Lifestyles are highly segmented, as a result, which makes it tough to forge and maintain mass markets, but easier to open niches for targeted specialty products. Product development success into the next millennium will largely be tied to mapping products accurately to these demographic trends. In addition, the role of singles, single parents, older offspring living at home and care for aging parents, have a big impact on boomers lifestyles.
Those responsible for building and managing sales people need a clear grasp of overall promotional strategy that will determine the kind of selling required, which will dictate the strategy for the building and managing of the sales team.
Technological Advances.
The Internet, cellular phones, high powered and compact notebook computers, and satellite television are all new technologies in their infancy. Eventually all information, business, personal, entertainment, recreational, will be available via a single, personal device. This revolution is transforming the way age 50+ consumers live, work, and play. The truly mobile, unhindered lifestyle is possible, transforming and shaping the Baby Boomer generation.
Economic External Influence Considerations.
"The spending power of the Baby Boom generation is estimated at $2.1 trillion, with the younger Baby Boomers (those born between 1956 and 1965) accounting for $1.1 trillion of the total, and older Boomers (those born between 1946 and 1955) generating the remaining $1.0 trillion,"" (RAB, 2003). Baby Boomers expect to continue working in some capacity after their retirement, and they believe they will be financially responsible for parents, children, or grandchildren during their retirement years.
Trend Effects on Sales Management.
One trend affecting sales management is the changing consumer demographics. In the U.S., Baby Boomers are aging and the population of.
Hispanics, Asians, and other ethnic groups is growing.