Chapter 4 - Social and Culteral Information Flashcards
Long term forecasting studies
projecting extended social and cultural shifts, population trends, technological advances, demographic movement and development in consumer behavior. This may result in a macro trend, which is large scale, continuous shift in consumer interest.
- Extend at least two years in advance or decades ahead
- Identify early signs of change and sense lifestyle changes
- Target the wants, needs, and attitudes of consumers to understand what is fueling any movement
- Focus on big picture ideas that evolve from season after season
- Gain holistic or systematic views based on insights from a. Different range of companies
- Examine what is not only possible but also probable, preferable or wild card features
Target audience
– the segment of the population who may adopt new products and ideas at a specific time in the future
Consumer segment
groups of consumers who share similar characteristics (demographic, economic, sociological and psychological characteristics)
How many customers are they? Where do they live? How old are they? How much will they spend? Why do they buy?
Demographics
various traits that can be used to determine product preferences and buying behaviors of consumers. (Age, gender, income, marital status, family size, education, religion, race and nationality)
Population
total number of people inhabiting an area: forecasters consider rate of growth, and age of people
Psychographics
Studies that classify groups according to their attitudes, tastes, values and fears and are used to identify trends through the research.
Geographic studies
the relationship between people and their environment – where people live, including information bout which country, state, city and the population in each area. Attitudes and lifestyles can change depending on location. Climate can also influence lifestyle.
Social influences:
- Changes in time – both leisure and lack of time
- Adoption of casual and simplified lifestyles
- Greater celebrity impact
- New influences are recognized through emerging platforms
- Changing status of women
- Increasing methods of communication
- Greater accessibility of transportation
- New attitudes about gender
- New educational opportunities
- Shifting ethnic and racial populations
Psychological influences (why do we shop?)
- Curiosity
- A relief from boredom
- A reaction to convection
- The need for confidence
- The desire for belonging
- “Find themselves”
- Name their place in society
- Explore a sense of adventure
- Sense the power of transformation
Global economics
- New markets and increasing trade
- Higher standard of living
- Potential for new consumers
- Global manufacturing led to worldwide competition
Politics
- Elections or leadership shifts
- Opposing candidates have different societal appeal
- Changes in regimes
- Changes in trade alliances
Science and technology
- New concepts of fashionable technology
- Alternative methods of manufacturing
- Garments designed for function and performance
- New fibers – nanotechnology and microfibers, embedded, with sensors, embellished with lights to generate power
- Internet marketing and virtual dressing rooms
Environmental influences
- Sustainability
- Sustainable development
- Rethinking the manufacturing process
- Sense of ethics
- Organic or renewable resources
- Employing humane work conditions
Sustainable development – development that meets the needs of the present without compromising the ability of future generations to meet their own needs
- Eco friendly trends
- Organic foods
- Textiles
- Changing production methods
- Packing
- Transportation
• Waste management
Increased interest in reselling existing products
• Increased interest in reselling existing products (Vintage stores, Garage sales, Recycling firms)
• Repurposing items into new innovations
• Responsibility throughout product lifecycle
• Upcycling is the process converting an old or discarded item into something useful or creative giving it new life
Sustainable development
development that meets the needs of the present without compromising the ability of future generations to meet their own needs
Things that disrupt the normal influence
Unexpected events Unpredictable events disrupt the natural evolution - Wars - Natural disasters - Death of well-known person - Financial crises - Political upheavals - Terrorism - Pandemics
