Assignment:
Discussion
Discuss key Economic factors impacting marketing. How are these influencing/changing the marketing approach and why?
Andrew
Key economic factors that have an impact on marketing include changes in consumer spending and income distribution. Changes in consumer spending causes consumers to spend less and look for a greater value. As a result marketers look more into value marketing. Income distribution and income levels are other factors. These types of factors have a huge impact on the marketplace. Companies use economic forecasting to remain aware of these factors.
Hely
Value marketing is one of the factor that is impacting marketing. Americans consumers were used to have a freely spend life style. Now that the Great recession hit consumers are looking for greater value in the things that they buy, and they tend to be more careful at the time to spend. As a result marketers are looking for ways to offer consumers with greater value choices. This is simply a change in consumer spending since the buying power has decreased, consumers have slowed down their buying habits.