Chapter 3 Vocabulary
Chapter 3 Discussion Questions1. Name and describe the elements of a company's microenvironment and give an example showing why each is important. 2. What is demography and why are marketers interested in it? List some of the demographic trends of interest to marketers. 3. Discuss the trends in the natural environment that marketers must be aware of and provide examples of companies' responses to them.
4. Discuss reasons why business legislation is enacted. What role do businesses and industry groups play in shaping such legislation? 5. Compare and contrast core beliefs/values and secondary beliefs/values.
Provide an example of each and discuss the potential impact marketers have on each. 6. How should marketers respond to the changing environment? What is the demographic environment in marketing?Demographic environment is a term used by marketers to describe the characteristics of a population that can be used to influence the success of a business or commercial venture. The most important demographic factors for businesses include age, sex, income, education level, and occupation.
What is an example of demographics in business?Demographic information examples include: age, race, ethnicity, gender, marital status, income, education, and employment. You can easily and effectively collect these types of information with survey questions.
Is of major interest to marketers because it involves the people who make up markets?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 7.3 billion people and is expected to grow to more than 8 billion by the year 2030.
How can marketers use information about the demographic environment?Based on demographic data, marketers may adjust product features, distribution strategy, or other factors in order to reach a market segment that has the most potential. A demographic profile can be very useful in determining the promotional mix and how to achieve maximum results.
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