The paper "Trends that Are Creating Consumer Groups across the Globe" is a perfect example of marketing coursework. Globalization and liberalization of markets, which contributes to the proliferation of products in different markets, has been a major contributor to the development of different customer groups across the globe. Part of this development can be attributed to the diversity in preference that has resulted in the grouping of customers as millennials, Starbucks generation and, ageing population and hipsters among others these groups thrive in their ability to associate with a set of products based on the value that these products offer regarding the satisfaction of their needs.
This essay will focus on the trends that value contributed to the creation of consumer groups across the globe. Trends creating consumer groups across the globe The rise of the digital consumer Technology such as smartphone and internet services has played a significant role in the creation of consumer groups across the globe. This is because social media have provided a platform through which companies can develop their online retail channels while building brands and categories that are relevant in the socially networked world.
Social networks and the internet have therefore ensured that companies are engaged in the exploitation of technologically driven opportunities aimed at the development of the deeper understanding of their customers and maintenance of continuous consumer relations (Dillon 2012). Millennials are a consumer group that is willing to share its sociability. Online millennials are involved in habits such as Facebook, Snapchat and other social networking sites. This group of consumers are always willing to share their ideas and suggestions online. For companies, this is considered as an effective platform of satisfying their need for constant interaction with their customers.
Social networking platform for millennials is considered as a market place where they share ideas and refer members in their social networks to products and services available online (Howe et al 2015). Shift to value The recent global financial crisis has necessitated the creation of different customer groups focused on value offering. Majority of customers, especially from the working class are often seeking ways of saving money through techniques such as trading down to cheaper brands for consumer groups such as the Starbucks generation.
This group’ s need for continued services at relatively affordable prices has led to increased demands for products that are tailor-made to meet their financial needs and abilities (Howe et al 2015). Starbucks generation has required companies to develop techniques aimed at satisfying customer needs while meeting organizational goals. These include minimizing the need for retailers by launching private label brands. Other techniques include repacking their products and services and rationalization of the price list to control customer walk out to seek cheaper alternatives (Howe et al 2015). Demographic shifts on consumer patterns With globalization, there will be a shift in markets’ centre of gravity towards the developing world.
However, there is also a profound demographic change across all markets considering that the world population is aging quickly. According to the population reports by the United Nations, the population of those aged above 65 years will double to approximately one billion in the next two decades. This means that by the end of 2030, one in five North Americans will be elderly and this trend will be replicated in the developing and emerging markets.
This means that through the creation of this consumer group, companies will have the responsibility of developing innovative ways of meeting the diverse needs of these consumers (Dillon 2012).
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