Demographics Trends in Business Management Todays Objectives Describe

Demographics & Trends in Business Management

Today’s Objectives Ø Describe the Ø impact of demographic issues on business. Ø Describe current and emerging trends in business. Ø Previously… Explain the risks and rewards of entrepreneurship through a SWOT analysis. Compare the characteristics of different types of businesses.

What are demographics? �A statistical view of _____, generally including ___, _______, ____________, etc. www. entrepreneur. com/encyclopedia

Demographics � Understanding the demographic characteristics of your ________ is critical for the success of your business. ◦ Helps determine the _______ of your product or service ◦ Affects _______, _________, and ______. � Companies cannot meet ALL needs with any one product/service. ◦ Focusing on a target market makes it easier to design and sell products that people will buy. ◦ ________– specific group of consumers with similar wants and needs

Other Examples of Demographics � _______How much disposable income is available? � _____ Are homes rented or owned? � _____ __ ______ Do most people in the area have their own vehicles or use public transportation? � _____Is the community primarily young people just starting in their careers, young professionals, empty nesters or retirees? � ______ Are there a lot of families in the area or mostly singles? � _________ What types of hobbies and recreational activities are popular?

Loudoun County Do you know the demographics of your own community? Click here. http: //quickfacts. census. gov/qfd/states/51/51107. html

Demographics Can Change Business! � Demographic issues influence businesses… ◦ Advertising – medium, frequency ◦ Geographic Considerations – location of factories, sales people ◦ Products or Services offered � Businesses NEED to concern themselves with shifts in demographic statistics in order to survive! �Demographic _____ can result in changing ______ in business.

Current and Emerging Trends �Current and emerging trends in business refer to _________, or ______ accepted as desirable by consumers. ◦ Evolve and change ______. ◦ Often determined by demographic research ◦ Can be completely subjective �Trends are perpetuated when companies see them as ______ to _____ business.

Think About It… What are some TRENDS in America today? Demands of an aging population Return of residents to revitalized urban areas Health-conscious trends in society (ex. Less Coldstone Creamery franchises, more Fro. Yo stores!) Green Marketing

Summary �What are demographics? �How can demographic issues impact business? �What are some current and emerging trends in business?

Demographics Activity Target Market Person You will be divided into six groups

Body Print! 1) 2) 3) 4) 5) As a group, determine your profile person’s gender and behaviors (interests based on other demographic information provided). Create a body print. Find products from the Internet that would be targeted toward your profile. Cut and paste on body. Create a face for your body print. Include your profile information on the back.

Body Print - Demographic � Brainstorm and research to determine what type of products and services this Market Segmentation would purchase for your assigned profile. � Create a “Body Print” poster and include: ◦ All characteristics given to you in the Market Segmentation group ◦ At least 15 pictures and names of items and services which would purchased in this Market Segmentation group. ◦ NO INAPPROPRIATE LANGUAGE OR PICTURES! ◦ Names of members of your group on the back of your poster. ◦ Make it colorful and creative!