ECON 201 Macroeconomics Fall 2014 – Newspaper Analysis

Write article from newspaper analyses 3 pages ( Washington post) which is relevance to conceptual business, economic or finance.Follow the sample format in the attached document, please no plagiarism. use your own word.: Double-space your workNote: Attach copy of article *Note: Follow this format*Length: Three pages minimum**Relevance: One-page minimumSUMMARYManufacturing 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 lifestages of baby-boomers.?As this age group reaches 60 years, some age-related health challenges, such asarthritis, affect their capacity to use some household items, such as hammers, laundrymachines, and shower-stall grabs.?Patrick Conroy of Deloitte & Touche, USA notes that retailers are becoming awarethat 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 consumerspending in the United States.?In a Deloitte study entitled “Wealth with Wisdom: Serving the Needs of AgingConsumers.” 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 newrealities.?For the generation that got marketers to pay attention to youth market, retailers failedto keep up with their transition until now.?The strategy to reach this group is further made more difficult by finding ways not toget them accept that aging is upon them.?Aging boomers do not want to be addressed as “senior citizens,” riding motorcyclesinstead.?Companies such as Good Grips, Fila, Gap, Inc., Moen, and Whirlpool have eachfound ways to be retooling to the boomers’ needs and mindset.?Home builders are offering two master bedrooms to accommodate older couples“who sleep separately because of restlessness, achiness or snoring.”?Another survey by Deloitte found that “a third of people ages 55 to 64” have onlineshopping preference.?The entertainment industry is making room for the music tastes of boomers withselections by the Beach Boys, David Bowie, and the Rolling Stones.?Microsoft, Intel Corporation, and others are making continuing effort to meet theprogressive needs of aging baby-boomers.?Matt Thornhill, President of the Boomer Project, had these comments on thisphenomenon: “They are the first generation to hit 50 and now age 60 with a highdegree of confidence that they’re going to live another 35 to 40 years. They knowthey’re not going to get old until the very end.”RELEVANCE TO ECONOMICS AND BUSINESS MANAGEMENTThis newspaper article underscores the “contemporary” nature of our economicsystem. Economics is not about the past but about the present. While we take advantageof past economic history, businesses, government and individuals respond to currenteconomic developments. Managing a business and economic decisions are not about thepast. It is about the present and the future. While it is important to know how successfulstrategies of the past worked, it is even more important for individuals, businessmanagers and marketers to keep up with the growing needs of consumers and clientsalong developmental stages.As it is emphasized in contemporary news sources and economic textbooks, needsand wants change. Keeping up with the needs of your patrons, customers, and clients isthe only way to stay profitable in any business. Purchases and services are aimed atsolving current problems.This article illustrates the fact that, in order for today’s business investments tosucceed, economic decisions of what to produce and what to market are made based oncurrent economic trends. In order for the salesperson to offer a customer appropriateitems, 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 thecustomer’s needs. Customer satisfaction is the only winning formula in achievingbusiness success in the 21st century.The article makes clear the need to keep up with demographic trends anddevelopments among segments of the consuming public. While it may serve anymanager’s emotional needs to produce what they think the consumer needs, the only wayto be sure is to collect their (customers’) responses and see what makes sense. As hasbeen illustrated in our textbook and many other economic textbooks, there is a whole lotof work in today’s economic success: namely, necessarily offering goods and services indemand to remain profitable. While it may be open to debate, it may be necessary to saythat if a business organization, or any organization for that matter, is not successful inforecasting economic trends and customer preferences, that organization may be doomed.“If there is no marketing or exchange, there is no profit.” Without profit making orbreaking even (or cost recovery), there is no future for an organization.***Assignments are submitted in a folder with pockets***A well analyzed, neatly organized work/assignment receives full grade!Learn something from your work. Do not just assemble information.Inputs and process influence output and productivity. Garbage in, garbage out!

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