Posted: December 20th, 2021

ECON 201 Macroeconomics Fall 2014 – NEWSPAPER ARTICLE ANALYSIS

NEWSPAPER ARTICLE ANALYSISOprah Winfrey (Your Name)Community College of DCECON 201 – MacroeconomicsFall Semester 2014Assignment No. 1*Note: Double-space your work*Note: Attach copy of article*Note: Follow this format*Length: Three pages minimum**Relevance: One-page minimum**Submitted: August 28, 2014Justin U. Harris, Ph.D.ProfessorArticle: “Retailers Redesign as Boomers Hit 60; But Marketing tothe Aging Group is Tricky”Author: Ylan Q. MuiSource: The Washington PostDate: Monday, August 24, 2014Page(s): B2-3SUMMARYManufacturing firms are responding to the aging of baby boomers by redesigninghousehold appliances to meet their aging challenges. Their wares are on display in thisyear’s National Retail Federation convention holding in New York. Both designers andmarketers are no longer satisfied with manufacturing. They go further to consider theease of usage as well as marketing and or promotional strategies that avoid the “age” or“arthritis” word.MAIN POINTS? Major household appliance manufacturers are keeping up with the changing life stages of baby-boomers.? As this age group reaches 60 years, some age-related health challenges, such as arthritis, affect their capacity to use some household items, such as hammers, laundry machines, and shower-stall grabs.? Patrick Conroy of Deloitte & Touche, USA notes that retailers are becoming aware that today’s 60-year-olds are unique and are adapting to their uniqueness.? Consumers that are 50 years and older account for almost half of the total consumer spending in the United States.? In a Deloitte study entitled “Wealth with Wisdom: Serving the Needs of Aging Consumers.” The boomers’ spending power is estimated at $1.7 trillion.? Earlier reluctance to address the needs of 60-plus consumers is giving way to the new realities.? For the generation that got marketers to pay attention to youth market, retailers failed to keep up with their transition until now.? The strategy to reach this group is further made more difficult by finding ways not to get them accept that aging is upon them.? Aging boomers do not want to be addressed as “senior citizens,” riding motorcycles instead.? Companies such as Good Grips, Fila, Gap, Inc., Moen, and Whirlpool have each found ways to be retooling to the boomers’ needs and mindset.? Home builders are offering two master bedrooms to accommodate older couples â€œwho sleep separately because of restlessness, achiness or snoring.”? Another survey by Deloitte found that “a third of people ages 55 to 64” have online shopping preference.? The entertainment industry is making room for the music tastes of boomers with selections by the Beach Boys, David Bowie, and the Rolling Stones.? Microsoft, Intel Corporation, and others are making continuing effort to meet the progressive needs of aging baby-boomers.? Matt Thornhill, President of the Boomer Project, had these comments on this phenomenon: “They are the first generation to hit 50 and now age 60 with a high degree of confidence that they’re going to live another 35 to 40 years. They know they’re not going to get old until the very end.”RELEVANCE TO ECONOMICS AND BUSINESS MANAGEMENTThis newspaper article underscores the “contemporary” nature of our economic system. Economics is not about the past but about the present. While we take advantage of past economic history, businesses, government and individuals respond to current economic developments. Managing a business and economic decisions are not about the past. It is about the present and the future. While it is important to know how successful strategies of the past worked, it is even more important for individuals, businessmanagers and marketers to keep up with the growing needs of consumers and clients along developmental stages.As it is emphasized in contemporary news sources and economic textbooks, needs and wants change. Keeping up with the needs of your patrons, customers, and clients is the only way to stay profitable in any business. Purchases and services are aimed at solving current problems.This article illustrates the fact that, in order for today’s business investments to succeed, economic decisions of what to produce and what to market are made based on current economic trends. In order for the salesperson to offer a customer appropriate items, such would have been designed and formatted by the Research & Development, Manufacturing, and Shipping departments, according to current needs and requirements. Those designing and those selling are collaborators in the singular effort of meeting the customer’s needs. Customer satisfaction is the only winning formula in achieving business success in the 21st century.The article makes clear the need to keep up with demographic trends and developments among segments of the consuming public. While it may serve any manager’s emotional needs to produce what they think the consumer needs, the only way to be sure is to collect their (customers’) responses and see what makes sense. As has been illustrated in our textbook and many other economic textbooks, there is a whole lot of work in today’s economic success: namely, necessarily offering goods and services in demand to remain profitable. While it may be open to debate, it may be necessary to say that if a business organization, or any organization for that matter, is not successful in forecasting economic trends and customer preferences, that organization may be doomed.  â€œIf there is no marketing or exchange, there is no profit.” Without profit making or breaking even (or cost recovery), there is no future for an organization.

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