MCS 1000 Chapter Notes - Chapter 3: Scotiabank, Switching Barriers, Agribusiness

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Raffi Sarmazian

Document Summary

Environmental scanning is critically important to marketers who wish to ensure that they remain aligned with the evolving marketplace. Companies that fail to engage in environmental scanning do so at their peril and perhaps truncate their future growth. Social forces: include the demographic characteristics of the population and its values. Changes in these forces can have a dramatic impact on marketing strategy: demographics forces. Demographics is the study of the characteristics of a human population. These characteristics include population size, growth rate, gender, marital status, ethnicity, income, and so forth. Several organizations, such as the united nations, monitor the world population profile, while other organizations, such as statistics canada, provide information on the canadian population. Baby boomers: born between 1946-1964, (cid:1007)(cid:1004)% of ca(cid:374)ada"s populatio(cid:374, participation in the workforce and earnings have increased (important consumer market, marketers need to respond to health, fitness, retirement housing, financial planning, and appearance.