Management and Organizational Studies 1021A/B Chapter Notes - Chapter 2: Millennials, Oligopoly, Disposable And Discretionary Income

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brian

Document Summary

A marketing environment scan is the process of continually acquiring information on events occurring outside the organization to identify trends, opportunities, and threats to a business. Marketers use this knowledge to ensure that their product, service, and ideas are relevant and meaningful. Demographic forces: the statistical study of populations, looks at characteristics such as age, gender, ethnicity, income, and occupation of a group of people. y an aging population y diverse generation. Three main generational groups of consumers: baby boomers, generation x, generation y. Baby boomers: main reason for the greying of north america. Generation x: people born between 1966 and 1974. Generation y: people born between 1975 and 1995. y big city dwelling y ethnic diversity. This multicultural mix creates an interesting array if opportunities of marketers. These specific ethnic groups have their own particular interests and habits, which can be addressed in unique ways. y non-traditional families y world markets.