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 demography Why is the demographic environment of major interest to marketers discuss and give examples?Demography is the study of human populations in size, locations, gender, race, occupation, etc. The Demography environment is of major interest because it involves people. People make up markets since the world is getting crowded and overpopulated, and diversity always leads to opportunities and challenges.
Why is demographic environment important to marketers?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.
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.
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.
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