How to use Family Life Cycle (FLC) to find Business Opportunities

Many business opportunities can be found from the family life cycle stages because of how it impacts consumption.
This video shows the 5 family lifecycle stages and business opportunities they represent. it explains what is family lifecycle and shows its relevance to consumer behaviour and marketing strategy. There are 5 distinct family lifecycle stages and each represents different consumption needs and behaviour.
Business can use the information provided by the family life cycle to create marketing strategies to tap the business opportunities that arise from different needs of consumers in each stage.
Consumer needs and wants are tied to their family lifecycle stages, making it a strategic tool for seeking business opportunities for growth.
Family lifecycle stages can help unlock new business opportunities and
marketing strategies to drive competitiveness.
These FLC stages provide insight into consumer needs and behaviour.
For example the parenthood family lifecycle stage represents different substages that REPRESENT unique business opportunities. And at different stages they require different products and services representing different business opportunities. Now the family relationships, finances and consumption behaviour changes gradually through these family lifecycle stages. People consume many varied products and services through the different stages. This will include food, durable Furniture, toys, games for different age groups, education products, in the various stages, related Insurance products, and lots of food and so on. Clothing is another one - because the children are growing and they grow so fast and keep leaving behind the clothes.

Dr Catherine Ngahu
Family life Cycle stages
Elevatus!
00:00 Family life cycle
00:34 Bachelorhood stages and business opportunities
01:39 Honeymooners family life stage
02:08 Parenthood family life cycle stage
04:02 Post parenthood family lifecycle stage
05:35 Dissolution stage in the family life cycle