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· Understand the following areas from the demographic environment—see lecture notes for most of this information
o geographical shifts in population —where are people moving and why
U.S. Population Shift Accelerates to South, West States, 2010 Census Shows
The nation’s population grew 9.7 percent to 308,745,538 in the 2010 Census, with the fastest gains coming in the South and West
o ethnic and racial diversity —know the characteristics of each group and be able to identify which group(s) are growing the fastest and why
White -65%
Hispanic -16%
Black -13%
Asian- 5%
American Indian- 1%
U.S. Census Report: Asian Ethnicity Are Fastest-Growing in U.S.
o generational marketing (seniors, baby boomers, etc.)—know characteristics of each age group
Short description of each generation
America, in 2009, is experiencing this particular constellation of generational dynamics:
Boomers, currently 49-66 years old, are just beginning to move out of midlife and into the early stages of elderhood. The broad generational personality that Boomers experience orients toward vision, values and religion (spiritual discovery).
GenXers, currently 28-48 years old, are just beginning to move out of young adulthood and into midlife. The broad generational personality that GenXers experience orients toward liberty, survival and honor.
Millennials Y, currently 7-27 years old, are just beginning to arrive as young adults in the American landscape. The broad generational personality that Millennials experience orients toward community, affluence and technology.
Homeland Gen, currently 0-6 years old, are just arriving as a new generation. They share the same broad traits with the elder Silent Gen, currently 67-84 years old. This generational personality orients toward pluralism, expertise and due process.
· Understand the following concepts from the competitive environment
o types of competitive structures (monopoly, oligopoly, etc.)
Monopoly – a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply.
Oligopoly – a competitive structure in which a few sellers control supply of a large proportion of a product.
Monopolistic competition – a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product.
Pure competition – a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply.
o types of monopolies (patent protected, government sanctioned, etc.)
o types of competition (brand, product, etc.)
-Brand competitors
-Product competitors
-Generic competitors
-Total competitors
· Understand the following concepts from the economic environment
o the difference between disposable and discretionary income—be sure you know how to calculate each one
Disposable income – after-tax income.
Discretionary income - disposable income available fro spending and saving after an individual has purchased the basic necessities of food, clothing and shelter.
o the four stages in the business cycle (prosperity, recession, etc.)
Business cycle – a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery.
Prosperity – unemployment is low, total income is relatively high.
Recession – unemployment rises while total buying power declines.
Depression – a period in which unemployment is extremely high, wages are very low, total disposable income is at minimum, and consumers lack confidence in the economy.
Recovery – the economy moves from depression or recession to prosperity.
o the components of buying power
-Income
-Credit
-Wealth
· Four primary reasons laws that affect business exist (to protect companies from each other, etc.)
§ To protect companies from each other
§ To protect consumers
§ To protect society
§ Revenue generation & economic development
· Technological forces (impact of, adoption and use of)
Impact of technology:
-Dynamics
-Reach
-Self-sustaining
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