Chapter 2 Flashcards
What is the fastest growing population according to the 2021 Census of Canada
Aging Population (over 65)
What external areas or forces does an environmental scan look at?
Demographic Force
Environmental Scan
Evaluation the external government - supplies, customers, organizations that cause a threat to a business
The process of continually acquiring information on events occurring outside an organization to identify treads, opportunities, and threats to a business
Marketers use this knowledge to ensure goods services and ideas are relevant with the external environment in which the organization operates.
SWOT analysis
Strengths, Weaknesses, Opportunities, Threats
Involves assessing how well a company is servicing their business/consumers by assessing an organizations internal strengths and weaknesses , as well as its external opportunities and threats (from the environmental scan)
What group of people were born between 1966-1989
Generation x
Situation Analysis
Taking stock of a firms or products past performance, where it is now, and where it is headed.
What are the four areas in the SWOT Analysis of which the firm builds its marketing program?
1) identify changes and trends in the organizations industry
2) Analyze the organizations current and potential customers
3) assess the organization itself, including available resources
4) research the organizations present and prospective customers
What are the Internal Elements of SWOT?
Strengths and Weaknesses
What are the external elements of SWOT?
Opportunities and Threats
What is the statistic study of populations?
Demographics
What is Generation Y also known as?
Millennials
What group of people were born between 1981-2000
Millennials or Generation Y
Economy
The collective income, expenditures, and resources that affect the cost of running a business or a household
What component of environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business?
Economy
Macroeconomic forces
The state of a country’s economy as a whole as indicated by its growth rates, inflation rates, unemployment rates, and consumer confidence indexes