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Estimation Of Income Distribution

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Questions:

1.If a Company is interested in estimating the distribution of income in the Northern Territory or New Zealands's North Island, how could it proceed? Be specific.
 
2.Discuss how worldwide demographic trends are affecting opportunities for international marketing and which industries are set to benefits from the ageing baby boomers.
 
 

Answers:

1.Estimation of income distribution in New Zealand’s North Island.

North Island comprises of nine local government regions which are Wellington, Hawkes Bay, Taranaki, Gisborne, Bay of Plenty, Waikato, Auckland, Northland and Manawatu-Wanganui. North Island has a population which constitutes more than 70% of the population of New Zealand. Macro-economic indicators about the country can be accessed using the Country Intelligence Report while the micro indicators can be accessed through official government records. (Country Intelligence: Report: New Zealand 2014).  There are two main methods with which data about income distribution can be collected in North Island: qualitative and quantitative methodologies.  Qualitative and quantitative means of data collection can be used by a company in order to get an estimation of the income distribution in this region of New Zealand.

Qualitative data collection

Qualitative data can be collected from the official government website on national statistics. This web-based resource is free and available for the public to download data that has been officially collected and computed. The income statistics gives information about the jobs available and age groups of the working population. The site provides information on Person and household level metrics which is published as Labour Market Statistics (Stats NZ, 2013). Other metrics shown on the government website include annual information showing patterns on income and expenditure of private houses-holds.  Information about respondents work, household circumstances and net worth is also available. Technical information is also given on classifications and survey design about the data collected. The information given also includes projections into the future on income distributions.

Quantitative data collection

Quantitative data collection will be based on measures of values which will be obtained through a variety of means. The company can engage a professional consultant to undertake a survey and gather information or can do it with company employees. The nine local government regions will be targeted for the survey in order to get a true representation of the population of North Island. Questionnaires will be prepared with questions which are relevant in order to determine the income distribution in the region. Five hundred people can be used as the representative sample for each region and totaling to 4500 persons for the whole region. The survey should be representative of the working age group, gender and dispersed across different municipalities of the different regions.

 


Questions to be included in survey may include information on average hourly and weekly earnings. Movements in base salary, overtime and ordinary –time rates of wages should be included. The survey can use both written and web-based survey through email. A good mix would be to use half of the questionnaire survey using face-to-face interviews while the remaining half is done through the email based format (Nabbout-Cheiban, Fisher, Edwards 2017). The collected data results can then be used to determine the frequency counts, modes and median measures of the population from the data collected. The data collected and collated can then be computed to arrive at descriptive and inferential statistics. The qualitative data can then be compared with the available official information already gleaned from the government website. The information obtained can be compared to identify if there are disparities and how they can be corrected. A true representative data set can then be obtained for the income distribution of North Island.

2.Worldwide demographic trends

The changing demographics are occurring at two levels: increasing number of aging baby boomers while there is a coming of age of the millenials or generation Y. The baby boomer generation is expected to live longer and this calls for a new paradigm of marketing to target this demographic (Odell 2015). The new marketing opportunity globally has to be within the context of the marketing mix that attracts this demographic. The new marketing should focus on price, place and promotion that seek to increase overall well-being and healthy living. The marketing for the aging baby boomers should emphasize on healthcare and tie-in other products to the central theme of health. Another area of focus should be on financial management of current assets held by this demographic and trust services for the heirs of this generation.

The millenials provide the opportunity for marketing which focuses on sustainable living and social responsibility. The main media for marketing and advertisement should be digital in order to connect with this demographic. The millennial generation will be attracted by marketing that pays attention to online reviews and peer input. Brand marketing should be tied to a cause in order to appeal to the millenials (Smilansky 2017, p.23). Improved incomes of the female gender will avail opportunities for more marketing that appeals to this gender. The increased number of households with women as the main income earner will require a new marketing approach that will capture this demographic within their income levels. The millenials generation will have the propensity to invest in technology based ventures and this is important in future marketing for firms seeking capital and investments from this demographic. Wilson (2011), states that the marketing mix should also focus on changes in income across different geographical regions with emphasis on emerging markets such as China.

Beneficiary industries from ageing baby boomers

Several industries are set to benefit from the ageing baby boomer generation. The hospitality and tourism industry is set to benefit as more baby boomers will spend more of their retirement time on leisure travelling. Transport, tour agents, hotels and lodges will benefit as the result of the improved travel. The health and medical care industry will also benefit as this generation live longer and will require commensurate services to enhance their health and well-being. Specialized medical care providers and technology that will ease their transition into old age will stand to benefit from this generation. Golant (2017, p. 83), states that  telemedicine, telehealth industries and the cosmeceutical industry also stand to benefit from the baby boomer generation.  Real estate companies will also benefit through increased need for housing that will be adapted to aging in place. Overall, industries which will lead to increase the strength, vision, mobility and hearing capabilities of this aging demographic stand to benefit the most.

 

References

Country Intelligence: Report: New Zealand', 2014, pp. 1-23.

Golant, SM, 2017, 'Self-Reliant Older Baby Boomers Are Now Better Connected to Goods, Services, and Care', Generations, vol. 41, no. 2, pp. 79-87.

Nabbout-Cheiban, M, Fisher, F, & Edwards, MT 2017, 'Using Technology to Prompt Good Questions about Distributions in Statistics', Mathematics Teacher, vol. 110, no. 7, pp. 526-532.

Odell, P 2015, '7 Keys to Marketing to Baby Boomers', Promotional Marketing, p. 1.

Smilansky, O, 2016, 'GENERATION Y: In Control, Content, and Community-Minded. (Cover story)', CRM Magazine, vol. 20, no. 2, pp. 20-24.

Stats NZ, 2013, Income, viewed 10 August 2013, <https://www.stats.govt.nz/browse_for_stats/income-and-work/Income.aspx>

Stratis Publishing, 2017, Companies scramble to change as baby boomers age, Senior living mag, viewed on 10 August 2017, < https://www.seniorlivingmag.com/articles/2013/07/companies-scramble-to-change-as-baby-boomers-age>

Wilson, C, 2011, Understanding Global Demographic Convergence since 1950,  Population and Development Review, 37(2), 375-38, retrieved from https://www.jstor.org/stable/23043287

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