Demographic, Cultural, and Economic Environment
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Can you help me explain how changes in demographic, cultural and economic environments affect marketing decisions? Justify your answers with examples.
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A discussion regarding the effect of changes in demographic, cultural and economic factors have on marketing decisions including examples to illustrate each. The solution is 332 words and one reference is provided to aid in the understanding.
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A company's macro-environment is what makes up the elements of demographics, culture and economic environment. The macro-environment is "the larger societal forces that affect the whole microenvironment" (Slideshare, 1999, slide 14). These elements shape the marketing opportunities and can also pose a threat to a company at the same time.
Demographics within the macro-environment are age, sex, race, occupation, location and other statistics of the population that marketing strategies target (Slideshare, 1999). Some of the changes in this area that can affect marketing decisions and strategies are:
- Changes in age ...
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