American demographics are in transition. Mention two or three of them and cover their impact on marketing management over the next few years.

P. Coates
AT&A

 A:

Off the top of my head, there are two major demographics that are rapidly changing in the United States.  First is the aging of the Baby Boomers (of which I am on the very low end).  This is a huge demographic with tremendous influence and vast spending power.  As they grow older and move into retirement, their needs, including emotional needs are changing. 

The other demographic that is rapidly expanding is the Hispanic market, especially in California.  As this group grows, their buying power will increase just in volume as will their political power. 

What this means to marketing management is that these groups must be looked at as separate niches and even broken down into smaller niches based upon certain needs.  This brings me to psychographics or basically what common feelings do people have.

Baby Boomers will crave more and more safety, especially after working for many years then living through September 11 and then the stock market readjustment where they saw their retirement investments lose 25% or more.  Many are unable to retire and continue to work past their planned retirement age.   The Hispanic market has a different primal need in many instances than the rest of the population and these needs must be explored to determine the best way to market to them.

Smart primal marketers are always reviewing and researching their customers, trying to understand the compelling reason people buy.  This is true now and will always be true as the future unfolds.

Rodger B. Price