Age, disposable income, and ethnic background impact taste, preferences, and target markets, thereby influencing demand. The mindset of the future will be product lines rather than a product, and selection indices will focus on meeting diverse consumer demands, dictating the selection criteria of marketers and the sales force. A study by the U.S. Census Bureau has determined that almost 75% of Baby Boomers come from "economically poor, working-class or small family-owned business or farm roots,"" (2002).
Politics will continue to play the most significant role in how this shift takes place. Both the values of a democracy and the realities of capitalism support the basic soundness of the current framework for Baby Boomers policies. Before a company can hope to make sense of the market, it's got to have the right management system in place. Successful companies have four essential ingredients:.
à Responsiveness: Excellent market intelligence and accurate facts are key in knowing the factors driving Baby Boomer consumer buying patterns.
à Cohesion: Marketing, sales, research, manufacturing and top management work in concert. This inherent interdependence is part of the corporate culture for companies racking up new product sales success.
à Speed: Reaction time is quick and essential in a saturated marketplace where competition is keen and consumers are fickle.
à Thoroughness: Products are tested without bias and failures are admitted before they hit the marketplace.
Trend Analysis Findings.
For the first time in history, the old will outnumber the young, and the United States will become a nation of minorities and social and intellectual capital will become the primary economic value in society. Technology will increase the speed of communication and the pace of advancement. "As scientific discoveries and societal realities force widespread ethical choices, domestic industries will intensify their efforts to attract Baby Boomers,"" (Wolf, 2003).
