BMGT 100 Lecture Notes - Lecture 6: Revlon, Green Economy, Visible Minority

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19 Jun 2019
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Sociocultural environment - an interconnected system of different demographic factors such as race, ethnicity, gender, age, income distribution, sexual orientation. An influx of immigrants can change racial demographics. An economic slump can change income distribution demographic. Factors to consider which arise from the sociocultural environment: Cultural aspects, health consciousness, population growth rate, age, distribution. Changing demographics affect patterns in consumer demand. Canadians are living longer, better educated, wealthier, and have higher living standards than ever before. Opportunities exist for businesses to market to baby boomers as they age. Many companies market specific product lines to boomers. Example, cosmetics company revlon is targeting the aging population with an anti-aging beauty line aimed at baby boomer women. An aging population presents challenges for the canadian economy. As the ratio of the nonworking population to the working population increases, problems could occur: Reduction in government spending on pensions and health care. It is predicted that by 2031, in canada:

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