Demographics & Trends in

BusinessBusiness Management

Describe the impact of demographic issues on business.

Describe current and emerging trends in business.

Previously… Explain the risks

and rewards of entrepreneurship through a SWOT analysis.

Compare the characteristics of different types of businesses.

Today’s Objectives

A statistical view of __________, generally including ___, _______, _______, ________, ____________, etc.

www.entrepreneur.com/encyclopedia

What are demographics?

Understanding the demographic characteristics of your ______ ________ is critical for the success of your business.◦ Helps determine the _______ of your product or

service◦ Affects _______, __________, _________, and

___________.

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.◦ ______ ________– specific group of consumers

with similar wants and needs

Demographics

__________ _______How much disposable income is available?

__________ Are homes rented or owned? _____ __ ___________ Do most people in the area

have their own vehicles or use public transportation?

___ _____Is the community primarily young people just starting in their careers, young professionals, empty nesters or retirees?

______ ______ Are there a lot of families in the area or mostly singles?

_______ _________ What types of hobbies and recreational activities are popular?

Other Examples of Demographics

Loudoun CountyDo you know the demographics of your own community? Click here.

http://quickfacts.census.gov/qfd/states/51/51107.html

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 _____ can result in changing ______ in business.

Demographics Can Change Business!

Current and emerging trends in business refer to ___ _________, _________, or ______ accepted as desirable by consumers.

◦Evolve and change ___________.

◦Often determined by demographic research

◦Can be completely subjective Trends are perpetuated when companies see them as ______ to _________ business.

Current and Emerging Trends

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

Demands of an aging populationReturn of residents to revitalized urban areasHealth-conscious trends in society (ex. Less Coldstone Creamery franchises, more FroYo stores!)Green Marketing

What are demographics?

How can demographic issues impact business?

What are some current and emerging trends in business?

Summary

Demographics Activity

Target Market PersonYou will be divided into six groups

1) As a group, determine your profile person’s gender and behaviors (interests based on other demographic information provided).

2) Create a body print.3) Find products from the Internet

that would be targeted toward your profile. Cut and paste on body.

4) Create a face for your body print.

5) Include your profile information on the back.

Body Print!

Brainstorm and research to determine what type of products and services this Market Segmentation would purchase for your assigned profile.

Create a “Body Print” poster and include: ◦ All characteristics given to you in the Market

Segmentation group◦ At least 15 pictures and names of items and services

which would purchased in this Market Segmentation group.

◦ NO INAPPROPRIATE LANGUAGE OR PICTURES!◦ Names of members of your group on the back of your

poster.◦ Make it colorful and creative!

Body Print - Demographic