Who are the baby boomers and why are they important to marketers? Name and describe the four subgroups of baby boomers that have been identified.
What will be an ideal response?
Baby boomers are defined as people born between 1946 and 1964. They are the largest demographic segment in the population today, but their influence varies depending upon further segmentation within the baby boomer segment. The four segments are "looking for balance" boomers, "confident and living well" boomers, "at ease" boomers, and "overwhelmed" boomers. "Looking for balance" boomers represent an excellent market for companies that can offer them time-saving products. Companies engaged in travel-related food-service and businesses will find key opportunities in this segment. "Confident and living well" boomers have the highest income and relish the chance to be the first to purchase a new product. They are technologically oriented and care about what is trendy. Travel is one of their favorite activities. "At ease" boomers do not worry about the future. They express the least interest in luxury products and don't travel much. The segment is primarily home-centric. They are not interested in new products. "Overwhelmed" boomers have the lowest income. They worry about the future. Health is a big concern for them. They are also the least sociable segment. They do not readily accept new technology.
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Explain the difference between a market penetration strategy and a market development strategy
What will be an ideal response?
Which of the following is one of three major focuses of resistance to change?
a. work environment b. intensity c. beliefs d. employees
Six Sigma processes
A. consists of a disciplined, statistics-based system aimed at producing not more than 10 defects per million iterations for a manufacturing or assembly process. B. can be used for improving products or business processes but not for developing new products or new processes. C. can be used for both improving existing business processes and for developing new processes or products. D. are based on three principles: (1) all work is a statistically controllable process; (2) no well-controlled process allows variability; and (3) defect-free work requires tight statistical controls. E. can be used for developing new products or new business processes but not for improving existing products or business processes.
An American fast-food company popping up in Hong Kong is an example of which concept below?
a. Sovereignization b. Nationalization c. Internationalization d. Globalization