Environmental review is necessary to determine the success factors to consider when starting a business. Apart from the microeconomic factors such as suppliers, customers, competitors and government policies that are to be taken into account on incubation of a business opportunity, the macro environment shapes opportunities and poses threat to a business.
One such factor is the demographic environment, which primarily involves the people who make up the target market. As such, any change in demographic factors has significant implications for any business. Thus in marketing close track should be kept on demographic trends and developments in the target market (Lehmann & ...