DEMOGRAPHIC CHANGES

When developing a business,future changes and how the external environment could affect the business should be taken into consideration and strategies put in a place.These external factors could be political,economic,socio-cultural,technological,legal or even the environment.Although there is not much way to change these factors but certain strategies can be developed to enable a business or organisation adapt and strive.

Demographic changes have affected industries today in so many ways.Population's age structure is adjusting to changes in living conditions.People are living longer,becoming more diverse, and even in some cases,much more health conscious.Consequently,there is need for businesses to adopt these changes in their products and services.Demographic change is a global issue.

Saga Group Limited,is a UK company that offers different products and services exclusively for people over 50yrs.These includes insurance,home care,holidays, and monthly best selling magazines in the UK. This company must have appreciated the demographic changes in its environment. It's executive chairman stated that ''most of all our country is increasingly in need of a longterm strategic plan for older people- above and beyond raising the retirement age- lest we risk creating a generation of people who are too young to claim a pension and too old to work''.
It has an estimated 2.7million customers and this company provides 4,000 jobs.If floated or sold on the stock market,it's price is estimated to be about £3billion. There focus is to deliver excellence to every customer.