FINA 3001

[Virtual Presenter] FINA 3001 Goods & Services In High Demand by an Aging Population How Marketers’ Should Engage Caribbean Home Help Competitors The Macroeconomic Problem Government Intervention The End.

[Audio] Goods & Services In High Demand by an Aging Population Healthcare Services Pharmaceuticals Assistive Devices Home Renovation Retirement Homes Healthcare Services - there is a higher demand for healthcare services as people age such as specialized medical care and home healthcare. Pharmaceuticals - The aging population often requires medications for various health conditions, leading to an increased demand for pharmaceutical products. Assistive Devices - Products like hearing aids, mobility aids, and other assistive technologies become more in demand as people age and may experience physical limitations. Home renovation - Older individuals may require home modifications to enhance accessibility and safety, leading to increased demand for home renovation services. Retirement homes - With an aging population, there's a growing need for various housing options catering to seniors, such as retirement homes.

[Audio] How Marketers Should Engage Identify the needs of consumers Evaluate demand and supply Creating awareness of the benefits of the goods & services Utilizing senior friendly communication channels Marketers can address this new engagement in many ways. The first thing marketers should do is: . Identify the needs of consumers. They can do this by observing the market behaviour and by surveying the aging population. . Evaluate demand and supply. Demand is connected to wants and marketers would have to make a decision on how to respond to the demand to be efficient with their investment. Marketers would then adjust the feedback of the demand to the supply to adapt to their target market in order to maximize profits and cater to their needs. . Marketers should have the products and services at an appropriate price and differentiate their products from their competitors. E.g pricing and packaging. . They should have a proper market strategy by focusing on (product development): bringing new products in an existing market, (market development): bringing existing products in a new market and (diversification): bringing new products in a new market. Utilizing senior friendly communication channels such as newspapers and radio..

[Audio] Caribbean Home Help Caribbean Home Help is a nursing agency based in Barbados, and its business model is centered around family values. It is based on the idea that the patient comes first. They provide nursing care, transportation services, grocery shopping, maintenance of your home and they keep you smiling. They link compassionate and caring caregivers with individuals in need of care or assistance and concentrate on every patient to spot any changes that might have an adverse effect on their health..

[Audio] The Competitors Clarke’s Helping Hand Care Providers Clarke’s Helping Hand Care Providers is a caregiving company based in Barbados. They offer senior care services Their mission is to support your loved ones in need while also providing them with high-quality care from their team of highly qualified and caring professionals. Priority Nursing At Priority Nursing, they provide clients in Barbados with trustworthy and reasonably priced home care services. They take care of anything, whether you require daily medical attention or appointment-based care. Their licensed healthcare professionals collaborate with your physician to create and oversee a customized at-home health care plan that suits your schedule..

[Audio] The Macroeconomic Problem The lack of qualified healthcare professionals to fulfil the rising demand for home healthcare services is one macroeconomic problem, potentially resulting in higher costs and less availability of services ..

[Audio] Government Intervention Investing in heath care education and training programs Offering incentives such as scholarships Offering subsidies for training institutions Tax breaks for businesses that employ healthcare professionals Government Intervention: Education and training programs help healthcare professionals acquire the knowledge, skills, and expertise needed to provide high-quality care to patients. Well-trained healthcare professionals are better equipped to make accurate diagnoses, deliver effective treatments, and ensure patient safety. Subsidies reduce the cost of education and training, making it more affordable for a broader range of individuals. This can help bridge educational and skill gaps and increase access to training programs, particularly for those with limited financial resources. Tax breaks can incentivize businesses to hire more healthcare professionals. This expansion of the healthcare workforce can help address shortages and improve healthcare access..

[Audio] THE END By: Darius Brathwaite Kaia Bynoe Jesonte´ Connell Desmond Forde Dorian Thorpe Peter Woodroffe.