Marketing Assignment: Implications Of The Female Economy (Essay Sample)

The Female Economy
Name
Institution
The female economy
Introduction
We cannot ignore women’s command when it comes to the global economy today as they represent one of the world’s greatest opportunities. Despite the fact they have tremendously increased their market power and social position in the recent past, many companies have not been able to gear much effort to dominate the market (Silverstein etal., 2009). Women not only feel underserved but also undervalued by the market. In this paper I will discuss the major untapped gaps in the female economy that companies could invest in to their advantage.
Boston Group study found so many gaps existing in the women’s market and that so much improvement had to be done to serve the market. This study discovered six basic archetypes namely pressure cooker, fast tracker, fulfilled empty nester, relationship focused, making ends meet and managing on her own. This segmentation is important as it informs companies to be more target specific by knowing needs of different women. Below are six industries that companies can have found greater opportunities
Food
Its common knowledge that food is basic in every consumer’s budget and women responsible for both meal preparations and grocery shopping. Whole foods and Tesco grocery stores are women’s favorite and have quite a loyal following. Whole foods target well to do fast trackers interested in meats of high quality while Tesco stores offer financial services and other products like books and furniture to pressure cookers in a more convenient way
Fitness
A great number of women have weight problems given the fact that they put the needs of either their spouse children or parents before theirs. They have little or no time at all to work out. Most companies have however focused on expensive and male tailored health clubs which are a total turn off to them. All women want is a place they can improve their cardiovascular health, lose few pounds of weight, and get a better toning (Silverstein etal., 2009). Fitness chain curves has greatly benefited from responding to these women’s concerns
Beauty products and services
Women and beauty are inseparable. Most women actually spend the greater part of their income on cosmetics as they give them a greater satisfaction. Despite all this, women still feel dissatisfied with what beauty service providers offer. Men dominate this field and all they do operate on guesses of what women want. So as to gain the market the companies should put more women in the top positions to help in making decisions that are more resonate with customers. Companies that invested more in use of modern technologies to meet women’s need of looking younger have gained an added advantage. La Prairie's Cellular Cream Platinum Rare antiaging moisturize from Switzerland is a good example.
Apparel
Apparel accessories and shoes matter when it comes to cost and fit. Women don’t want to be reminded of how unfit their bodies’ are every time they go shopping. Banana republic ha...