Business Management

 Describe the impact of demographic issues on business.  Describe current and emerging trends in business. Previously…  Explain the risks and rewards of entrepreneurship through a SWOT analysis.  Compare the characteristics of different types of businesses. Previously…  Explain the risks and rewards of entrepreneurship through a SWOT analysis.  Compare the characteristics of different types of businesses.

 A statistical view of __________, generally including ___, _______, _______, ________, ____________, etc.

 Understanding the demographic characteristics of your ______ ________ is critical for the success of your business. ◦ Helps determine the _______ of your product or service ◦ Affects _______, __________, _________, and ___________.  Companies cannot meet ALL needs with any one product/service. ◦ Focusing on a target market makes it easier to design and sell products that people will buy. ◦ ______ ________– specific group of consumers with similar wants and needs

 __________ _______How much disposable income is available?  __________ Are homes rented or owned?  _____ __ ___________ Do most people in the area have their own vehicles or use public transportation?  ___ _____Is the community primarily young people just starting in their careers, young professionals, empty nesters or retirees?  ______ ______ Are there a lot of families in the area or mostly singles?  _______ _________ What types of hobbies and recreational activities are popular?

Do you know the demographics of your own community? Click here. here

 Demographic issues influence businesses… ◦ Advertising – medium, frequency ◦ Geographic Considerations – location of factories, sales people ◦ Products or Services offered  Businesses NEED to concern themselves with shifts in demographic statistics in order to survive!  Demographic _____ can result in changing ______ in business.

 Current and emerging trends in business refer to ___ _________, _________, or ______ accepted as desirable by consumers. ◦ Evolve and change ___________. ◦ Often determined by demographic research ◦ Can be completely subjective  Trends are perpetuated when companies see them as ______ to _________ business.

What are some TRENDS in America today? Demands of an aging population Return of residents to revitalized urban areas Health-conscious trends in society (ex. Less Coldstone Creamery franchises, more FroYo stores!) Green Marketing

 What are demographics?  How can demographic issues impact business?  What are some current and emerging trends in business?

Target Market Person You will be divided into six groups

1) As a group, determine your profile person’s gender and behaviors (interests based on other demographic information provided). 2) Create a body print. 3) Find products from the Internet that would be targeted toward your profile. Cut and paste on body. 4) Create a face for your body print. 5) Include your profile information on the back.

 Brainstorm and research to determine what type of products and services this Market Segmentation would purchase for your assigned profile.  Create a “Body Print” poster and include: ◦ All characteristics given to you in the Market Segmentation group ◦ At least 15 pictures and names of items and services which would purchased in this Market Segmentation group. ◦ NO INAPPROPRIATE LANGUAGE OR PICTURES! ◦ Names of members of your group on the back of your poster. ◦ Make it colorful and creative!