Discuss the impact of changes in the size of the 18-24 age group on marketing strategy planning in the united states.
The impact of changes in the size of the 18-24 age group on marketing strategy planning in the United States means ascertaining the changes that may be required in the marketing budget, primarily.
For example, if the size of the 18-24 age group shrinks, then a company may decide to allocate a portion of the funds directed to this age group to another age group. Their core customers from this age group may be aging and are now approaching their 30’s. Consequently, the company’s target market may have to change to the 25-34 age group.
They may carry these loyal customers, or a good portion of them, throughout their life. Therefore, they will have to refine their marketing strategy planning on a regular basis to retain these customers so they do not migrate to the competition.
In addition, if the 18-24 age group is shrinking, and the company marketed a particular product or service based on the youthfulness of this age group, their new marketing strategy may have to be a refinement of their products(s) and/or services. They may have to come up with a product/service that serves the needs of an older age group, for example the next age group level, and beyond.
If the size of the 18-24 age group is growing, then a company may decide to allocate a portion of the funds directed to another age group to this age group. Maybe this younger age group has latched onto some great features of the company’s product(s) or service and is buying these products or services more aggressively. Marketing strategy planning will have to take into account the burgeoning growth from this age group. They will have to dedicate the necessary funds to this age group to ensure they capture a significant market share from this 18-24 level of customers.
Therefore, in essence, marketing strategy planning will chiefly involve the efficient use of funds to promote particular products and services. In today’s ultra-competitive business landscape, no company can afford to waste marketing dollars on customer segments that will not provide a significant return of investment (ROI) for dollars spent.