Fluent Essays

Peer Responses It is important to become comfortable receiving and giving constructive criticisms, since this is an important component in one’s professional growth and development and a core competency for leaders. Students will be expected to read the initial posting of at least TWO peers, and then provide thoughtful comments addressing the following: Point out what you perceived to be the strengths of the initial posting along with supporting rationale. Identify specific opportunities for improvement with regard to the content in the initial posting. Furthermore, you should provide supporting rationale for your stated position, as well as concrete suggestions and guidance intended to strengthen the effectiveness of the content. Peer responses should be typed directly into the discussion thread and not attached to a posting. For these responses, should outside sources be used to support the content within the postings, proper in-text citations and correctly formatted references should be prepared consistent with the APA. The list of references should be physically positioned at the end of the postings. UNIT 3: Millennials 5 Millennials Park University MBA 576: Operations Management Erika Smith Abstract “Millennials were the largest generation group in the U.S. in 2019, with an estimated population of 72.1 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years. However, the group already makes up around 20.35 percent of the U.S. population, and they are said to be the most racially and ethnically diverse of all the generation groups.” (Published by Statista Research Department, 2021) For this paper, our role as an independent consultant was to research a company or industry that is modifying its operations to attract Millennials. We have to create an impact study and recommendation paper. The company I choose to look at was Beach body. We will review how Millennials impact the company, how the organization should be trying to go after the millennial market, and the risks we can identify. Influence on the Market With millennials coming into the market, the organizations that will do well are those that reorganize and reprioritize their goals. They will need to make changes that will offer more sustainability, affordability, and flexibility in their products and services. The organization will also need to stay on top of new technology and connect more with the customer. Beach body was founded by Jon Congdon, 49, and Chief Executive Officer Carl Daikeler, 48, in Santa Monica, California, in 1998. They had their first hit in 2005 with Power 90 Extreme, or P90X, a cross-training workout combining several disciplines, including resistance training and kickboxing. With Millennials representing 35% of all health club memberships in the US, the single largest generational. Offering flexibility and sustainability is essential in the fitness industry. Beach body has expanded its organization from DVD and in-person classes at gyms to providing an online platform, “Beachbody on demand.” Where you can stream a wide variety of courses such as Power 90, P90X, P90x2, Slim in 6, Insanity, Turbo Jam, Hip Hop Abs, Brazil Butt Lift, and supplements like Shakeology, by going to a steaming plate form, they can offer their services 24/7, giving the millennials the freedom to choose when and where they want to work out. Furthermore, “Millennials are also most likely to subscribe to an online fitness service, with more than one-third of millennial consumers subscribing to at least one online workout service or product.” Technology has provided the tools for Millennials to engage with the organization. Beach body has offered a way for Millennials to engage with the brand by providing coaching online. You can get one-on-one support and guidance or join a group for motivation and connection with others. The coaches on the website are supportive and motivating. They keep you thoroughly engaged in the workout or program. This program also will track your progress. Risks and Recommendation Millennials are quick to discern what is "fake" from what is "authentic”. If Beach body wants to continue to succeed with the new generations, they need to create meaningful interactions with their customers. They need to sure they are not making empty or fake promises. "Having grown up in the era of "fake news." They are quick to spot misdirection and do not respond to hype. Instead, they are looking for brands to be transparent and authentic." (Menlo Security) An area I would recommend for Beach body is to create a platform to engage Millennials for ideas or suggestions and involve them directly in the development of new activities. Invest in learning more about their customers and value their opinions. Reference CB Insights. (2021, June 30). Industries that will thrive thanks to Millennials Trends. CB