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these companies, individual retirement planners, financial consultants, and so on. For the purpose of this study we will be looking at individuals who deal with retirement planning and saving such as financial planners, annuities brokers, insurance, and so forth. The Industry The industry has been contracting over the past few years. In 2007 and 2008 when the markets started going south many of the smaller companies lost big, and went under or sold to larger competitors such as Wells Fargo, Fidelity, John Hancock, and so forth. Many of these companies are very diversified by having multiple revenue producers under the same umbrella. The services they provide range any where from banking (Wells Fargo), to investment planning (all three), to insurance products (John Hancock). According to Jack Kapoor (2014) the U.S. financial services industry constituted just ten percent of business profits in 1947 that were non-farm related. However the financial services industry grew to 50% by 2010 according to Kapoor (2014). Over the same period, according to Kapoor (2014) the financial services industry revenue as a percentage of Gross Domestic Product (GDP) climbed from a measly 2.5 percent to 7.5 percent over that same time frame. According to Kapoor (2014) the financial services industry's percentage of overall corporate net income climbed from just ten percent to twenty percent over the same time frame. According to Kapoor (2014) the normal income per hour in financial services industry in relation to all other sectors has intimately reflected the portion of overall financial gain attained by the top one percent since the early 1930's. According to Kapoor (2014) the average yearly rate of pay in New York City's financial services i... ... middle of paper ... .... What does focus strategy look like though? Marketers define the focus strategy as a strategy that targets a particular customer base with a product the company perceives the client wants and has asked for. Many in the financial services industry modify certain products to target a particular niche or customer base. An excellent example of this is Toyota and their reinvention of themselves. At one point Toyota lagged well behind the big US automakers. In the 1980's and 1990's the economy was squeezing the smaller manufactures out of business or forcing them to reinvent themselves. Toyota according to Jeff Mortimer (2007) started remodeling itself to target specific age groups with their cars. The first issue to address was the price according to Mortimer (2007) which was over $20,000. The Scion was born out of the necessity of targeting 16-28 year old's who
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