"The belief that populations change slowly in times past is pure myth. Or
rather, static populations staying in one place for a long periods of time have
been the exception to the rule. In the twentieth century it is sheer folly to
disregard demographics. That basic assumption must be that populations are
inherently unstable and subject to sudden sharp changes—and that they are the
first environmental factor that a decision maker, whether a businessman or
politician, analyzes and thinks through."—Peter F. Drucker
The above quote from the late Peter Drucker re-enforces the need for analyzing
you local trading area. Do you know what demographic changes
are occurring, or have occurred in the area in which you conduct business?
When you are developing a marketing plan, focus on what changes may
occur. When changes do occur (and they will), it may signal the need for a
new direction in your marketing efforts. It may also indicate the need to
develop a new product / service mix.
Use demographics as an additional tool. It can help you to improve sales and
your profitability
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