THE INFLUENCE OF DEMOGRAPHIC CHANGES ON BUSINESS STRATEGIES
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ABSTRACT: THE INFLUENCE OF DEMOGRAPHIC CHANGES ON BUSINESS STRATEGIES
The research aims to: 1) identify key demographic changes affecting business strategies; 2) assess the impact of population aging on product development; and 3) analyze the effects of urbanization on market expansion. A survey research design is suitable for gathering extensive data on demographic trends. Using Taro Yamane’s formula, a sample size of 330 respondents, including demographic analysts and business planners, is determined. Lagos, with its diverse and dynamic population, is chosen as the case study location. The survey achieves a reliability coefficient score of 0.88. Findings show that demographic changes, such as aging populations and urbanization, significantly influence business strategies. Businesses must adapt to these changes to capture new market opportunities. The study recommends that companies conduct regular demographic analyses and incorporate these insights into their strategic planning to remain competitive.
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