Accounting MRK108 Chapter 2.4.5: MRK108 Chapter 2 Lesson 4 and 5
22 Dec 2016
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Explain the importance to marketing managers of multiculturalism and growing ethic markets. Increase immigration: challenges and opportunity for marketing firms. Multiculturalism: major ethnic groups in an area are roughly equally represented. Example: richmond hill banks = bmo = chinese signs. Youth = strategies: example: internet, social networks. Identify consumer and marketer reaction to the state of the economy. Average total family income in canada: 2009 - ,410, 19 % consumers. No spare money after living expenses marketers look for areas with higher income. Purchasing power: income vs cost of goods/services in different geographic areas (costs of living, or income cost of living (expenses) Example: housing, foods, goods, transportation, services, utilities, health care, clothing, entertainment. Higher income: more spare money, spend more on non essentials, want > needs. 2: decrease value of money vs the previous year generally in percentile. Pressure consumers to maintain their standard of living.
