BU111 Social Factors Finals Prep

What are Elements of Social Factors?

Customs, Habits, Values/Attributes, Demographic Characteristics

An example of Demographic Characteristics is women having to think twice about taking an Uber and how to get home from the bar.

True

Social Factors consider:

How you spend your time

How you spend your free time

How you spend your money

True

What are Demographics?

The study of human populations and cohorts

What are cohorts?

Homogeneous groups within the larger population

Why are Demographics Important?

They are a powerful predictor of behaviour, trends, and preferences, providing certainty and simplicity through age data, and helping predict supply and demand for environmental and human resource decisions.

What does studying demographics show?

How to achieve success in the future, trying to determine what people want

What are things to look like in demographics? (Consider the “four pillars”)

Cohort size, Cohort characteristics, Cohort participation, Future and Trends

A bigger cohort is _________, but can be _______ too.

more attractive, negative

Factors that can affect the size of cohorts are the fertility rate

False

Factors that can affect the size of cohorts are the fertility rate and the death rate

True

What does the size of cohort mean?

Number of people in each age group

What happens when the Baby Boomers leave the workforce?

Crisis of Leadership because they are leaving the important leadership roles within their field.

Which years correspond to the WWI Generation, also called the Lost Generation?

1883 – 1900

Which years correspond to the Greatest Generation, or the “Roaring Twenties”

1901 – 1927

Which years correspond to the Silent Generation, or the “Depression Babies”

1928 – 1945

Which years correspond to the Baby Boomer generation?

1946 – 1964

Which years correspond to Generation X?

1965 – 1980

Which years correspond to Millennials, also called Generation Y?

1981 – 1996

Which years correspond to Generation Z?

1997 – 2012

Which years correspond to Generation Alpha, also know as Gen X?

2013 – 2025

What does the bulge represent?

The Baby Boomers

What is the Sandwich Generation?

When the middle generation is caring for both their parents and children at the same time

What are Implications of the Baby Boomers?

An increase in the care that is needed, and an increase in the number of vulnerable seniors

What implications does the Sandwich Generation face?

Financial, emotional, time pressures, and burnout

What are factors that determine characteristics?

Economics, Technology, World Events/News, and Parenting

What are characteristics that determine the factor Economics?

Values ad Priorities

What are characteristics that determine the factor Technology?

Lifestyle

What are characteristics that determine the factor World Events/News?

Habits (digital and other)

What are characteristics that determine the factor Parenting?

Mindset

What are implications to consider with economics?

How to attract, retain, retain, and motivate

What are implications to consider with technology?

What makes a product appealing

What are implications to consider with world events/news?

How to attract consumers

What are implications to consider with parenting

How much they spend and what they spend on

What does economics consider?

How much to spend, how we acquire stuff, and how much we spend on stuff

Why do people who experienced the depression hoard?

Because they have already lost so much, they want to hold onto what they can

Why’s is technology important?

Because of its availability, all that it can do, and the access that it provides people

How has technology impacted students life in residence?

Now, when you want to see someone, you just text them to meet up

How has technology affected childhood?

Kids used to play outside together, now they play together on video games

How has a world event, like covid 19 had impacts on a cohort like Gen Z?

It made them uncomfortable with face-to-face interactions and increased anxiety due to the unpredictable nature of not knowing what will happen

How did Covid-19 impact communication?

It increased reliance on digital communication methods like texting, video calls, and social media

Did 9/11 impact communication or world view?

Only world view was affected-it influenced worldview by increasing awareness of security, global politics, and safety concerns

How has parenting involved in relation to children’s education?

Parents are trying to be much more involved with communication with children’s professors now than they used to be

What is the problem with “Helicopter” or “Bulldozer” parents?

Kids never learn to figure things our for themselves

How has parenting evolved over the past few generations?

Parents used to be must more hands off “go figure it out yourself”, and now there are many more helicopter parents.

How has attracting consumers changed across generations?

Other generations watch tv with commercials and read the paper, current generations focus on streaming and social media

What should be considered when you are trying to attract employees?

Factors such as values, priorities, lifestyle, habits, mindset, and the technological and economic environment of the target cohort

What motivates the current generation of employees?

Recognition for what they have accomplished

When retaining employees, they want to be _________. Current generations ________ mind numbing jobs for lots of money.

challenged, don’t want

Current generations want to be challenged, but previous generations wanted________>

to just have a job

Current generations are more ___________.

Environmentally Conscious

Why are Social Factors important?

Customers come from society, and their wants and needs impact the market

What is an example of Social Factors?

In some countries they shop in bulk to last for weeks/months, but in others they visit a market almost daily for their goods

The way managers run their business varies based on their ________.

Social Experience

Gen Z _______.

Is digitally savvy

Gen Z values ________.

uniqueness

Gen Z wants ________.

a brand that means something

Gen Z is likely to _______.

have several careers

Gen Y/millenials ___________.

are digitally savvy

Gen Y/millenials prefer __________.

Quality>Brand

Gen Y/millenials want __________.

authenticity

Gen Y/millenials __________.

will change jobs

Gen X _______.

prefers to do research online but buy in person

Gen X ________.

is brand loyal

Gen X wants ________.

Flexible Work

Gen X wants ________.

a perfect career

Baby Boomers ________.

prefer in person transactions

Baby Boomers prefer ________.

Long hours in office

Baby Boomers _________.

Want one career at one company

At work, Gen Z wants ___________.

Feedback and recognition

At work, Gen Z wants ___________.

Civic Minded tasks

At work, Gen Z wants ___________.

Competitive wages and benefits

At work, Gen Z wants ___________.

Work-life balance

What should be considered when understanding cohorts and customer segments?

What they can afford, Where you can sell, Messaging design, Feasability of Tech design

Pain Points, Priorities, When/How/Why they will use the product, Product design, Marketing design

What is an implication of the aging Baby Boomer population?

Increasing strain on pension and healthcare, as well as potential for labour shortages

What are implications of the growing ethnic composition?

Many consumers having difficulty interacting with marketplace

Why are immigrants younger and more likely to live in the city than the average Canadian

Because younger individuals are more likely to migrate for education, work, and career opportunities, and cities provide more economic, social, and cultural resources, making them attractive places for new immigrants to settle.

What are implications of single-family households?

Lost economies of scale in living and shopping