Demographic and Economic Environments in Marketing
Explore the impact of demographic profiles on marketing strategies, considering factors like age, social class, gender, religion, and geography. Learn how marketers adjust their approaches based on demographic data to reach target segments effectively and maximize results.
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Libyan International Medical University Faculty of Business Administration Demographic and Economic Demographic and Economic Environments in Marketing Environments in Marketing Prepared by: Alaa Rashwan ID:3313 E-mail:alaa_3313@limu.edu.ly
Table Of Contents Table Of Contents 02 02 01 01 03 03 The impact of economic The impact of economic environment environment Introduction Introduction The impact of demographic The impact of demographic environment environment 04 04 Conclusion Conclusion References References 2
Introduction Introduction Demography is the study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics. While The economic environment consists of factors that affect consumer purchasing spending patterns. power and 3
The Impact of Demographic Environment The Impact of Demographic Environment With the help of demographic profiles about target segments at hand, marketers evaluate the marketing mix. They make choices about whether to change, decrease, or increase the goods or services offered. Based on demographic data, marketers may adjust distribution strategy, or other factors in order to reach a market segment that has the most potential. A demographic profile can be very useful in determining the promotional mix and how to achieve maximum results. product features, 4
The Impact of Demographic Environment The Impact of Demographic Environment Examples: Age: Age groups, such as 18 24, 25 34, etc., are great predictors of penchant in some types of products. For example, few teenagers wish to purchase face whitening cream. Social class: Social-class groups such as wealthy, middle, and lower classes. The rich, for instance, may want different products than middle and lower classes, and may be willing to pay more. 5
The Impact of Demographic Environment The Impact of Demographic Environment Gender: Males and females have different physical attributes that hygiene and clothing products. require different Religious affiliations: Religion is linked to individual values as celebrations, often preferences and spending patterns. well as holiday consumer tied to Geography: Area of residence, urban vs. rural, and population density can all be important inputs into marketing strategy and decisions about where and how to target advertising and other promotion mix. 6 elements of the
The Impact of Economic Environment The Impact of Economic Environment The economic climate has a big impact on businesses. The level of consumer spending affects prices, investment decisions and the number of workers that businesses employ. The economic climate affects businesses in two main ways: changing levels of consumer income tax rates 7
The Impact of Economic Environment The Impact of Economic Environment Changing levels of consumer income: If consumer incomes increase, general spending is also likely to increase. An increase in spending will help businesses expand, lower unemployment and improve the economy. However, incomes fall, spending is likely to decrease. This means that businesses will not perform as well, unemployment will rise and the economy will be less stable. if consumer 8
The Impact of Economic Environment The Impact of Economic Environment Taxes: A tax is a financial charge made by a government consumers and Shareholders and owners will receive higher dividends and profit if taxes are low. If taxes opposite may happen. The UK has a range of different types of taxes. These include: on individuals, businesses. increase the income tax corporation tax value-added tax (VAT) 9
Conclusion: Conclusion: In conclusion, Demographic and economic environments effect businesses in many ways. They change businesses revenue and ways of promotion due to the external environment. They also effect stakeholders , Stakeholders that could be impacted by these changes include: shareholders and owners, employees, suppliers, government, customers, suppliers community. sometimes and the local 10
References: References: SUMEET, P. author B. R. I. Q. U. E. A. N. D. (2019, May 27). Influence of demographic factors in the global marketing environment. Global Marketing Professor. Retrieved April 4, 2022, from https://globalmarketingprofessor.com/influence-of-demographic-factors-in-the-global- marketing- environment/#:~:text=Based%20on%20demographic%20data%2C%20marketers,how%20to%2 0achieve%20maximum%20results. BBC. (n.d.). The impact of economic factors on businesses and their stakeholders - economic influence on Business Activity - Eduqas - GCSE Business Revision - Eduqas - BBC Bitesize. BBC News. Retrieved April 4, 2022, from https://www.bbc.co.uk/bitesize/guides/zjjnnrd/revision/2 Principles of marketing (16th eKotler, P., Armstrong, G., Harris, L., & Piercy, N. (2015). d.). Pearson. 11
Thanks Thanks Does anyone have any questions? CREDITS: This presentation template was created by Slidesgo, including icons by Flaticon and infographics & images by Freepik. 12
