Global Demographics Essay Example | Topics and Well Written Essays - 750 words

Global Demographics - Essay Example Companies in the business of entertainment will need to pay far greater attention to Spanish speaking Americans in their product offering than they needed to a few years ago, as Hispanics are the fastest growing ethnic group. Products and services geared toward working mothers are very likely to enjoy success in an atmosphere in which women are pursuing careers before and after having children. Businesses that are blind to these kinds of demographic trends are likely to stagnate and ultimately lose out to more astute competitors. In an environment of global growth and diversity, there are trends that are likely to pose great challenges to competition and business success. The ability of an organization to embrace diversity and leverage it to strengthen its products and services, as well as its community image, is crucial to the ongoing success and competitiveness of any business today. No longer can businesses make assumptions of homogeneity in any market in which they choose to operate. Multiculturalism and diversity have redefined everything from what it means to be American or European to what is considered a family. Organizations must prepare to meet the ch... Question 3 If diversity could be viewed as a business strategy, it most certainly would contribute to an organization's competitive advantage. Communities are becoming ever more diversified; and organizations that fail to acknowledge and respond to that growing diversity risk becoming out of touch with the market in which they seek to operate successfully. Successful business have their finger on the pulse of what is going on in the market place, and are able to change and adapt accordingly. Those that remain stodgy and inflexible in the way they operate, and the way they develop and market their products and services, in the face of a demographically dynamic marketplace are very likely to be left out in the cold. A business strategy of diversity means utilizing market intelligence to quickly detect and respond to demographic and other changes in the market. It means relating to a diverse market by cultivating an image of diversity through public relations efforts, and committing to products and services that resonate with a diverse clientele. Those organizations that pursue this type of business strategy will enjoy a strong competitive market position well into the future. Question 4 Trends in changing demographics and global business expectations that demand attention from organizations desiring to remain competitive in the future include populations that are aging, becoming more ethnically diverse, and have greater access to information than ever before. People today have the ability to virtually instantaneously retrieve information about their product options, facts about the competition, and communication with others with