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Demographics & Trends in Business

Demographics & Trends in Business. Business Management. Today’s Objectives. Previously… Explain the risks and rewards of entrepreneurship through a SWOT analysis. Compare the characteristics of different types of businesses. Describe the impact of demographic issues on business.

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Demographics & Trends in Business

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  1. Demographics & Trends in Business Business Management

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

  3. What are demographics? • A statistical view of population, generally including age, gender, income, schooling, occupation, etc. www.entrepreneur.com/encyclopedia

  4. Demographics • Understanding the demographic characteristics of your target customers is critical for the success of your business. • Helps determine the features of your product or service • Affects pricing, packaging, promotion, and placement • 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. • Target Market – specific group of consumers with similar wants and needs

  5. Other Examples of Demographics • Purchasing Power How much disposable income is available? • Residences Are homes rented or owned? • Means of Transportation Do most people in the area have their own vehicles or use public transportation? • Age Range Is the community primarily young people just starting in their careers, young professionals, empty nesters or retirees? • Family Status Are there a lot of families in the area or mostly singles? • Leisure Activities What types of hobbies and recreational activities are popular?

  6. Loudoun County Do you know the demographics of your own community? Click here.

  7. 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 shifts can result in changing trends in business.

  8. Current and Emerging Trends • Current and emerging trends in business refer to new practices, behaviors, or styles accepted as desirable by consumers. • Evolve and change frequently. • Often determined by demographic research • Can be completely subjective • Trends are perpetuated when companies see them as essential to successful business.

  9. Think About It… What are some TRENDS in America today?

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

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

  12. Body Print! • As a group, determine your profile person’s gender and behaviors (interests based on other demographic information provided). • Trace one group member and cut out your body print. • Find products from the Internet that would be targeted toward your profile. Cut and paste • Print a face for your body print. • Include your profile information on the back.

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