Question 1: Demographic Environment (5 Marks) a) What are the 2 most important reasons why marketers in Canada should be very interested in this demographic group known as the baby boomers? The 2 most important reasons why marketers should be interested in the baby boomers is because the baby boomers are the wealthiest generation, and they are also the largest. “The baby boomers account for about one-third of Canada’s population and control over 50 percent of the country’s wealth” (Armstrong, Buchwitz, Kotler, & Trifts, 2015). If I was a marketer, I know it would be very interested in this demographic group since I would have a large audience to target. I would also have a group with the ability to spend, this is why I believe this …show more content…
I would make sure that my product is heart healthy and a source of healthy nutrition. I would ensure that my product is a healthy choice because I recognized that the older folks, especially over the age of 70 are very cautious about what they eat. Having a healthy alternative is something that we would really benefit from. Another way I would ensure that the cereal appeals to my target would be to apply the proper packaging. I would ensure that my product is easy to read and easy to open. The reason I would do this is because seniors tend to have a lower quality eyesight which can make them overlook certain nutrition benefits, and seniors are sometimes unable to open durable packaging. Therefore implementing these innovations would enable seniors to see the added nutrition that they may need, and they would be able to open the packaging without assistance. Question 2: Demographic Environment (3 Marks) The textbook also tells us that Statistics Canada predicts that visible minorities could comprise more than 30 percent of Canada’s total population by 2031. Between 2001 and 2006, Canada’s visible minority population increased five times faster than the population as a whole, mainly due to immigration. a) Scenario: you are KFC’s Regional Manager and are responsible for all KFC (Kentucky Fried Chicken) stores in Canada’s largest city, Toronto.
To begin, most countries lack diversity within their population. On the other hand, Canada can be depict as a melting pot. Canada’s population is very diverse and the people in their society successfully coexist with one another. The population is viewed as one whole group. A similar country Canada can be compared to would be the United States. Both countries are known for their diversity. Whether diversity is displayed in their population or even in their media, diversity is significant in both countries. According to Environic Analytics, the visible minorities expected to increase by 2023 are, South Asian,
The cereal industry is very adamant on using a differentiation strategy to make one’s brand stand out in the minds of certain people. The companies break down the public into different target markets; and then make products that will be attractive to their target markets. Companies make different brands for young kids, teenagers, adults, and people who are health conscience. Currently, there are 387 different brands of cereal sold in the United States and each family is estimated to purchase 17 different brands per year. (O’Connor, Amy) Companies continue to brainstorm for new product ideas to attract the various market segmentations.
Baby Boomers are the most powerful demographic group in history. Businesses thrives or fails based on their ability to keep pace with the likes and dislikes of this economic powerhouse known as the baby boomers. At 76 million strong, boomers have the influence to rule the marketplace and make sure they keep a place set just for them as the
Since we know what baby boomers are, they are a very huge impact on todays society. To give example, they make impacts economically, Socially, and also Psychologically. There are many different reasons for this, and they are easy to understand exactly the impact they make on our daily lives.
Canada’s birth rates are below replacement levels and its population is aging, causing a significant drop in labour force growth over the long term. By 2030, nearly one out of every four Canadians will be 65 years or older. Moreover,
From the above analysis, it seems that the merits of delaying the product launch far outweighs the benefits of taking immediate action. As such, it is advisable that United Cereal delays the product launch until conclusive market results have been established. Although it may be advantageous to be the first in the market, much could also be gained by careful preparations, which would allow the company to learn more about market conditions and better prepare for such a strategic market entry. In line with the company’s values, United Cereal should balance deliberate cautiousness with a willingness to invest in new products. To launch the product now would tip this balance towards unnecessary risk-taking that could cost the company millions.
Roughly 25 percent of Boomers, or 20 million of the generation's 80 million members, are expected to possess what life-stage expert Geoff Meredith terms an "age accepting" mentality by 2008. This is anticipated to spur the rise of more realistic marketing images aimed at the generation, which continues to be overlooked in fashion ad campaigns that cater mostly to young shoppers. Indeed, he observed, "Baby Boomers look at today's ads and say 'That's not me."'
The first hurdle for online marketers targeting boomers is the disparity in age that can exist within the group. This has led many marketers to divide the group into two distinct segments: older boomers (those born between 1946 and 1954) and
Canada is largely diverse in ethnicity. In 2006, The Canadian census showed that there were approximately more than 200 ethnic origins (Statistics Canada, 2008). According to Index Mundi (2015), Canadians make up (32.2%) of the major ethnic groups, followed by English (19.8%), French (15.5%), Scottish (14.4%) and Irish (13.8%) and Germany (9.8%). According to Ontario Ministry of Finance (2010), Ontario, has the largest percentage of visible minorities. The ethnic group of South Asia make up (28.9%), while the ethnic group are Chinese (21%) and Black (17.3%). These three groups also figure as the main groups of visible minorities throughout Canada. Those three major visible minorities in Ontario counted 5,068,090 in
While the “Greatest Generation” is a title often given to those Americans who lived and died during the era of the Great Depression and World War II, their offspring, the “Baby Boom” generation, significantly shaped and improved the American landscape as well if for no greater reason than the sheer number of people who make up this population (Steinhorn, 2006). Today, based predominantly on that very same reason, the baby boomer population is now making a very different, yet equally as profound impact on American society. More
The quantity of individuals who are into Canada is consistently expanding as seen somewhere around 2001 and 2006, the quantity of remotely conceived individuals expanded by 13.6%, and by, 2006 Canada had developed to have 34 ethnic groups with no less than one hundred thousand individuals each, of which eleven have more than 1,000,000 individuals and various others are spoken to in littler sums. 16.2% of the populace self-distinguishes as a noticeable minority (Statistics Canada, 2011). This massive immigration has ensured that multiculturalism in Canada has never faced any threat of collapse. The Canadians know that the only way different cultures are going to strive in the country is by supporting legal immigration of people from various parts of the world into the country. By allowing the settlement of immigrants, multiculturalism in Canada was being
Kyles (2005) defines them as competitive, political, hardworking, and nonconformists. “Known for their workaholic ethic, Boomers will do whatever it takes to get the job done and get ahead, and they expect to be rewarded. They outnumber all generations and hold a majority of management-level positions. They are also approaching retirement and are heavily concerned with financial and job security” (Kyles, 2005, p. 54). This group is very hard working and also offers a lot of wisdom that can be beneficial to those of the younger generations.
A Comparison of Adverting Methods of Two Cereals I examined two cereal packets to try to determine advertising methods
Managers usually are locals and will spend time training at other restaurants before opening the restaurant. KFC's goal is to give every employee the opportunity to pass a formal certification procedure to gain credibility and qualifications.
A new client for a cereal making company has asked us to help promote their cereal as “healthy”. This new cereal is called *name here*, and it is our job to determine the correlation between calories and potassium in order to make the new cereal “healthier” by lowering the calories but increasing potassium. We have researched the interrelationship between calories and potassium and this paper is a product of our analysis. We have compared data between the top fifteen cereals and have found that calories and potassium have a negative correlation. However this is only a coincidence as it is other factors, such as sugar, fiber, protein, and fat that correlate most directly to calories, while certain ingredients have more potassium than others.