Insights Research. https://www.cbinsights.com/research/report/millennials-industries-thriving/. Menlo Security. (n.d.). https://safe.menlosecurity.com/doc/docview/viewer/docN91058B273C7C42894d0f32e500a48bb8bf9cfef4f6736ee8bf08a51cb3bfa4c198775b09a529. Published by Statista Research Department, & 27, J. (2021, July 27). U.S. population by generation 2019. Statista. https://www.statista.com/statistics/797321/us-population-by-generation/. Stevenson, W. J. (2021). Operations management. New York, NY: McGraw-Hill Education. Townsend, M. (2012, September 4). Builder of Ryan’s Abs Sees Beachbody Emulating Starbucks. Bloomberg.com. https://www.bloomberg.com/news/articles/2012-08-31/builder-of-ryan-s-abs-sees-beachbody-emulating-starbucks. 5 Week 3 Discussion Andrew Head MBA576 Operations Management Dr. Kevin J. Loy Park University 1 9/1/2021 Abstract In this discussion I play the role of an independent consultant for this assignment and Airbnb is the researched company modifying its operations to attract Millennials. This is a combination of impact study and recommendations of how Millennials are impacting the company and how the organization should be trying to go after the Millennial market. In addition, risks are identified. Week 3 Discussion Millennials are one of the most talked-about, written-about, and agonized-about generations (Bye, 2017). Bye (2017) also provides the statistic that 92% of Millennials believe that business success should be measured by more than just profit. So how is it that a business should attract Millennials instead of allowing this large group of consumers? As an independent consultant, I present the example of Airbnb. Airbnb is a web platform that offers a hosting service where property owners rent their property for a temporary or extended period. Given that Airbnb is an internet-based company, must attract this group or face a severe degradation of their business. Airbnb is also an exemplary example of a disruptive business model, showing that satisfying the consumption needs of Millennials can be a point of business success (Vargas-Hernández, J. G., & Rueda Gómez, L. V., 2019). A disruptive business model uses technology to breaks with the functioning of industries, jobs, forms of consumption, and sale of goods and services, considering, in turn, the behavior of individuals and their expectations (Vargas-Hernández, J. G., & Rueda Gómez, L. V., 2019). The model of using technology in renting property as Airbnb does shows the sheer number of consumers that can be reached. The company does this via an application that allows searches all over the globe. Planning a trip with this app allows a stay outside of the standard hotel. Many of these properties can be booked for a single night, proving to be useful for any type of adventure. This is important because the tourism sector is one of the industries with the greatest presence of young individuals (Vargas-Hernández, J. G., & Rueda Gómez, L. V., 2019). There are some risks involved with this endeavor of attracting Millennials and the risks should not be ignored. Stevenson (2021) outlines safety and liability are two critical issues in many instances. The consideration of these two factors is just as important to Millennials as well. Prevalent issues with Airbnb are reports that owners have cameras on the property, possibly in areas where there is an expectation of privacy. In the event the issue is not addressed, bookings through Airbnb will likely see a decrease. Stevenson (2021) also addresses global product and service design by outlining virtual teams. Airbnb must have some type of virtual team ready to assist all consumers with issues that arise with their stay. In the event the property is overbooked or not meeting the standards advertised, it is vital that Millennials can get that issue resolved. To attract and maintain the millennial group as a consumer, Airbnb should perfect their booking experience. Ensure the application works appropriately any time a consumer logs in. Airbnb should also ensure the safety of the guests no matter where they are staying and be able to resolve issues. In addition, keeping the Millennials as a customer will require the lowest fee possible. Even though 60% of all guests who have ever booked on Airbnb are millennial tourists (Vargas-Hernández, J. G., & Rueda Gómez, L. V. (2019), there is market share available to be had. 2 References Bye, D. (2017). Millennials Matter : Proven Strategies for Building Your Next-Gen Leader. Broadstreet Publishing Group, LLC. Vargas-Hernández, J. G., & Rueda Gómez, L. V. (2019). Consumption Characteristics of the Millennial Generation and Strategies Implemented to Satisfy Them: Airbnb Case. ANWESH: International Journal of Management & Information Technology, 4(2), 1–6. Stevenson, W. J. (2021). Operations management. McGraw-Hill Education.