %). (11) This fact makes companies aim major parts of their markets onto this very category of people. Its very important for a successful business company to make a constant market, which would provide constant demand for their production. Its known that many companies main goal is the globalization of their production. That is why world famous companies do their best to orienteer their markets to representatives of the baby boomers generation as far as they make the majority of worlds population. This generation provides a very constant and wide society of consumers, which is of great interest to many companies.

It is also important to take into consideration the fact of the scale and prospective of growth of this market. All in all, there are two essential problems: the quantity and quality of consumers. As to the question of growth of the market provided by the baby boomers generation, the prospective is very promising. Life expectancy in the baby boomers families equals 74. 1 for males and 79. 5 for females. In addition, of all the baby boomer family households, 29 % have two members, 24 % have three members, 27 % have four members, 13 % have five members and 6 % have six or more members. All together they make up about 48 % of United States households (13).

Even more, about 70 % of all baby boomers are married (12). The fact of marriage seems to be a common thing but in this situation it plays a great part. Its common truth that for a company to be a success it is necessary to analyze the demand market and decide which category this or that company is going to aim its efforts at. The fact that baby boomers are almost all married is very important in this case. Marriage, naturally, supposes having children. Children, in their turn, suppose certain needs, which are to be satisfied by their parents.

This means that the fact the majority of baby boomers is married and is likely to have children makes a very profitable part of a successful business for many companies, which are aimed at this category of people. As it is clearly seen, no other generation or part of present human population can open so many possibilities to the producing company as the generation of baby boomers. One more aspect which by all means should be taken into account is consumer education. Educated consumers are likely to be wealthier, as far as there is a high demand for educated workers in many companies. Furthermore, educated workers receive higher salaries than workers who dont have proper education or have no education at all.

Thats why people, who have high salaries, have the possibility to buy more expensive goods that all the other people can not afford. In addition, the goods they are likely to but are different from the goods non-educated people would buy. Educated consumers demand more luxurious products. They tend to possess various status symbols like incredibly fast cars, high quality Hi-Fi systems, large houses, expensive food and furniture, etc. Baby boomers have a higher level of education than any generation before them. The percentage of these people in educational establishments is very high.

According to the statistics, 88. 8 % of boomers completed high school, while 28. 5 % have a Bachelors Degree or more. That is why it is natural that their salaries are higher than that of ordinary people. Housing can serve as a good example for the desire and ability of buying of the generation of boomers. As far as baby boomers are mostly educated people and earn more money than ordinary people, they can afford to buy their own houses without mortgage. This is vividly illustrated from Chart 1, which shows that the majority of baby boomers buys houses but not rents them. Housing Ages 35 - 44 Ages 45 - 54 Homeowner 69 % 75 % With mortgage 56 % 53 % Without mortgage 13 % 22 % Renter 31 % 25 % Chart 1.

Baby boomers housing. In addition, boomers purchase 41 % of all new cars. This does not include purchases for children of boomers. Boomers are 51 % more likely to travel than other groups. Its quite understandable that the education baby boomers possess is almost a perfect choice for companies, who wish to sell expensive products in large amounts. Moreover, because of good health care, many boomers plan to continue working into their retirement years, so they will have more to spend and longer to spend it than any group before them.

Thats one more perfect feature for a perfect consumer. Talking about the generation of baby boomers it is also necessary to mention the period during which they were born and the historic circumstances in which they developed. As it has already been mentioned, the generation of baby boomers appeared in post-war period. It means that it includes the category of people born in the period from 1954 to 1964.

People, who were born before that, are quite different. For instance, people who lived through the Second World War, faced hundreds of hardships on...

Research essay sample on Baby Boomers Common Knowledge