Demographics & Trends



TODAY’S OBJECTIVES:Describe the impact of demographic issues of business.Describe current and emerging trends in business.WHAT ARE DEMOGRAPHICS?Definition –Understanding the demographic characteristics of your ____________________ customers is critical for the success of your business.? Helps determine the ____________________ of your product or service? Also affects ____________________, ____________________, ____________________, and ____________________ Companies cannot meet every consumer’s wants & needs with any one product or service.Focusing on a ____________________ ____________________ makes it easier to design and sell products that people will buyTarget Market –OTHER EXAMPLES OF DEMOGRAPHIC CHARACTERISTICSDEMOGRAPHICS CAN CHANGE BUSINESS!Demographic issues can influence businesses’ decisions pertaining to: Businesses NEED to concern themselves with ____________________ in demographic statistics in order to survive!CURRENT AND EMERGING TRENDSCurrent and emerging trends in business refer to:Evolve and change frequentlyOften determined by demographic researchCan be completely subjectiveTrends are perpetuated when companies see them as ____________________ to successful business.WHAT ARE SOME CURRENT TRENDS IN THE U.S. TODAY?Demographics of Loudoun County, Virginia Loudoun County VirginiaPopulation (2011)Percentage Under Age 18White PersonsForeign Born Persons (2006 – 2010)Language Other Than English Spoken at HomeHigh School GraduatesBachelor DegreeTravel Time to Work in MinutesHomeownership RateMedian Value of Owned Housing UnitsMedian Household Income (2010)Persons Below PovertyCalculate the percentage of Virginia’s total population (2011 estimate) that reside in Loudoun County.Which other ethnicities represent the highest percentages in Loudoun County?Is Loudoun County culturally diverse compared to the Commonwealth of Virginia overall? Explain.How might education levels in Loudoun County affect consumer purchasing patterns?Do most Loudoun County residents own or rent their homes? What types of products or services might do well in this area because of this fact?How does the median household income in Loudoun County compare to the rest of VA? What types of products or services might do well in this area as a result?Demographics of Blacksburg, VirginiaPopulation (2011)Percentage Under Age 18White PersonsForeign Born Persons (2006 – 2010)Language Other Than English Spoken at HomeHigh School GraduatesBachelor DegreeTravel Time to Work in MinutesHomeownership RateMedian Value of Owned Housing UnitsMedian Household Income (2010)Persons Below PovertyWhat percentage of persons in Blacksburg are under the age of 18 according to the 2010 census?Is Blacksburg a culturally diverse area? Explain.Do most people in Blacksburg rent or own their home? Why might this be?How do the median household income and poverty level in Blacksburg compare to the Commonwealth’s average? Why might this be? ................
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