112) Only one level of industry marketing expenditure will actually occur. The market demand corresponding to this level is called the ________. LO: 3.5: How can companies accurately measure and forecast demand? 113) A company can expect to expand its market share to a large extent when ________.
21) When gathering marketing intelligence, companies often use the US census, which provides an in-depth look at the population swings, demographic groups, regional migrations, and changing family structure of the more than 281 million people living in the United States.
Typically, marketing plays a small role in a monopolistic setting because it is regulated by the state or federal government. Government control usually seeks to ensure price protection for the buyer, although deregulation in recent years has encouraged price competition in the electricity market.
The main demographic factor marketers monitor is population, including the size and growth rate of population in cities, regions, and nations; age distribution and ethnic mix; educational levels; and household patterns.
Demographics are a key part of your small business marketing strategy, as they help you identify the individual members of your audience by certain characteristics, wants and needs. Demographic data is used by businesses to help them understand the characteristics of the people who buy their products and services.
The demographic environment is of major interest to marketers because it involves people, and people make up markets. The world population is growing at an explosive rate. It now exceeds 7 billion people and is expected to grow to more than 8 billion by the year 2030.
Changes in the world demographic environment have major implications for business. Thus, marketers keep a close eye on demographic trends and developments in their markets. They analyze changing age and family structures, geographic populations shift, education, and diversity.
Definition: Demographic segmentation groups customers and potential customers together by focusing on certain traits such as age, gender, income, occupation & family status.
Any of the three factors (fertility, mortality, and migration) that determine the level, composition, and distribution of population in a particular place or area.
Demographic factors such as age, gender, education, income and experience has a considerable impact on business performance. While much attention has been devoted to business skills and the problems faced by small businesses, little attention has been paid to demographic factors.
Here are some of the demographic variables used by businesses regardless of industry:Purchasing Power. In general, different products and services appeal to different income groups, and value is a critical deciding factor on which products to buy or services to avail of. ... Geographic Region. ... Age. ... Family Status.
Why Do Businesses Need Demographics? Demographics are key to businesses today. They help identify the individual members of an audience by selecting key characteristics, wants, and needs. This allows companies to tailor their efforts based on particular segments of their customer base.
Millennials are the Key Age of the Future Marketers should keep their eyes on this generation of young adults born after 1980 since they're on the verge of becoming America's largest generation, even surpassing the long-dominant Baby Boomers.
Demographics are important because they provide a broad understanding of the different characteristics of a population. This information is particularly useful to government organizations for making crucial policy decisions concerning the population.
There are six critical environmental marketing factors. These comprise the socio-cultural, legal, economic, political, and technological factors. The external factors are significant forces affecting an organization, its competitors, and the elements of the internal marketing environment.
The reasons for developing these programs are (1) The racial and ethnic diversity of the United States is changing rapidly due to the increases in the African American, Asian, and Hispanic populations, which increases their economic impact.
important global trend is the shifting age structure of the world population. Worldwide, the number of people 60 years and older is expected to more than triple in the coming decades and reach 2 billion by 2050. Again, the magnitude of this trend varies by.
Terms in this set (91) Describe three generational cohorts. (1) Baby boomers are those among the U.S. population born between 1946 and 1964. These Americans are growing older and are the wealthiest generation in U.S. history. (2) Generation X are those among the 15 percent of the U.S. population born between 1965 and 1976.
population explosion. The most recent estimates indicate there are 6.9 billion people in the world today, and the population is likely to grow to 9.4 billion by 2050.
As baby boomers move toward retirement, however , Generation X is becoming a dominant force in many markets. Generation X, for example, is replacing baby boomers as the largest segment of business travelers. In response, hotel companies are creating new concepts that appeal to the younger market.