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Evaluate the Opportunities and Threats Faced by Companies Marketing to Children. in Your Answer Provide Examples of How Firms Are Responding to These Challenges and Opportunities in Their Marketing Strategies.

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Evaluate the Opportunities and Threats Faced by Companies Marketing to Children. in Your Answer Provide Examples of How Firms Are Responding to These Challenges and Opportunities in Their Marketing Strategies.

In: Business and Management
Evaluate the Opportunities and Threats Faced by Companies Marketing to Children. in Your Answer Provide Examples of How Firms Are Responding to These Challenges and Opportunities in Their Marketing Strategies.

Introduction
Children form a significant consumer group in their own right and, in addition, influence the purchasing choices of their families and friends. They represent a huge market offering significant financial returns to companies. Children are also the adults of the future so building a strong bond with a child could lead to significant customer lifetime value to a company. However there are inherent risks in marketing to children bound up in the fact that many feel that it is intrinsically unethical to market to children. As a result of this, companies that market to children and get it wrong face a moralistic and significantly stronger backlash. Applying a PESTLE analysis highlights the external factors companies that market to children face;

Political - Changes in government and legislation affect ways in which companies can approach marketing for children and young people. In December 2003, the British Secretary of State for Culture, Media and Sport, Tessa Jowell MP, asked the British Office of Communications (OFCOM) to consider proposals for strengthening the rules on television advertising of food aimed at children, with new restrictions put in place in 2007.
Economic - In the US, companies are estimated to spend...

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