Chapter 2 - The Marketing Environment

6 Pages
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Department
Management and Organizational Studies
Course Code
Management and Organizational Studies 1021A/B
Professor
James O' Brien

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Description
Chapter 2the Marketing Environment Marketers scan the marketing environment in six key areas looking for factors that are important or changing which are y Demographic forces y Sociocultural forces y Economic Forces y Technological Forces y Competitive Forces y Regulatory Forces Marketing Environmental Scan the process of continually acquiring information on events occurring outside the organization to identify trends opportunities and threats to your business Demographic Forces Demographics is the statistical data on a population according to characteristics such as age gender ethnicity income and occupation An Aging Population y The percentage of the population over the age of 55 continues to increase due to low birth rates and better health care y People over the age of 50 control 75 of the net worth of Canadian households y Canadian populationBaby Boomers96 millionGeneration X39 millionGeneration Y87 millionand y The elderly populations in Canada likely to spend their resources on TravelHealthcare y Baby boomers generation of people born between 1946 and 1964during baby boom families averaged 4 children Current average is 154group now accounts for 60 of expenditures on consumer goodsservices y Generation X people born between 1965 and 1976not as brand loyal as baby boomerstend to be more selfreliant entrepreneurial and better educatedless prone to materialism and extravagance than baby boomersbecoming a key influence in the market y Generation Y people born between 19751995mostly children of baby boomers referred to as the echo boom
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