Lecture: Consumers, Markets, & Data (Part 1)

I. Consumer Demography Define demography The study of population characteristics and population change Population characteristics include: _________________________________________ _________________________________________ _________________________________________ Population change includes: _________________________________________ _________________________________________ _________________________________________ _________________________________________

II.

Demographics Question #1: What two definitions are given for demographics in the Merrick & Tordella article? The _____________ of demographic information and methods in business and public administration Example of a niche market/consumer segment: __________________ Management information that helps decision makers identify and take advantage of changes in population size, growth and composition Where would you find decision makers? __________________ Solomon defines demographics as The observable measurements of population characteristics, such as _____________, _____________ distribution, and _____________ In summary, demography is the __________________, while demographics is the __________________

III. Demographics and the Business Sector Question #2: The recognition that demographic trends are critical for effective marketing has grown rapidly in the business community since _____________. Question #3: What three important developments are attributed to the growing importance of demographic information in the business community? Demographic trends Changed the markets for goods, services, and labor What trends were occurring? ____________________________________ _____________________________________________________ Domestic and international conditions Economic and financial conditions increased the value of demographic information What trends were occurring? ____________________________________ _____________________________________________________ Technology Access to demographic data became easier and cheaper How was data collected and analyzed during the first Decennial Census (1790)? ______________________________________________________

Lecture: Consumers, Markets, & Data (Part 1)

IV. Demographic timeline: Post WWII Review What were the domestic conditions between the Great Depression and the start of WWII? _________________________________________________________________________ Following WWII Rapid population _____________ great economic _____________ Why was this occurring? _________________________________________________ Mass marketing Marketing technique characterized by efforts to appeal to the population as a ______________ Uses information on widely held population _____________ Why did mass marketing work well in this era? _______________________________ Mid 1960s Mass markets _____________ Producers began to _____________ products Why did mass marketing decline during the 1960s? __________________________________ _________________________________________________________________ Question #4: How is market segmentation defined in the M&T article? The process of partitioning markets into segments of potential customers with similar characteristics who are likely to exhibit similar purchase behavior Solomon defines market segmentation as: The process of identifying groups of consumers who are similar to ________________ ___________________________________________________________ After market segmentation, devise market strategies that appeal to one or more of the market segments Target marketing Marketing technique characterized by efforts to appeal to ___________ in consumer tastes and behavior Market segmentation strategies Strategies used to target a brand only to ___________ groups rather than to everybody (Solomon)

Critical Thinking Activity* While watching TV, listening to the radio, and while on the internet today, take notice of the advertisements and commercials. Can you identify any that are utilizing a mass marketing technique? What cues does the advertisement or commercial give that signals it is using a mass marketing technique? Do you find this strategy effective for this product or service? Why or why not? *You do not need to submit this assignment. It is just meant to encourage critical thinking and hopefully enhance your learning. Enjoy!

Lecture: Consumers, Markets, & Data (Part 1)