Demographic Change to Businesses

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Future demographic change in the UK will include growth in the overall population and further increase in the population aged over 55. To what extent does demographic change in the UK represent more of an opportunity than a threat to UK businesses? Justify your answer with reference to organisations and / or industries that you know. (40 marks)
Demographic change can be defined as understanding how the population changes by investigating such demographic components e.g. gender, age, ethnicity, home ownership, mobility, disabilities, language knowledge, employment status and location. These elements and how they change constitute vital information about the population of a given location and its culture. The UK economy is constantly changing for various reasons such as improvement in medicine and increased globalisation leading to people living longer and the UK economy becoming more diverse culturally. Whether or not it provides an opportunity or a threat to a business will largely depend upon how the management of the business decides to attempt to change because of the change of the demographics. The largest change to the UK demographics would be the overall increase in the average age of the country, because of the innovation in medicine keeping people alive for longer and people not getting sick for long. This could provide many opportunities for a firm in the UK, either in sales or the management of the firm. A firm could change the demographics of its target audience to an older generation, in order to potentially increase sales. Research highlights the importance of Local Authorities and Local Enterprise Partnerships in the developing policy responses to the challenges and opportunities arising from demographic change and economic trends in their localities.
For example Doro Mobiles is an organisation that specialises in making mobile devices for the…...

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