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Week 2 Chapter 3 Assignment 1

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Q Week 2. The Market Environment Chapter 3 Chapter Preview: In this chapter, you'll see that marketing operates in a complex and changing environment. Other actors in this environment- suppliers, customers, competitors, publics and others may with or against the company. To develop effective marketing strategies, a business must first understand the environment in which marketing operates. Takeaways: Explore the risks and rewards of marketing. Explain how changes in the demographic and economic environments affect marketing decisions. Understand the environmental forces that affect the company's ability to serve its customers. Read in the Textbook: Chapter 3. Analyzing the Marketing Environment. Assignment: One (1) page: What is demography and why is it so important for marketing? Assignment: One (1) page: How should marketers respond to the changing pandemic environment? Assignments Due: Tuesday, 3/7 @ 11:59pm. No assignments will be accepted after due date.

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Demography in simple terms is the science and study of populations. The three main processes by which population dynamics are researched by demographers are birth, migration, and aging (which also include death). Most of this research focuses mainly on humans. Demographic data is largely used in marketing, where it helps businesses understand the basic preferences and characteristics of their customers. With demographics, a business can realize to whom the brand appeals the most related to age, location, gender, income, and job title. This is largely seen in areas of hospitality and food industries, where different preferences are given by different layers of the population.