Chapter 2.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
James O' Brien

Chapter 2 – Marketing Environment Marketing Environmental Scan: A process of continually acquiring information on events occurring outside the organization to identify trends, opportunities, and threats to a business. Demographic Forces Study of populations Aging population: The increase in the average age of the population Diverse Generations: 3 main generational groups Baby Boomers, Generation X, Generation Y. 1946-1964: Baby Boomers: 60% of expenditures. Keen interest in Health, self-image and retirement. [Anti-Wrinkle creams] 1966-1974: Generation X: Not brand loyal, better educated. They are less prone to materialism and extravagance than the baby boomers. 1975-1995: Generation Y: Music, Video games, sports, computer purchases Ethnic Diversity: The diversity creates a lot of opportunities for the marketers. Different ethnicities have different habits. [Indian channels] 7 Non-Traditional Families: Families are not traditional. Companies might have to provide engagement bracelets and all for non-traditional couples. World Markets: China and India are growing. It is an opportunity for marketers to expand. Socio Cultural Forces Cultural values, ideas, and attitudes that are learned and shared among a group of people. Ethnic Foods Health and Fitness Environmental Awareness (Global Warming) Changing Gender Roles (Women working. Dual Income for families. Products to help busy families) Economic Forces Inflation: Period when the cost to produce and buy products and servers gets higher as the prices rise. Consumer purchasing power decreases Recession: Time of slow economic activity with two consecutive periods of negative growth. Production levels decline, unemployment levels rise, and many consumers have less money to spend. At this time consumers spend on life’s necessities. Microeconomic forces directly refer to the supply and demand of goods and services and how this
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