How can economic factors influence a company's marketing approach?

Economic factors can greatly influence a company's marketing approach. These factors can include the overall state of the economy, consumer purchasing power, inflation rates, unemployment rates, and consumer confidence. For instance, during a strong economy, consumers tend to have more disposable income, which can lead to increased spending. In this scenario, a company might focus on marketing luxury or non-essential goods. Conversely, during an economic downturn, consumers may cut back on spending, leading companies to focus their marketing on essential goods or affordable options. Additionally, economic factors can also influence the cost of advertising and production, which can further shape a company's marketing strategy.

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Use this slide to identify objectives your company needs to achieve to be prosperous. Set objectives that are specific, measurable and attainable. All future goals will be positioned around these objectives. Introduce your key analysis with this slide. This step will allow you to take into account all political, economic, social, technological, environmental and legal risks that might affect your marketing. This slide will help you to communicate the process of creating ads that are relevant to your customers and then perfecting them, based on the data collected through and user testing.

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Marketing Communications

Convey your business message to the desired market effectively with an integrated marketing communications toolbox. Use our Marketing Communications d...

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