Exam_2_Chapter_3 - Chapter 3(pages 61-69 Social Forces...

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Chapter 3 (pages 61-69) Social Forces- Social forces of the environment include the demographic characteristics of the population and its values. Changes in these forces can have a dramatic impact on marketing strategy. Demographics - describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. -The World Population at a Glance- The most recent estimates indicate that there are 6.4 billion people in the world today, and that the population is likely to grow to 9 billion by 2050. While this growth has led to population explosion , the increases have not occured worldwide--they are primarily in the developing countries of Africa, Asia, and Latin America. Another important global trend is the shifting age structure of the world population. It is expected that the number of people older than 65 will more than double in the coming decades, while the number of youth will grow at a much lower rate. Economic progress in developing countries will lead to growth in entrepreneurship, new markets for infrastructure related to manufacturing, communication, and distribution, and the growth of exports. - The U.S. Population- The population is becoming larger, older, and more diverse. The growth suggests that niche markets based on age, life stage, family structure, geographic location, and ethnicity will become increasingly important. The global trend toward an older population is particularly true in the U.S. The term 'minority' as it is currently used is likely to become obsolete as the size of most ethnic groups will double by 2025. - Generational Cohorts- Baby boomers are the generation of children born between 1946-1964. They are the reason for the graying of America. It is estimated that this group accounts for 56-58% of the purchases in most consumer product and service catergories. Baby boomers are followed by
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This note was uploaded on 03/25/2008 for the course MKTG 3104 taught by Professor Ebcoupey during the Spring '08 term at Virginia Tech.

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Exam_2_Chapter_3 - Chapter 3(pages 61-69 Social Forces...

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