Common approach to identifying markets

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Reference no: EM13936886

INTRODUCTION:

A common approach to identifying markets uses "demographic" characteristics of customers - such as age, sex, race, education, occupation, geographic location, income, marital status and family size. The popularity of demographics is due to the fact that such characteristics are easily measured, easily understood, and readily available in published form. Demographic characteristics are very useful for identifying market segments, planning appropriate marketing mixes and estimating market potential. This assignment will stress another major uses of demographic - to monitor changes and trends in the cultural and social environment to find new market opportunities.

PART A:

Describe how the major industries of 1) Australian and New Zealander vacation travel, 2) cosmetic and 3) precooked food are affected by the effects of the demographic trends listed below (positive and/or negative effects):

A) Present baby boom generation's peak earning and saving years.
B) Present longer life span of senior citizens.
C) Present baby bust entering the work force.
D) Present smaller family unit and more "single adult" households.

PART B:

Name some other important demographic trends. How might these trends affect the three industries in the assignment?

Reference no: EM13936886

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