Marketing Review

Marketing Review - Business 2 Consumer Markets Who...

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Business 2 Consumer Markets Who? - Demographics : A description of a population according to characteristics such as age, gender, ethnicity, income, and occupation. o Cohorts : Baby Boomers : Baby boomers are the generation born between 1946 and 1964. The baby boomers comprise 28 percent (about 82 million) of America and control approximately 77 % of the nation’s wealth. Baby boomers are normally receptive to anything that makes them feel younger. Generation X : The members of the US population born between 1965 and 1976. Generation X accounts for approximately 16 percent of the population. They are well educated, tolerant of diversity and are considered cynical and skeptical. They started planning for retirement before baby boomers using investments and 401 (k) plans. Generation Y : Americans that were born from 1977 to 1994 (1976 was the year that many of the baby boomers began having children). They comprise about 21 percent of the population and are considered to be very tech savvy. Great influence on music, sports, computers and videogames. Big on volunteerism. Nice, idealistic generation. o Major Variables : (these are not trends but rather influence trends) Age Distribution Family Structure Socio Cultural factors Technological factors o Major Trends : Aging Population : also called “The Graying of America.” Associated with a lower birth rate and longer life expectancy. Leads to changing needs and wants such as wellness, financial security, personal safety and recreational needs. The fastest growing demographic are those people age 100 and older. Has grown from 2,500 people to 72,000 people Growth of Alternative Households : 21 percent of households are “traditional” households. (Down from 34 percent). 12% of households are single parent and 32% of households are either “live-alones” or same sex couples. There is a 50 billion dollar market for marriages. 9/10 people say “I do” and half of marriages end in divorce. [Avg. Male is 26, Avg. Female is 25, Avg. Cost is $22,000] Working Women : in 1950, under 30 percent of women were in the workplace. Today, over 60 percent of women are working. More women going into the
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marketplace means there is an increased need for 1) day care, 2) career clothes, 3) Merry Maids, 4) life insurance, 5) convenience foods Income Influences : Includes factors that affect consumer purchasing power and spending patterns. Changes in income: 1980’s: Consumption Frenzy, 1990’s: “squeezed consumer,” 2000’s: Value Marketing Income Distribution: Upper Class, Middle Class (has been shrinking), Working Class, Underclass Increasing Ethnic Diversity : 12.5% are Hispanic American, 12.1% are African American, 3.1% are Asian American, 0.70% are Native American, 1.8% are Two or More Races, and 0.4% are “Other” Geographic Redistribution : The United States has seen a history of migration to the west. Eisenhower’s interstate system saw 1) migration from urban to rural, 2)
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Marketing Review - Business 2 Consumer Markets Who...

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