Product Development and Aging Population
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a. What does this say you who are studying product development and innovation? If you were a product development manager, would you consider this a positive or negative development? Why?
b. Come up with two examples of product impacts that this will have and explain what the impact will be and why you think so.
c. If you were the product manager for the WII, would you use this information in your product development efforts and if so how? If not, why?
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Solution Summary
This detailed solution outlines the importance of the "new-old" or aging baby boomers to the product development manager, gives examples of the impact on products this trend will have, and discusses the issue from the point of view of the product manager for Wii. It includes examples and links.
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The New Old is an important trend for product development and innovation because you have 79.6 million people (http://www.prb.org/Articles/2002/JustHowManyBabyBoomersAreThere.aspx) going through a certain point of life, causing an energy flow of need, desire, and drive. Baby Boomers cause a bubble in the marketing of product. They are termed a "disruptive demographic". They are huge in numbers, AND economic impact. The Boomers needs continue to evolve and change as they age, driving a need to innovation and development.
As a product development manager this is a positive development because you can take advantage of the needs of the group. The article states that "the boomers create the lump that swells every trend". In the case of boomers they are searching for longevity, health, and wellness. They are the largest group of consumers in the market today and have a higher disposable income than any other demographic. This means that products can be developed that meet the groups' needs and wants and the baby boomers are ready and willing to spend what it takes to slow down/stop any signs of aging.
Research shows that baby boomers like to spend (think of the Starbuck trend- spending more than $2.00 for a ...
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