Analyzing the Marketing Environment - The Demographic Environment / The Economic Environment

9 important questions on Analyzing the Marketing Environment - The Demographic Environment / The Economic Environment

Why is generational marketing important in segmenting people?

Marketers should focus more on lifestyle, life stage, or common values in products, rather than age.

What's the difference between the buying style of the following population types; baby boomers, generation X, Generation Y (millennials), Generation Z, Generation Alpha?

Baby boomers; wealthiest generation in US, so have a lot of spending power.

Generation x: skeptical bunch. Sensible shoppers who research products heavily before they purchase. Prefer quality over quantity.
Millennials: engage with brands in a new way due to social media. You need to do marketing campaigns aimed at their lifestyle.
Generation Z: hard to pin down. Key is to engage them in the process and brand experience.
Generation Alpha: will be the wealthiest generation ever. You must build up loyalty into their later lives.

What are the trends in the natural environment?

1. Growing shortages in raw resources
2. Increased pollution
3. Increased government involvement
4. Companies developing strategies for which are environmentally sustainability
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What does environmentally sustainble mean?

Means meeting the present day's needs, without comprising future generations to meet their needs.

Name 3 types of distribution of income in different countries?

1. Industrial economies
2. Developing economies
3. Subsistence economies

What do companies do to be more environmentally sustainable?

1. Recycling
2. Bio-degradable packaging
3. More pollution control
4. More energy-efficient operations

Millennials (or Generation Y)

The 83 million children of the baby boomers born between 1977 and 2000.

What is a developing economy?

Outstanding market opportunities for the right kind of products.

What is a subsistence economy?

Consuming their own industrial/agricultural output and offering few market prospects.

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