PEST: Social factors Flashcards
PEST: social factors elements
customs
habits
values/attitudes
demographic characteristics
what to look for in demographics
cohort size
cohort characteristics
cohort participation
future and trends
factors affecting cohort size
fertility rate
birth rate
whats activity participation rate
% of cohort that engages in a behaviour
whats a forcefield analysis
a strategic tool used to evaluate the forces driving and restraining a particular change or decision.
whats demographics
study of human populations
whats cohorts
homogenous groups within the large population
whats bulge
boomers
create challenges as they age
sandwich generation
smaller youth group
what are the factors of demographics
economics
technology
world events/news
parenting
characteristics
values and priorities
lifestyle
habits (digital/other)
mindset
why is understanding demographics important to business
customer preferences
worker attitude/behaviour
market segmentation
boomers opportunity
increased demand for healthcare and retirement services
boomers threat
strain on pensions and healthcare systems
gen z opportunity
tech savy and adaptable
presenting opportunities in digital marketing
