MCS 1000 Lecture Notes - Lecture 3: Market Environment, Social Forces, Marketing Mix

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Archie Bonifacio

Document Summary

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. The key to environmental scanning is determining why it is occurring. Include the demographic characteristics of the population and its values. Demographics is the study of the characteristics of a human population such as ethnicity, population size, growth rate, gender, marital status, income. There are over 6. 7 billion people in the world and there is said to be a population explosion. I(cid:374)dia has the (cid:449)orld"s largest populatio(cid:374) (cid:449)ith china being second. It is expected the population of older ppl will rise and younger ppl will decrease. Ca(cid:374)ada"s populatio(cid:374) (cid:449)ill gro(cid:449) older a(cid:374)d (cid:271)e(cid:272)o(cid:373)e (cid:373)ore eth(cid:374)i(cid:272)ally di(cid:448)erse. Baby boomers: the generation born between 1946 and 1964 are growing older, thus the rise of age. This group accounts for the majority of purchases. Consumers are concerned w products that make them look and feel younger.