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Understanding Demographics and Trends in Business Management: A Guide for Entrepreneurs

This guide explores the essential interplay between demographics and business trends, highlighting the importance of understanding your target market. It covers the risks and rewards of entrepreneurship through SWOT analysis, analyzes the characteristics of different business types, and discusses the significant impact demographic issues have on business strategies. Learn how current and emerging trends can shape your business practices and the necessity of adapting to demographic shifts for success. Discover how to accurately target your market and refine your product offerings for better engagement.

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Understanding Demographics and Trends in Business Management: A Guide for Entrepreneurs

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Presentation Transcript

  1. Demographics & Trends in Business Business Management

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

  3. What are demographics? • A statistical view of population, generally including age, gender, income, schooling, occupation, etc. www.entrepreneur.com/encyclopedia

  4. Demographics • Understanding the demographic characteristics of your target customers is critical for the success of your business. • Helps determine the features of your product or service • Affects pricing, packaging, promotion, and placement • 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. • Target Market – specific group of consumers with similar wants and needs

  5. Other Examples of Demographics • Purchasing Power How much disposable income is available? • Residences Are homes rented or owned? • Means of Transportation Do most people in the area have their own vehicles or use public transportation? • Age Range Is the community primarily young people just starting in their careers, young professionals, empty nesters or retirees? • Family Status Are there a lot of families in the area or mostly singles? • Leisure Activities What types of hobbies and recreational activities are popular?

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

  7. Demographics Can Change Business! • 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 shifts can result in changing trends in business.

  8. Current and Emerging Trends • Current and emerging trends in business refer to new practices, behaviors, or styles accepted as desirable by consumers. • Evolve and change frequently. • Often determined by demographic research • Can be completely subjective • Trends are perpetuated when companies see them as essential to successful business.

  9. Think About It… What are some TRENDS in America today?

  10. Summary • What are demographics? • How can demographic issues impact business? • What are some current and emerging trends in business?

  11. Demographics Activity Target Market Person You will be divided into six groups

  12. Body Print! • As a group, determine your profile person’s gender and behaviors (interests based on other demographic information provided). • Trace one group member and cut out your body print. • Find products from the Internet that would be targeted toward your profile. Cut and paste • Print a face for your body print. • Include your profile information on the back.

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