Final answer:
The finding that 18- to 24-year-old customers have increasing purchasing power is an example of a demographic factor that Mary Kay discovered during its global environmental scan. Such factors are crucial as they inform market segmentation strategies and decision-making in marketing. Economists use various analytical tools to handle multiple changing factors in market analysis.
Step-by-step explanation:
During the course of a global environmental scan, such as the one carried out by Mary Kay, the increasing purchasing power of customers aged 18 to 24 is an example of a demographic factor. This kind of information relates to the structure of populations and can influence market dynamics, segmentation strategies, and ultimately, decision-making in marketing. Demographic factors are critical for businesses because they dictate the composition of a potential customer base and can inform companies on trends in consumer behavior, preferences, and spending habits.
To address the complexity of multiple changing market factors, economists and market analysts often use statistical models, trend analysis, and comprehensive market research to isolate and study individual factors. This allows them to understand the potential impact on the market and to forecast future trends. By identifying demographic factors like an increase in the purchasing power of young adults, businesses can tailor their product offerings, marketing campaigns, and overall strategy to better serve this growing segment of the market.